Resources

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Introduction to Search FundsConducting Your SearchBuying a BusinessGrowing a BusinessDirectory to Further Resources

Buying a Business

Business Planning
Endurance & Intrinsic Search Fund LBO Model V 2.0
Churn Rates
Cohort churn analysis
2020 B2B SaaS retention benchmarks
Retention benchmarks
Cash flow challenges in businesses with advance charge model
Deal Negotiation
When your LOI falls apart
Why deals fall apart
On the Nature of What Business Sellers Are Looking for in a Buyer
Deal Structuring
Endurance tax considerations in structuring search deals
Reps and warranties insurance for search deals
Working capital overview
Demystifying the working capital adjustment mechanism
Additional thoughts on working capital
Working Capital Adjustment Checklist
The Merits of and Risks of Earn-Outs
On the Nature of Working Capital Understanding its Mysteries and Complexities
Including Employees in a Search Fund Waterfall
Diligence Phase
Endurance overview of diligence
Yale SOM Overview of Due Diligence Process
Due diligence overview
Due diligence timeline - Example
Overview of quality of earnings
Evaluating revenue strength
Churn analysis - Example
Getting to close
Recurring Revenue Diligence for Searchers
On the Nature of Due Diligence
Getting a Deal Under LOI
Endurance overview of LOI's
IOI - Example
LOI - Example
LOI negotiation analysis - Example
Establishing trust with sellers
Making offers
Investor Communication
Path to closing email - Example
Path to closing Gaant chart - Example
Projected cap table - Example
KPIs
Private SaaS Growth Rates Benchmarking Study
The 8 KPIs that actually matter
By stage
2020 SaaS expansion benchmarks
Key Scaling Metrics for SaaS Businesses
On the Nature of Customer Attrition and Revenue Analysis
Lender Engagement
Overview of bank financing process
Common borrowing provisions
Leveraged loan terms
Primer on equity cure rights
Overview of equity cure rights and excess cash flow sweep
Seller financing
On the Nature of Debt
Market Research & Sourcing Search Targets
Vertical market software overview and example sectors
Share of market calculation (TAM, SAM and SOM)
Categories
Migrating from Licensed On Premises Software to SaaS
Case Study: FieldEdge – Buy at 5x EBITDA, Sell at 8x Revenue
SaaS Migration Challenges
The Conflict Between Licensed Software and SaaS: Part One
The Conflict Between Licensed Software and SaaS: Part Two
Other
Considerations Unique to Acquiring a Software Business
Determining when to sell
Capitalizing software development costs
Providers
PE Healthcare Provider M&A Overview
Addiction treatment
Autism services
Dentistry
Dermatology
Fertility clinics
Screening Opportunities
Industry screening - Example
Deal screening - Example
Deal scoring – Example
Underwriting the seller
Searching efficiently
Sector Insights
McKinsey on healthcare
Bain M&A report
Provident Healthcare Partners – healthcare services M&A report
Health insurance market study
Managed care overview
Medicare overview
Medicaid overview
Trends around physician practices in COVID era
Services to Healthcare Companies
Information-driven services (e.g., data analytics)Information-driven services (e.g., data analytics)
Payer servicesPayer services
Revenue cycle managementRevenue cycle management
Healthcare Services Report - Available Upon RequestHealthcare Services Report - Available Upon Request
Blue Collar Companies (including home services)
Overview of Residential ServicesOverview of Residential Services
Consumer Services Overview - Available Upon RequestConsumer Services Overview - Available Upon Request
Managing a Blue-collar WorkforceManaging a Blue-collar Workforce
Software & Technology
2022 Search Software Survey
The 2023 SaaS CEO Survey
Are You Selling to the Wrong Customers?
The Biggest Temptation of a Software CEO
Pricing Power: How Small Changes Can Have Big Impacts
Considerations Unique to Acquiring a Software Company (Product)
Considerations Unique to Acquiring a Software Company (Financial)
Valuation
Private Saas company valuation framework
Software valuation benchmarking
Mini-model based on SaaS capital guide
Private SaaS company valuations (updated quarterly)
Understanding Modeling & Valuation Pre-Acquisition
On the Nature of Modeling and Valuation in a Search Fund Acquisition
On the Nature of Entry Multiples
Sector Focused Observations
Healthcare

Stories

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