The Search Fund Podcast

In this inspiring episode of "The Search Fund Podcast," we delve into Alexander Schuil's remarkable journey from an early interest in entrepreneurship to achieving a significant exit through a search fund. Alexander shares his beginnings, from diverse early work experiences to pivotal educational moments that shaped his path. He discusses the strategic acquisitions that propelled his business forward, leading to a successful exit. This episode is a must-listen for mid-career professionals seeking to explore entrepreneurship through acquisition, offering valuable insights into the challenges and triumphs of the search fund model. Alexander's reflections post-sale and his ongoing contributions as an investor and board member provide a comprehensive view of the search fund ecosystem. Join us to uncover how Alexander's journey can inspire your own path to entrepreneurial success.

In this episode, two-time search fund entrepreneur, 20-year search fund investor, Stanford GSB professor, and now author David Dodson joins us to discuss his new book The Manager's Handbook, which derives lessons from his life and experiences with search funds. From his humble Colorado upbringing to unconventional early jobs to success as a CEO and investor, Dodson's journey serves as a testament to the power of ambition, collaboration, determination, and solid decision making. Don't miss this insightful episode that explores the life and accomplishments of an exceptional individual.

In this episode we hear from Sandy Paige, who is the self-proclaimed oldest person to launch a search fund. While I'm not sure that's true anymore, I think it might have been true when he launched a traditional search fund in 2017, focused exclusively on Northern California, at age 48. Most investors actually declined to back his search, possibly due to his unique profile and geographical limitations. But Sandy now has the distinction of being not only the oldest, but also one of the most successful search funds to date, having just sold his company for 295 million dollars.

Jake Cervilla wanted to be a business owner since age 12. Now he is owner and CEO of Interland Design. In this episode, Jake remembers the business owners he looked up to throughout his career before making an acquisition only months before the COVID lockdown. Reflecting on entrepreneurial dreams, he says that being a business owner is harder than he expected, but that he wouldn't have it any other way. Chapters00:01:48     Early beginnings on the water00:05:48     Teenage side jobs & mulch00:07:03     University of Virginia00:08:40     Financial advisory (a.k.a. sales) & consulting00:13:28     Tepper MBA & entrepreneurial alternatives00:17:18     Blacktail Capital00:19:06     Interland Design & COVID00:23:03     A new leader00:25:12     Why house painting?00:26:13     Reflections & words of wisdomSome advice from Jake:"Get those mentors... My two professors and a couple of my friends have been that kind of sounding board, safe group to talk to, because they've been there, they understand it, and like you said, the CEO section can be very, very lonely."Resources:interlanddesign.comblacktailcapital.comtepper.cmu.edu

In this episode, Tiago recounts a conventional corporate journey turned unconventional. He and his partner acquired two businesses about a year apart, marking the first acquisitions in Portugal's budding search fund market. Now helming TECLENA and JUNCOR as co-CEO, Tiago shares the thinking that spurred him into the search fund space, and how his robust partnership has enabled him to create value and lead both companies through the supply chain crisis brought about by the pandemic. ChaptersEarly beginnings: business and finance (5:21)Discovering the search fund model (9:50)Consulting, partnerships and new markets (16:46)The anatomy of the search (26:04)The two acquisitions: adding value as co-CEO (38:48)Past, present and future goals (48:37)In hindsight: advice for aspiring searchers (51:44)Some advice from Tiago:"You don’t need to have a lot of prior experience, if you really wanna be an entrepreneur. If you really want to do it, you can do it. There are a lot of experienced people in the search fund environment who are willing to help, willing to coach you. So it’s just a question of whether you really want to do it, whether you really want to be an entrepreneur or not.""I wouldn't worry too much about the challenges or the things that you probably wouldn’t be able to do because you're going to have a big, interesting environment around you that will support you during your search. You'll be entering an ecosystem. There are always investors, ex-searchers who have been through it, like me, and can help you achieve your goals."Resources:zinc.capitalsmeventures.comteclena.ptjuncor.pt

In this episode, Guido recounts the journey he's been on to realise his entrepreneurship dream and eventually become CEO of Farmoderm. Guido shares the struggles he’s faced and doggedly overcome in raising a search fund in Italy where no one had even heard of one. Even as he juggled key family milestones, fielded several major roadblocks post-acquisition, and powered through, Guido discusses how he’s continuously seized opportunities and created great value for Farmoderm in the midst of a global pandemic and raising a young family.ChaptersFamily businesses: entrepreneurship in his blood (6:14)Taking the scenic route: consulting, finance, and risk management (8:35)On the entrepreneurship path (20:18)Blazing the trail in Italy (25:43)The struggles of the search (28:47)The acquisition: Farmoderm (38:18)Past, present and future goals (44:50)In hindsight: advice for aspiring searchers (48:22)Some advice from Guido:"It is possible. That's my message. Look at the possibilities around you. If it's something that you want to pursue, I think it's time to do it now. Don't be afraid to start because I think you're always going to regret not trying it.""I always knew there was a possibility that I would close the search without an acquisition but I was gonna fight it until the end, not until the last euro in my bank account."Resources:patria-capital.comsmeventures.comfarmoderm.it 

