Thanks ^redacted‌ for the tag here. ^redacted‌ from my perspective and having dealt with various investors involved in search funds it really depends on the sector, business size, and deal parameters. It also depends on your individual capacity or if you're working with a team. If it's you individually, I'd highly suggest playing the slow game and not taking on too much at once. Acquiring multiple companies in a short period will tax you significantly, and you may not be able to focus on all of them and their unique issues. If you're working with a team, it changes things to where a team of operators who know what they're doing can handle multiple post-acquisition processes at once, especially if they're good at operational integrations. That, I think, answers your question. Individually, I wouldn't tackle investors until you've tapped out your personal discretionary capital. With a team, move as fast as your team can, and if that means it taps out your capital account quicker, then you'll be searching for investors quicker. Just keep in mind that it will most likely be a 3-6 month timeline to acquire investors, so incorporate that into your thinking, too. Happy to discuss more if you'd like. ‌

As others on this thread have pointed out there are trade offs to consider and no "right" answer. Another angle to consider would be what your first acquisition looks like. If your platform acquisition can be bigger by bringing in investors right away, that's probably a win for everyone. You will be less operational and in a strong spot to focus on M&A, plus attract additional capital.