Can I do part time work while doing search / what can I do to prepare?

May 16, 2023

by a searcher from Georgetown University - The McDonough School of Business in Washington, DC, USA

Hey all,

I am exploring launching a startup concept under a VC studio to help SMBS (Generative AI assistance for growth). Not sure if its going to work out - would this count as relevant experience for a search fund? I am working just part time and its unpaid.

Would I be able to do this simultaneously while pursuing a search? If not, what are some things I can do to set myself up, to succeed launching a search fund in the coming months? And what is a job/role I can take to make income that would be relevant?

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Reply by a professional
in Nashville, TN, USA

Oftentimes, it can be difficult to gain search credibility with brokers, intermediaries, and owners when you aren't pursuing it full time. Not insurmountable - just a challenge. In my personal opinion, there a number of things that need to be ironed out prior to launching a search AND can be done on a part-time basis, including but not limited to:

- Read books on buying businesses
- Define your investment thesis
- Network / solicit feedback on your investment thesis
- Create your website and other marketing assets
- Create a target list (and broker list)
- Meet with attorneys, bankers, CPAs who you might enlist in diligence
- Build relationships with investors
- Schedule lunches with owners of businesses that are in your search industry
- Consider bringing on a business partner with complementary skills

All that to say, there are no shortage of things you can do prior to launching the a search to extend your financial and learning runway of continuing full-time employment. Additionally, folks may value the thoughtfulness of this more patient and methodical approach.

Reply by a searcher
from University of Pennsylvania in San Francisco, CA, USA

Great points here. I'll drill down on the credibility/buyer of choice component.

Something VC-related would often be a detriment to credibility on the eyes of SMB owners/sellers. They are looking for a younger version of themselves that's going to:

a. Pay them for their years of work

b. Do things they cannot or will not do to grow the company (digital marketing, etc.)

c. Take care of their team

d. Have the grit and fortitude to survive and thrive in an SMB

What can you do now to show business owners you have what it takes?

IMHO, starting a lawn care, car wash or property management company and scaling it up to a reasonable size would do a lot more for you than an accelerator program.

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