Self-Funded Search Survey

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* 1. Did you close on a transaction and acquire a company during your self-funded search?

Yes

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* 2. How long did it take you to acquire a company?

>6 months

6 to 12 months

12 to 18 months

18 to 24 months

>24 months

Did not close

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* 3. If you were NOT able to acquire a business, what was the primary reason?

Never found a deal

Found a deal, but could not get an executed LOI

The deal died during diligence

Bank loan not approved

Other (please specify)

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* 4. What was the total enterprise value of your acquisition, whether you closed or not?

$1,000,000 to $3,000,000

$3,000,000 to $5,000,000

>$5,000,000

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* 5. Did you/were you planning on investing your own capital?

Yes

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* 6. How much of your own capital did you invest/plan on investing?

>$50,000

$50,000 to $100,000

$100,000 to $250,000

>$250,000

Other (please specify)

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* 7. Did you/plan on raising outside capital?

Yes

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* 8. How much outside capital did you raise?

>$50,000

>$100,000

>$250,000

>$500,000

>$1,000,000

Did not close

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* 9. Did you acquire the business with an SBA loan?

Yes

Did not close

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* 10. Did you acquire the business with a non-SBA loan?

Yes

Did not close

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* 11. What year did you acquire your business?

Before 2010

2010 to 2015

2015 to 2020

Did not close

Other (please specify)

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* 12. Did you have an MBA or related advanced degree?

Yes

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* 13. Are you a veteran?

Yes

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* 14. Why did you not pursue a traditional search fund?

I could not raise search capital

I believed that the economics would be better in a self-funded search

I did not attempt to raise search capital

I did not know about a traditional search fund model

Other (please specify)

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* 15. Did you work with an advisor or group of advisors to support your self-funded search?

Yes

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* 16. What was your age when you acquired your business?

18-24

25-34

35-44

45-54

55-64

65+

Did not close

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* 17. Have you had an exit and sold your business?

Yes

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* 18. If you had an exit, what was your exit cash on cash return?

Total or partial loss

1-2x

2-5x

5-10x

10x+

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* 19. Did you search solo/by yourself?

Yes

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* 20. Either through an exit, or just operating your business, what is your aggregate IRR?

>10%

10-15%

15-20%

20-25%

25-30%

>30%

Did not close