The ETA wave is coming
“Jed Morris is an acquirer who bought two businesses back to back and then lost everything. He ended up moving his family in with his brother until he got his feet back on the ground,” shares Sam Thompson, a Minneapolis business broker and the president of M&A firm Transitions In Business. “Today he is a successful independent sponsor at Sunset Coast, a group focused on buying aerospace companies. Jed talks about red flags to look for when buying a business.”
This episode is part of our Inside the Mind of an Acquirer series, and it unpacks the ETA (Entrepreneurship Through Acquisition) wave now flooding the market.
For business owners, ETA is a double-edged sword. On the upside, more buyers courting you means more choice, more urgency, and more liquidity. On the downside, many ETA buyers are first-timers who lean on heavy leverage and seller financing. If they misread your business or hit a snag they can’t handle, the part of the deal you financed can quickly become the part you never collect.
In this episode of Built to Sell Radio, John Warrillow talks with Jed Morris, an acquirer who learned this the hard way. After buying two companies back-to-back and losing everything—including his family home—Jed rebuilt. Today, he’s a successful independent sponsor at Sunset Coast, focused on acquiring government contracting and aerospace companies.
You’ll discover:
- The “Confidence vs. Competence” Filter: How to tell if an ETA buyer is solid or just “playing business.”
- Stress-Testing the Capital: How to vet a buyer’s working capital plan before you agree to a seller note.
- Structuring for Safety: How to ensure you aren’t betting your retirement on a novice operator.
- The Integrity Tells: Identifying the subtle “red flags” that predict a messy post-closing relationship.