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What is ETA?

How Our Program Works

NCA’s program offers experienced executives a structured opportunity to become Entrepreneurs through acquisition, supported by a powerful in-house team of legal and business experts.

Selection & onboarding process

1
Application
The NCA selection process typically takes 12-14 weeks. To begin, please complete our online Application Form and be prepared to submit your CV, a cover letter, and any documentation that is relevant to your search industry and sectors.
2
One-way video
If your application qualifies based on your CV and experience, you will receive our full program description and be invited to record a one-way video for our selection team to review. Further details and instructions will be provided upon invitation.
3
Orientation call
If your profile is selected, you will be invited to a 45-minute zoom orientation call with our Talent team. This call will determine if your search focus requires further development or can move ahead. To prepare for the call:
  • Read and review the program description beforehand
  • Prepare your questions about the program, selection process, and the NCA team
  • Prepare your search industries/sectors and target geography
Read this article for tips on acing your orientation call
4
Interview with vp of talent acquisition
If selected, candidates will then be invited to a zoom interview with a team member of the Assessment Center. Be prepared to present your "universe of search" including industry/sectors, geographic focus, and number of potential companies (filtered using NCA investment criteria). Candidates will also be expected to explain how their experience, background, and network is relevant to their search strategy. Please note that we run 3 selection cycles per year and your application may be put on hold until the next cycle if we determine your search thesis requires further development.
5
Open house webinar
At this stage, all candidates are invited to an “Open House” webinar. During the webinar, candidates can ask anonymous questions through the Q&A function. Each selection cycle includes one “Open House” webinar. Participation in the webinar is not compulsory but is strongly encouraged.
6
Business case assignment
If you continue to progress, you will be given 5 days to complete a business case assignment that you will present (in 30 minutes) to NCA’s M&A and Talent teams. Case materials will be provided by NCA and are the same for all candidates. For candidates who have no formal M&A experience, this assignment will take around 20 hours to prepare, so please plan accordingly.
7
Legal document review
At this stage, selected candidates sign an NDA allowing NCA to share legal document samples and term sheets. Take time to review the documents and email any questions for NCA’s Legal and Talent Management teams. Questions will be answered live during a Q&A webinar so candidates can benefit from each other’s questions. A recording of the webinar will be made available for those who cannot attend.
8
Discussions with NCA partners
After familiarizing yourself with the sample legal documents shared in Step 7, you will then be invited to a 45-minutes video call with our CEO. During the call with our CEO, candidates are expected to discuss their interest in our program and how their experience, network, and vision is relevant to their search strategy. During the value creation call, candidates will be expected to present a 15-minute pitch of their investment thesis. This is a great opportunity to get to know our Partner and gather valuable feedback in preparation for the next step in the selection process (Assessment Center).
9
Assessment center
If selected to continue to this final stage of the selection process, candidates will be given 5 days to revise their 15-minute pitch of their search and acquisition case. Candidates are required to complete an online leadership assessment and create a CV using our NCA template. You will then be invited to our Assessment Center to present your pitch to our Entrepreneurs Jury and a selection of external advisors, followed by 30 minutes of questions.
10
Onboarding begins
If you are invited to join the program following the Assessment Center, you will work with NCA to prepare your case for fundraising (PPM) with help from our Talent Management team. At this stage you will have access to databases, industry reports, and the NCA DDO team. In parallel, our Legal team will finalize background and reference checks, while our Marketing team helps you finalize your website and marketing materials.
11
Fundraising
Once Onboarding is completed, you will be able to present your investment thesis to relevant investors within NCA’s investor base. At this stage, candidates are also expected to bring in 1-3 potential investors from their own network to support their case alongside NCA and NCA Investors.
12
Onboarding ends + search phase begins
After the search capital has been raised, you will need to finalize legal documentation to complete onboarding and officially enroll in NCA's program. Once that’s done, congratulations- you are officially an NCA Searching Entrepreneur!

    Where we invest

    We are industry agnostic, but all program participants must have 1-3 focus industries/sectors and relevant industry experience.

