SFV Research · Resources
SMB Investor Network Resources
Your hub for SMB investing knowledge — playbooks, proprietary research, podcast interviews, and tools for accredited investors and advisors.
69%
Of searchers reach profitability
3–5×
Historical LP returns
$2M+
Average deal size, lower mid-market
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Playbooks & Analysis
Educational content for SMB investors — due diligence frameworks, fund evaluation guides, and operator assessment playbooks.
Reports & Market Data
Proprietary research on closed deal multiples, market trends, and valuation benchmarks across the lower middle market.
Podcast
Conversations with search fund operators, LP investors, and SMB acquisition entrepreneurs sharing real-world insights.
The SMB Investor Newsletter
Investable deals, proprietary data, and insights from the lower middle market — delivered by Sean Smith.
Glossary
Definitions for key terms in SMB private equity, search funds, and entrepreneurship through acquisition.
FAQ
Frequently asked questions about investing through SMB Investor Network, search funds, and co-investment opportunities.
Editorial
Latest from the Blog
Q2 2025 Closed Deals: 5 Takeaways from 584 SMB Acquisitions
TTM multiples slid to 3.3x in Q2 2025 — a 12-quarter low. Five takeaways from Search Fund Ventures' analysis of 584 SMB closed deals.
SMB Purchase Multiples 2015–2025: A Decade of Data
Average SMB acquisition multiples fell to 4.3x EBITDA in 2025, down from a 6.7x peak in 2017. What 10 years of data tells us about the lower middle market.
Why Top VCs Are Buying Small Businesses (And What It Means for Valuations)
Andreessen Horowitz, Lightspeed, and General Catalyst are pivoting to small business buy-and-build strategies. Here's why venture capital is entering the SMB market and what investors need to watch for as valuation conventions change.