Searchers: If you knew what you know now, how would you do your search differently?

searcher profile

July 11, 2025

by a searcher from Boston University - Questrom School of Business in Newton, NH, USA

I am getting further into my search and looking back there are a couple things I would do differently. First, there are all these seemingly "non-search" components that are just as important as going through listings in your search funnel. Lining up a lawyer, an accountant, a financial advisor possibly. Secondly, reading; Buy Then Build, the HBR Guide, Here's the Deal, etc. I learned a bit about searching, but then started plowing through listings and after a few weeks realized I should take care of these other equally important tasks. I wish I had done them first, because those first few weeks would have gotten me a lot more momentum. How about other searchers here, what do you wish you had a do-over on?
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commentor profile
Reply by a searcher
from Princeton University in St. Louis, MO, USA
Don't. Fall. In. Love. With. Any. Deal. Also: however much working capital you think you need, you're wrong. No one ever lost sleep over having too much working capital. But too little? That's a problem for the vast majority of businesses at one point or another, and right after an acquisition is a particularly sensitive time.
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Reply by a searcher
from Northwestern University in Chicago, IL, USA
i wouldve been more thesis driven. pick 1-2 plays where you have conviction and a reason to win, and then commit exclusively to those. its not just about limiting your pipeline to companies in that industry. also should go to industry conferences, subscribe to industry newsletters / trade publications, read earnings transcripts for the publicly traded players in that industry, watch interviews on youtube with ceos in that industry, etc. after a few months of this, youll know the industry pretty darn well which will position you as a credible buyer AND you'll have a more refined view on what quality looks like in an acquisition target.
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