Take Five #050: 8 steps (and tools) for launching a proprietary search in 3 days, and more
Codely v2.0 public release is here
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What has changed in our latest release?
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All new features available for all public channel users
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Coding collaboration with over 200 users at once
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Take Five #050: 8 steps (and tools) for launching a proprietary search in 3 days, and more
1. What do searchers actually do, anyway?
David LaMore’s clear breakdown of what a typical week in the life of a searcher looks like is incredibly helpful:
Depending on how many calls are scheduled (and when), working individually and undisrupted for an extended period may become difficult. I don’t like to stack owner calls in 30-minute slots because, although it may make your schedule more efficient, you never know when a call might run long with a qualified lead. So while you may only have two hours of calls scheduled on a given day (four calls), that may require you to allocate four hours of work time to ensure you don’t leave a call abruptly. It’s one thing if you are chatting with searchers or an investor, but another if you are talking with an owner.
The search is a long, grueling process, and you must approach it more like a marathon and less like a sprint.
Staying mindful of your diet, fitness, and rest patterns will only benefit you as you face rejection. How else do you plan to manage that? Bottling up your emotions, excessive working, binge eating, drinking, or other outlets may provide immediate satisfaction but will only leave you drained by the time you acquire your business. Then, how long can you keep it up when the pressure is greater?
Yes, time is your most precious resource during the search, but you can still pay attention to your health. Balance is key. You can be much more productive during the search than in traditional corporate roles, so take advantage of it by protecting those times to work out, plan your eating, and rest. While I shoot for seven hours of sleep nightly and workouts four times per week, you need to determine what works best for you.
From David LaMore’s “My typical week” on Maverick
2. 4 “skeletons in the closet” from a first acquisition
- The 2 Owners Hated Each Other
- The Business was Extremely Owner-Dependent
- Employee Retention #’s Were Great for the Wrong Reasons
- An Immediate Multi-Million Dollar Capex Need
3. Five things that this searcher wishes he knew on day one
TL;DR
1. Understand The Company Culture
2. Build A Strong Team
3. Focus On Your Customers
4. Communicate Effectively
5. Develop A Long-Term Strategy
4. 8 steps (and tools) for launching a proprietary search in 3 days
From a managing partner of a company that specializes in doing proprietary searches for hire, a nice checklist to kick off your own search:
Having conducted dozens of proprietary searches for PE groups, family offices, and corporations, I put together some recommendations and resources that may help Searchers quickly set up an effective proprietary search. Please comment with any feedback or additional ideas around this topic. Hope you find this helpful!
Link to the 8 step Google Doc here.
From “8 steps (and tools) for launching a proprietary search in 3 days” on Searchfunder by Warren Hawkins
5. How to stand out as a buyer in a crowded marketplace
One of the best answers from the crowdsourced thread:
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