Mandus Haakansson, Omberg LLC
Omberg LLC, Current Searcher, Single Sponsor
Survey completed September 17, 2020.
Why did you choose your model? Would you make the same choice again?
Aligned incentives between investors and searcher, better support from investors than other models, yes would choose same 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?
Solo. Did not know anyone who wanted to do this and would only partner with someone I knew very very well.
When is the right time to start speaking with investors? How did you select your search and/or acquisition investors?
After having spoken to 5-10 searchers and being reasonably sure that you want to do it. Accelerator was the path for me given I did not have means to self fund and did not think incentives were great in traditional search model.
Did you get an MBA before searching? If so, where and why?
Yes. tuck. Did not know I wanted to do search when I did my MBA.
What is your work experience prior to searching?
5yrs in fixed income sales at Goldman. 2 years in management consulting at Bain.
What industries and sizes of companies are you pursuing?
Industry agnostic, mostly b2b services. $1-3m EBITDA.
Are you doing a geographically focused search? If so, where?
How long have you been searching?
What systems do you use? (CRM, Email Manager, etc)
How do you organize your day?
I do not. It varies from day to day.
How do you identify prospects to acquire? Do you use only brokers, only direct outreach, or both?
I go through 1-2 industries at a time. I use both brokers and direct outreach.
Approximately how many direct outreach calls and emails have you made to owners?
How do you find company lists?
LinkedIn, Google, industry associations
Do you subscribe to broker deal lists? Which ones?
Do you use interns? If so, how many? What do you have them do?
I have 1 full time analyst. Focuses on list building.
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?
Moving things from IOI to LOI.
What articles, books, and resources were most helpful to you in preparing to search?
HBr book how to buy a business. Stanford primer. Booth podcast.
What do you wish you knew prior to searching?
Think I was well informed but has been even harder than expected.
What single piece of advice would you share with prospective searchers?
Do an industry focused search. The momentum you get once you get beyond surface level knowledge of a niche is a big advantage.