What can I do part-time before launching a self-funded search?

searcher profile

February 20, 2019

by a searcher from The University of Chicago - Booth School of Business in Chicago, IL, USA

I'm looking to start a self-funded search (seeking a smaller business than what the "typical" target looks like), and am trying to determine the best time to leave my current full-time job. I'd obviously love to draw the paycheck for as long as I can (for the most part, it's a 9-5 with a fair amount of flexibility). Is it feasible for me to do a "trial run" where I start the search process now and take care of any initial steps, including possibly doing some initial sourcing work to test the waters, prior to my resignation? Thanks in advance for any thoughts.

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commentor profile
Reply by an investor
from University of California, Berkeley in Moorestown, NJ 08057, USA
You can (a) set up your LLC, (b) create your theses about what kinds of companies you want to go after, (c) reach out to brokers in the geographic area(s) you are interested in (d) approach banks to establish relationships with lending officers and (e) attend local business networking events like Chamber of Commerce and quietly get the word out. I’m assuming that you are trying to buy a smaller company with personal savings and debt and avoid getting outside equity investors? Or maybe you just want to run a smaller company. Smaller “main st” businesses (500k or less earnings) are the bread and butter of business brokers and most get sold that way or through personal connections.
commentor profile
Reply by an investor
from King's College London, University of London in Dubai - United Arab Emirates
what about interning for a searcher, helping with number crunching or building a database? You'd have to sign a non-compete and NDA, I would assume. I want to note that I don't think any current or past searcher's I've met have been successful searching "part time". They've all very quickly realized it is a full time commitment, whether funded or self-funded....it also helps show your commitment to investors...skin in the game!
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