Search Fund Ventures
We buy durable small businesses from the owners who built them.
Ten or more years of profit. A fair price, a clean close, and a team that stays. We pass on most of what we see, so the businesses we own are the ones that earned it.
Or get the deal newsletter →Our themes
Four tests every deal has to pass
If a business fails one of these, we pass.
Staying Power
Essential services, ten or more years of operating history, and a record through more than one economic cycle.
Incentive Alignment
The buyer and the investors share the same economics, the board has real oversight, and the operator can do the job.
Asymmetric Bet
A realistic path to a large return, with a conservative structure in case we are wrong.
Margin of Safety
We buy at prices that leave room for mistakes. Our portfolio averages a 3.9x purchase multiple, 15% below market, with credit metrics 24% less risky.
Underwriting
How we underwrite
We say no to almost every deal we see. The ones we keep go through four stages.
1
Diligence
We compare each deal with thousands of small businesses in our dataset: financials, multiples, capital structure and operator quality.
2
Planning
A 90-day transition plan, a management assessment and a roadmap, written before closing.
3
Execution
Hands-on help with operations, growth and add-on acquisitions, checked monthly against the plan.
4
Tech Enablement
Automation, AI, a modern CRM and better reporting. This is upside on a business that already makes money.
Hands-on partnership
Small on purpose
You deal with the partners directly, on every deal and every question.
- The managing partners answer your questions on every deal
- Regular portfolio reports
- Co-investment next to the fund, deal by deal
3.9x
Avg. Purchase Multiple (15% Below Market)
250+
Deals Reviewed
24%
Less Risky Credit Metrics
$11B+
Transaction Experience
22%
Less Burdensome Fees
Leadership
Leadership
Institutional finance and operating experience.
Sean Smith
Managing Partner
Institutional finance expertise from CIBC ($11B+ in transactions) and M&A advisory at Applico Capital.
View Full Bio →SFV Research
Research
What we read, write and talk about on small-business acquisitions.
Free Guide
The Self-Funded Search Guide
How self-funded search works, from raising capital to closing your first deal.
Download Free GuidePodcast
The SMB Investor Show
Conversations with operators, investors and dealmakers.
Follow on SpotifyResearch
The latest from The SMB Investor
Independent research, deal data, and frameworks from Search Fund Ventures and the SMB Investor Network.
Reports
View all reports →
Report· Free with email
The VC-SMB Convergence: How Startup Valuation Conventions Are Reshaping Small Business Investing
In-depth analysis of how venture capital firms are entering the SMB market and what it means for valuations and deal structures.
Report· Free with email
The LP's Due Diligence Template: 20 Questions to Ask Any SMB Fund or Operator
A structured framework of 20 essential questions every LP should ask before investing in an SMB fund, search fund, or independent sponsor deal.
Report· Free with email
Foundational Guide to Self-Funded Search Investing
A comprehensive 24-page framework for evaluating and investing in entrepreneur-led small business acquisitions.
From the blog
View all posts →
Blog· Oct 21, 2026
IESE vs Stanford: Two 2026 Search Fund Studies Side by Side
Stanford and IESE 2026 search fund studies disagree on acquisition rates and returns, but agree on what matters: speed to a first LOI and a second searcher.
Blog· Oct 19, 2026
LOI Prices vs. Closing Multiples: The Gap Is in the Tails
Two years of LOI prices on deals presented to us (n=272) against Axial's closed-deal multiples: the medians match, the tails don't.
Blog· Sep 26, 2026
What SBA Loan Charge-Off Data Shows About SMB Acquisitions
SBA loan-level data shows which acquisition loans charged off and when, but it cannot measure whether an acquisition failed or what its equity investors lost.
Talk to us
Selling a business, looking to co-invest or working on a deal? Tell us what you have.