Listen now on Spotify / Apple / YouTube / Google / Pod Website.
Meet us in person at MIT's 8th Annual ETA Conference Feb. 15th, Get Tickets Here
Patricia Riopel & Enrico Magnani made waves in 2017 as the first
Listen now on Spotify / Apple / YouTube / Google / Pod Website.
Meet us in person at MIT's 8th Annual ETA Conference Feb. 15th, Get Tickets Here
Patricia Riopel & Enrico Magnani made waves in 2017 as the first search fund couple! Post-business school, they found themselves in separate careers in separate continents with Enrico returning to McKinsey Italy and Pat operating companies across Africa and Latin America. When thinking about how to bring their lives back together, they were reminded of an MBA class they took on search funds.
A Search Fund, also known as Entrepreneurship Through Acquisition (or ETA), is a model where investors provide individuals with capital to buy and grow an existing company.
For Pat and Enrico, it was the perfect balance of entrepreneurship and growth, and allowed the couple to take control of their own destiny. The two acquired their first company in 2017 and sold it in 2023 - becoming the first married couple to not only acquire a business, but also to successfully sell one with this model.
They’re now working together again! But this time as search fund investors through their private equity fund, Magnum Capital. If you’re interested in buying and growing a company, reach out to Patricia & Enrico (contact info below) or join us in-person at MIT’s ETA Conference Feb. 15-17.
In our conversation, we discuss:
• Why buy an existing company (versus start one from scratch)
• The pros (and cons) of a partnered search
• What makes a good partner (in a professional sense)
• How to approach disagreements when your business partner is your spouse
• Communicating openly with investors about relationship status
• Come meet us (Pat, Enrico, & Annie) at MIT’s ETA Conference (Feb 15th)
Where to find Patricia, Enrico & Magnum Capital:
• Patricia Riopel: https://www.linkedin.com/in/priopel/
• Enrico Magnani: https://www.linkedin.com/in/emagnani/
• Associés Magnum Capital Partners: https://www.linkedin.com/company/magnum-capital-partners
Where to find Annie Garofalo, host & startup team relationship expert:
Website: https://www.confidante.info Newsletter: https://confidante.substack.com
LinkedIn: https://www.linkedin.com/in/annie-garofalo/ Instagram: https://instagram.com/thecofounderconfidante TikTok: https://www.tiktok.com/@the.cofounder.confidante Twitter: https://twitter.com/anniegarofal0 YouTube: https://www.youtube.com/@TheCoFounderConfidante
In this episode, we cover:
00:00 Episode Highlights
00:24 Introducing: How I Met My Co-Founder
00:43 Meet Patricia & Enrico: The First Search Fund Couple
02:18 The Origin Story: Meeting in at IESE
02:59 What is a Search Fund / Entrepreneurship Through Acquisition?
05:45 The Decision to Take Control and Work Together
07:52 Work-Life Balance Concerns
10:22 The Importance of Passion and Fulfillment in Work
12:35 Start a Company or Buy One?
14:54 The Decision to Do a Partnered Search
21:12 A Recent Disagreement: Choosing the Next Step
27:09 Communicating the Relationship Status to Investors
29:06 Advice for Potential Entrepreneurs
30:31 Meet us at MIT’s ETA Conference (Feb 2024)
References & Resources:
• MIT’s 8th Annual Entrepreneurship Through Acquisition Conference: https://www.mitsearchfunds.com/2024-etamit-summit | Get Tickets: http://tinyurl.com/2vnv3ehe
• How to Structure Trial Periods with a Potential Co-Founder: https://confidante.substack.com/p/trial-period-for-cofounders
• The 9 Hot Button Conversations All Co-Founders Should Have: https://confidante.substack.com/p/partnership-agreement-cofounders
• The History of Search Funds: https://www.gsb.stanford.edu/experience/about/centers-institutes/ces/research/search-funds
Podcast produced by www.confidante.info. For inquiries about sponsoring the podcast, email podcast@confidante.info.
Annie may be an investor, advisor, or coach for the companies discussed.
Get full access to podcast summaries at confidante.substack.com
