Reports and Notes
"The NIP Investment Group outlines the due diligence process once an LOI has been signed by a searcher"
2016-11-07. "The Evolution of Entrepreneurship through Acquisition." University of Chicago Booth School of Business..
"The paper explores how growth and change will affect ETA going forward. It begins by reviewing the origins of the traditional model and the variations that have begun to emerge more recently. It outlines the common themes that support, or in some cases add, to existing data. Later, it analyzes the growth of ETA through different time periods, focusing on the primary drivers of success and incentives for different parties. Finally it concludes by sharing the perspective we gained after analyzing all this information."
"NIP Investment Group describes best practices, tips and references for searchers who engage interns"
2014 . "Marketing and Sales in Small to Medium-Sized, B2B Businesses acquired under the Search Model." Harvard Business School - Student Independent Project - Fall 2014..
"Interviews with recent searchers and operators of SME's. “Key Man” Risk is overstated, customers are more loyal to firm. Customer Retention Guideline: Learn, Listen and Act. Be cautious about Meeting with Customers too soon. Grow Profitability through Sales and Marketing Efforts - Pricing is quickest short term. Role of the CEO as chief salesperson. Challenge of hiring salesforce."
2014. "Search Funds – Effective Intermediary Outreach." Harvard Business School - Student Independent Project - Fall 2014..
"Survey results from 37 searchers about the effectiveness of Sell Side brokers, CPA's, Riverguides and other sources of prospects. Additional information on CRM systems utilized to track contacts and observations about other effective outreach tools."
2014. "Search Funds - What has made them work ." IESE Business School-University of Navarra, November, 2014..
"17 interviews with searchers to draw conclusions about successful searching. Utilizes the three legged stool analogy of Jockey, Trainer and Horse to describe the process. "
2012. "Search Funds: Death and Afterlife." Stanford Graduate School of Business - Student Independent Project - Spring 2012..
"Interviews with 22 failed search businesses. Outlines 9 common themes ranging from low industry growth to conflicts with previous owners. 15 data points on salaries for searchers after their search business is closed shows only 33% ahead of their MBA class and over 50% behind their classmates. Closer examination of industry data shows that Manufacturing and Retail businesses fared the worst. Finally, "optimal" characteristics for a successful search are presented for the industry, business and searcher"
2012. "Early Career LBOs Using the Search Fund Model." Harvard Business School; Revision Date: January 20, 2015..
"The funded search model is one alternative for individuals who, at some point in their career, want to run their own companies. This note looks at the funded search, as a means to entrepreneurship through acquisition and describes the path to buy and run a business using debt and equity as a means of financing the purchase. While applicable to an early career choice, many of the process steps are applicable to unfunded searches at later stages of a career. Examples of the process steps, a fund raising proposal, criteria for identifying prospects and a hypothetical deal structure are presented."
2011. "The First 10 Questions for Would-be Searchers ." IESE Business School-University of Navarra, September 2011..
"Answers to 10 common questions about search funds. "
2011. "Paper: Search Fund Manifesto ." Self Published, September, 2011..
"Observations and examples of Paul Thomson's search launched in June, 2009 and the successful acquisition of Yates Insurance in June, 2011. "
2010. "Feasibility of the Search Fund Model in Spain." Harvard Business School - Student Independent Project - Winter 2010..
"Specific observations of the search fund model as it applies to Spain covering the fund raise, search, financing and running of the business."
2009. "Models of Entrepreneurial Acquisition." Stanford Graduate School of Business, Revised January 19, 2011..
"Mini cases on traditional search, self funded and sponsored searches. Also considerations around selecting a partner or searching solo."
1988. "Purchasing a Business: The Search Process ." Harvard Business School; Revision Date: January 31, 1989..
"Broad overview of search process, whether funded or self-funded. Covers self-assessment, buesiness screeening criteria, sourcing, resources needed to purchase a business, the deal process, the valuation process, negotiating with the seller, and adding value after closing and exit strategies."
1988. "Valuation Techniques." Harvard Business School, August 18,1988..
"A review of three major categories of evaluations ranging from Asset, Earnings to Cash Flow methods with a discussion of various options and impact of them during acquisition of a business. "