Deal structure
The Working Capital Peg: The Six-Figure Surprise at Closing
Working capital can move hundreds of thousands of dollars at close, and first-time buyers never see it coming. How the target gets set, how buyers get burned, and how to protect yourself.
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search fund acquisition, search fund purchase price, EBITDA multiple small business, search fund deal structure, what do search funds buy, SMB acquisition benchmarks, seller note, seller equity rollover, quality of earnings, pre-LOI due diligence, acquisition financing search fund, small business valuation multiples, entrepreneurship through acquisition deals
Anatomy of a Search Fund Acquisition: Deal Benchmarks from Stanford's 2026 Study
What do search funds pay? 2026 benchmarks: $16M median price, 6.2x EBITDA, deal structures linked to returns & a pre-LOI checklist from failure data.
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