10 Sep Acquiring Minds: The Flywheel of Buying Businesses in a Single Region
When Doug Lepisto first pitched his fund, investors literally laughed. He and his partner aimed to build a place-based ETA (entrepreneurship through acquisition) ecosystem in Western Michigan, where local searchers would buy and run businesses, anchored by Western Michigan University where Doug teaches.The idea was long-term and regional, blending elements of Warren Buffett, Brent Beshore, the search fund community, and academia. Despite early rejection, their firm, **Sleeping Giant Capital**, has since completed seven acquisitions and is raising a second, larger fund after their first $34 million raise.In this conversation, Doug explains how they recruit and train searchers, what commitments are expected, and how the economics work. Importantly, the model isn’t concessionary impact investing—it targets market-rate returns while strengthening the local economy.Doug also explores whether this approach could be replicated in other regions.What began as “the easiest no” has become a proof of concept marrying community, education, and disciplined investing.Here’s Doug Lepisto of Sleeping Giant Capital.
