Entries by Ted Baxa

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Growth Handbook (Pricing)

[Note: This post is a chapter of our Growth Handbook, a guide on organic growth for search funds and mid-market operating executives.] Pricing Optimization Warren Buffett has said the single most important decision in evaluating a business is pricing power. Search-CEOs naturally target companies with meaningful market power, and the opportunity for EBITDA growth through […]

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Growth Handbook (Part 1)

1. Introduction & Objectives Search fund entrepreneurs and investors develop thoughtful and well-researched growth assumptions when underwriting deals. We construct detailed models and populate rows of Excel, backed by insights from expert calls and hours of analysis. We invest millions of dollars based on these assumptions, which will turn into millions more if the even […]

Podcast Appearance: Badge Stone’s Journey

WSC Co-Founder and Partner Badge Stone was recently interviewed on Alex Bridgeman’s podcast Think Like an Owner. In the discussion, Badge describes his journey through search as an entrepreneur, operator and investor. Take a listen!

The Psychology of Search

“Search is 90 percent mental. The other half is physical.” -Yogi Berra (with some editorial liberty) The great Yogi Berra may have initially been speaking of baseball when he uttered the quote above, but the principle applies equally to successfully operating a search fund. Raw analytical horsepower, technical skills and knowledge are no doubt critical […]

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How to Raise a Search Fund

The team at WSC recently gave a presentation to a group of business school students contemplating raising search funds. We thought we’d “open source” the best practices we shared, based on our experiences backing 100+ search funds and meeting many hundreds more. We hope the search community finds these 9 best practices helpful. Be certain […]