This question is likely more oriented towards self funded searchers but I’d love to hear the insight of the global community.

I have recently considered the idea of conducting search-related outreach with the position of coming into the business as an employee/operating partner (think COO) with the expressed intent of acquiring the business###-###-#### months later should things make sense for both parties.

I could see the benefits in this approach: allows you to better understand the business, longer insight into financials, allows owner to transition out over time, etc. I can also see the cons, most importantly if things don’t work out is it wasted time.

I would love to hear the community perspective. If you have done this, what was your approach? Can you share your outreach materials if any?