Question 1. Are there any standard terms for a self funded search? e.g. how much equity would the manager get (vs. the standard 25% in a funded search)? How do traditional search fund investors react to a "soft agreement" with a self-funded searcher? Theoretically, investors' risks are way lower due to a) no funding for the search period, which is the biggest risk, and b) longer management experience of a proven manager. This leads me to believe that the terms for the manager should be much better than 25%. Any thoughts?

Question 2. A typical acquisition multiple is 4-5x. In my target geography & industry PE acquisition multiples are 10X on average. Is it wrong to assume that one can acquire at 5X a company below the PE radar (say $1.5m EBITDA) then grow it overtime to a larger company that would become interesting for Private Equity (say $3-5m EBITDA) and, therefore, apply an average 10x exit multiple as per industry & geography standards?