oday's interview shows the full circle of a successful acquisition and later exit via the traditional search fund model.

True to the stated requirement of traditional search that the entrepreneur be willing to move anywhere for a good business, Edward McDonnell moved with his pregnant wife from Chapel Hill across the country to Seattle to take the reins of Botanical Designs.

When he bought it, the indoor plant business was 80 employees in Seattle only.

When Edward exited to a private equity buyer four and a half years later, he'd grown it to two more states for a total of 3 branches.

He continued on as CEO for another two years under the PE group's ownership, and grew Botanical another 5 branches, for a total of 8 and 200 employees.

Quite a journey.

Listen for Edward's take on traditional search, which often receives the critique of being less autonomous or independent than self-funded search.

Well one thing overlooked by that critique is resources, cash.

‍Traditional search gives you resources, both in the capital that funds the search itself, and later in the cash flow of the larger business you've likely acquired as a traditional searcher.

Cash is oxygen in small business, so being perpetually tight on cash, as self-funded searchers often are both before and after acquisition, constrains your freedom of movement.

So while you may be freer from a cap-table perspective as a self-funded searcher, you may ultimately feel boxed-in if the business lives check to check.

A generalization of course, but something to ponder.

OK, here is Edward McDonnell, acquirer and former CEO of Botanical Designs.