The Search Fund Blog

More than 60 essays on the search itself, the fundamentals, raising capital, deal mechanics and the ANZ market. Written since 2019, drawn from six acquisitions in this region.

Are you a business owner? Read the owner-facing blog →

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FOR SEARCHERS

Working capital in SME acquisitions: what every searcher needs to know

The deal you thought was done at $4.2M just became $4.8M. This is the working capital trap, and it catches searchers who treat the purchase agreement as the final number.

Jake Nicholson · May 2026 · 12 min read

For Searchers

Strategy, deal mechanics, and lessons from the field for entrepreneur-buyers

AllSearch ProcessFundamentalsRaising CapitalDeal MechanicsMarket Landscape
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DEAL MECHANICS

Why Hockey Sticks Break

Jake Nicholson · Apr 2026

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RAISING CAPITAL

How To Sequence Your Search Raise Investor Conversations

Jake Nicholson · Mar 2026

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FUNDAMENTALS

Buy Vs. Build: Which Kind Of Entrepreneur Are You?

Jake Nicholson · Feb 2026

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MARKET LANDSCAPE

The Macro Case For ETA In ANZ: What 3 Charts Tell Us About The Next Decade

Jake Nicholson · Jan 2026

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MARKET LANDSCAPE

The Capital Flywheel: How Competition In Aussie Banking Is Fuelling ETA

Jake Nicholson · Dec 2025

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MARKET LANDSCAPE

The Emerging ANZ Search Fund Opportunity

Jake Nicholson · Oct 2025

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RAISING CAPITAL

Investors Don't Want A Bored (Or Broke) CEO

Jake Nicholson · May 2025

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DEAL MECHANICS

How Red Is The Flag On A Very Young Target Company?

Jake Nicholson · Apr 2025

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RAISING CAPITAL

The Two-Year ‘Interview’: Turning Search Fund Investors Into Your Biggest Champions

Jake Nicholson · Mar 2025

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DEAL MECHANICS

Do You Need To Be A Zookeeper To Buy A Zoo?

Jake Nicholson · Feb 2025

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SEARCH PROCESS

Escape The Search Grind: How To Stay Motivated On Your Path To CEO

Jake Nicholson · Jan 2025

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SEARCH PROCESS

The Hunger Games: Finding The Best Search Fund Interns

Jake Nicholson · Dec 2024

View all posts →

The Search Fund Podcast

All episodes →
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Val Pilch on building conviction in a deal

Episode 18 · 42 min

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Jason Hew: NZ’s first search fund acquisition

Episode 17 · 55 min

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Scott Potter on operator mindset

Episode 19 · 38 min

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