Searching with a thesis with search fund investor Steve Ressler - Acquisitions Anonymous Episode 94

Michael Girdley (@Girdley) & Bill D’Alessandro (@BillDA), are joined by Steve Ressler (@steveressler) to talk about best practices when running a search, his search fund The Brydon Group, buying opportunities in the SMB space, what do the best search funders do, top CEO’s skills,  and more.

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Show Notes:

(01:09) - Cloudbookkeeping.com
(2:20) - What do the more intelligent search funders do to pitch you?
(4:14) - What are good reasons to do a search fund?
(6:24) - How would you segment the search fund prototype?
(8:29) - How can you tell if a senior executive will be an operative one?
(11:22) - What do you look for in a searcher?
(14:14) - Tell us about the Brydon Group and what you’re doing
(19:40) - What’s the profile you look for? What type of deals do you look for?
(21:40) - How do you structure deals? What about the financing?
(25:08) - How do you think about debt for this kind of search? How does the equity side work?
(28:34) - What do you look for in a searcher?
(33:52) - Why do you go for $2 to $5 MM EBITDA range deals?
(36:47) - Where are the winds blowing in the private markets?
(38:45) - Do you think that Covid put pressure on the sellers, burnout syndrome, that kind of stuff?
(42:04) - What are the craziest things you’ve seen from searchers?
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Links:
* https://www.linkedin.com/in/ressler/
* https://www.brydon.com/for-searchers
* steve@brydon.com
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