Proprietary Lower-Market
Investment Insights
Closed Deals Q2 2025
Prepared by Search Fund Ventures
+1 (847) 220-4815 401 North Michigan Avenue, Suite 1200 Chicago, IL 60611
Introduction
This Self-Funded Search Study is the result of a unique effort to gather information, statistics, and insights from self-funded acquisition entrepreneurs across all stages of the entrepreneurship through acquisition ("ETA") process—currently searching, currently operating, and exited (collectively "searchers"). The study aims to provide critical insight to the self-funded search community as well as those who are considering the self-funded path to acquiring, owning, and operating their own small or medium-sized business.
This is the first comprehensive self-funded search study to collect and evaluate primary self-reported quantitative and qualitative data from over 250 individuals. Searchers were sourced from three popular social media platforms and randomly selected to complete the study. In aggregate, 1,027 invitations were sent and 279 responses were collected.
About The Authors
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.
Co-Founder, CTO
SMB Investor Network
A serial entrepreneur and anchor investor in Search Fund Ventures, Nick brings his expertise in technology and small business entrepreneurship to the lower market private equity space.
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This report is for accredited investors only. Informational use only. Not intended for reproduction, copying or distribution without expressed written consent of SMB Investor Network. Not intended to provide investment advice. Investing in securities in private companies is speculative and involves a high degree of risk. SMB Investor Network is not affiliated or associated with, or endorsed by, any of the companies mentioned herein.