Search funds: the most “operator-first” path to entrepreneurship (and why I’m excited about it)

A search fund is a model where an aspiring entrepreneur raises capital from a group of investors to search for, acquire, and then operate a profitable small-to-mid-sized business—typically as CEO. What I find compelling about the search fund path is how practical it is: ? You buy a real business with real cash flows (vs. starting from zero) ? You step into an operating leadership role from day one ? You get mentorship and governance from aligned investors who’ve seen this movie before ? You can create value through execution, not just product-market fit luck ? It’s a strong fit for “boring-but-beautiful” industries where operational improvement matters At a high level, the journey looks like this: Raise search capital Source and evaluate acquisition targets Acquire the business (with equity + debt) Lead the company and drive growth (organic + operational + bolt-ons) The model isn’t “easy mode”—it requires patience, resilience, and a sharp lens for people, processes, and risk. But for those who want to be builders and operators, it’s one of the most underrated routes to entrepreneurship. If you’re a business owner considering succession, an investor interested in ETA, or someone curious about the model, I’d love to connect and compare notes. What’s your take—why do you think search funds are gaining traction? #SearchFund #ETA #EntrepreneurshipThroughAcquisition #SMB #PrivateEquity #BusinessAcquisition #OwnerOperators #Leadership