Hi all I’m currently evaluating the possibility of pursuing a Search Fund together with a potential partner who is considering joining me in this adventure and quit his job. One of the things we’re trying to better understand is the opportunity cost and potential economics for the searchers, particularly the returns we could realistically expect at exit. For those who have gone through the process, does anyone have a financial model / Excel template showing the potential returns to the searchers at fund exit that you have used (or adapted) to evaluate a SF? Ideally, I’m looking for something that models: * Searcher equity / promote * Investor equity and preferred return * Acquisition financing / leverage * EBITDA growth and exit multiple scenarios * Taxes / transaction costs * Final proceeds to each searcher * IRR and MOIC to the searchers at exit The goal is to build a realistic base / upside / downside case and compare the economics of the Search Fund path with the opportunity cost of pursuing other career or investment opportunities. If any experienced searchers have a model they’d be willing to share (even an anonymized or simplified version), it would be hugely appreciated. Happy to share back what we build with the community as well. Thanks! Nico