Endurance Search Partners has published the results of its latest survey of 55+ exited North American SF CEOs. The main objective of this study was to better understand the longer-term career journeys of searchers after their first exit: the range of new opportunities they pursued post-exit, their motivations, and how they reflected on their time as a search CEO.
The results confirm that search is not just a stage — it’s a career-defining decision. Once you’ve stepped into the CEO role, you rarely step out of it. Most who choose the ETA path are seeking flexibility and balance, growth, ownership, and financial rewards.
For current or aspiring searchers, this is both encouraging and eye-opening. The search journey is demanding. It takes grit, patience, and conviction. But as Endurance Search Partners point out: “The reward isn’t only financial; it’s the transformation of your career trajectory and your identity as a leader.” That’s a path filled with both risk and opportunity.
Key takeaways from the study:
- A majority (58%) continue operating, mostly multi-company portfolios. A minority focus primarily on investing (29%), and fewer than 20% choose to run a single company again. There has been a shift away from investing in more recent cohorts (post-2020).
- When transitioning out, 80% of search CEOs stay on—at least part-time—after their search investors exit, and 56% rolled equity, with 33% as the average equity roll.
- Those pursuing a second search are more often looking to hold for the longer term, with nearly half targeting a 10+ year hold. 52% are pursuing consolidation (build-up/roll-up strategies). The diversity of vehicles raised (independent sponsor, traditional SF, holding company, committed capital vehicle) reflects this longer-term orientation, with 43% seeking a 10+ year hold. Geographic constraints and industry focus are common for second-time searchers (not surprising given their life/career stage). Notably, 90% found it easier than their first search.
- Among those who decided to invest, about half raised third-party capital, while 48% invest their own. 80% invest in SFs, backing on average 5 searchers per year post-exit.
- The vast majority of CEOs highlight personal growth and control as the best parts of being CEO. The most challenging aspects were day-to-day stress, maintaining work/life balance, and managing teams.
- The most common advice on “life post-exit”: take time to reflect, leverage your experience and financial security to optimize around personal goals, work with good people you enjoy, and think long-term.
