Using a small family business as self-funded platform to grow inorganically

I currently run a small family company in a niche commodity sector in Mexico with limited growth opportunities. I've been reading on search funds for a couple of years now and have seriously mulled the idea of raising a traditional one, yet haven't taken the leap to do it.

I have, however, been thinking on applying SF best practices to my business to acquire and annex a company in the sector/value chain. I see many pros and cons to this, chiefly being:


Pros: Current business would allow me self-fund and get a better deal, solid contact network, good business and personal synergies vs a foreign CEO.

Cons: Reduced search time balancing day-to-day responsibilities, sector is far from SF benchmark ideal (commoditized, low margins, asset-heavy), possibility of damaging client/supplier relationships if low balling or deal falls through,

I'd love to know if someone has done something like this or thought about it, and also some advice on how it would be best to approach investors: When to approach? Which type of investor to seek/stay away? Brokers?

I'm familiar with the Stanford/IESE, Jim Sharpe's blog, and the HBR Guide.. Any additional recommended reads regarding this?
Thanks!