The $295m Search Fund Exit

September 25, 2023
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D

id I get your attention with that number in the headline?

As you'll hear, today's guest Sandy Paige is a humble guy, so I had to twist his arm a bit to be able to put that number all over the episode.

But it is such a staggering sum, how could I not?

This is the remarkable story of a guy who started a traditional search fund at age 48, and went on to deliver record-breaking IRR to his investors.

Now, even if you're not considering a traditional search fund — and most of you are not — there is a tremendous amount to learn from Sandy's experience.

My favorite takeaway is simply that Sandy didn't fit the mold, and that made raising money hard.

But he persisted, eventually got his search funded, and then hit a grand slam.

So this one is for all of us in our 40s, 50s, and beyond, without MBAs from Harvard or Stanford, and for whom our biggest wins are yet to come.

Please enjoy this conversation with Sandy Paige, former CEO of Explora BioLabs.

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The $295m Search Fund Exit

Sandy Paige struggled to raise a search fund as a mid-career executive, then grew EBITDA by 7x and exited for 9 figures.

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Key Takeaways

Introduction

Listen to the introduction from the host
D

id I get your attention with that number in the headline?

As you'll hear, today's guest Sandy Paige is a humble guy, so I had to twist his arm a bit to be able to put that number all over the episode.

But it is such a staggering sum, how could I not?

This is the remarkable story of a guy who started a traditional search fund at age 48, and went on to deliver record-breaking IRR to his investors.

Now, even if you're not considering a traditional search fund — and most of you are not — there is a tremendous amount to learn from Sandy's experience.

My favorite takeaway is simply that Sandy didn't fit the mold, and that made raising money hard.

But he persisted, eventually got his search funded, and then hit a grand slam.

So this one is for all of us in our 40s, 50s, and beyond, without MBAs from Harvard or Stanford, and for whom our biggest wins are yet to come.

Please enjoy this conversation with Sandy Paige, former CEO of Explora BioLabs.

About

Sandy Paige

Sandy Paige

Show Notes

Sandy Paige struggled to raise a search fund as a mid-career executive, then grew EBITDA by 7x and exited for 9 figures. 

Topics in Sandy’s interview:

  • Delaying search due to timing
  • Hurdles he overcame to raise funds
  • Why he chose traditional search
  • How he got a good deal on purchase price
  • Renting space to animal research labs
  • Importance of hiring the right senior team
  • Similarities between his company and WeWork
  • Terrifying risks with the real estate dynamics
  • Advice for searchers over 40
  • Selling to competitor Charles River Laboratories

References and how to contact Sandy:

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Episode Transcript

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