Getting Started
Everything you need to know before launching your search fund - models, economics, and the ETA market.
49 articles
What Is Entrepreneurship Through Acquisition (ETA)?
Complete introduction to ETA: the search fund model, lifecycle, performance data, ideal targets, and how to get started.
16 min read
GuideWhat is a Search Fund? Complete Guide
Everything you need to know about the search fund model, from fundraising to acquisition to operations.
14 min read
GuideSelf-Funded Search vs. Traditional Search Fund
Compare the two main ETA models: economics, risk, flexibility, and which path is right for you.
10 min read
InvestorWhy Invest in Search Funds?
35% IRR track record, portfolio construction, the European opportunity - a guide for prospective search fund investors.
7 min read
GuideHow to Buy a Small Business: The Complete Guide
Step-by-step guide to buying a small business: defining criteria, financing, sourcing, due diligence, negotiation, and closing.
18 min read
ResearchThe Baby Boomer Succession Crisis: $10 Trillion Opportunity
10 million US businesses, 23 million EU SMEs, and $10 trillion in value - why the boomer retirement wave is the biggest ETA opportunity in history.
15 min read
ResearchWhy Do Search Funds Fail? 9 Common Mistakes
One-third of search fund acquisitions lose money. Analysis of the 9 most common failure modes - and how to avoid them.
16 min read
GuideCan You Buy a Business with No Money Down?
Realistic strategies for acquiring a business with little or no personal capital: search funds, seller financing, SBA, ROBS, earn-ins, and platforms.
14 min read
GuideThe Search Fund Lifecycle: From Raise to Exit
The five stages of a search fund - fundraise, search, acquisition, operations, and exit - with timelines, economics, and common pitfalls at each stage.
16 min read
GuideHow Long Does It Take to Buy a Business?
Realistic timelines for each phase of buying a business: preparation, deal sourcing, LOI, due diligence, financing, and closing.
13 min read
ResearchWhat Industries Are Best for Search Funds?
Ranked by recurring revenue, fragmentation, margins, and succession dynamics - the best industries for search fund acquisitions with data from Stanford.
15 min read
GuideHow Much Does It Cost to Start a Search Fund?
Complete cost breakdown: search capital budget, personal expenses, due diligence costs, transaction fees, and equity injection requirements by model.
13 min read
GuideHow Much Money Do You Need to Buy a Business?
Capital requirements by deal size and financing approach: SBA, search fund, conventional bank, and creative financing scenarios with specific numbers.
14 min read
GuideShould You Pursue ETA? Skills, Mindset & Readiness Checklist
Personality traits, financial readiness, career assessment, and a 10-point scorecard to evaluate whether Entrepreneurship Through Acquisition fits your profile.
14 min read
GuideSME Acquisition: A Beginner's Guide
The complete 8-step process for buying an SME: criteria definition, team building, deal sourcing, screening, LOI, due diligence, financing, and closing.
16 min read
ResearchBuying a Business vs. Starting One: Data-Driven Comparison
Survival rates, cash flow timelines, risk profiles, lifestyle differences, and expected returns - a data-driven comparison of acquisition vs. startup.
14 min read
GuideAcquisition Target Criteria: Revenue, Margins & Moat Analysis
The 7 core criteria search fund investors look for: recurring revenue, fragmented industry, low concentration, EBITDA profile, management team, moat, and valuation.
15 min read
GuideHow to Build Your Search Fund Thesis
Industry selection, target profile (ICP), value creation hypothesis, acquisition economics, thesis testing, and common mistakes - the complete thesis-building guide.
14 min read
GuideWhat Size Business Should I Buy? Revenue & EBITDA Ranges
Main Street vs. lower middle market vs. core middle market - size ranges, financing alignment, sweet spots by buyer type, and common sizing mistakes.
13 min read
GuideHow to Buy a Business with No Experience
Why 85% of search fund CEOs are first-time operators, transferable skills from consulting/banking/corporate, building credibility, and choosing the right first acquisition.
13 min read
ResearchSearch Fund Salary: How Much Do Searchers Earn?
Compensation by phase (search vs. CEO), model (traditional vs. self-funded), and geography (US vs. Europe) - plus total expected value including equity.
12 min read
ResearchSearch Fund Returns: Historical Performance & Risk Analysis
33% aggregate IRR, 5.5x MOIC, but one-third lose money - return distribution, comparison to PE/VC/public markets, risk factors, and who should invest.
14 min read
GuideSearch Fund vs. Independent Sponsor: Key Differences
Capital structure, economics, deal size, operator role, and investor relationships - a detailed comparison of search funds and independent sponsors.
14 min read
GuideWomen & Diversity in Search Funds
Current state, dedicated funds, mentorship networks, performance data, and building inclusive organizations post-acquisition.
11 min read
GuideHow Long Does a Search Fund Take? Timeline & Milestones
Full timeline from pre-search preparation to exit: fundraise, search, DD & close, operating period, and tips for staying on schedule.
12 min read
GuideHow to Build an Acquisition Target Screening ICP
The 8 ICP dimensions (financial, industry, geography, business model, customers, seller motivation, operations, growth), step-by-step process, and common mistakes.
