Newsletter #102: My 2nd Time at INSEAD ETA Singapore Conference!
How have you been?
The past 1 month has been busy in a good way. On last Saturday (7th Nov), I participated in INSEAD ETA Singapore Conference for the 2nd time. It was an interesting experience for me, coming to school to learn about money. Hehe.. (After all, INSEAD is a business school)
I get to see some familiar faces during the event itself (always good to reconnect). As an participant, I noticed a few things and had some afterthoughts:
This year, the number of Singapore-based participants seems to have dropped significantly. Overseas-based participants (Likely searchers) have increased tremendously. Perhaps it's a sign that ETA (Entrepreneurship Through Acquisition) concept is gaining ground in neighbouring countries.
I encountered many full-time / part-time searchers who are in their 2nd or 3rd year searching for a business to acquire. This highlights the inherent difficulty of acquiring a business. The searchers can be search funds, self-funded searchers and possibly existing SME owners as well.
Many searchers are facing tremendous challenges in fundraising, given the limited options available in existing ecosystem within Singapore.
Searchers who are successful in acquiring a business, tend to be more flexible in their acquisition strategy. They prioritise more on deal quality and pricing, rather than fixated mandate requirements. That said, it may not be easy for an individual without entrepreneurial or transaction experience in identifying a diamond in the rough.
I estimate that only 10% - 15% of the searchers (Search Fund / Self-Funded Searchers / Etc) are successful in acquiring a business in Asia.
AI has been utilised widely and creatively by many searchers. I think this is a positive thing, and will likely contribute to an increase in deal flow and lower the cost of deal-making. That said, M&A remains a human-centric activity and unlikely to be replaced by AI.
Sourcing for businesses to acquire, reviewing the deal, fundraising, due diligence, negotiation, closing the deal and stakeholder management is a broad set of high-level skills. I categorise this as M&A (Mergers & Acquisitions). It's a niche skillset that will take many years to hone. To be able to complete a deal transaction within 1 to 2 years is a lot harder than it looks.
Luck play an important role in a searcher's first deal.
What do you think? :)
Workshop on Traditional Entrepreneurship VS Entrepreneurship Through Acquisition (ETA)
Date and time: 27th Nov 2026, 1pm to 5pm (Friday)
Location: 79 Ayer Rajah Crescent - Ace Ideation Centre
This is an educational workshop catered for both business owners, searchers and aspiring entrepreneurs. The speakers have prior experience in building their own business before selling it, or acquired a business before. Learn the pros and cons of both routes and make better-informed decisions in the near future!
If you know of any SME owners who are looking to retire or sell their business, kindly refer them to me. Thank you. :)
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