For searchers, partners, and folks who acquired a second company. Did your search process materially change from the first time you looked for a company? If so how and why?
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As such my criteria would be laser focused on highly complementary businesses to what I just acquired.
In the initial search I was more broadly flexible about industry and business model as long as it was something where I could bring alpha from my knowledge and experience.
Now I would not look to acquire even a great business that was unrelated to my current business, perhaps that is a timing issue and in 5 years I would be open to more far flung options, but for the immediate future it would need to be very closely linked.