his is a phrase you're going to hear on Acquiring Minds more often:

"Independent sponsor."

For one thing, our fund Minds Capital is investing in a lot of independent sponsor deals.

For another, the line between self-funded searcher and independent sponsor continues to blur.

Perhaps better said, searchers are evolving into independent sponsors, sometimes mid-search, but more often, as their deal experience deepens, leading them to bigger acquisitions and more ambitious goals.

Wait, you're saying, but what is an independent sponsor exactly? It's a question I get asked regularly, even by knowledgeable people.

Well you'll learn today.

And you'll learn the trajectory to become an independent sponsor, at least in one case.

The ubiquitous Sam Rosati is today's guest.

We spend a good deal of time on Sam's background. Partly that was self-serving; Sam's an interesting guy, and I wanted to get his whole story.

But I also wanted to show you how someone who quit corporate in 2016 grew from hearing about ETA on a podcast, to self-funded searcher, to self-funded search investor, to independent sponsor.

And as an independent sponsor, built, alongside his partners, one of the largest commercial fencing contractors from Arizona to Florida. They did it in 3 years, and just the other week, partnered with a PE firm whose latest fund is $1.5 billion. Now, you won't hear many numbers in today's story, but suffice it to say that a PE fund of that size doesn't get out of bed for an 8-figure deal.

Hopefully by the end of this episode you will be inspired — of course.

But more importantly, I want this conversation to help you think 10 years ahead in your own career. Where do you want to go on your entrepreneurship through acquisition journey?

As Sam says, there are many flavors of ETA, flavors that are only multiplying.

Today's episode is a guided tour of one successful entrepreneur's path through a number of those flavors.

Please enjoy. Here is Sam Rosati, searcher, sponsor, investor, and zero-to-one entrepreneur.