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Buy a Business with Investor Money

GenCap Partners breaks down how entrepreneurship through acquisition (ETA) and search-fund style investing are creating a practical path to buy and grow small businesses in Singapore and Malaysia. Instead of starting from zero, Zachary Lee and Eric Koh explain how operators can acquire existing cash-flowing SMEs, professionalize management, and scale with clearer downside protection than many early-stage startup bets. They cover how GenCap matches operators to assets, how SPV-based deal structures change incentives, and why seller motivation often determines whether a deal closes. ⏱️ YouTube Chapters 00:00 Intro: search funds and ETA in Southeast Asia 1:45 Generalist investing mindset: risk vs return 4:55 What makes a good SME deal (4 key factors) 8:55 ETA and search funds explained simply 12:05 Why succession is creating opportunity now 13:20 How GenCap matches operators with assets 15:05 Deal timeline, structure, and current portfolio 18:50 Exit options: hold, dividends, buybacks, IPO 21:20 Why Singapore + Malaysia is one operating market 22:45 The “silver gold rush” thesis by 2030 26:05 Pitching operators: startup founders, corporate leaders, consultants 31:30 Why great assets are still hard to close 33:45 Deal killers: key-man risk, customer concentration, weak controls 37:00 Red flags in diligence and how they mitigate risk 41:05 Founder motivation to sell: the most important filter 43:40 Expected drop-off rates across SME deal flow 46:40 AI in SMEs: not hype, but productivity and automation 52:45 Advice to 20-year-olds: question assumptions and enjoy the process 54:10 Physical/mental routines for founders 55:20 Podcast/book recommendations and closing 📖 What You’ll Learn in This Episode • How ETA and search-fund models differ from traditional VC funds • Why GenCap targets consistency over power-law outcomes • How risk, return, and loss ratios compare across VC, PE, and SME deals • The four core underwriting lenses: asset quality, valuation, team, and structure • Why seller motivation is a first-meeting diligence priority • Common SME red flags: key-man risk, customer concentration, and weak controls • How SPV structures reduce forced deployment and forced exits • How succession trends and demographics are shaping SME opportunities • Where AI and tech modernization can improve post-acquisition operations 🎧 Listen and Subscribe • YouTube:    / @thegeneralistspodcast   • Spotify: https://open.spotify.com/show/2apfGY4... • Apple Podcasts: https://podcasts.apple.com/sg/podcast... 🎙️ Hosts • Michael Smith Jr.:   / smittysgp   • Raz Kotler:   / razkotler   👤👤 Guests • Zachary Lee:   / leehuisiang   • Eric Koh:   / koheric   🔗 Resources and Links Mentioned 🏢 Companies and Products • GenCap Partners: https://www.gencap.asia/ • Dorje AI: https://dorje.ai/ • Microsoft: https://www.microsoft.com/ • NVIDIA: https://www.nvidia.com/ • SGX (Singapore Exchange): https://www.sgx.com/ • Bursa Malaysia: https://www.bursamalaysia.com/ 📚 Concepts and Frameworks • Search Fund: https://en.wikipedia.org/wiki/Search_... • Entrepreneurship Through Acquisition (ETA): https://www.gsb.stanford.edu/faculty-... • Special Purpose Vehicle (SPV): https://en.wikipedia.org/wiki/Special... 👥 People and Profiles • Codie Sanchez:   / codiesanchez   🎙️ Podcasts and Media • The Diary Of A CEO: https://www.thediaryofaceo.com/ • The Game Of Impossible: https://open.spotify.com/show/2pZcmJ2... 📖 Books • Die With Zero (Bill Perkins): https://www.hachettebookgroup.com/tit...