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.

Chapters

00:01:48 Early beginnings on the water

00:05:48 Teenage side jobs & mulch

00:07:03 University of Virginia

00:08:40 Financial advisory (a.k.a. sales) & consulting

00:13:28 Tepper MBA & entrepreneurial alternatives

00:17:18 Blacktail Capital

00:19:06 Interland Design & COVID

00:23:03 A new leader

00:25:12 Why house painting?

00:26:13 Reflections & words of wisdom

Some 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.com

blacktailcapital.com

tepper.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.

Chapters

Early 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.capital

smeventures.com

teclena.pt

juncor.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.

Chapters

Family 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.com

smeventures.com

farmoderm.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.com

smeventures.com

contractsweeping.com