facts, opinions, and inspiration for searchers
He spent two decades pricing derivatives, then bought a Polish supplements company six months into his search. Waldemar “Val” Pilch on the chicken nugget framework for breaking down risk, betting below standard search fund size and his telescope analogy for knowing when to zoom in and when to step back.
Everything about a search fund is built to produce a deal. Stanford GSB data shows 42% don't. The reason reshapes how the best searchers actually search.
The deal you thought was done at $4.2M just became $4.8M. This is the working capital trap, and it catches searchers who treat the purchase agreement as the final number.
In search funds, high growth changes the risk profile. Here is what it signals about price, revenue durability, and operator readiness.
Jason Hew went from reviewing 1,000 startups a year to buying two transformer manufacturers across Australia and New Zealand in a single deal.
Most search fund raises stall not because of who you talk to, but because of when. Jake Nicholson on why sequencing your investor conversations is the thing nobody talks about.
Entrepreneurship offers two distinct paths.
Startups (building 0-to-1) and ETA (buying 1-to-X). While startups involve high binary market risk, ETA focuses on execution risk, professionalizing existing cash-flowing SMEs for probable equity outcomes.
Graham Weihmiller's journey from Six Sigma black belt to acquiring Griswold Home Care during the Great Recession exemplifies resilience and strategic leadership. In this episode, he shares his evolution through franchising, scaling Griswold from 100 to 250 locations, and later steering BNI—a global networking organization with 350,000+ members across 77 countries—through one of business history's most dramatic pivots during the COVID-19 pandemic. This episode unpacks the art of founder transitions, the undervalued potential of franchising in ETA, and why your family are your first customers.
Australia and New Zealand face a "Silver Tsunami," with nearly 50% of baby boomer SME owners retiring by 2030. With 2 in 3 lacking succession plans and businesses selling at a 4.2x EBITDA average , the ANZ market offers a unique structural advantage for searchers.
The debt market for ETA acquisitions in Australia and New Zealand is shifting. With the Big 4 banks entering the arms race for SME balance sheets, searchers are seeing improved leverage terms and genuine lender competition. Here is the 2025 outlook on the major players.
Is the ANZ search market the most undervalued opportunity? New data from the 2025 APAC ETA Forum confirms a major shift. Local searchers are acquiring 15–19% faster than their global peers at an average 4.2 times EBITDA multiple. This creates a powerful, built-in margin of safety. If you are considering ETA, the full report details why this market inefficiency matters.
This episode charts the unique path of Adam Johnson, CEO of the critical UK infrastructure company, Water Direct. Adam recounts his journey from an entrepreneurial Texas upbringing to the fast-paced world of Silicon Valley tech sales at startups like WePay and Voxbone, experiences that forged a distinct perspective on adaptability and storytelling. He shares how a Texas blizzard became the "AHA moment" that revealed the hidden value in Water Direct, leading him to acquire the company through the search fund model he discovered during his MBA. This episode highlights the translation of skills between seemingly unrelated industries and the profound challenges and rewards of stepping into the CEO role.
When investors back your search fund, they're not just betting on a business plan; they're betting on you for the long haul. Understanding what will keep you genuinely engaged for years is a major part of their due diligence, and it should be for yours too.
Tempted by a 2-year-old target for your search fund? Young companies often lack the stability core to the search model. Learn why maturity matters and the risks involved before acquiring.
This episode charts the extraordinary course of George Berczely, a truly global entrepreneur now at the helm of SEYSES. From his early years in Miami and Argentina to leadership roles spanning continents with McKinsey, Deutsche Post, and DHL, George's experiences have forged a unique business perspective. Tune in to hear about his leap into entrepreneurship through acquisition, the intricacies of finding and acquiring SEYSES, a renewable energy firm with international reach, and his vision for impactful growth and team development. Discover the lessons he's learned navigating the challenges and rewards of running a global business.
Are your investors truly on board? Learn how to turn them into your biggest champions during the two-year search phase.
