Search fund outcomes follow a distribution, and at the far right of that distribution live the spectacular ones.

Today's guests are just such a right-tail outcome.

‍Courtney and Jonathan Dunn are a married couple who raised a traditional search fund together in 2019, when coupled searchfunders were even rarer than they are today.

Three years later, Courtney and Jonathan bought Cerbo, an electronic health records (EHR) platform for cash-pay medical practices like concierge medicine and longevity clinics.

How they landed on their thesis is a story.

During the search, Courtney booked consults at fertility clinics — a way to get face time with healthcare providers. One of those doctors, who would later guide the couple through IVF, pointed them toward cash-pay medical practices — and toward the very software they'd end up buying.

We spend time on their deal structure.

‍They acquired the growthy SaaS business with no bank debt — unusual for a search deal. We hear why.We also learn how they used an earn-out to resolve an uncomfortable retrade by their seller.

‍Under the leadership of Courtney and Jonathan, Cerbo more than doubled — from under $5 million of ARR to over $10 million, and from 20 employees to 75.

‍Last year, that growth culminated in a merger and a liquidity event that they describe as life-changing.

‍They're candid throughout — about IVF, about the strains this path puts on a marriage, and about arriving on the other side now with exhilarating optionality.

‍Here are Courtney and Jonathan Dunn, acquirers of Cerbo.