Wiley Strahan, Recharge Venture Group
Recharge Venture Group, Current Searcher, Self-Funded
Survey completed September 17, 2020.
Why did you choose your model? Would you make the same choice again?
Originally traditional but had to switch due to geographic constraints. Would have switched to self funded early.
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?
No – didn’t find anyone within my network who a) wanted to do a search b) found it hard to choose a partner off the internet.
When is the right time to start speaking with investors? How did you select your search and/or acquisition investors?
As early as possible – know enough about search to be dangerous but don’t have to have any theses lined up. Have lots of questions for them – it’s a two way street.
Did you get an MBA before searching? If so, where and why?
Yes – USC. It was funded by my employer and I switched disciplines.
What is your work experience prior to searching?
Heavy operations and finance experience.
What industries and sizes of companies are you pursuing?
Logistics and distribution adjacent industries – 300+ k in SDE.
Are you doing a geographically focused search? If so, where?
Yes – Los Angeles.
How long have you been searching?
What systems do you use? (CRM, Email Manager, etc)
How do you organize your day?
I am still working full time so slotting in prospecting time, my day job, and follow ups. You have to be disciplined.
How do you identify prospects to acquire? Do you use only brokers, only direct outreach, or both?
I am 90% brokered deals.
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 – as many as I can.
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 has been the most challenging part of your search? What was harder/easier than you expected?
Managing everything that you have going on.
What articles, books, and resources were most helpful to you in preparing to search?
HBR how to buy a small business, the primers, buy then build.
What do you wish you knew prior to searching?
You will review a lot of deals before finding any “great” ones. Don’t be afraid to pull the trigger.
What single piece of advice would you share with prospective searchers?
Really understand what it means to bring ok investors.