SMB Investor Network
Nick Bryant
Co-Founder, CTO, SMB Investor Network
Nick is a co-founder of SMB Investor Network, where he builds the software and runs growth and product. He reads the data on small-business deals and private markets, writes down what it says and what it leaves open, and is learning this market in public.
Disclosure: Nick is a co-founder of SMB Investor Network. Some links on this site go there.
Guides by Nick
- Search Fund Terms: What an LP Nets at 2x, 3x, 5x
The same exit pays an LP a different amount depending on the structure. A waterfall model at 1.5x, 2x, 3x and 5x shows where terms matter and where they don't.
September 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.
September 26, 2026
- Broken Searches: What Acquisition Rates Leave Out
Understand broken searches, distinguish acquisition rates from investment losses, and learn which population and source questions to carry into further reading.
September 15, 2026
- Search Fund PPM: Read Alongside a Co-Investment Memo
Read a search fund PPM alongside a co-investment memo to distinguish disclosure, assumptions and evidence, and clarify open questions before making a decision.
September 15, 2026
- Search Fund Return Dispersion: Headline Aggregates Mislead
Understand search fund return dispersion, how exclusions change an aggregate, and what loss figures leave unresolved. Check evidence before drawing conclusions.
September 15, 2026
- Search Fund Returns vs Private Market Benchmarks
Read search fund returns vs private market benchmarks with the limits intact. Compare populations, periods and measures before drawing portfolio conclusions.
September 15, 2026
- Search Fund Study Comparability: Check the Sample
Check search fund study comparability before using return figures. Identify populations, periods, metrics and exclusions to keep research claims in context.
September 15, 2026
- SMB Investment Liquidity: Holds and Capital Calls
Understand SMB investment liquidity before relying on proceeds. Separate capital calls, distributions and exits, and identify unanswered timing questions.
September 15, 2026
- SMB LP Reporting: Updates, Tax Documents and Cash
Understand SMB LP reporting by separating updates, valuations, tax documents and cash receipts. Learn what each document answers and what remains unknown.
September 15, 2026
- SMB Portfolio Allocation: Where the Sleeve Fits
SMB portfolio allocation starts with purpose. Examine shared risks, cash demands and private-market exposures before deciding where an SMB sleeve belongs.
September 15, 2026
- Getting Started with Private SMB Investments
Learn how SMB investment structures differ, which documents define fees and investor rights, and what to check before accepting illiquidity and loss risk.
January 29, 2026
- 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 — organized into 4 categories with benchmarks and red flags.
January 29, 2026
- 7 Questions to Ask Before Investing in a Search Fund
Ask seven concrete questions about the operator, economics, pipeline, terms, diligence, liquidity assumptions, reporting, and governance.
January 29, 2026
- Search Funds vs. Traditional PE: What LPs Need to Know
Search funds and traditional PE differ in check sizes, fees, governance, and return profiles. Here's a clear-eyed comparison for LP investors.
January 29, 2026
- The Silver Tsunami: Why 2026 Is the Best Time to Invest in Small Businesses
10M+ baby boomer business owners are retiring, creating unprecedented deal flow. Here's why smart investors are positioning now for the SMB acquisition wave.
January 29, 2026
- How to Evaluate a Search Fund Operator
Evaluate a search fund operator through prior decisions, operating responsibilities, references, committed support, and a target-specific post-close plan.
January 29, 2026