Anyone that is interested in search and acquisitions needs to tune into this panel. It ran at last year’s inaugural EtA Forum, and brought together four experienced veterans at this fledgling space to talk about how they got started, and what options are available to searchers. The panel kicks off with a breakdown of the different approaches to search, as well as the benefits of each and what might inspire someone to self-fund a search, or alternatively opt to work with an accelerator or traditional investors. Critically, it also asks questions that go well beyond the standard “cap raise” challenge. What kind of self-awareness process does a person need to go through to understand that they’re ready for the challenges of a search? How should people go about building up their networks, and then leveraging them once they have them? What is the ideal profile of a searcher, and does this vary by sector? This panel also prompted some lively Q & A discussion at the end – showing just how insightful prospective searchers and investors found the group. That wide-ranging Q & A covers everything from how a searcher could expect to finance themselves before finding a company to acquire, through to whether it’s better to be “all in'' or instead be a “moonlighting entrepreneur” and conduct the search while still working for a company. The depth of insights that came out of this panel make it an ideal “beginner’s guide” for anyone who is considering taking up the life search lifestyle for themselves. Connect with Rob Gaunt: https://au.linkedin.com/in/rob-gaunt Connect with Greg Green: https://www.linkedin.com/in/greg-green-stc/ Connect with Michael Chu: https://www.linkedin.com/in/michael-chew-3028b61/ Connect with Scott Middleton: https://au.linkedin.com/in/scottmiddleton What we discussed: 1:39 An introduction to the panel and the panelists. 4:00 The definitions of traditional search vs. self-funded. 5:53 Greg Green explains the appeal of traditional search as an EtA approach. 5:57 Michael Chu explains what attracted him to the self-funded search model. 8:55 The panel addresses how a searcher (especially a self-funded searcher) goes about that first cap raise? 13:34 The panel answers the question that beyond the cap raise, what should searchers be focused on as they commence the search? 17:00 Michael discusses how much self-awareness and preparation he did before deciding to undertake the search. 19:28 Scott Middleton explains the value that an accelerator brings to a searcher. 23:05 Rob Gaunt asks Scott whether being in a non-typical area for search (tech), changes the profile of the searcher they look to work with. 24:12 Rob asks the panel about whether they considered having a partner in their searches, and if not, why not? 26:32 The panel discusses the implications of the economics of search and searcher equity, and whether this had any impact on the type of search they embarked on. 29:43 The panel discusses mistakes and general advice for prospective searchers and/or investors, looking at this opportunity for the first time. 35:34 Rob discusses the importance of time management and the question of how many people you should speak to when searching. 37:48 An extended Q & A with the audience. 54:57 Pete summarises the conversation and provides some analysis. Quotes: Greg Green: “If I'm going to surround myself with people to buy a business, I want to know that they've got some commitment to me, because I've already put cash on the table.” Greg Green: “One of the best things about this model is that it's a stepping stone. So the capital raising initially teaches you how to search, the searching process teaches you a whole lot about running a business.” Rob Gaunt: “A lot of people focus on the capital raise, which is really pre search, but not a lot of focus, at least in the questions that I get is focused on what happens during the search.” Michael Chu: “I went and spoke to specific individuals that I thoug