Veteran Search Fund Outcomes Survey

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* 1. What kind of search did you execute/are you involved?

Traditional Search

Self-Funded Search

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* 2. What branch of the military did you serve?

Navy

Marine Corps

Army

Air Force

Coast Guard

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* 3. Did you complete an acquisition?

Yes

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* 4. How long did your search take?

0-6 months

Greater than 6 months

Greater than 12 months

Greater than 18 months

Greater than 24 months

Other (please specify)

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* 5. What was the Enterprise Value of your target?

<$1 million

<$2.5 million

<$5 million

<$7.5 million

<$10 million

<$12.5 million

>$12.5 million

Other (please specify)

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* 6. Was was your approximate total Debt to Equity ratio?

90/10

80/20

70/30

60/40

50/50

Other (please specify)

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* 7. How much personal capital did you invest?

None

<$50k

<$100k

<$250k

<$500k

>$500k

I did not acquire a business

Other (please specify)

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* 8. How much outside capital did you raise?

<$250k

>$250k

>$500k

>$1 million

>$2.5 million

>$5 million

>$7.5 million

I did not raise capital from outside investors

I did not acquire a business

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* 9. Have you experienced a Gain or a Loss?

Gain

Loss

I did not acquire a business

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* 10. If you experienced a Gain, what is your Return on Investment?

1-2x

2-5x

5-10x

>10x

I did not experience a Gain

I did not acquire a business

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* 11. Have you exited the investment?

Yes

I did not acquire a business

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* 12. If you experienced a Gain, what was your hold time?

<1 year

1-2 years

2-3 years

4-5 years

5-7 years

>7 years

My business is still operating

I experienced a Loss

I did not acquire a business

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* 13. If you experienced a Loss, was it a Partial or Total Loss?

Partial

Total

I did not experience a Loss

I did not acquire a business

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* 14. If you experienced a Loss, what was your hold time?

<1 year

1-2 years

2-3 years

4-5 years

5-7 years

>7 years

I did not experience a Loss

I did not acquire a business

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* 15. What is your age?

<30

31-35

36-40

41-45

>45

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* 16. Do you have an MBA?

Yes

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* 17. Do you have an Advanced Degree, other than an MBA?

Yes

Other (please specify)

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* 18. Did you serve in the Special Forces of your military branch?

Yes

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* 19. If you served in the Special Forces of your military branch, did you complete an acquisition?

Yes

I did not service in the Special Forces

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* 20. What is your commissioning source?

Service Academy

ROTC

Officer Candidate School (OCS)

Non-Commissioned Officer

Other (please specify)

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* 21. If you attended a Service Academy, did you acquire a business?

Yes

I did not attend a Service Academy

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* 22. If you attended ROTC, did you acquire a business?

Yes

I did not attend ROTC

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* 23. If you attended OCS, did you acquire a business?

Yes

I did not attend OCS

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* 24. If you are a non-Commissioned Officer, did you acquire a business?

Yes

I am not a non-Commissioned Officer

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* 25. What function did you perform in the military?

Operations

Engineering

Administrative

Infantry/Combat Arms

Other (please specify)

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* 26. If you acquired a business, in what industry?

Business Services

Software

Tech-Enabled Services

Healthcare

Education

Manufacturing

Construction Services

Other

I did not acquire a business

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* 27. Did you search with a partner?

Yes

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* 28. If you searched with a partner, did you acquire a business?

Yes

I did not search with a partner

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* 29. If you exited your investment, what was your total equity earned?

$0-1 million

$1-2 million

$2-4 million

$4-6 million

$6-8 million

$8-10 million

>$10 million

My business is still operating

I did not acquire a business

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* 30. If your business is still operating, what was your total equity earned?

$0-1 million

$1-2 million

$2-4 million

$4-6 million

$6-8 million

$8-10 million

>$10 million

My business has exited

I did not acquire a business

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* 31. Where is your acquired business located?

Mid-Atlantic

Northeast

Southeast

Great Lakes

Mid-West

Southwest

Northwest

West Coast

I did not acquire a business

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* 32. What is your gender?

Male

Female

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* 33. What is your professional background?

Management Consulting

Investment Banking/Finance

Sales

Private Equity / Venture Capital

General Management

Marketing

Legal

Operations

Accounting

Engineering

Other (please specify)

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* 34. How many investors did you have?

1 to 3

4-6

7-10

11-15

Greater than 15

I did not raise capital from outside investors

I did not acquire a business

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* 35. What was your largest type of investor group?

Institutional Search Fund/Private Equity

Family Office

High Net Worth Individual

Former Searcher

Family Member

I did not raise capital from outside investors

I did not acquire a business

Other (please specify)

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* 36. Did you create a formal Board of Advisors/Directors?

Yes

I did not acquire a business

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* 37. What was the most important quality when choosing your Board?

Part of investor base

Previous experience in industry

Personal relationship

I did not form a Board of Advisors/Investors

I did not acquire a business

Other (please specify)

Question Title

* 38. What was the most important criteria in selecting your investors?

Had no choice, needed capital

Personal relationship

Previous experience as an investor

Previous experience in industry

Check size

Relationships with other investors

I did not raise outside capital from investors

I did not acquire a business

Other (please specify)

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* 39. What was the most important area impacted by your investors?

Simply wrote a check, passive investor

Had deep industry knowledge and supported strategy of the business

Assisted with day to day operations

Assisted with new customer development and sales

Assisted with add-on acquisitions

I did not raise capital from outside investors

I did not acquire a business

Other (please specify)

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* 40. What kind of sourcing methods did you ultimately have success using in your acquisition?

Proprietary Outreach

Brokered - Broker/Investment Bank

Personal Connection

I did not acquire a business

Other (please specify)