Self-Funded searchers: When to give up?
November 17, 2023
by a searcher from University of South Carolina - Darla Moore School of Business in Charleston, SC, USA
I've been at my search for 1 year now and just had one promising deal fall through. It feels like a gut punch, as many of you have probably experienced.
So far, I've had 3 LOIs that didn't pan out for various reasons. All this leaves me feeling really emotionally drained and worried about the prospects of eventually closing a deal. While I've learned quite a bit, I am beginning to feel like I'm wasting my time with all this.
How many searchers feel the same way right around the 1 Year Mark? What motivates you to keep going on? When is it time to throw in the towel?
from University of Tennessee in Nashville, TN, USA
Every single one. Broken deals are an unfortunate price that is paid along this journey. Everything in M&A (and growth) generally takes longer, and costs more, than anticipated. Accept that you can only control what you can control and don't spend wasted time what you cannot.
"What motivates you to keep going on?"
My answer: The pursuit of freedom.
Your answer may be different. Everyone has their own motivation; true motivation compels you to keep moving toward your goal despite setbacks. I liken true motivation to a horror movie villain: no matter how many times you think you kill it, it keeps coming back to life and continues its pursuit, emotionless and unwavering. The villain neither changes its desire to act nor stops acting irrespective of the obstacles faced. Find your own analogy but embrace the relentlessness of the journey.
'When is it time to throw in the towel?"
When you're dead. It's long been said that the richest place on the planet is a cemetery. It's a place were countless ideas, dreams, desires, and riches reside because those in the ground chose not to realize them while they were alive. Every day you're alive on this journey is a day to move closer to your objective, no matter how small the movement.
from Stanford University in Honolulu, HI, USA
I can speak to the gut punches you face as an entrepreneur. And, they absolutely suck and they inevitably seem to lead to that general depressed and depressing feeling of, "Am I (bleep) wasting my (bleep) time." Whenever I feel that way, I get out of my office and take a walk or go for a swim or do anything that helps my brain to reset. After that, I ask myself if the reasons why I started this endeavor are still true? Has anything truly changed in me or in the business environment? Then, I do a debrief: what could I have done differently, what have I learned from the experience, what can I do going forward that will advance my progress?
My Entrepreneurial Blues last me somewhere between an afternoon and a long weekend. Usually if I can find a way forward, I get busy with that and I start feeling better. I've however vowed that if I ever get to the place where the Blues last longer than that or seem never ending, I will talk to a mentor, a coach or a mental health professional. It's just so easy to spiral as an entrepreneur.
Hope this helps. Keep us posted on your progress.