What if entrepreneurship isn't always about starting from scratch—but seeing what an existing business could become?

In this episode of What If? With Leslie Grandy, I sit down with Jon Staenberg, general partner at Agate Hound Fund, the first fund of funds dedicated to search funds, also known as entrepreneurship through acquisition.

Jon has spent decades investing in people, businesses, and ideas. From venture capital to private equity to winemaking in Argentina, his career has been shaped by curiosity, pattern recognition, and a willingness to ask both sides of the entrepreneurial question:

What if it all goes wrong? And what if it works?

This conversation explores a different kind of entrepreneurial creativity. Not the creativity of inventing something from nothing, but the creativity of stepping into an existing company with employees, customers, habits, and history and seeing how it can be adapted, strengthened, and carried forward.

Together, Leslie and Jon explore:

• Why search funds are better understood as entrepreneurship through acquisition
• How acquiring and operating a profitable small business differs from venture-backed invention
• Why grit, tenacity, humility, and a clear "why" matter more than polish
• What Jon looks for when backing first-time CEOs
• Why immigrants, military veterans, and children of family business owners often bring the right temperament for this path
• How investors evaluate a searcher over time through coachability, humility, judgment, and persistence
• Why the coming generational handoff of baby boomer-owned businesses creates a powerful opportunity
• How AI-native operators can modernize "good, boring businesses" faster than legacy owners may be able to imagine

Jon also shares the story of how he unexpectedly became a winemaker after a long lunch in Argentina, and why selling his vineyard after 20 years is less an ending than a transition. The thread that remains is community: bringing people together, building trust, creating value, and knowing when to move toward the next thing.

This episode is a reminder that creativity is not limited to invention.

Sometimes the most creative act is recognizing untapped potential in something that already exists, then having the discipline, humility, and stamina to make it better.

Because transformation does not always begin with a blank page.

Sometimes it begins with a business that deserves a next chapter.

Reflection question: Are you overlooking the possibility inside what already exists because you're waiting for something entirely new?