Biggest mistakes to avoid as a self-funded searcher?

searcher profile

July 06, 2023

by a searcher from Massachusetts Institute of Technology - MIT Sloan School of Management in Dallas, TX, USA

Dear searchfunders,

I am in the process of starting a self-funded search this summer in Texas.

Question: What are the most common and/or biggest mistakes that most self-funded searchers tend to make?

I would like to get your thoughts and insights as I finalize my project plan and setup.

Thank you in advance & gracias,


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commentor profile
Reply by a searcher
from Lamar University in Dallas, TX, USA
Eric, I interned with a firm in the past and I would say from my limited experience that the biggest mistake would be burning time. Every day that goes by without a deal getting done is one day less that you have in your searching journey. The searchers I interned with were very deliberate and intentional about their time, and I think it really does take a lot of intention about selecting the deals you view wisely. As soon as you realize a deal won't happen or not a good fit you have to just move on for the sake of time. After viewing a few you will of course get a feel for it, and another option is to have a screening of your deals before you invest your time/money/energy into diligence.
commentor profile
Reply by a searcher
in Manville, Lincoln, RI 02838, USA
Hey, Eric! Would be happy to chat anytime in-depth..

But right away, one of the biggest mistakes you could make is not talk with lenders before you need them. If you only approach them after you sign an LOI. Knowing their lending parameters and specifications are critical to ensuring you can facilitate a quicker deal. The longer a deal takes, the more likely it is either someone else will snag the deal out from under you or the seller decides to back out of the deal altogether.
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