Entrepreneurship Through Acquisition (ETA) is a path that requires equal parts strategy, adaptability, and relationship-building. In this episode of the INSEAD ETA podcast, we sit down with A.C. Goh, founder of Garlic Equity Capital, Singapore’s first traditional search fund, to explore his journey and the unique challenges of navigating the search phase in Southeast Asia. A.C. shares how his career experiences at Uber and McKinsey prepared him for the complexities of fundraising and searching for the perfect acquisition target. The conversation dives into the interpersonal dynamics of deal-making, the critical role of trust in business transactions, and the unique nuances of Singapore’s business landscape. Listeners will gain valuable insights into the misconceptions surrounding the search phase, the supportive nature of the search fund community, and strategies for creating value in acquired businesses. A.C. also offers actionable advice for aspiring searchers, emphasizing the importance of purpose, adaptability, and a strong network. This episode is a must-listen for anyone curious about the evolving ETA landscape in Southeast Asia.  
 
00:00 Introduction to Entrepreneurship Through Acquisition  
05:11 A.C. Goh's Career Journey  
10:37 The Search Fund Model  
17:02 Fundraising for Garlic Equity Capital  
20:17 Networking and Its Importance in Search Funds  
20:28 Building Trust in Business Transactions  
23:02 Navigating Singapore's Unique Business Landscape  
25:35 Misconceptions and Surprises in the Search Fund Journey  
27:49 Advice for Aspiring Search Fund Entrepreneurs  
30:40 Creating Value and Driving Growth in Acquired Businesses  
33:12 The Future of the ETA Model in Southeast Asia