Key Points From the Interview
ou've probably heard of Stanford's Search Fund Study.
This is a report on key data from traditional search funds in North America going back to 1984.
Lots of the data about search you'll see referenced is sourced from this study.
There's only one issue:
The Stanford study covers traditional search funds only.
It does not cover the market of self-funded search.
So there is precious little data out there on trends and characteristics across self-funded searches — the very type of search that most Acquiring Minds guests did, and that YOU are probably doing too.
Live Oak Bank is trying to remedy this.
They've just completed a survey of self-funded searchers that they made loans to, and in this interview I talk to Live Oak's Lisa Forrest about some of the interesting findings from this first-of-its-kind dataset.
The findings discussed were based on these questions:
- How did you find your deal?
- Did you conduct a full-time search?
- How long did you search before you found the deal you closed on?
- Do you think your acquisition price valuation was fair?
- How long did it take you to discuss valuation with the seller?
- Did you have a competitive deal process where multiple buyers were vying for the LOI?
- What do you think the critical success factors were in sourcing and closing your deal?
- Did you go up or down market compared to your original expectations?
Enjoy this mini episode with Lisa Forrest of Live Oak Bank.
August Felker is a 2-time successful searcher — first with a traditional search fund; the second time around, he did a self-funded search.
Today August runs Oberle Risk Strategies, an insurance firm with a dedicated practice group for searchers and acquisition entrepreneurs like you.
If you've got a business under LOI, Oberle will provide complimentary due diligence on that business's insurance and benefits program. A great, no-risk way to get to know August & team.
They love helping searchers; they've worked with hundreds. Oberle is a specialty insurance brokerage for searchers, by a former searcher.
Check out the Search Fund Team at Oberle.