Searching while working full time

December 26, 2020

by a searcher from Pennsylvania State University in Pittsburgh, PA, USA

Good morning,
I am new to this community and am curious of success stories of acquiring a business while working full time. I am a solo self-funded searcher and plan to work full time until as close to real close as possible. Wondering if anyone else has taken this path and have any advice.

14 Likes

31 Replies

390 Views

Replies

Reply by a searcher
in New York, NY, USA

There have been many threads on this topic. Of course it’s possible — and many searchers have done just that — but personally, I’d advise against it. All else being equal, I’d always choose “whole-assing” one thing instead of half-assing two things. If you’re only thinking about searching and just want to see what it’s like, fine. But once you’ve decided you want to pursue EtA, my question back to you is why would you want to keep your full-time job still? To me it distracts you from what you really want to do, undermines your chance at success (again, not saying it makes your success probability zero), and risks harming your personal reputation in both professional circles. It would also be difficult (not saying impossible) to get the “flywheel” going on your proper proprietary sourcing, and give your interns the attention and mentorship that they deserve. Etc. etc. Just my two cents.

Reply by a searcher
from Michigan State University in Kalamazoo, MI, USA

I am walking the same FT Job + FT Search. However I have accepted that:

1. Once I get a deal under LOI I will have to quit. I just don't see anyway to put a deal together and due diligence without 150% capacity. (I realize this is in contrast with some of the other comments on this thread)

2. There is a roughly 50% chance that a deal falls apart post LOI, at which point I am now a full time searcher.
Note: Search Investment Group did a great survey of self-funded searchers that shows this.

3. For my own sanity, the cash coming in from my day job is seen as "nice" but not essential.

In my view, if you don't feel comfortable with these 3 ideas, getting your personal finances in order should take precedent over searching to avoid bad/rushed decision making.

+29 more replies.

Join the discussion