Self-funded Search Costs

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).

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.

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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