Current Searcher, Traditional Search
Survey completed September 18, 2020.
Why did you choose your model? Would you make the same choice again?
Higher equity ownership.
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. Have skill set differing than mine. He was a friend.
When is the right time to start speaking with investors? How did you select your search and/or acquisition investors?
During your search.
Did you get an MBA before searching? If so, where and why?
Yes. 20 years prior. Pepperdine University.
What is your work experience prior to searching?
Significant. Experienced business owner and entrepreneur.
What industries and sizes of companies are you pursuing?
e-commerce and local service businesses
Are you doing a geographically focused search? If so, where?
National for e-com and local to Boise ID for services
How long have you been searching?
What systems do you use? (CRM, Email Manager, etc)
How do you organize your day?
Searching fits in where I can between running my businesses
How do you identify prospects to acquire? Do you use only brokers, only direct outreach, or both?
Brokers. Direct response to business listings.
Approximately how many direct outreach calls and emails have you made to owners?
How do you find company lists?
Do you subscribe to broker deal lists? Which ones?
Yes. Too many to list.
Do you use interns? If so, how many? What do you have them do?
Approximately how many deals have you reviewed?
How many companies have you gotten to the LOI stage with? How long before your first one?
10 – A few months.
What has been the most challenging part of your search? What was harder/easier than you expected?
Finding quality businesses that are a good fit. Due diligence is much harder than I expected.
What do you wish you knew prior to searching?
How long it would take and not to be afraid to wait for the right opportunity.
What single piece of advice would you share with prospective searchers?
It’s like a sales process….it takes 100 at bats to get 1-2 very good opps.