Deep dive into conflicts of interest between Search CEOs and their investors

Our latest paper discusses common conflicts of interest between Search CEOs and their investors. The search fund model is built on alignment. But "usually" isn’t "always." While search funds are collaborative by design, collaboration doesn’t eliminate tension. Based on experiences from both sides of the table, our latest note explores the moments when incentives between ETA CEOs and investors naturally drift apart. Why this matters: It’s Structural: These aren't "bad actor" stories; they are inherent constraints of the model. It’s Predictable: Tensions surface when timelines, personal realities, or stakes shift. It’s Navigable: Understanding these frictions upfront builds empathy, clearer expectations, and better discussions. Grateful to collaborate with Alex Hodgkin at Booth, and A.J. Wasserstein at Yale on a topic that rewards honesty and dialogue over optimism alone. Looking forward to discussing this with my students at Kellogg as well. Read the full paper at: https://som.yale.edu/sites/default/files/###-###-#### /Exploring%20Bilateral%20Conflicts%20of%20Interest%20Between%20Entrepreneurs%20and%20Investors%20in%20Search%20Fund%20Projects.pdf