ETA & Search Fund Practicum
This course is designed for students who want to lead, grow, or reinvent an existing business, not just start one from scratch. This graduate-level practicum is designed for students exploring the path of Entrepreneurship Through Acquisition (ETA)- buying and operating an existing business.
Entrepreneurship isn’t just about launching a tech startup.
It can mean taking over a family business, buying an existing company, or helping a struggling operation grow in a new direction. Nearly 30% of UT students come from families that already run businesses, some for generations. This course blends lectures, case studies, guest speakers, and hands-on exercises to provide both the knowledge and real-world experience needed to pursue an acquisition search after graduation. Students will learn to develop an investment thesis, source deals, conduct due diligence, and build financial models to evaluate opportunities.
Key Skills & Deliverables
Define a target thesis (size, geography, model)
Draft a Letter of Intent (LOI)
Source and screen acquisition candidates
Create a due diligence checklist
Conduct valuation and build a basic LBO model
Capstone PRoject
Teams will present an investor-ready acquisition thesis to a panel of active ETA investors, receiving direct feedback and sharpening their real-world pitch skills.
Who Should Apply
The ETA Practicum is a great fit for MBA students who may be looking to buy and grow their family business, or otherwise pursue entrepreneurship without the specific obstacles that come with building a business from the ground-up. The course takes place every Spring semester and is taught by Jacob Hall, MBA.
Meet the Instructor
Jacob Hall
Jacob Hall is the Managing Partner of Kando Capital, a firm specializing in minority equity investments in lower middle market business buyouts. Kando partners with entrepreneurs pursuing Entrepreneurship Through Acquisition (ETA or “Search Funds”) and independent sponsor transactions, providing patient capital, strategic guidance, and hands-on partnership across sourcing, valuation, structuring, and post-close value creation.
Jacob is a leading contributor to ETA education and ecosystem development at The University of Texas at Austin. He serves on the MBA Advisory Board at the McCombs School of Business and teaches graduate-level courses in Entrepreneurship Through Acquisition, where he helps guide the program’s growth and curriculum. His teaching blends academic rigor with practical experience, equipping future business owners with the tools to develop investment theses, identify acquisition targets, and execute transactions.
Before founding Kando Capital, Jacob led Decision Analysis at Chevron Technology Ventures, the corporate venture and innovation arm of Chevron Corporation. In this capacity, he advised senior executives on venture capital investments, technology commercialization, and enterprise-scale deployment initiatives across the global organization. During his time with Chevron, Jacob previously held leadership roles spanning engineering, operations, and finance.
Earlier in his career, Jacob served as Chief Operating Officer of Sooner B&B Energy, leading an operational and financial turnaround, and held progressively senior roles at O’Reilly Automotive.
Jacob earned an MBA from The University of Texas at Austin, where he received the Dean’s Award for Academic Excellence and the Dean’s Leadership and Service Award. He graduated summa cum laude from the New Mexico Institute of Mining and Technology with a Bachelor of Science in Mechanical Engineering and holds additional undergraduate degrees in Physics, Mathematics, and Petroleum Production-all with Presidential Honors.
A dedicated mentor to emerging entrepreneurs, Jacob actively supports philanthropic and community initiatives. He has previously served as a Board Member of Boys & Girls Clubs of America, President of an American Society of Mechanical Engineers (ASME) chapter, and Chairman of the San Juan College School of Energy Industry Advisory Committee.
Jacob is a leading contributor to ETA education and ecosystem development at The University of Texas at Austin. He serves on the MBA Advisory Board at the McCombs School of Business and teaches graduate-level courses in Entrepreneurship Through Acquisition, where he helps guide the program’s growth and curriculum. His teaching blends academic rigor with practical experience, equipping future business owners with the tools to develop investment theses, identify acquisition targets, and execute transactions.
Before founding Kando Capital, Jacob led Decision Analysis at Chevron Technology Ventures, the corporate venture and innovation arm of Chevron Corporation. In this capacity, he advised senior executives on venture capital investments, technology commercialization, and enterprise-scale deployment initiatives across the global organization. During his time with Chevron, Jacob previously held leadership roles spanning engineering, operations, and finance.
Earlier in his career, Jacob served as Chief Operating Officer of Sooner B&B Energy, leading an operational and financial turnaround, and held progressively senior roles at O’Reilly Automotive.
Jacob earned an MBA from The University of Texas at Austin, where he received the Dean’s Award for Academic Excellence and the Dean’s Leadership and Service Award. He graduated summa cum laude from the New Mexico Institute of Mining and Technology with a Bachelor of Science in Mechanical Engineering and holds additional undergraduate degrees in Physics, Mathematics, and Petroleum Production-all with Presidential Honors.
A dedicated mentor to emerging entrepreneurs, Jacob actively supports philanthropic and community initiatives. He has previously served as a Board Member of Boys & Girls Clubs of America, President of an American Society of Mechanical Engineers (ASME) chapter, and Chairman of the San Juan College School of Energy Industry Advisory Committee.