Phase One: Fundraising – Selling Yourself with Substance

Before there is a company, there is a conversation. You are asking investors to back you, not a business, not a plan, but your character, potential, and clarity.

At this stage, we are looking for:

• Clarity of purpose: Why Search? Why now? What draws you to this model?

• Thoughtfulness: You can speak to the mechanics: capital structure, search timeline and economics, without reading from a script. The more detail the better. We like to see prepared searchers: A Guide to writing your Search Fund PPM can be a useful reference at this stage.

• Presence: When we meet you, do you come across as grounded, honest, prepared? Are you someone we would trust in a boardroom? Someone we would enjoy working with over the next few years?

Rather than trying to impress, focus on presenting yourself clearly and authentically. Show that you have reflected on your strengths, are aware of your limitations, and can communicate with clarity and confidence. That self-awareness tends to stand out.

Fundraising is your first leadership test. It sets the tone for everything that follows.

Phase Two: Search – Discipline, Communication, and Judgement 

Once the capital is raised, the search begins, and with it, a different kind of challenge. It is where structure meets resilience.

You will spend your days researching industries, reviewing businesses, and reaching out to owners. At the same time, you will likely be managing interns, teaching them the ropes while keeping everything on track. That means juggling tasks while also creating clarity for others.

Here are a couple of workstreams that will require a set of skills/qualities to ensure you can complete these to the best of your abilities: 

• You build a process and stick to it. CRM, outreach, follow-ups, it all adds up. Discipline beats intensity. But discipline alone is not enough. You continuously assess what works and what does not: refining your messaging, testing new approaches, and optimizing for both volume and response rate. It may take creativity to get an owner’s attention. This is where structure meets adaptability.

• You can analyze businesses with clarity.  You understand how a company operates, can identify red flags and key priorities, both at the company and industry level and you know how to communicate those insights effectively to your investors. Just as important is the ability to quickly assess whether an opportunity is worth pursuing or should be ruled out, being decisive with your time and focus is key in maintaining momentum throughout the search.

• You treat people well. Behind every company is an owner who cares deeply about their life’s work. Whether you are pursuing a conversation or turning down an opportunity, you do so with respect. If you decide to pass, you explain why, courteously and clearly.

• You have a sense of urgency. Not every week brings results, but each one counts. Every passing week represents around one percent of your total search period. Staying steady does not mean slowing down. It means maintaining high standards while consistently pushing forward with focus and intent.

• You learn to lead. Managing interns sounds simple until it is not. Clear communication, good delegation, and trust go a long way. Not every searcher chooses to bring on interns, but if you do, it is worth considering how you recruit, onboard, and manage them. Have you set up a basic training process? A transition system when team members change? Structure here goes a long way.

• You are coachable and humble. One of the advantages of the traditional search model is the support network around you, a group of experienced investors and mentors who want to see you succeed. But that only works if you are open to their input. Being coachable means asking for feedback, listening actively, and being willing to adapt. It takes humility to seek advice, and discipline to apply it when it counts.

This phase is about creating a system that works, not just once, but day after day. A process to source and screen companies, scrape and structure data, reach out consistently, analyze opportunities, and, if relevant, manage interns effectively. The searchers who thrive in this phase build something robust but remain adaptable to tweak their system accordingly.

Phase Three: The Deal — Where It All Comes Together 

You have signed an LOI. Congratulations, that is a big milestone. But in many ways, the real pressure starts now. You are juggling due diligence, aligning with investors, structuring financing, and guiding the seller through unfamiliar territory.

This phase is intense. Not just technically, but emotionally. It asks for a specific kind of leadership; steady, thoughtful, and communicative.

Here are a couple pointers to how to best prepare for this phase: 

• Staying composed under pressure makes the difference. A structured diligence process is designed to surface red flags early, and that is the goal. Still, as in any complex process, surprises can happen. With a calm, methodical, and well-organized approach, you will be prepared to manage them effectively. This phase offers a glimpse into life as a CEO: challenges will arise, but strong leaders respond with clarity, structure and composure.

• Clear communication is essential. You keep your investors informed and involve them early, not just when something is urgent. It is equally important to maintain strong communication with debt providers, legal advisors, and other service partners involved in the M&A process. To coordinate all these moving parts, a communication system should be in place. Whether it is weekly emails, regular calls or another format that suits your style, what matters is a good sense of prioritization, conciseness, clarity, consistency and reliability. 

• Building trust with the seller is fundamental. This is often their first and perhaps only transaction; although some sellers are more financially literate. We should note the role of an intermediary will inevitably impact the way the transaction is run. For sellers, it is emotional. If you show empathy and consistency, you do not just close the deal; you build trust that lasts well beyond the handover. This comes through regular communication, a blend of professional and some more personal interactions, a respectful and transparent way of walking through the various stages of the transaction process, even in the request for information phase. Equally, managing difficult conversations will be a challenge, which is why humility and emotional intelligence are essential soft skills for a searcher.

And here is the tough part: while all of this is happening, you still need to keep searching. Deals fall apart. Owners change their minds. Bank terms shift. Searchers should keep a part of their process running in the background just in case.

What This All Comes Down To

We are not looking for perfect resumes, buzzwords, or charisma.

We are looking for searchers who are curious, humble, driven, self-aware, and show a good sense of judgment and urgency. People who want to find and acquire a company, manage it, grow it, and lead it with integrity. On top of that, searchers must be structured, have a strong business acumen and step up to leadership. 

We have seen how transformative this journey can be. And we have also seen how demanding it is. That is why we invest in people, not just in deals.

If this sounds like you, not perfectly, but honestly, we would love to hear your story.