Have not met too many investors interested in sub-$1M EBITDA trad search fund targets. Self-funded + SBA economics tend to make sub$1M valuations more feasible, but at that size sure you’re definitely in the weeds, which I guess means “you bought a job”; however, with a superior skill set & resources to much of the competition. This allows you to aggressively build your way out of the weeds and into a valuable asset with options (exit, cash flow, further expansion). At sub-$1M EBITDA self-funded asset sale if yours is a healthy growth plan the first two years you’re may perpetually short on cash, sleep and sanity…. But in 3 years you’ve doubled or tripled valuation, put your team and systems in place and are perched atop the firm and hopefully a pile of cash… right? Anyway, the inherent risks of a smaller business are pretty evident … but I think they are dwarfed by the risks of a buyer at that level who thinks they will avoid the day-to-day grind.

HoldCo / PE is kind of a broad category to start with. Even if you filter for those focused on ETA-sized businesses, it's a pretty small network of people where opportunities come up through people you know, jobs almost never make it to any public listing or campuses. In short, you have to network your way into it.