SUCCESSFUL IMPACT SEARCH FUND: THANK YOU ALL FOR THE SUPPORT

Hello all,
First, I wanted to provide an update to this community and let you know that we successfully closed on deal just a little while ago. There was skepticism around the impact-oriented search fund thesis, but clearly, there are excellent businesses out there that do good by doing well and need smart people + capital to take them to the next level. This was a proprietary sourced deal, which resulted in a very reasonable multiple (in part due to the mission of the impact search fund, which caught the seller's eye and differentiated us). The business is called Zappling (www.Zappling.com), and it provides utility allowance analysis for affordable housing owners and developers across the nation. Zappling's technical staff and software platforms also incentivize property managers to implement energy efficient equipment/practices by helping claim credit in their tax applications, while suggesting areas of potential improvement.


Second, I wanted to give a shout-out/recommendation on specific folks and firms who either helped along the way:


- On the legal front, ^[redacted]‌ drafted and helped with the Purchase Agreement (along with some other hairy legal things that invariably popped-up). His firm was reasonably priced, extremely mindful of the relationship with the seller, and more importantly, fully appreciative of the constraints that solo-searchers have to contend with. I highly recommend you reach out to him if interested.


- On the Quality of Earnings (QofE), ^[redacted]‌ and ^[redacted]‌ did a good job at a reasonable price. Zappling was actually a carve-out which made things more complex, but nonetheless, the LCG team handled it well, especially in interacting with the seller's team.


- For insurance solutions, ^[redacted]‌ with Oberle Risk Strategies, and his team identified and spearheaded some key insurance needs while being patient with the extended timeline of the process


- On the SBA front, we went with a regional bank called Atlantic Union Bank - they were surprisingly fast and were one of the few who weren't totally inundated with PPP loans.


- Shout out to ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌ ^[redacted]‌ who were all brilliant thought partners throughout this process.



- Thanks also to ^[redacted]‌, ^[redacted]‌, and ^[redacted]‌ for establishing this community in the first place.

- Some others to shout-out ^[redacted]‌^[redacted]‌^[redacted]‌^[redacted]‌

- Bumping a few others who've discussed the impact process with me before: ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌,

^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ‌^[redacted]‌, ^[redacted]‌, ^[redacted]‌, ^[redacted]‌


I'm sure I'm missing a few folks, so forgive me if we've connected and I haven't included you. P‌‌lease feel free to DM/reach out to me if interested in learning more about the search fund process, the impact thesis, or to catch-up.


Thanks and good luck to everyone,


Atul



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