How do holdcos start out if they don't raise a fund first? Let's say they're buying at ebitda 1-5M (see a lot of holdcos targeting this) and they hire a GM. Then they look for more acquisitions. But how do they get investors for the first deal/company (without using SBA)? Don't all investors want the sponsor to be the GM/full time? And I thought independent sponsor was generally much bigger companies + economics on that would be small, right?