BE GREEDY WHEN OTHERS ARE FEARFUL AND FEARFUL WHEN OTHERS ARE GREEDY
The clock is ticking on your fund.
You're hungry to get a deal done.
But do the right deal and keep a full pipeline.
I've seen 20+ search deals on our platform in 2 years.
It's common to see 1) tunnel vision and 2) rationalizing purchase price when they should move on.
The value buying opportunities are just around the corner. If you buy a lower mid mkt business just before a recession, the lack of scale can create less margin of error and then you have the high bar of the purchase price.
Searcher-lender dynamics: check out this post that McGuireWoods did about indep sponsors: http://bit.ly/2R6tA5l