SMB Investor Network
Sean Smith
Managing Partner, Search Fund Ventures
Sean brings extensive experience in search funds and SMB acquisitions. He has built and scaled multiple businesses and now focuses on connecting investors with high-quality deal flow in the lower middle market.
Guides by Sean
- 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.
May 9, 2026
- 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.
May 9, 2026
- 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.
February 3, 2026
- How to Evaluate an SMB Fund: A Framework for LP Investors
A practical framework for evaluating SMB fund opportunities, covering operator assessment, deal economics, portfolio strategy, and governance — with benchmarks from real market data.
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
- 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
- SMB Investment Risk Management for LPs: Protecting Your Capital
How LP investors can manage risk in SMB private equity — from portfolio diversification and governance protections to monitoring frameworks and downside scenarios.
January 29, 2026
- SMB Private Equity Fee Structures Explained: What LPs Should Know
A clear breakdown of fee structures in SMB private equity — management fees, carried interest, transaction fees, and how they differ between self-funded search and independent sponsor deals.
January 29, 2026
- What Is Self-Funded Search Investing? A Comprehensive Guide
Self-funded search is transforming how entrepreneurs acquire small businesses. Learn what it means for investors and how to evaluate these opportunities.
January 26, 2026
- Why Proprietary Sourcing Is Becoming the Only Path to Reasonably Priced SMB Deals
Multiples in the SMB market continue to drift upward, and broad-auction deal flow is increasingly priced at levels where returns compress fast. The only reliable path to buying at rational valuations is building sourcing advantages—proprietary outreach, curated platforms, and network-driven deal flow.
January 20, 2026