In this episode, Manny recounts his journey from engineering to entrepreneurship, a path that landed him in the CEO seat of Contract Sweeping Services. Manny acquired two companies from the same owner, right at the height of the COVID-19 pandemic. He discusses how he recognized and realized synergies across both companies and how he has driven value creation post-acquisition. We also discuss the impact of his visa status on his entrepreneurial journey. Some advice from Manny:"You really need to understand the why of what you’re doing. You know, if it’s getting a fancy title or making some money, I don’t know if that’s the right reason to do this. Title wanes off really fast when you have the fourth HR issue of the week. So I would really, really encourage people to understand their why.""What attracted me to entrepreneurship was that I wanted to work with people, I wanted to work in teams, I wanted to create a vision, get people excited about that vision. And that’s where the pleasure of running a company lay for me. For me, entrepreneurship through acquisition was love at first sight."Resources:broadtreepartners.comsmeventures.comcontractsweeping.com

In this episode, Mia recounts her unique transition, from engineer by training to management consultant to self-made entrepreneur. From running an African art exhibit as an undergrad to simultaneously launching both her consultancy practice and a beauty startup, Mia's certainly no stranger to the entrepreneurial world. One year into her acquisition of Vital Care Industries, Mia shares the challenges she's faced, especially at the helm of a healthcare business amidst a global pandemic, and how the wealth of operating experience she's gained over the years has helped her navigate them.Some advice from Mia:"You have to strike the balance of being prepared and having the confidence to do this. Having the confidence to take the leap, because it is a big leap. In many cases, you’re going to make, as a searcher, less money than you’re making now at your corporate job and so you’re investing in yourself.""It is something that you have to really want to do. It is not, just like startups are for everyone, ETA is not for everyone either. It’s more than just, “Hey, I just wanna be a CEO or wanna run a company.” There’s a lot that has to go into it. And so taking the time to prepare yourself for that I think is important."Resources:broadtreepartners.comsmeventures.comvitalcareindustries.com

In this episode, KT recounts his entrepreneurial journey, from management consultant to CEO of a leading multi-brand Thai company. Faced with challenges from long-established competitors along the way, and his commitments to a three-generation-old family business in Malaysia, KT discusses the importance of a strong, effective search partnership and his strategies for value creation, eventually transforming Khaokho Talaypu into a local champion brand.Some advice from KT:"You want something that is interesting, that is rewarding financially and personally, that challenges you, helps you grow, has some impact on the people you work with. You want the flexibility to be with your family when you need to be... We don’t see anything else that would be better.""We knew that what we were doing was not going to be easy and it would be nicer to go through the difficult times and the challenges with a partner rather than do it by yourself."Resources:springtideequitypartners.comsmeventures.comkhaokhotalaypu.com

In this episode, Sumit Aneja recounts his entrepreneurial journey from luxury shaving start-up founder at Yale to search fund entrepreneur in Canada. Sumit outlines his unique experience acquiring a tech company, raising capital amidst competing searchers, and dealing with the pressures of closing, all while juggling key family milestones, culminating in his migration to Montreal and the acquisition of Voxco.Some advice from Sumit:'It has to feel right to you. If somebody’s doing it for an easy lifestyle or glamour, those are clearly the wrong reasons to do it, I can tell you this much.''Running a company is hard but getting to run a company at such an early age is a privilege and it should be treated as such. It comes with a lot of responsibility so you have to be ready for it.'Resources:https://www.voxco.com/https://www.smeventures.com/

In this episode, Martin recounts his entrepreneurial journey from management consultant to launching a search fund in Mexico. Martin highlights the importance of tapping into the search fund ecosystem, dealing with the pressures of closing, and strategies for value creation while discussing what it’s like to follow your passion, culminating in his decision to venture away from the 130-year-old family business to acquire Auronix. Some advice from Martin:"The only way you learn is by taking the leap, and learn by falling down.""It sounds very romantic - going out there buying a company and operating a company. And it is extremely rewarding, but it’s also really, really challenging.""The beauty about the search fund is that it’s been done so many times, and there’s such a fantastic network around the search fund ecosystem, from fellow searchers to investors to advisors... There are best practices out there."Resources:https://www.polocapital.mx/smeventures.comhttps://www.auronix.com/

In this episode, Corbin Butcher recounts his unique journey from German Literature graduate to launching the first search fund in the Czech Republic with his wife, outlining his transformation from US marine to pioneering search fund entrepreneur. Corbin highlights the importance of operating experience and a good partner while discussing what it’s like to blaze a trail in a new country, culminating in his acquisition of Beire Exhibitions.Some advice from Corbin:"I guess it doesn’t need to be said that it’s fairly ambitious. You have to have a lot of confidence in your thesis and in what you’re doing.""if you’re gonna try to blaze a new trail in a new country... I think having a partner, it made all the difference in my search."Resources:https://www.beire.eu/en/homehttps://www.smeventures.com/

In this episode, Daniel Muzquiz recounts the 20-year journey that has taken him from oil rigs in Texas to launching three successful search funds, outlining his transformation from mechanical engineer to serial search fund entrepreneur.  Daniel highlights the importance of a good partner and acquisition framework while discussing his three successful acquisitions, culminating in his most recent acquisition: The Predictive Index. Advice from Daniel:“Find something you like, love the fundamentals, and then go add value. Focus on adding value, don't focus on trying to make money. Create value in the world."“And the most important thing, get good people around you, not just good at executing but good people. There's no substitute for enjoying working with talented people”.Resources:https://www.smeventures.com/https://www.predictiveindex.com/ https://www.nabors.com/ https://www.bcg.com/