Navigating the Lack of Operational Experience as a Searcher

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by a searcher from Lafayette College
in Boston, MA, USA

2yrs ago

Navigating the Lack of Operational Experience as a Searcher

Searchfunder Community,

How do sellers, brokers, investors and lenders view a searcher's lack of direct operational experience and what are ways that you've seen searchers effectively communicate how they can overcome that?

I have been in investment banking for ~10 years helping lower-middle market companies sell and raise debt and/or equity capital. Presumably there are others with similar M&A or deal advisory and consulting backgrounds that have had to navigate this question and communicate why they believe they are motivated and capable of making the leap to acquiring, operating and building a small business.

I'd be interested in discussing. Please feel free to send me a direct message to connect. Thanks

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reply by a lender 2yrs ago
from University of Michigan in Indianapolis, IN, USA

Hi Rob. You might consider starting smaller ($2MM in Sr debt instead of $5MM-$8MM) or purchase 90% of the company to ensure current owner is around for long post close transitional assistance or bring 1 or 2 key employees into minority ownership interest in your newco (2-3%) Sr. VP of Operations, Sr. VP of finance, or Sales as examples. Lastly, most lenders will have a higher bar for certain industries like manufacturing or construction.

reply by a searcher 1yr ago
in Philadelphia, PA, USA

Definitely have someone by your side that's an industry expert and has a few years of operational experience that you have a very tight relationship with and can trust.