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Buying existing businesses is the next big move for entrepreneurs—and Colorado is writing its own playbook with a new conference, courses and a forthcoming Executive Education program at the Leeds School of Business.

Erick Mueller, executive director of the Deming Center for Entrepreneurship, welcomed more than 200 attendees at the inaugural Rocky Mountain ETA Conference.��

Entrepreneurship through acquisition () is having a moment as entrepreneurs are buying established businesses rather than starting from the ground up. The timing couldn’t be better: The model addresses the encroaching “silver tsunami” of Baby Boomer business owners ready to retire. And Colorado is ready to lead the charge in an industry ramping up to successfully match buyers and sellers to help valuable businesses not just stay alive—but to flourish. Here in Colorado, the movement is fueled by the startup-driven energy that has come to be the Rocky Mountain region’s hallmark.

Are you search curious?

From startup roots to acquisition routes, curiosity was the theme at the inaugural��Rocky Mountain ETA Conference on October 25 at CU Boulder. Organizers had to move the event to the UMC’s Glen Miller Ballroom to accommodate more than 200 attendees. The buzz? While ETA isn’t a new concept, it is��.

The first conference of its kind in the region brought together acquisition entrepreneurs, students, investors, faculty and service providers to swap insights and best practices. Hosted by the��Deming Center for Entrepreneurship with partners Denver ETA Meetup—the nation’s largest ETA group—along with Colorado State University and the Colorado School of Mines, the event featured two tracks for both newcomers and seasoned professionals. Eleven corporate partners added depth to the panels and the networking mix.

The crowd was eclectic. Colorado School of Mines students like Soren Larson, a sophomore in electrical engineering, and Riley Russo, a first year with aspirations in quantum design, came to soak up ETA knowledge. Ruben Helo, a Denver-based real estate broker and investor, wanted to learn the steps toward acquisition, while Brian French, a CU engineering alumnus, and Blake Tretter, a recent Denver transplant who sold a family business in South Carolina, were already active in the search process.

Some attendees, like Brandi Lipton, were new to the concept, while others—like her niece Eliza Grace (MBA’25), co-founder of PROX Search Capital, and��, a former venture capitalist and now an adjunct professor at Brigham Young University—are already shaping the space.

The inaugural ETA Rocky Mountain Conference, held on October 25, was made possible by eleven sponsoring partners, along with the Deming Center at the Leeds School of Business, Colorado State University, Colorado School of Mines and the Denver ETA Meetup. Shannon Jones and Adam Markley (center photo, left to right) were among the lead organizers.

Why ETA?

As millions of Baby Boomer business owners get ready to retire in droves, the potential picture isn’t pretty—leaving an estimated $14 trillion in businesses, 3 million companies and 23 million jobs on the table. Without a transition,�� warns of a looming small business closure crisis.

Enter ETA, and Leeds is leaning in. Last year, the Deming Center launched an ETA course taught by industry veteran��. He taught a second ETA class and now also teaches Projects in Entrepreneurial Companies. His connection to Leeds began when he approached Tony Tong four years ago and ended up mentoring two students, one who now owns a business.

“ETA is about a transition, not a transaction.”

Erick Mueller, executive director of The Deming Center for Entrepreneurship

For Erick Mueller, Deming’s executive director, the momentum has been student-driven—and it started with a laugh. “When I first heard ETA, I thought they meant ‘estimated time of arrival,’” he joked. Today, he knows the deeper purpose: “ETA is about a transition, not a transaction.” The end game is helping the small businesses that make the backbone of this country—and the communities and jobs they support—thrive.

Pain points and possibilities

“For a while, I thought traditional entrepreneurship was the only way,” said presenter Connor McLaughlin, who acquired a painting business this year. “As I learned about ETA, I realized you get a massive head start—with brand equity and repeat customers. Compared to corporate roles, you’re creating your own destiny.”

But the conference wasn’t all about sugarcoating the journey. The name of one advanced session said it all: “Operating Post-Acquisition: Blood, Bruises, and Bias for Action.”

Panelists in “What Is ETA & Why Do It” acknowledged that while ETA may offer a faster track to entrepreneurship, it still comes with the same headaches—and heartaches—as any business venture.

After months of searching—and one collapsed deal—Josh Moore (MBA’23) said, “I can speak to the headaches officially.” For him, ETA is a long-term vision. The search phase alone can take 18 to 24 months, and luck plays a big role, he said. You need the right business partner and life partner to endure the “emotional rollercoaster.”

Others echoed the highs and lows. Marcela Fernandez, who pivoted from biotech engineering, wanted autonomy and flexibility. Today, she and her husband run a business, balancing work with parenting. Ethan Castro, who bought his first company in 2018 and exited three years later, said ETA gave his family the freedom to live in Spain for a year.

Financing adds complexity. Self-funded searchers often quit their jobs and rely on savings, SBA loans and seller financing—high risk, high reward. Advised Moore, “Ask yourself if you’re willing to go forward knowing it will be twice as long and hard as you think.”

Then there’s the reality of running the business. “It’s not just spreadsheets and decks,” Jones quipped. From hiring challenges to equipment failures, ETA demands grit and creativity. Moore reminded people that at first, you're likely to pay yourself very little.

