Know-How & Resources:
Search Funds and Entrepreneurship through Acquisition (ETA)
Book recommendations:
Search Funds & Entrepreneurial Acquisitions (2021)
Jan Simon. A comprehensive work on search funds and acquisitive entrepreneurship, often used as a reference work in MBA programs.
HBR Guide to Buying a Small Business (2017)
Rich Ruback & Royce Yudkoff. A practical guide from the Harvard Business Review series that explains step by step how to buy a small business as a path to entrepreneurship.
Buy Then Build
(2018)
Walker Deibel highlights how to achieve success by purchasing an existing company rather than starting one from scratch.
Academic Guides and Studies (English)
Stanford GSB Search Fund Primer – Stanford Graduate School of Business.
This official introduction (“primer”) from Stanford University provides an unbiased overview of the search fund model from the perspective of entrepreneurs and investors, as well as practical tips from past search funds.
https://www.gsb.stanford.edu/experience/about/centers-institutes/ces/research/search-funds/primer
Stanford GSB Search Fund-Studie (2024) – Stanford Graduate School of Business.
The latest study on search funds in the US/Canada (since 1984) with data on all known search funds, their financing, acquisitions, and returns. Among other things, this study shows that Stanford has recorded a total of 681 search funds by 2024 and analyzes their financial performance.
https://www.gsb.stanford.edu/faculty-research/case-studies/2024-search-fund-study
Yale SOM Search Fund Research (2018–2024) – Yale School of Management.
A series of case studies and research papers by Prof. A.J. Wasserstein (over 100 cases/notes) that shed light on various aspects of the search fund model. Examples include “Questions Potential Search Fund Entrepreneurs and Investors Might Ask Each Other” and “Exploring Search Fund Entrepreneur Economics” (analysis of financial success models for searchers). (Yale University – case studies and notes)
https://som.yale.edu/faculty-research/faculty-directory/aj-wasserstein?
IESE-Studie zu internationalen Suchfonds (2024) – IESE Business School
Comprehensive study on search funds outside North America (covering 320 international search funds). Provides insights into success rates, profiles of searchers, and returns worldwide, supplementing the Stanford study with international perspectives.
ETA-Ressources of Harvard Business School
HBS. The Harvard page on search funds provides an overview of the model as well as videos on relevant topics. HBS also runs the blog of Jim Sharpe, an experienced ETA expert. Sharpe is an entrepreneur in residence at Harvard Business School and shares practical insights into search funds and acquisition-based succession in his blog. (Harvard University – overview page & blog)
https://entrepreneurship.hbs.edu/entrepreneurship-through-acquisition/
Tuck School Note on Search Funds (2020)
Dartmouth Tuck. A brief overview (“Note”) from the Tuck School of Business that summarizes the search fund model in just a few pages – a good starting point for beginners to quickly understand the basics. (Tuck/Dartmouth – Short study)
https://www.tuck.dartmouth.edu/news/articles/what-is-a-search-fund
Podcasts
Think Big, Buy Samall
Professors Rick Ruback and Royce Yudkoff explore the path to entrepreneurship through the acquisition of an enduringly profitable small business. Based on their Entrepreneurship Through Acquisition course, episodes feature firsthand accounts from acquisition entrepreneurs and other stakeholders, along with insights and guidance on this unique journey.
The Search Fund Podcast
Dedicated specifically to the topic of search funds. Here, searchers and investors report directly from the field on the individual phases—from capital search to exit. Due to its niche focus, it is a valuable source of detailed knowledge. (Podcast)
Other podcasts worth listening to: Buy & Build, Search Funded: The EtA Podcast, and Let's Buy a Business, which are also often recommended and have good ratings.
Think Like an Owner
One of the most popular podcasts in the ETA field. Host Alex Bridgeman interviews searchers, CEOs, and investors about their experiences buying and running companies (often including search fund topics). He offers deep insights into the operational and strategic challenges faced by searchers. (Podcast)
Articles and Press
“MBA hotshots just want a one-off private equity deal”
(Financial Times, 2024) – Newspaper article in the FT about the trend among MBA graduates to increasingly prefer individual company acquisitions (search funds) to traditional career paths. Highlights the advantages and disadvantages from an investor's perspective.
„M.B.A.s’ Latest Pitch to Investors: Skip the Startup, Invest in Me"
(Wall Street Journal, 2022) – WSJ report on the rising popularity of search funds among MBA graduates and investors, including some success stories and statistics.
„Buying Your Way into Entrepreneurship“
(Harvard Business Review, 2017) – Influential HBR article by Ruback/Yudkoff (authors of the HBR Guide) that introduces the concept of entrepreneurship through acquisition to a wider audience and argues why buying a company can be an attractive alternative to starting one.
“Seek and we shall fund“
(The Economist, 2016) – Early media article in The Economist highlighting search funds as an emerging path to entrepreneurship. Provides a concise overview of the model and cites early successes.
Sources: The above recommendations are based on widely read and renowned resources from the search fund community, including Stanford/Harvard/IESE publications and curated collections from industry players. This list is intended to serve as a basis for further research and has been supplemented with German-language content to enable a quick start in both languages. Please note that some links (e.g., studies) may require free registration.