Highly recommended for anyone interested in Search Funds and EtA: very practical panels on post-acquisition reality, the investor’s role, and the operational challenges of the first months after closing. redacted Key points discussed on Day 1: - Post-acquisition is where reality starts: the complexity of integrating teams, systems and culture is often underestimated by searchers. ​ - Investor–CEO alignment is critical: clear expectations on the investor’s role, reporting and value creation avoid many downstream conflicts. ​ - A strong focus on cash and covenant management is a key differentiator during the first 12–18 months of the thesis. ​ - The transition from searcher to CEO requires shifting from being “deal-driven” to “people & process-driven”, with a strong focus on day-to-day operational execution. ​ - The Search Fund ecosystem is becoming more professional, with more competition for deals but also more specialized support for operators.