From Investor to Owner-Operator: How Hao Acquired a Waterproofing Business Through ETA

For many professionals, the dream of entrepreneurship feels distant — risky, uncertain, and filled with unknowns. For Hao, entrepreneurship became real not by starting from scratch, but by acquiring an existing SME.

A participant of the Asia Startup Network’s Entrepreneurship Through Acquisition (ETA) masterclass, Hao successfully acquired a waterproofing business that has been operating for over two decades.

Her journey offers a candid look into what it really takes to buy, run, and grow a traditional SME in Singapore, especially as a first-time buyer and a woman stepping into a male-dominated industry.

From Institutional Investing to ETA

Hao’s background spans institutional investing, hedge fund, consulting, and tech. For years, she evaluated businesses from the investor’s seat, underwriting high-quality companies across different emerging markets.

But the desire to run her own business had always been there.

“I’ve always wanted to be an entrepreneur,” she shares. “I tried starting a business from scratch before. It was an e-commerce venture with a friend but it was extremely challenging going from zero to one.”

When Hao discovered Entrepreneurship Through Acquisition, something clicked.

“ETA felt like a more realistic way to jump into entrepreneurship. You’re not starting from zero. You’re building on something that already works.”

Why the ETA Bootcamp (and Why Timing Mattered)

Before joining the ETA Bootcamp, Hao had already been consuming ETA content, but most of it was US-centric and theoretical.

“The materials didn’t fully translate to Singapore. Asset deals, seller financing norms, deal structures. In fact, they’re very different here.”

What drew her to the program was timing and relevance.

“This bootcamp came at the right time. It offered local insights, practical tools, and real examples of how deals actually get done in Singapore.”

One example stood out clearly:

In the US, ETA deals are often asset deals

In Singapore, stock deals are far more common.

Seller financing norms are still evolving

Brokers, sellers, and other advisors may be unfamiliar with ETA-style transactions

“There are no clear norms yet, and that’s both the challenge and the opportunity.”

Learning to Navigate Real-World Deal Dynamics

When asked about the most valuable takeaway from the bootcamp, Hao doesn’t point to a single lecture or slide.

“It was understanding the local nuances and how human the deal process really is.”

Her broker and seller had little exposure to ETA. There was no off-the-shelf playbook.

“You can’t just follow the textbook or force financial terms. Seller psychology matters. Relationships matter, even after the deal closes.”

One unexpected lesson was learning when to walk away from ideal terms.

“In theory, earn-outs are common. In practice, my seller couldn’t accept it. After speaking with mentors and others who had done this before, I adjusted.”

She got the deal eventually, not because of perfect terms, but because of trust, conviction, and speed.

Winning the Deal (Against the Odds)

Hao’s acquisition journey wasn’t straightforward.

The seller had been trying to sell the business for over a year. When Hao first encountered the opportunity, she wasn’t even interested.

“But the more I understood the business, the more I liked it.”

When she finally made an offer, there was already a competing buyer — one the seller initially preferred.

There was also an unspoken bias.

“This is a construction-related business. The seller didn’t think it was suitable for a woman owner.”

What changed his mind?

• Hao issued a Letter of Intent in under four weeks

• She completed financial due diligence in less than one week

• She moved decisively, while the competing buyer dragged on

  
  

“Cold feet is common. Sellers feel it. I think he just wanted to move on and retire.”

Her conviction, clarity, and speed ultimately won the deal.

Life After the Acquisition: The Real Work Begins

A few months into ownership, Hao gained a deep appreciation for why ETA works.

“This business has been around for 26 years. The processes, relationships, and know-how built over time are incredibly valuable. You’re fast-forwarding years of effort.”

There were pleasant surprises:

• Higher-quality assets than expected

• Strong brand equity

• Solid operational foundations

And real challenges:

• Key-man risk as the former owner transitions out

• Managing SME staff dynamics — very different from corporate environments

• Stepping into people leadership immediately

  
  

“Operating a business is still very much about people.”

Personal Growth: Pulling the Trigger

The hardest part of the journey wasn’t financial modelling or due diligence.

“It was deciding to commit capital for the first time. That psychological barrier is real.”

The fear faded after ownership began.

“Once you’re in, it makes sense. You realise — what’s the worst that can happen?”

That was her biggest “aha” moment.

ETA, Motherhood, and a Different Kind of Freedom

As a mum, Hao acknowledges that running an acquired business is not easier — but it is different.

“I work harder than I did in corporate. But I love it more.”

What she values most is flexibility and ownership over her time. This is something corporate life rarely offered.

Advice for Future ETA Founders

Her advice is simple and emphatic:

“Just do it.”

She speaks highly of the ASN ETA community. People who have “been there, done that” and are genuinely supportive. And the helpful community is what differentiates Asia Startup Network from the other masterclass providers.

“You can call someone at short notice, ask a real question, and get a real answer.”

Hao hopes to pay it forward, contributing to a growing ETA ecosystem in Asia.

Is ETA Right for You?

According to Hao, the program is best suited for:

• Professionals seeking entrepreneurship without starting from zero

• investors ready to become operators

• People who value community, mentorship, and practical support

• Those willing to learn, adapt, and move decisively

If you’ve ever thought, “I want to run a business — just not from scratch”, ETA might be your path.

Join us for our next Entrepreneurship through Acquisition Masterclass on 28 Feb, Saturday. Sign up now on lu.ma/asn-eta5.