Alex Sturges Survey

 Alex Sturges, Bellwether Capital Partners

Bellwether Capital Partners, Current Searcher, Traditional Search

Survey completed September 21, 2020.

Why did you choose your model? Would you make the same choice again?

Funded via friends and family provides flexibility and capital for search.

Are you searching with a partner? If so, why did you choose them? How did you find them? If not, why did you choose to search solo?

Yes. Complementary skills and someone I trust.

When is the right time to start speaking with investors? How did you select your search and/or acquisition investors?

Right time is after you have many discussions with your potential partner about how the relationship will work and if you are both all in.

Did you get an MBA before searching? If so, where and why?

Yes, Wharton to build out my network and continue learning.

What is your work experience prior to searching?

Investment banking, private equity, executive leadership.

What industries and sizes of companies are you pursuing?

General but hopefully healthcare $2 – 6M EBITDA.

Are you doing a geographically focused search? If so, where?


How long have you been searching?

About to start.

What systems do you use? (CRM, Email Manager, etc)

CRM, Email Manager.

How do you organize your day?

Scan brokers sites and reach out.

How do you identify prospects to acquire? Do you use only brokers, only direct outreach, or both?


Approximately how many direct outreach calls and emails have you made to owners?


How do you find company lists?

Service providers.

Do you subscribe to broker deal lists? Which ones?

Do you use interns? If so, how many? What do you have them do?

Not yet.

Approximately how many deals have you reviewed?


How many companies have you gotten to the LOI stage with? How long before your first one?


What has been the most challenging part of your search? What was harder/easier than you expected?

Finding companies.

What articles, books, and resources were most helpful to you in preparing to search?

HBR Guide to Buying a Small Business.

What do you wish you knew prior to searching?

So far nothing unexpected.

What single piece of advice would you share with prospective searchers?

Get creative.


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I’m always looking to connect with folks interested in this space, don’t hesitate to reach out.