Timi Okah, Kingsway Financial
Kingsway Financial, Current Searcher, Holding Company (single sponsor – employee)
Survey completed September 17, 2020.
Why did you choose your model? Would you make the same choice again?
Simplicity — time to close “fund” is shorter if you only need 1 person.
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?
When is the right time to start speaking with investors? How did you select your search and/or acquisition investors?
As soon as you think you may want to search.
Did you get an MBA before searching? If so, where and why?
What is your work experience prior to searching?
Consulting & Engineering.
What industries and sizes of companies are you pursuing?
Services; $2-5M EBITDA.
Are you doing a geographically focused search? If so, where?
West of Colorado.
How long have you been searching?
What systems do you use? (CRM, Email Manager, etc)
Salesforce, Salesloft, ZoomInfo.
How do you organize your day?
Right now only focused on pipeline development.
How do you identify prospects to acquire? Do you use only brokers, only direct outreach, or both?
Primarily direct outreach.
Approximately how many direct outreach calls and emails have you made to owners?
How do you find company lists?
A2Z databases, ZoomInfo.
Do you subscribe to broker deal lists? Which ones?
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?
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?
How slow it can be at times.
What single piece of advice would you share with prospective searchers?
Too early to say