Absolute beginner resources?

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February 29, 2024

by a searcher from Indiana University, Bloomington/Indianapolis - Kelley School of Business in Indianapolis, IN, USA

Hi all!

I am an absolute beginner to the search space with an unorthodox background. I previously founded, raised outside capital for, and successfully sold a tech startup, but have not come through any MBA program (b-school undergrad). I have kept in good contact with the investors of my startup, and have acquired a couple of other close contacts that I believe would be good to approach about investing in a search fund, but want to make sure I am not approaching them too early.

What materials do I need to have ready before going to my first prospective investor? A firm thesis? Or do investors (particularly those you're already close to) prefer to help guide this? A website? A relationship with an SBA lender?

Basically, how early is too early to start discussions like this, and how long does it realistically take to go from an idea to a funded search? Are there resources I should read that cover these questions?

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Reply by a searcher
from Brown University in Los Angeles, CA, USA
Highly recommend connecting with ^redacted‌ re: financing, and also resources provided by ^redacted‌ @ SMEVentures are well organized and responsive to your request. https://www.smeventures.com/searchers
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Reply by a professional
from Villanova University in West Chester, PA, USA
You'll want all of the above before approaching investors - a firm thesis, a PPM, target industries, research, a website, a relationship with providers, etc. It generally takes at least 6 months from that point to raise capital for a search fund. I have a course on the legal aspects of buying a business if you'd like a primer on this process. Feel free to DM me if you'd like to chat further.
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