Justin Vogt Survey

 Justin Vogt, Evermore Industries

Evermore Industries, Current Searcher, Permanent Capital Holding Company

Survey completed September 17, 2020.

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

We chose the model because it was ideal for what we wanted, which is the freedom to own businesses forever and continually invest the capital that is generated. Yes, I would make this choice again.

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. Chose my partners due to shared values and complementary skill sets. Found them at business school.

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

As soon as you have finished reading the easily available materials about the search fund industry. I selected my investors by identifying core skills and then finding people that fulfilled those skills. We also needed investors that were willing to invest with an indefinite time horizon.

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

Yes. Stanford GSB because it was a great transition out of my prior investing role.

What is your work experience prior to searching?


What industries and sizes of companies are you pursuing?

Industrial businesses with $1-$5M of EBITDA.

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


How long have you been searching?

2 months.

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

Pipedrive, Reply.io, outlook, zoominfo.

How do you organize your day?

No perfect organization. Really just whatever is demanded for that day. Some days are high call days, others are more funnel building days and finally some are more focused on deal diligence.

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

Both brokers and direct. List build using zoominfo and publicly available lists.

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


How do you find company lists?

PPP loan data, Zoominfo, Capital IQ, Dunn and Bradstreet.

Do you subscribe to broker deal lists? Which ones?

Yes. As many as possible.

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

Not at the moment. Will likely add later.

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?

Harder: managing the conversation and relationship building with owners. Easier: Generating lists and sending emails.

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

Other searchers and search investors.

What do you wish you knew prior to searching?

It is hard, but so worth it.

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

Search is a great way to be an entrepreneur and the learning that is available through search is higher than I could have ever imagined. I love it.


Join small company investors, search funds, private equity firms, business owners, and entrepreneurs in reading the Think Like an Owner newsletter and other project updates.

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on reddit

Get In Contact

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