oday's episode is a treat & an education.

We hear from Adam Borcz, who bought a blue collar business as a self-funded searcher 4.5 years ago and has grown profits over 150% to around $2.4m.

To be clear, he took an already nicely-sized business with $900k in EBITDA and has almost tripled annual earnings.

So we hear that story — and his key unlock that generated so much growth.

And then, more recently Adam has become a search investor, with a preference for traditional search funds.

So this is a guy who, as a searcher prefers the self-funded model, but as an investor prefers the traditional search fund model.

We get into why, and it gets math-y toward the back half of the episode. (So, no shame in re-listening.)

Adam's perspective here is so valuable, especially for those of you who anticipate needing to find investors to help you buy a business.

As you know, raising money from investors is a sales process.

And the first step of any sale is to inhabit the perspective of the party you're selling.

To understand their choices and incentives.

I hope today's interview with Adam will help you do just that for search investors.

Please enjoy my conversation with Adam Borcz, owner of Delta Installation Group & a search fund investor.