    • Main Company Criteria
    • Sector Characteristics
    • Your Search Industry
    • Your Search Geography
    • Located in north america or europe
    • EBITDA in the range of EUR 1-5 million
    • Enterprise Value in the range of EUR 5-50 million
    • Recurring revenues
    • Profitable with positive cash flows
    • Ability to achieve full control through purchase
    • Space for operational improvement and/or revenue expansion
    • 4-6 X Ebitda
    • Stable or growing
    • Eur 1-5 million ebitda margins
    • Barriers to entry
    • Defensible market position
    • Fragmented industries
    • Asset light
    • 1-3 DEFINED TARGET INDUSTRIES/SECTORS + 3-4 OPPORTUNISTIC INDUSTRIES/SECTORS
    • YOU HAVE 10+ YEARS INDUSTRY-RELEVANT EXPERIENCE, A NETWORK, AND TRANSFERABLE SKILLS
    • THE NUMBER OF COMPANIES IN YOUR SEARCH INDUSTRY/GEOGRAPHY ≈2,000+ WITH SUB-SECTORS OF ≈1,000+ COMPANIES
    • YOU MUST BE FLUENT IN THE LOCAL LANGUAGE(S) OF YOUR SEARCH REGION
    • YOU MUST HAVE 5+ YEARS EXPERIENCE LIVING & WORKING IN YOUR CHOSEN REGION
    • YOU MUST HAVE A LOCAL NETWORK
    • YOU MUST HAVE THE HIGHEST STANDARDS OF PERSONAL AND PROFESSIONAL ETHICS
    • YOU MUST HAVE A GOOD UNDERSTANDING OF LOCAL BUSINESS CULTURE & ETIQUETTE

    Want to know more?

    Register below to download our Q&A presentation deck and to keep in touch with us.


    Meet our talent acquisition team

    Our team supports Entrepreneurs right from the beginning and guarantees a fair assessment of all candidates.

    Andrea Gaia

    Head of AC

    Greta Antonacci

    Recruiting and Marketing Coordinator

    Sam Holt

    Senior Executive Recruiter

    meet our support team

    NCA’s program is powered by a wide range of specialists, analysts, and advisors that make the Entrepreneur journey as seamless and successful as possible. Find out how we support our Entrepreneurs during their journey:

    Learn More

    application timeline

    Candidates may apply at any time however applications are only reviewed by NCA 4 times per year. Each selection cycle takes approximately 3 months + another 3-4 months dedicated to the onboarding process.

    Month 1: Selection

    Applications are received and reviewed by the NCA team. Applicants can register for Q&A sessions with other candidates to best prepare their application. Candidates receive reading material and an invitation to record a 1-way video to complete their profile.

    Month 2: Selection

    Selected candidates are invited to an Orientation Call, a zoom interview with NCA’s Global VP of Talent Acquisition, and a zoom “Open House” webinar. If selected to continue, candidates are also given 5 days to complete a business case assignment.

    Month 3: Selection

    Candidates are given sample legal documentation in order to familiarize themselves with the legal framework of NCA's program. After addressing any legal questions in a Q&A webinar, candidates are then invited to a video call with NCA Partners. Following those calls, selected candidates will then be invited to the NCA Assessment Center to present their pitch and, if selected to continue, will work with NCA to further develop their business case.

    Month 4: Onboarding Begins

    Onboarding begins for selected candidates (the duration of this phase depends on the searcher’s availability). This phase encompasses preparation of a PPM, a website, and marketing materials. Candidates will also be introduced to the NCA Investor Relations Team, who support candidates in the Unit Sale process.

    Month 5-6: Fundraising + Final Onboarding Steps

    This phase includes fundraising, the signature of Legal Documents, and Capital Calls. The duration of this phase varies, but candidates should activate their own networks as early as possible to fulfill their obligation of bringing at least 1 co-investor to their cap table. Once the Search Capital is raised, the candidate is admitted into the program and begins the “search phase,” which can last up to 24 months.

