Can you be a successful part-time searcher?

September 28, 2022

by a searcher from Mississippi State University in Memphis, TN, USA

I'm new to the ETA community and the main thing I still wrestle with in my mind is the large number of success stories I've heard from searchers who eventually found success upon switching his/her search from part-time to full-time..

Does anyone have any success stories from a part-time search? Or what are the key characteristics found in those who find success with a part-time search?

Thanks for any feedback!

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Reply by an intermediary
from University of Chicago in New York, NY, USA

Firstly, define "part-time". A couple of hours every day, a few hours once or twice a week, night & weekends? I won't say any one off these is wrong. Do it the way that works for you. Also, think of your timeline. Part-time is likely to take longer than full-time in most cases, but it very much depends on your target deal type. My advice - focus. Pick a niche and focus on it for a month. Learn about it, network, reach out to brokers and companies, attend events. Then do another niche. Secondly, what is the reason you can't do it full-time? If your current job is in your target sector/industry, that's an excellent reason to keep it. Get experience that will prepare you to be the CEO. Cold calling for a few months doesn't prepare you to run a business. I think classic full-time search is only right for fresh MBAs and those who are ready financially and professionally to carve out up to 2+ years of their careers for the "search process". Thirdly, there are consultants like us (www.hpisinc.com) who help searchers expand their reach and avoid mistakes. I recall people saying that a searcher spends the first 6 months or so (in the common 2 year timeline) simply learning to search. What a waste of time! If you can afford it, hire an expert (not an intern) and keep your job until a real, vetted opportunity comes along. Part-time search can be an effective way to search for the right person in the right circumstances.

Reply by a searcher
from Rensselaer Polytechnic Institute in Durham, NC, USA

My .02c - this is less a question of p/t vs. f/t. My experience has been that many people just create far too tight of a box that a deal must fit in, or worse off they're looking for a complete unicorn that never shows up.

Define parameters, be willing to dig in a little bit if something seems right but maybe has a bit of messiness at the edges, and don't be beholden to only proprietary outreach, or only off-market deals, etc. I'll note, I'm self-funded and focused on investments that I can place a GM into for day-to-day ops.

N=1, but I'm nearing closing on a great business. Ticked all my boxes (local to me, ~$1m EBITDA, not retail/food service/home services) and was passed on by many (in fact, I've spoken to several people from searchfunder that saw this deal and passed on it) because (a) it was brokered and (b) the business had, in the past, declared bankruptcy. I was planning on an asset sale, so a prior bankruptcy isn't a massive issue, and upon digging in just a bit (a single conversation with the seller) it became very clear why the bankruptcy occurred, and it was very much explainable/not a reflection of a fundamental problem in the business.

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