Forget industry expertise. The real key to search fund success lies in your ability to analyze, strategize, and lead – regardless of the industry. Discover why generalists have the edge in the search fund world.
The search for the perfect acquisition target can feel like a grind. In this post, we explore practical strategies for staying motivated, including building a robust pipeline, making proactive offers, and finding your support network. Discover how to embrace the entrepreneurial journey and achieve your CEO aspirations.
Tired of hiring finance interns who'd rather be on Wall Street? Discover the surprising traits that make a truly great search fund intern.
I've hired hundreds of interns over the years. It's a search fund rite of passage, right? You post an ad for a "financial analyst intern," hoping to score a bright young mind to help you dig through industries and unearth the perfect hidden gem of a company...
The entrepreneurial journey is fraught with questions, but one of the most common I encounter is surprisingly pragmatic: "How much money do I need to launch a search fund or pursue entrepreneurship through acquisition (ETA)?" It's a question that resonates with two... (read more)
MBA student with an entrepreneurial spirit?
Wondering if the search fund model is your calling?
This post offers actionable advice on leveraging your business school experience to explore this exciting path.
You're a bright-eyed, ambitious MBA student, soaking up all the business knowledge you can get...
Think you know the search fund game? Think again. The 2024 APAC ETA Forum just turned conventional wisdom on its head with eye-opening insights from Bernard Salt, experienced operators, and leading lenders. Discover the biggest challenges of year one, the secrets to winning over lenders, and why Australia's "lifestyle first" attitude might be a hurdle for entrepreneurs.
In this inspiring episode of "The Search Fund Podcast," we delve into Alexander Schuil's remarkable journey from an early interest in entrepreneurship to achieving a significant exit through a search fund. Alexander shares his beginnings, from diverse early work experiences to pivotal educational moments that shaped his path. He discusses the strategic acquisitions that propelled his business forward, leading to a successful exit. This episode is a must-listen for mid-career professionals seeking to explore entrepreneurship through acquisition, offering valuable insights into the challenges and triumphs of the search fund model. Alexander's reflections post-sale and his ongoing contributions as an investor and board member provide a comprehensive view of the search fund ecosystem. Join us to uncover how Alexander's journey can inspire your own path to entrepreneurial success.
In this compelling episode, we delve into the extraordinary journey of Rob Gaunt, the dynamic CEO of ACE Training and MultiSkills Training. Hailing from the picturesque landscapes of Cape Town, South Africa, Rob's story unfolds from his early years in Perth, Australia, where he made the transformative move at the age of eight. A vivacious and sports-loving teenager, Rob's formative years set the stage for a remarkable career marked by passion, resilience, and a commitment to excellence.
As we explore his path from a fun-loving youngster to the helm of a thriving organisation, join us in unraveling the unique narrative of Rob Gaunt—a testament to ambition, dedication, and the pursuit of success in the world of ACE Training and MultiSkills Training.
In this episode, three-time search fund entrepreneur, 20-year search fund investor, Stanford GSB professor, and now author David Dodson joins us to discuss his new book The Manager's Handbook, which derives lessons from his life and experiences with search funds.
From his humble Colorado upbringing to unconventional early jobs to success as a CEO and investor, Dodson's journey serves as a testament to the power of ambition, collaboration, determination, and solid decision making. Don't miss this insightful episode that explores the life and accomplishments of an exceptional individual.
The first formal step of your search fund journey is raising the search capital. But how much should you raise? Take into consideration how you want to run your search.
In this episode we hear from Sandy Paige, who is the self-proclaimed oldest person to launch a search fund and one of the most successful search funds to date, having just sold his company for 295 million dollars.
If you are a high-caliber operator looking to acquire and operate a business in Australia, you may be a good fit for our team, and we would love to begin a conversation with you.
[email protected]
+61 (0)280 114 183
Searchers sign 2.5 letters of intent on average before closing a deal. Here's why good offers die between the LOI and the close, and how to shorten the odds.