A deep-dive on the operator-first path to buying a small business. Told through the lessons of investor-turned-operator Tim Ludwig (60+ portfolio companies; now co-runs Majority Search).
Learn how search funds actually work, which industries to invest in, which searchers to back, why EQ beats IQ in a first-time CEO, and the exact playbook from LOI → close → the first 100 days.
Want a newsletter that builds trust—but have zero time? Spacebar Studios handles strategy, writing, design, and distribution end-to-end so you stay consistent. Turn expertise into a lead-warming “trust engine.”
Claim your 2-week free trial: https://www.spacebarstudios.co/inquire
CapitalPad delivers accredited investors a highly curated pipeline of sponsor-led deals from proven acquisition entrepreneurs.
CapitalPad invests in searcher and independent sponsor deals. Connect with value-add investors, fund your acquisition, and build an enduring business.
It's free. Get started here: https://capitalpad.com/
What you’ll learn:
00:00 Intro - buy, run, and compound
02:03 Why study Tim & the origins of search funds
03:40 Tim’s path: from MBA case study to investor
05:18 60+ investments, market gets crowded, lessons learned
06:54 Flipping to buyer/operator; control & alignment
07:59 Search fund 101: traditional vs. self-funded vs. committed capital
09:53 Sponsor: CapitalPad
10:54 Why search funds work: hungry operator × resilient business
12:08 First-time CEO profile: EQ is better than IQ, sales, coachability
14:28 What to buy (and avoid): the “easy to run, hard to break” box + weird niches
15:57 Sponsor: SpaceBar Studios
16:56 from LOI to close: diligence, QoE, papering the deal, seller roll/seller note
19:03 First 100 days: make payroll, listen, cadence & KPIs
20:05 Months 3-12: hire a sales leader, CRM, pipeline & talk tracks
21:56 Post-close priorities: top accounts, upgrade tools, data culture
23:03 Returns math: 4× equity without multiple expansion
24:15 Hold vs. sell; should the seller stay?
24:58 How big is the opportunity? supply/demand & off-market
26:08 Bezos vs. Musk test: singles % doubles are better than moonshots
26:53 Final advice & next steps
27:26 Outro
Support our Sponsors:
CapitalPad: https://capitalpad.com/
SpaceBar Studios: https://www.spacebarstudios.co/inquire
Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g
Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724
Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
