
DSCheetham
1.5K posts

DSCheetham
@DanCheet
Bayesian American - Work hard, build things that work, read, reflect, love and - as cliche as it sounds - be the change you wish to see in the world.









Lacey Wismer has been investing in ETA since 2010. She has backed 100+ entrepreneurs and completed over 65 acquisitions. Family office patience with A-player urgency. Search funds. Holdcos. Serial acquisition. Fundless sponsors... These used to be separate lanes. Now they're merging into one asset class -- and it's growing exponentially. We also covered two of the businesses her family has exited; one was a 35x MOIC outcome, and the other was a 100x MOIC outcome. Timestamps 0:00 Lacey Whismer on permanent capital and long-term holds 0:30 Entrepreneurial upbringing: luck, simplicity, cash flow, and leverage 2:54 What changes when you buy to own for 30 years 5:26 Studying enduring businesses instead of trends 6:49 The anatomy of a 100x deal 8:40 Diamond Brands and the power of adjacent acquisitions 10:59 From family business buying to search fund investing 11:58 How ETA changed from 2010 to 2026 14:58 Why the entrepreneur matters more than the business 18:03 What Lacey looks for in founders 19:50 Unconsolidated niches and the “right to win” 23:21 Biggest mistakes: wrong partners, overpaying, overleverage 27:40 The upside and downside of permanent holds 30:37 Capital allocation without a planned exit 33:20 Raising permanent capital with patient investors 35:29 Finding operators for indefinite-hold businesses 39:12 What frugality looks like inside a company 42:01 U.S. vs Europe: fragmentation and entry multiples 45:13 How Hunter Search Capital wins without overpaying 51:33 Women in ETA and relationship-driven investing














