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Jason Hew went from reviewing 1,000 startups a year at Woolworths' venture arm to searching for a business with SMEVentures and buying two instrument transformer manufacturers, one in Sydney and one in Christchurch, in a single transaction. It was only the second search fund acquisition New Zealand had seen. This episode covers his operator-fit framework for knowing when a business is right for you, how he rebuilt a 20-year factory culture as an outsider, and what happened when his vendor walked out four weeks after settlement.

Chapters

• Early Life in Malaysia and Immigration to Australia (2:37)
• The Petrol Station and Grandad's Influence (5:09)
• Cadetship at HLB Man Judd and Early Career (7:34)
• Record Point and the Iron Mountain Deal (9:52)
• Scaling Woolworths Rewards (11:43)
• Employee Number One at W23 Ventures (14:45)
• Cash Rewards and the ANZ Exit (18:00)
• Why a Risk Averse Person Buys a Business (20:58)
• 15 Months of Search (22:25)
• Operator Fit vs Founder Problem Fit (24:30)
• The Acquisition: TWS and WF Energy Controls (28:19)
• The Cross-Border Complexity (31:43)
• First 18 Months as CEO (35:32)
• Vendor Exits at Week Four (38:13)
• The Brightest Moment (40:15)
• Advice for Searchers in the Grind (41:44)
• What Comes Next (42:44)

SOME ADVICE FROM JASON

"Can you actually see yourself doing this for a long period of time? And that equation becomes more important, not when things are going well, but when things are going bad. Can you see yourself struggling through this for a long period of time in this business, in this industry, in this location?"

"The ETA opportunity is real. And there's a deal out there for everyone who's doing this for genuine reasons. Don't be thrown away too much by criteria and business metrics. Really try and hone in on what you think will bring you joy and what will help you wake up in the morning on the right side of bed."