E967
Peter Kelly, Stefanos Zenios, Dom Ng
2026
The 2026 Search Fund Study reports on the financial returns and key characteristics of search funds formed in the United States and Canada since 1984. This report updates the previous 2024 study with data through December 31, 2025. The report also…
E958
Peter Kelly, Dom Ng, Kim Latypov, Julie Makinen
2026
Four decades have passed since the concept of a search fund was introduced to the business world. Over time, the ingenuity of both entrepreneurs and investors has given rise to a variety of models and deal terms. Search funds continue to evolve and adapt…
E960A
Bryan Danielson, Garth Saloner
2026
Kevin Taweel, from Prince Edward Island, Canada, and Jim Ellis, from rural Florida, met as case writers for Irv Grousbeck at Stanford GSB. Both wanted to own a business. In July 1995, they acquired Road Rescue, an $8.5 million roadside-assistance company…
E936
Julie Makinen, Peter Kelly
2025
In 2022, two first-time entrepreneurs, Hannah Greenberg and Alex Lopez, acquired Eleven Software, a Portland-based provider of cloud platforms that managed guest Wi-Fi for major hospitality brands such as Hilton and Marriott. The pair had met during their…
E870
Peter Kelly, Sara Heston
2024
The 2024 Search Fund Study reports on the financial returns and key qualities of search funds formed in the United States and Canada since 1984. This report updates the previous 2022 study with data through December 31, 2023.
E870 Long Term Hold
Peter Kelly, Sara Heston
2024
This note provides the most up to date insights on Long Term Hold.
E841
Peter Kelly, Sara Heston, Andrew Freiman
2023
This study examines the executive hiring and termination decisions of 40 search fund CEOs during their first two years post-acquisition. CEOs from various industry sectors and return profiles were surveyed in April 2023.
E807
Peter Kelly, Sara Heston
2022
The 2022 Search Fund Study reports on the financial returns and key qualities of search funds formed in the United States and Canada since 1984. This report updates the previous 2020 study with data through December 31, 2021.
E813
David Dodson, Gelila Bekele
2022
This case study examines the founding of Vitana, a dentistry-focused search fund founded by Ashish Bagai, Monika Srivastava, and Amir Fardshi. In this case, students are encouraged to explore the advantages and disadvantages of being solo founders versus…
E802
H. Irving Grousbeck, Sara Rosenthal
2022
Coley Andrews could never have anticipated when he cofounded Pacific Lake Partners, a search fund investment firm, in 2009, that he would spend as much time managing people as he would the firm’s investment strategy. Pacific Lake had grown its portfolio…
E752
Robert Siegel, Imogen Mansfield
2021
The Tender case follows the journey of Miles Parker from his early days of joining an equipment financing company as a partner to the company’s founder, through pivoting the company’s product, and working with several different investors including high…
E726
Peter Kelly, Sara Heston
2020
The 2020 Search Fund Study reports on the financial returns and key qualities of search funds formed in the United States and Canada since 1984. This report updates the previous 2018 study with data through December 31, 2019.
E738
H. Irving Grousbeck, David Dodson, Erika Feldhausen
2020
This case follows the story of Jay Davis and Jason Pananos, classmates from Harvard Business School who started a search fund, Nashton Partners. The case covers their decision to launch a search fund, their investment objectives and goals, and then the…
E734
David Dodson, Scott Mitchel
2020
The Rowell & Mackenzie case follows husband-and-wife executives Sarah Rowell and Scott Mackenzie as they weigh the decision whether or not to embark on a search fund. The case addresses the potential benefits and drawbacks of the search fund experience…
E730
David Dodson, Mitchel Scott
2020
The Unified Dental Care case follows search fund leaders Jason Jackson and Olaide Lawal as they evaluate whether or not to acquire Unified Dental Care, a mid-sized dental practice in Detroit. The case addresses managing audits, accounting issues, and…
E736
David Dodson, Blake Kavanaugh
2020
This case describes the formation of Trista Engel and Jessica Markowitz’s search fund. It begins by describing their process for deciding if they should pursue entrepreneurship through acquisition and, if so, if they should partner together. Upon deciding…
E731
Irving H Grousbeck
2020
The Bomi Mexico case recounts the difficulties faced by Mario Sicilia, a recent CEO of Bomi Mexico, shortly after his acquisition of the company through a search fund. The case specifically highlights a situation where two key employees raise concerns…
E737
David Dodson, Blake Kavanaugh
2020
This case describes the tumultuous experience Eduardo Ruiz had as CEO of Retail Services & Technologies. Ruiz had acquired Arizona-based RST at the end of his search process, but soon began to experience difficulties with the seller and former CEO. These…
E735
David Dodson, Blake Kavanaugh
2020
This case describes how Laura Franklin and William Colt conducted their entrepreneurial acquisition process. After the duo honed their method for contacting potential sellers, they found a company they were excited to close a deal with. Over the course of…
E724
H. Irving Grousbeck, David Dodson, Erika Feldhausen
2020
The Eyewitness Surveillance II case tells the story of Rush Arnold and RT McCloy, friends who met while studying at Wharton, who raise a search fund under the name Channelstone Partners. In the fall of 2010, after having spent two-thirds of their search…
E742
David Dodson, Imogen Mansfield
2020
Robin Mohapatra acquired NCFDD, a for-profit online professional development company serving universities and their faculty members, through a search fund. Based in Detroit, Michigan, NCFDD was growing rapidly and the company’s founder was keen to return…
E729
H. Irving Grousbeck, David Dodson, Jim Ellis, Erika Feldhausen
2020
In May 2017, Tyler Coats signed a deal to become chief executive officer (CEO) of California Medical Transport (CMT), a California-based ambulance services company. Coats took the reins from husband-and-wife team Terry and Susan Smith after closing a…
E662
Peter Kelly, H. Irving Grousbeck, Austin Yoder, Sara Rosenthal
2018
Since 1996, the Center for Entrepreneurial Studies at Stanford Graduate School of Business has conducted a series of studies on the performance of search funds. These studies endeavor to gather data and gain insight into all known search funds. The…
E616
Jim Ellis, Matt Saucedo
2017
CRC Telecom explores the founding and growth of Alberto López and Fernando Gutierrez’s company CRC Telecom. It follows the entrepreneurs’ journey from launching a search fund to deciding to build a company from scratch in the Panamanian billboard market…
