My journey to entrepreneurship took an unexpected turn during my time at Wharton’s MBA program. Before arriving here, I spent years in the fast-paced world of venture capital in San Francisco and New York. I thrived on the intellectual stimulation of evaluating cutting-edge startups and supporting founders who were building the future. Investing in companies like Stripe, Guardant Health, and Roblox offered a front-row seat to innovation in fintech, healthcare, and the digital world. I loved the constant learning and the opportunity to identify and nurture groundbreaking ideas.
However, my investor role also instilled in me a desire to be more directly involved in creating change. I developed a mindset of challenging the status quo, always seeking better ways of doing things. This inherent drive to improve systems and processes led me to question my own assumptions about entrepreneurship. Initially, my view was shaped by the venture capital lens – focusing on the creation of entirely new products and the pursuit of product-market fit from the ground up.
Then, I discovered a different path: entrepreneurship through acquisition (ETA). The idea of acquiring established small businesses, leveraging their existing foundations to build substantial organizations, and redefining the entrepreneurial landscape completely captivated me. This approach resonated deeply with my desire to improve existing systems and build upon solid foundations.
During the day, I continued my work in venture capital, analyzing emerging technologies and market trends. But my evenings were now dedicated to immersing myself in the world of ETA. Resources like HBR Guide to Buying a Small Business and the Stanford Search Fund Primer became my constant companions. While I found my venture capital career intellectually stimulating, a growing aspiration to lead my own company began to take hold. I realized that an MBA, specifically at Wharton, was the ideal next step. It would bridge the gap between my analytical skills honed as an investor and the crucial managerial and strategic skills necessary to excel as a CEO.
Wharton’s MBA program proved to be an invaluable launchpad for my aspirations in acquisition entrepreneurship. Lacking direct operational experience, I strategically leveraged the extensive resources available within the Wharton ecosystem. Courses like Entrepreneurship Through Acquisition, led by Professor Bob Chalfin, and Search Fund Entrepreneurship, taught by Professors Jim Vesterman and Charbel Zreik, provided structured learning and expert insights. The Venture Lab at Tangen Hall became a hub for practical learning, hosting ETA-focused events like fireside chats, workshops, and roundtables. These sessions featured successful acquisition entrepreneurs such as Richard Perlman (W’68) and Vijay Manthripragada (WG’06), offering real-world perspectives and invaluable networking opportunities. These resources collectively instilled in me a resourceful and adaptable approach, encouraging me to actively seek out and capitalize on emerging opportunities in the ETA space.
Beyond the classroom, Wharton facilitated crucial experiential learning opportunities. Prior to starting the MBA program, I undertook an internship with a search fund, directly contributing to the acquisition process of a $2 million EBITDA business in California. This hands-on experience demystified the complexities of search and acquisition, providing a tangible understanding of the process. Further enriching my understanding, I had the privilege of interning with established search fund investors, Anacapa Partners and ETA Equity (founded by Wharton alumni Matthew Zucker WG’06 and Mark Sinatra WG’06). These experiences sharpened my focus on identifying the key attributes of successful acquisition targets and understanding investor perspectives.
The supportive entrepreneurial and search fund communities at Wharton were instrumental in building the confidence I needed to pursue my own acquisition during my first year. In early 2024, I acquired AZTAC, a healthcare regulatory compliance business serving intermediate care facilities for individuals with intellectual disabilities in Pennsylvania. AZTAC plays a vital role in providing essential administrative support to these facilities. Since the acquisition, my focus has been on driving organic growth, expanding into new business lines, and implementing value creation strategies. These initiatives include refining our revenue model and pricing strategies, and exploring strategic tuck-in acquisitions. My initial acquisition experience with AZTAC has been incredibly rewarding, and I am excited to develop AZTAC into a leader within the human services industry.
Recognizing the pivotal role the Wharton ETA community played in my career pivot, I am deeply committed to giving back. I currently serve as a co-president of the Wharton Entrepreneurship Through Acquisition Club. The club hosts numerous events throughout the year, designed to educate Wharton MBAs about ETA, foster connections with potential investors, and provide a strong foundation for careers in acquisition entrepreneurship. A highlight of the club’s activities is the annual ETA Summit in the spring, a key event for aspiring search fund entrepreneurs from Wharton and other leading institutions. This year, we are actively collaborating with industry organizations such as the Women’s Search Network, Black Search Network, and Asian Search Network. These partnerships aim to broaden awareness of ETA as a compelling career path for MBAs from diverse backgrounds, empowering them to bring fresh perspectives and approaches to the field.
For anyone considering entrepreneurship in any form, Wharton offers unparalleled opportunities to accelerate your ambitions. From its rigorous academic curriculum to the dynamic environment of Tangen Hall and the extensive network of student clubs, Wharton fosters a thriving entrepreneurial community. This supportive ecosystem is designed to empower you to develop into the entrepreneur you aspire to be, regardless of your chosen path.
— Jason Nguyen WG25
Posted: February 20, 2025
