As a self funded searcher, where do you find mentors and guidance?

searcher profile

October 14, 2020

by a searcher in Loudon, NH, USA

I'd love to network and connect with those who have bought and sold businesses in a variety of industries. My experience to date has been mostly limited to B2B marketing services and as I conduct a search for smaller, local businesses where the owner is probably still an active face of the business, I'm finding I don't know enough about life as a business owner in these various industries. I've got enough dry power for one or two deals and could use some guidance on what industries would be the best match for my skill set, goals, lifestyle and risk tolerance. I'd love to connect with some people who would be willing to share their experiences. Thank you so much in advance!

9
16
263
Replies
16
commentor profile
Reply by a searcher
from Harvard University in Fort Wayne, IN, USA
Recommend three sets of advisors/mentors. One set is there to help you specifically with the search (former searchers, folks who have invested in multiple companies, investors). Another set is like a personal board of directors. They are people care only about you and have no interest in funding or otherwise participating in the business side of the search. The final group is a set of peers doing what you are day in and day out.

I’ve been blessed to have all three groups speaking into my life and challenging me during the search. I speak with investors roughly once a month, my personal BoDs (3 trusted mentors) meet me for lunch every other week, and three other searchers and I do a hour-long check-in call once every two weeks. Investors keep me focused on the right businesses. Personal BoDs keeps me balanced with the search, family, health, and personal goals. The peers keep the search from getting lonely, and we’ve passed deals back and forth when they weren’t a good fit for us.

Maybe all that sounds like overkill, but for an extrovert and think aloud guy like me, it’s made the search process much more enjoyable and fulfilling.
commentor profile
Reply by a searcher
from Harvard University in Fort Wayne, IN, USA
Mine personal BoDs is made up of the the chairman of the board from my previous company (who did monthly breakfasts with me for two years while I was there), a older businessman who is part of SCORE (I also met him during my last role and asked him to coach me thru monthly lunches on implementing a lean program at my former workplace), and the final guy is my father-in-law (he’s an entrepreneur himself and clear cares a great deal on how I’m taking care of my family).

Be bold. Ask the local head of the chamber of commerce to lunch. Find the local “best places to work” CEO and ask her to breakfast. Ask the CEOs of the fastest growing companies in your city if you could buy them lunch in return for learning how they lead their business. After every one of these meals, ask them who they most respect as a business leader/investor in your city. Ask those folks to lunch. After a dozen of these meals / meetings, you will connect with 2-3 folks more than the others. Ask those people if you could buy them lunch once a month as part of a group to challenge and encourage you on your search.
commentor profile
+14 more replies.
Join the discussion