Archives for Contemplating Search

Image Searching Outside the USA

Searching Internationally

An increasing number of searchers return to their “home country” to launch a search. This post is based on input from over 20 international searchers who have launched within the last 5 years and share…

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International Searchers Inside the USA

International Searchers Inside the USA

The USA has the highest number of searchers in the world and a robust infrastructure to support them, yet many international searchers choose to return to their own country to find a business (See Blog…

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Blog Purpose and Objectives

Having “searched” for my own business to purchase over 30 years ago and as an investor in and mentor for many searchers, I am regularly asked for my opinion and advice. I decided to wind…

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Why Search? Is it right for you?

Why Search? Is It Right for You?

Searching for a business to buy almost sounds too good to be true! You want to be an entrepreneur, but have no “great idea” to launch a start-up. Perhaps you have just completed an MBA…

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Searching Mid-Career

Searching Mid-career

When to start an EtA (Entrepreneurship through Acquisition) search in your career can be a vexing and very personal question. Should you do it now, or wait? And if you wait, will “life” get in…

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Learning About Search

Learning About Search

Learning about EtA (Entrepreneurship through Acquisition) is challenging, just like searching for a business to buy! It takes persistence, perseverance, hard work and chasing down a lot of dead ends. For entrepreneurial start-ups there is…

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Searching as a Couple

Searching as a Couple

Husband-and-wife teams searching for, purchasing and then running a business, is a special variation on selecting a partner for a search. Searching with a partner (See Blog Post: Searching with a Partner, or not!) is one of the…

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Posts – Most Recent

Posts – Contemplating a Search

Posts – Launching a Search

Posts – Conducting your Search

Posts – Being CEO/Owner

Random Quote

45-“Strategic partners” are very important to the business searchers.You want to rely on some trusted providers to support your business, you can’t do everything yourself!(See Blog Post-Strategic Partnerships)

42-Start early on legal documents, they often delay closings while under LOIBoth the searcher and the seller are plowing new ground and it takes a while to comprehend the meaning of all of the legal details .(See Blog Post-Getting to closing)

63 Searchers make promises they can meet to build trust with sellers. It is important to provide incremental opportunities to show that you can be counted on to deliver.(See Blog Post-Building Trust with Sellers)

34 Searchers who get access to employees before closing are more likely to close. Once the seller begins to confide in their employees about the sale of the business and introducing you as the “new owner”, they are more likely to proceed to finalize the transaction than to change their mind at the last minute.(See Blog Post-Getting to Close)

07-You are not a PE firm, don’t act like one!
Potential sellers resonate with your taking over their legacy, a PE firm is simply adding to their portfolio. Make sure your website looks personal and non-intimidating.

04-Fight Seller Fatigue in Due Diligence!
Sellers get worn out in this process. It is highly emotional for them, probably their first time at relinquishing their “baby” to someone else. During LOI stage, make it a practice to communicate with them, in person or by phone, every 2 days.

53-Holding monthly “all-hands” meetings indicates your transparency. Trust employees with what is going on with the business and they will trust you more .(See Blog Post-Communicating with Employees)

06-Use metrics to drive decisions
Track what is most important for your search – getting in front of prospective sellers to make offers to buy their business. Track the number prospects, IOI’s, LOI’s and set goals for yourself! If you measure it, you can improve it.

22-When in conflicts arise, remind professional advisors they work for you.
Inevitably, you will disagree with some advice you are getting. After checking multiple sources, do what feels right to you and move forward. You will have to “live” with your own choices, not the professionals!(See Blog Post-Professional Support)

18-Every day that goes by during Due Diligence raises the chance that you won’t close!
Time is of the essence when it comes to moving from a signed LOI to closing on your business. Seller fatigue sets in as the closing date gets extended and the seller constantly re-evaluates their motivation to sell. Only you can push the process along.(See Blog Post-Due Diligence)

44-Plan ahead, give thought to the small details of how you present yourself as the new owner. The first introduction to the employees of the business has a huge impact so you want every word to be rehearsed!(See Blog Post-Taking over the business)

50-Don’t expect immediate “loyalty”, the previous owner earned it, it takes time. You will need to earn the trust of your employees by your actions, not your words. (See Blog Post-Seller Tranisition)

35-Searcher CEO’s need to be prepared to walk away from volume orders if margins will decline. It takes a forward thinking CEO to seek out higher margin, value added opportunities to grow profits, not revenue.(See Blog Post-Wearing the sales hat)

09-Learn from others – read case histories
Over 40 case histories have been written about funded and self funded searchers in a variety of industries and historical settings. Each have great “lessons learned” and are worth the $10 cost to read them. Searchers are learners!

39-The business seller is “hiring” you to run their business. The owner trusts you enough to turnover the “legacy” of their business to you. (See Blog Post-Searcher Profile)

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