Ania Aliev purchased a business to own and run after graduating from college. While waiting in a hospital for her baby to be induced, Aliev was finalizing a deal to buy a company and become its CEO. At 27 years old, she had recently graduated with an MBA from the Tuck School of Business at Dartmouth College in New Hampshire. Three months after giving birth, she became the owner and CEO of Life Support Systems, a medical equipment business based in Massachusetts.
Traditionally, US business graduates would either join large corporations or start their own companies. However, a new trend has emerged where some graduates are borrowing significant amounts of money to acquire existing businesses and take on leadership roles. This practice is known as entrepreneurship by acquisition or "search-fund investing."
In 2023, a record 94 search funds were launched in the US, with $682 million invested in these funds and the companies they acquired across 2022 and 2023. Investment firms such as Search Fund Partners, Aspect Investors, and Anacapa Partners are now specializing in supporting young entrepreneurs in their search fund endeavors, attracted by the potential for high returns.
Aliev, who had a background in finance, was mindful of how she was perceived by her new team. She initially focused on observing and learning rather than asserting authority. After two years in her role, she has expanded the company by acquiring a competitor, effectively doubling its size. While many employees have welcomed her growth-focused approach, some have left or been laid off due to the changes.
Scott Duncan, another MBA graduate from Harvard Business School, attempted a similar venture in 2018 by acquiring F&M Tool and Die, a Massachusetts-based company. Despite initial optimism, he faced numerous challenges, including employee turnover and market competition, which ultimately led to the company's closure in 2025. Duncan, who filed for personal bankruptcy, now works as a consultant but acknowledges the difficulties young entrepreneurs face in such endeavors.
Leadership coach Jacqueline Ackerman notes that employees typically do not resist younger leaders due to their age but rather due to uncertainty associated with change. Aliev reflects positively on her decision to leave finance for entrepreneurship, stating she feels more fulfilled in her current role.