14 min read
GuideTax Planning for Business Sellers: Minimize Your Tax Bill
QSBS, installment sales, holding company structures, Dutreil pact, BADR - country-by-country tax strategies to minimize capital gains when selling your business.
16 min read
GuideSuccession Planning for Business Owners: Start 5 Years Early
5-year succession roadmap: strategic planning, value building, operations optimization, sale preparation, and execution - plus comparison of succession options.
14 min read
GuideHow to Prepare Your Business for Sale
18-24 month preparation roadmap: reduce owner dependence, clean financials, lock in contracts, build a data room, and maximize your selling price.
16 min read
GuideChoosing Between Buyer Types: Search Fund vs. PE vs. Strategic
Compare search fund, private equity, strategic, and individual buyers on price, legacy, employee protection, speed, and deal certainty - a seller's decision framework.
14 min read
GuideSelling Your Business to a Search Fund: A Seller’s Complete Guide
Learn what a search fund buyer is, how the deal process works from LOI to closing, typical 4–7x EBITDA valuations, seller financing terms, and why 680+ sellers since 1984 have chosen this path.
18 min read
GuideHistory of Search Funds: From Stanford 1984 to Today
How the search fund model was invented at Stanford GSB in 1984, grew through four decades, and became a global asset class with 680+ funds across 25+ countries.
12 min read
GuideSearch Fund Timeline: Month-by-Month Milestones from Launch to Close
Phase-by-phase timeline of a search fund: fundraise (3-6 months), search (18-24 months), deal execution (3-6 months), operations (5-7 years), and exit.
10 min read
GuideWhat Makes a Good Search Fund Acquisition Target?
The 10 characteristics of an ideal ETA target: recurring revenue, low customer concentration, defensible moats, stable EBITDA, management depth, and reasonable valuation.
14 min read
GuideThe Pledge Fund Model Explained
How pledge funds work: committed capital with deal-by-deal approval, comparison to traditional search funds and independent sponsors, typical structures, and risks.
10 min read
GuideSearch Fund Accelerators & Incubators: A Complete List
Major ETA accelerator programs in the US, Europe, and Latin America - what they offer, how to choose, and whether you need one.
10 min read
GuideThe MBA-to-CEO Pipeline: Search Funds After Business School
How MBA programs feed the search fund ecosystem - top programs, ETA clubs, timing your launch, fundraising advantages, and building your network during business school.
10 min read
GuideETA Without an MBA: Alternative Paths into Search Funds
How to break into search funds without an MBA - self-funded searches, industry expertise, alternative education, building investor networks, and successful non-MBA case studies.
10 min read
GuideSearch Fund Conferences & Events: The Complete Calendar
Complete guide to ETA conferences and events - Stanford, IESE, MIT, regional meetups, virtual events, and tips for making the most of conference attendance.
9 min read
GuideIs ETA Right for You? A Self-Assessment Framework
A structured self-assessment framework covering financial readiness, personality fit, risk tolerance, career timing, and family considerations for aspiring search fund entrepreneurs.
11 min read
GuideThe Ideal Acquisition Target: A Search Fund Buyer's Framework
The key criteria for identifying ideal search fund acquisition targets - revenue size, EBITDA margins, recurring revenue, customer concentration, owner dependency, and industry characteristics.
11 min read
GuideSolo vs. Partnered Search: Pros, Cons & Data
Data-driven comparison of solo vs. partnered search funds - success rates, economics, equity splits, complementary skills, common pitfalls, and a decision framework.
10 min read
GuideCreating Your Ideal Company Profile (ICP) for Acquisitions
How to define your acquisition criteria across 12 dimensions - industry, geography, revenue, EBITDA, margins, growth, customer concentration, owner dependency, and more.
10 min read
GuideFinancial Runway Planning for Search Fund Entrepreneurs
Personal financial planning for your search - how much runway you need, managing expenses, health insurance, family considerations, and knowing when to stop.
9 min read
GuideFrom Corporate Job to ETA: When to Make the Leap
How to transition from a corporate career to ETA - signs you're ready, financial preparation, timing, transferable skills, and a month-by-month transition playbook.
10 min read
GuideThe Search Fund Entrepreneur Archetype: Who Succeeds?
What makes a successful search fund entrepreneur - personality traits, professional background, age and career stage, and a self-assessment framework for aspiring searchers.
10 min read
GuideWhat Happens If a Searcher Doesn't Find a Company?
What happens when a search fund doesn't result in an acquisition - financial implications, investor impact, career outcomes, and lessons from unsuccessful searches.
8 min read
InvestorAre Search Funds a Good Investment? Returns Analyzed
Data-driven analysis of search fund returns - 35% IRR, 4.5x MOIC, comparison to PE/VC/public markets, risk-adjusted returns, portfolio construction, and the European opportunity.
11 min read
StrategyB2B vs. B2C Acquisitions: Key Differences
Compare B2B and B2C business models for acquisition - revenue predictability, customer concentration, sales dynamics, operational complexity, and which model suits ETA best.
11 min read
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