Entrepreneurship can mean a variety of things as the industry continues to grow and expand. For Max Kleeman (MBA ’23) and Drake Hill (MBA ’23), it means wanting to give back and investing in small businesses. Through their company, Funded Ventures, they look for small family-owned and operated businesses for sale. They strive to give back to communities instead of enduring long work weeks. To them, entrepreneurship is generation-wide and when it comes down to it, it requires you to bet on yourself.

Max and Drake met during the WashU MBA Global Immersion Program and connected over their shared belief in the importance of small businesses not only to the local St. Louis community but also to the broader economy in general. They believe entrepreneurship through acquisition is one of the best opportunities to blend and do good work.

Entrepreneurship through acquisition (ETA) is the process of buying small businesses when owners are ready to retire and sell their companies. These types of entrepreneurs buy and grow existing businesses while possessing the necessary skills and the desire to make a meaningful impact. Kleeman and Hill explained that most people assume that you need to have a startup to be an entrepreneur. On their current path, the pair are striving to share that entrepreneurship should be viewed more broadly.

Finding the ideal small business is an ongoing evolution that Kleeman and Hill speak about frequently, almost on a daily basis. Right now, they are looking to purchase small businesses that deal with property services, health care services, and niche manufacturing. They spend a lot of time cold calling and emailing businesses to see if they are ready or interested in selling. Real estate brokers are also a great way to find unique small businesses looking for the opportunity to sell. 

When asked what they love about entrepreneurship, Kleeman and Hill shared that being entrepreneurs opens up a variety of opportunities. Today, it gives the current generation the opportunity to spend more time outside with their families and friends instead of inside an office enduring an eighty-hour work week. Hill pointed out that entrepreneurship is special as it allows you to create your own path. In big careers, you are subject to the decisions of management and the politics of an office environment. Max and Drake have chosen to eliminate those factors and bet on themselves.

During their time at WashU, Brian Wolfe, a professor turned partner, had a tremendous impact on them both. He helped Kleeman and Hill in founding their new investment platform, Funded Ventures, and has provided strategic advisory support during their academic career and beyond. Wolfe continues to offer his support and guidance to other students at WashU while also serving as a member of the Skandalaris Center National Council.

The biggest recommendation Kleeman shared if you are looking to explore entrepreneurship through acquisition is to read the following three books:

• • Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game

• • HBR Guide to Buying a Small Business

• • Stanford Primer on Search Funds

If you are interested in learning more about entrepreneurship through acquisition and buying small businesses, check out the vibrant online community of podcasts, books, and online presences you are able to reach out to. As always, the Skandalaris Center is a resource at any stage of the entrepreneurial journey.