SMB Investor Network Blog
SMB investing, search fund, and co-invest playbooks. Fundraising tips and operator tactics for accredited investors and advisors.
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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.
Beyond Stocks and Real Estate: Getting Started with SMB Investing
Looking beyond traditional investments? SMB acquisitions offer real cash flow, tangible assets, and accessible entry points starting at $50K.
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.
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.
7 Questions to Ask Before Investing in a Search Fund
The most critical questions every investor should ask when evaluating a search fund opportunity — from operator background to deal economics and governance protections.
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.
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.
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.