Search funds are often associated with financial models, acquisition financing and deal sourcing. While those elements are essential, successful acquisitions are rarely won or lost solely on the numbers. The reality is straightforward: buying a business is a people-driven process. Search fund entrepreneurs who focus exclusively on valuation metrics and financial performance can overlook critical factors that influence long-term success. Leadership transitions, company culture, employee retention and seller dynamics often have as much impact on outcomes as the financial projections developed during due diligence. From our experience working with search fund entrepreneurs, the most successful operators recognize that acquiring a business is only the beginning. Creating value after the acquisition requires an understanding of both the financial and human sides of ownership. redacted