    Professor Bios

    Introducing our esteemed panel of contributing professors, offering business training courses to our entrepreneurs. Hailing from renowned MBA programs across the EU and the US, each professor brings a wealth of academic expertise and real-world experience to our ETA program. Explore below to learn more about the professors contributing to NCA searchers on their entrepreneurial journey!

    Dr. Benoit
    Leleux

    Horacio
    Falcao

    Nuno
    Fernandes

    Tim
    Calkins

    John
    Hallal

    Dr. Benoit Leleux

    Dr. Benoît Leleux, the Stephan Schmidheiny Professor of Entrepreneurship and Finance at IMD in Lausanne, Switzerland, is a distinguished academic and expert in entrepreneurship, venture capital, and private equity. With a Ph.D. from INSEAD, he has held leadership roles at IMD, including director of the MBA program and Vice-President of the Pension Foundation.

    Dr. Leleux, a prolific author with publications like "Winning Sustainability Strategies" and "Private Equity 4.0," has also contributed over 150 teaching cases and conducted executive education programs for global corporations, demonstrating his multifaceted expertise in academia and the business world.

    Horacio Falcao

    Horacio Falcão is a Professor of Management Practice at INSEAD and the creator of the Value Negotiation system, designed to maximize rewards and minimize risks in negotiations. At INSEAD, Horacio is the program director for the Negotiation Dynamics program, the co-creator of two Online Negotiation Certificate programs, and the co-founder of the INSEAD Negotiation and Conflict Resolution initiative.

    Horacio Falcão is a Professor of Management Practice at INSEAD and the creator of the Value Negotiation system, designed to maximize rewards and minimize risks in negotiations. At INSEAD, Horacio is the program director for the Negotiation Dynamics program, the co-creator of two Online Negotiation Certificate programs, and the co-founder of the INSEAD Negotiation and Conflict Resolution initiative.

    Nuno Fernandes

    Nuno Fernandes, a distinguished finance expert and Professor of Finance at IESE Business School, holds key roles as Chairman of the Board of Auditors at the Portuguese Central Bank and Non-Executive Director at the European Investment Bank. With a focus on corporate finance, climate finance, mergers and acquisitions, and corporate governance, Professor Fernandes advises global companies and financial institutions and is a sought-after speaker, delivering impactful presentations worldwide.

    A prolific author featured in international media, he has received numerous awards, including the 2022 "Outstanding Teacher" accolade from The Case Centre, and has a robust academic background with a PhD from IESE Business School and a degree in Economics from Universidade Católica Portuguesa.

    Tim Calkins

    Tim Calkins, the distinguished Associate Chair of the Marketing Department and Clinical Professor of Marketing at Northwestern University's Kellogg School of Management, is a two-time recipient of the Lawrence G. Lavengood Outstanding Professor of the Year Award and the 2018 recipient of the Top Professor Award from Germany’s Kellogg-WHU Executive MBA Program. Renowned for his exceptional teaching and recognized as one of Poets & Quants' "Favorite MBA Professors" in 2016, Tim is also an accomplished author.

    His book, "How to Wash a Chicken: Mastering the Business Presentation," not only received the Gold Prize for Business and Economics from the Foreword Indie Book of the Year Awards but was also named the Top Business Book by the IndieReader Discovery Awards. Applying his extensive expertise in strategy and branding, Tim collaborates with major corporations such as Moderna, Eli Lilly, Caterpillar, and AbbVie, further solidifying his impact on the business and academic realms.

    John Hallal

    John Hallal is a seasoned entrepreneur and M&A expert, with a successful track record in advising and operating startup and emerging growth companies. As the founder of Network Blue, he specializes in providing comprehensive M&A advisory services to founder-led lower middle market companies, encompassing financial advisory, negotiations, deal structuring, and due diligence.

    In addition to his entrepreneurial endeavors, including involvement in medical device manufacturing and cannabis brands, John has been a faculty member at Babson College for twelve years, teaching courses on Entrepreneurship Through Acquisition and M&A for Entrepreneurs, while also actively advising and investing in various Entrepreneurship Through Acquisition projects, including search funds.

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    Program participants

    Get to know our current Searching Entrepreneurs and the CEOs who have successfully completed our ETA program.

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