Stage 2 of 8
Choose your path
Self-funded, investor-backed, or deal-by-deal — the money model shapes everything downstream.
There are three main ways to search: self-funded (you keep most of the equity, typically buying a $500k–$5M business with an SBA loan), a traditional funded search (investors pay for your search and the deal — bigger targets, more support, much less equity), and independent sponsorship (raise capital deal-by-deal). Where the money comes from determines your deal size, control, economics, and timeline — decide this before anything else.
Questions to answer before moving on
- Do I want maximum ownership (self-funded) or backing and mentorship at the cost of equity (funded)?
- What deal size does my financing reality actually support?
- Do I have access to search investors — or the track record they expect?
- Am I willing to relocate for the right business?
Mistakes that cost searchers months
- Running the funded-search playbook on a self-funded budget
- Picking a path without modeling what you'd actually own at exit
- Overlooking independent sponsorship as the middle path
Best current resources for this stage
Verified against primary sources, pros and cons included. Full write-ups in the directory.
The 2018 WSJ-bestselling book that argues for buying an existing profitable business instead of founding a startup, and walks a first-time buyer through self-assessment, target definition, search, valuation basics, SBA financing, and transition. The brand also sells a $99 recorded-Q&A mini-course and a $1,500 self-study Masterclass, and feeds into the author's separate Acquisition Lab accelerator.
Our take: Still the right first read before committing to a search — just treat its ROI math as motivation rather than underwriting, expect nothing current on post-2023 SBA rules, and know the book is also the top of the author's Acquisition Lab funnel.
One-time · Book is sold through Amazon at standard retail book prices; buythenbuild.com links out and does not publish the book price. On the vendor's own pages: Acquisition Insights mini-course $99 one-time; BTB Masterclass $1,500 one-time (listed at $3,000, discounted), lifetime access, Klarna financing at checkout. Acquisition Lab accelerator is a separate offering with pricing not published.
Verified Jul 10, 2026Full review →
Formerly the Mainshares marketplace where self-funded searchers raised acquisition equity from 1,300+ accredited investors; it rebranded to American Operator in December 2025 and pivoted to buying $2-7M businesses outright with its own cash, installing vetted operators as salaried CEOs with 10% day-one equity and a buy-up path to majority ownership. All mainshares.com pages now redirect to americanoperator.com, and the old equity-raising service is no longer offered to new searchers.
Our take: Worth a call if you would trade deal control for a funded, salaried path into eventual majority ownership of a $2-7M business — but if you came for Mainshares' investor network to plug the equity gap in your own SBA deal, that product no longer exists.
Custom pricing · Pricing not published. Vendor-published economics: American Operator funds the acquisition all-cash from its balance sheet and holds 90% at close; the operator receives 10% ownership on day one plus "full salary and benefits" (no figures disclosed) and earns/buys toward majority over an unpublished timeline; board advisors must invest a minimum of $25K for common equity. Acquisition box: $2-7M enterprise value, $3-10M+ revenue, roughly $950K+ adjusted EBITDA. FAQs titled "Is an upfront investment required?" and "Do I sign a personal guarantee?" exist on the become-an-owner page but their answers are not in the public page text.
Verified Jul 10, 2026Full review →
A membership-based online community for the search fund / ETA world where searchers, investors, SBA lenders, brokers, and service providers network, post deals, and ask questions. Membership also bundles licensed research — 15,000+ IBISWorld industry reports, ~50,000 transaction financials/multiples — plus monthly company-contact credits for proprietary outreach and an events/internship board.
Our take: Join it — it's the town square of the search world and effectively free if you post monthly, but treat it as a network plus research library, not a deal pipeline, and filter the service-provider noise accordingly.
Subscription · From searchfunder.com homepage (fetched 2026-07-10), verbatim tiers: Monthly $79/month; Annual $19/month (prepaid annually, ~$228/year); Lifetime $432 one-time. Unusual offsets, per the vendor's own FAQ: each post or comment earns at least 30 days of free access (bankable up to 12 months); accounts maintained 4+ continuous years get permanent free access; referrals give both parties a permanent 33% discount, and 3 successful referrals earn indefinite free access. No dedicated /pricing page — pricing appears on the homepage; registration is required before seeing member content.
Verified Jul 10, 2026Full review →
Stanford GSB's free, FAQ-style practical guide to the search fund model — the standard first document for prospective searchers and the investors who back them.
Our take: The right first 90 minutes if the investor-backed path is on your list.
Free · Free (2026 edition); download gated behind a free registration form.
Verified Jul 10, 2026Full review →
Stanford GSB's biennial study of traditional search funds — 862 funds formed in the US and Canada since 1984, with data through December 31, 2025 — covering formation trends, outcomes, and aggregate returns (33.9% IRR, 4.75x ROIC).
Our take: Read it to understand traditional-search economics — just know it says nothing about self-funded search.
Free · Free (Stanford GSB case E967, published ~July 1, 2026).
Verified Jul 10, 2026Full review →
A paid, application-vetted membership program for business buyers founded by "Buy Then Build" author Walker Deibel, combining a structured onboarding curriculum, daily advisor office hours, live deal reviews, 80+ templates, 500+ broker mailing lists, and a private Slack community. Since a March 2026 "Acquisition Lab 2.0" rebrand it also houses a capital arm (dedicated fund plus an EIR program with $500k–$1M pre-committed capital) and separate paid post-close operations services.
Our take: The most credible brand-name accelerator for committed self-funded SBA searchers — the daily advisor access and live deal reviews are what you're really buying — but at $12,500 one-time with no financing, self-directed learners should start with the $20 book and free communities and join only if they want paid accountability and deal feedback.
One-time · $12,500 USD one-time for lifetime access (vendor pricing page, July 2026). No discounts or financing ("We don't have flexibility on pricing"; fee may be lender-reimbursable at closing); 30-day money-back window, non-refundable after, and refunds can be denied if a member "fully downloads materials, accesses substantial program content, or attempts to retain proprietary resources." Admission requires an application and a vetting call with a Membership Committee member. Separate paid add-ons at member-discounted rates: "Search Assistant" (during-search deal sourcing) and post-close "Operator Services" (finance/hiring back office, contact for pricing); basic Search Entity setup (~$600 value) is included with membership. Note: third-party reviews still cite $8,500–$10,000 — outdated; the fee has been raised repeatedly ($8,500 → $10,000 → $12,500).
Verified Jul 10, 2026Full review →