Self-funded Search Costs

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May 29, 2025

by a searcher from Queens College in New York, NY, USA

Just getting started exploring self funded search. How much capital should I set aside for search costs and what type of expenses should I expect to incur? I'm keeping my search to my local geographic area, so assume minimal travel costs. Would also appreciate a breakdown of costs incurred to aid in the search (CRM, Virtual assistants, other tools) vs transaction costs associated with going through an acquisition (accounting, legal etc).
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Reply by an intermediary
from Roger Williams University in Miami, FL, USA
If you're keeping your search local and lean, I’d budget around $15K–$40K for the search phase. That covers CRM, outreach tools, a VA if you go that route, and misc. software. You can do a lot without burning too much cash early on. Transaction costs are where it adds up — $40K–$100K+ depending on deal size and complexity. Think legal, QofE, deal structuring, lender fees, etc.
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Reply by a searcher
from INSEAD in London, UK
Thanks John, interesting to hear those US figures, I would say a similar but slightly smaller budget for the UK.
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