Fernandez said building a strong culture around core values has been key to retaining talent, and Castro added that managing personalities was the most surprising part: “One company I acquired had employees who were hardworking but exhausted.”

Despite the hurdles, the possibilities keep searchers motivated. “The beauty of search is you’re buying a profitable business,” said Castro. “That can afford you creativity while you keep the business where it’s at.” Fernandez agreed: “Creativity goes hand-in-hand with curiosity. You can see possibility in a lot of industries—and then implement what you want.”

ETA misconceptions

For all its growing popularity, ETA can mislead newcomers. One big misconception? That you need deep deal experience to start. “That’s not true,” said Audrey Kohout, who bought her business three years ago. She and other speakers highlighted the many resources now available—internships, university programs and communities like the Denver ETA Meetup.

Another myth: Buy a company and watch it grow effortlessly. “It’s a lot more than one column in Excel,” said McLaughlin. “Each year is 26 payrolls and hundreds of projects—some winners, some losers.”

There’s also a belief that ETA is easy money. In reality, most buyers invest significant capital, often combining personal savings, SBA loans, seller financing and sometimes support from friends and family.

“There are opportunities out there, but not 0% down deals,” said Marla DiCarlo, a business broker. Aspiring ETA buyers will have to invest something, she noted, admitting that there are plenty of bad deals out there that give brokers a bad reputation.

“We’re leading the way. Let’s all win together.”

Erick Mueller, executive director of The Deming Center for Entrepreneurship

For Spencer Rogers (MBA’25), the biggest barrier for ETA entry isn’t money—it’s mindset and the courage to just get out there and do it. “You get to start on second base—buying a place that is already working. Your goal is to figure out how to add value, learn the ropes and build from there.” As the catalyst for Leeds’ ETA course and the mentee of Jones, Rogers now owns a hospitality business and is deeply enmeshed in the local ETA community.

Ultimately, ETA isn’t one-size-fits-all. “I didn’t think I was going to have the impact I wanted in a big company,” said Kohout, which was her impetus for going through the grueling process of searching. For McLaughlin, it was about being insulated from tech risk. "I was searching for a company with a service that was tangible. That excited me.”

Universities as ETA engines

Across the country, business schools such as Stanford, UVA Darden, Chicago Booth, Northwestern Kellogg and Wharton have defined the academic playbook for ETA.

Now, Leeds is building on that momentum. Mueller believes that the focus on self-funding vs. traditional funding, combined with the region's ethos of innovation, are key differentiators.

And while panelists agreed that an MBA is helpful in turning buyers into operators, not everyone has the luxury of earning their master’s. Leeds is debuting an ETA Executive Education Certificate in early 2026. The two-and-a-half-day program��is designed for professionals who want practical tools for sourcing, financing and operating businesses in an intensive, retreat-style format.

Another example, said Adam Markley, the founder of Denver ETA Meetup and PROX, as well as a regular lecturer along with Jones, is a new program that Leeds plans to target to military veterans, who bring an especially strong background in operations to existing small businesses.

Cementing ETA’s future—in Colorado and beyond

If the Rocky Mountain ETA Conference proved anything, it’s that this movement is accelerating.

“The Denver ETA space has changed significantly in the last three years,” said Maggie Givot, who specializes in SBA lending. “Pre-COVID, few entrepreneurs understood SBA financing. Today, it’s a cornerstone of ETA deals—even as competition intensifies, with hundreds of buyers chasing a single opportunity.”

For Jones, ETA’s future isn’t just about deals. “This is about connection,” he said. “Entrepreneurship can feel like an individual sport, but it doesn’t have to be. It can be a team sport.”

Markley emphasized building support for those on the ETA path. “We’re working on access to information through education and partners,” he said. “Now, this industry has a defined community, lingo, lenders and partners. Some older conferences are becoming more specialized. We want this to be one of the preeminent ETA events in the country.”

Mueller noted that many sellers remain hesitant, risking businesses and jobs and the ripple effects. Helping sellers means understanding that “they are not selling a business,” he said. “They’re selling an identity.” His goal: create a heartfelt transition to the next generation.

“We’re leading the way,” he said, pointing to the region’s hallmark vibe—a scrappy, can-do startup culture that sets the stage for risk-takers, doers and dreamers. His mantra? “Let’s all win together.”

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The ETA Skillset

During the introductory session of the Rocky Mountain ETA Conference, panelists shared candid insights into the journey of acquiring and growing existing businesses—highlighting both the rewarding moments and the challenges along the way.

ETA takes more than ambition—it’s a mix of hard numbers and human nuance. Here’s what experts say matters most.

Financial acumen: Know how to generate cash flow. Understand working capital and accounts receivable. Personal guarantees mean you’ll do everything possible to repay your loan. If capital is thin, lenders weigh experience and personal history.

Operational grit: In small businesses, things go wrong daily. Learn to smile and solve problems.

Resilience: Shannon Jones put it best: “I want to work with people who’ve screwed things up, own it and learn from it.”

Curiosity and creativity: Openness fuels finding the right fit—and helping a business thrive.

Relationship building: Build trust early with sellers and connect with key customers, vendors and suppliers.