GENERIC QUESTIONS FROM A SOLO SEARCHER JUST STARTING OUT

I am a new solo searcher doing a self funded search. The entire search fund model is extremely appealing to me, and I've settled on pursuing this after 8+ years in the financial services industry. As this is my first venture into this space, I plan on not following the traditional search model, and instead only do a friends/family fund raise for the first deal. Before I get started, I just have a couple basic questions for the experienced searchers out there:

1. When did you guys get an accountant/lawyer? Was it before you solicited money, during, or after?
2. Is it practical, especially since I'm doing a F/F raise, to forgo all the legal stuff and just collect money upfront and wait until after the search process is completed to draft all the legal docs?
3. How detailed were your pitch materials? Did everyone have very specific industries or types of businesses they were targeting when pitching to investors, or did anyone leave the search criteria purposely somewhat vague so as to not limit your search parameters? How did potential investors respond to that?
4. I am looking for a somewhat smaller deal -- total EV ~$3mm. What is the typical EBITDA multiple companies in this size area trade at?

Thanks in advance!



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