What’s one thing you thought you’d enjoy in the search process… but didn’t?

August 12, 2025

by a searcher in Jaipur, Rajasthan, India

When most people start their search, there are parts they think they’ll really enjoy. It could be talking to business owners, digging into financials, or even negotiating the deal. But once they get into it, reality can be very different. The parts that sounded exciting can turn out to be exhausting, frustrating, or just not as fun as expected. I’m curious to hear from others who are in the middle of a search or have completed one. What’s something you thought would be a highlight of your search journey but ended up being the opposite?

Reply by a searcher
from University of Toronto in Toronto, ON, Canada

I thought evaluating P&L and capital efficiency (balance sheet) would be straightforward. But I’ve realized it requires a lot of adjustments to arrive at true sustainable earnings. There’s nuance involved , for example, is the owner’s salary a stand in for what you’d pay a regular employee, or would you add it back?

Reply by a searcher
from University of Texas at Austin in Dallas, TX, USA

Negotiating with the seller. This is fun at first, a dynamic interaction. But then something changes, or is discovered, or for any number of reasons some part of the deal has to be re-negotiated. Now you are several months in and have done several re-negotiations, tensions are rising, people are tired. Not so fun anymore

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