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What initially motivated you to launch a SF in France, and what were your expectations at the beginning of the journey?
I was attracted to the “playbook” nature of the Search Fund model. For a first-time entrepreneur, it brings a degree of structure and reassurance, almost like following a recipe. You’re surrounded by committed investors and provided with the resources to conduct a two-year search. That level of support is quite unique.
The idea of acquiring and leading an SME in my early thirties was incredibly appealing. The prospect of ownership, of creating long-term value, and of driving a company’s success, that’s what motivated me. I expected it to be hard, having spoken with over 30 searchers, and I knew the emotional and logistical rollercoaster that lay ahead. I also understood that search is largely a numbers game, especially in a market like France, which is much shallower than the U.S., so I structured my process accordingly and adopted a flexible, opportunistic approach.
How did you structure your search in terms of industry focus, geography, and target company profile? Did that strategy evolve over time?
At the outset, I followed the classic SF framework: Sector-agnostic (but with a focus on fragmented markets with potential for M&A roll-ups, given my prior experience consolidating acquisitions in a PE-backed company), looking for companies with €1–5M EBITDA, and open to opportunities across France.
However, I quickly realized the need to adapt. My background didn’t align well with industries like software or healthcare, sectors that are typically attractive for searchers but where I lacked credibility and relevant expertise. Conversely, in areas like B2B services or HVAC, I found a much stronger fit. I could speak the same language as sellers, and that made a real difference.
Over time, I developed a more focused thesis. Competition in the €1–5M EBITDA range is intense. With many small-cap PE funds active in this segment, plus consolidators and a dense M&A intermediary network, it’s a crowded space. I signed two LOIs on brokered deals, proving that intermediated channels are still very relevant, but proprietary sourcing requires deep industry understanding and a highly targeted approach.
Ultimately, differentiation is key. Every searcher has access to the same data, so your positioning, your “story”, must stand out.
As I often say, search is a numbers game. By the end of my journey, I had built a potential database of 30,000 SMEs, contacted over 2,500, conducted detailed analysis on 150, pursued 15 potential LOIs, and reached exclusivity on 3 deals.
France appears to be a challenging market, and we’ve recently seen several entrepreneurs forced to abandon their searches. What do you believe was the main obstacle that prevented you from closing an acquisition? Was it a lack of opportunities, deal negotiation issues, financing, or something else?
There isn’t one single factor, it’s a combination. The original SF model was born in the U.S., in a gap where PE didn’t go below a certain EBITDA threshold. In France, that gap doesn’t exist. With dozens of PE funds going as low as €1M EBITDA, a highly intermediated market, and easy access to company financials, it becomes difficult for a searcher to compete on equal footing.
Relationships with sellers matter, of course. But many still doubt a solo entrepreneur’s ability to raise equity and close efficiently. For the sake of speed and certainty, many prefer selling to a PE firm or strategic buyer.
On my end, a broader search across multiple sectors diluted my efforts. Despite strong outreach, I never found viable deals in industries where my background was not a fit. In hindsight, I would have focused exclusively on the top three sectors that aligned with my experience and value proposition.
Also, sellers increasingly recognize the SF model and the risks it entails, especially around deal certainty. The fundraising hurdle can cause deals to collapse late in the process, and that’s a red flag for many intermediaries.
That said, France has strengths. Debt financing is accessible—2.5x EBITDA is standard for senior bank debt. The French sovereign wealth fund Bpifrance has recently launched a new SME transmission loan, equivalent to the US SBA loan, providing an additional source of financing for searchers. Sellers are open, responsive, and generally willing to engage. But in such a competitive environment, your credibility and focus are everything.
You had a few deal opportunities that came close to closing. What happened, and what did you take away from those experiences?
The most promising deal fell apart during the SPA negotiations. I had secured both equity and debt, but the seller ultimately backed out. Despite offering an equity rollover, he decided to hold onto the business and wait for a more lucrative exit in a few years. It was a tough blow, particularly as I had depleted most of my SF budget on due diligence and legal fees.
I continued searching and even signed another LOI. But this time, I couldn’t rally enough investor interest, and after two years, I chose to end the search.
Key takeaways? First, don’t spend heavily on advisors unless you’re truly confident the deal will go through. Those costs add up fast. Second, trust the red flags: inconsistent behavior from sellers, weak investor interest, unnecessary complexity, these are all signs. Also, if you’re granted exclusivity on a brokered deal that usually attracts PE buyers, be cautious. You’re likely not there just because you “look nice.”
Timing, discipline, and judgment are essential throughout the process.
After two years of searching, what are the key personal and professional lessons you’re taking away from this journey? How did you handle the emotional pressure and uncertainty that often come with a prolonged search process?
This journey was incredibly enriching, both personally and professionally. Coming from a financial and engineering background, I had to develop new skills: how to pitch myself, build outreach strategies, and connect meaningfully with owners. I also learned how to truly assess what drives long-term value in a business, not just what looks good on paper.
Running the process solo was tough. I had to manage everything: deal sourcing, due diligence, fundraising, negotiations, without a partner to share the weight. You need to convince every stakeholder along the way: brokers, sellers, banks, investors, and even your family.
To stay grounded, I made a point of maintaining a balanced lifestyle. Yoga and sports were essential. I also leaned on a supportive network of fellow searchers, both in France (Thomas and Dimitri) and abroad which provided much-needed perspective. Most importantly, my wife was my biggest source of strength. Her support made all the difference during the most difficult periods.
The psychological toll is real, especially on your family. That’s something all aspiring searchers should consider seriously.
What role did your investors play throughout the search? How did that relationship evolve during the more challenging moments?
Managing 17 investors is no small feat. Group emails don’t cut it, you need one-on-one relationships, and that takes time and energy. This aspect is often underestimated in the SF world.
Most of my investors were supportive, especially during tough moments. They encouraged me, offered guidance, and remained patient. But at the end of the day, it’s your project. You have to do the work and find a company you truly believe in, one you can genuinely see yourself running for the next 10 years. Don’t wait for investor consensus, because you’ll never get it. You’ll receive different, and sometimes conflicting, feedback, so it’s critical to stay true to your own analysis and convictions.
I believe investors can add the most value during the final stages: deal structuring, fundraising, and later as board members post-acquisition. During the search process, they can help searchers quickly kill deals by providing early feedback, but it’s not always easy to get their attention, especially if the deal is not yet under LOI. Overall, I’m grateful for their trust, and I’m happy to maintain strong relationships with many of them even after closing my SF.
If you could go back to the beginning of your search, what would you do differently? What advice would you give to someone who is about to launch a Search Fund today?
Looking back, I would have spent more time looking for a great partner. Solo searching is intense.
If you can afford it, consider a self-funded search if you’re looking to operate in France. It allows you to target smaller businesses in the €500–800k EBITDA range, well below the radar of PE firms, where competition is lower and the pool of opportunities is significantly larger than in the traditional SF space.
My advice:
- Be crystal clear on your value proposition to sellers. Know your story: which industries you’re credible in, what skills you bring, and how you’ll run a business.
- Don’t search across all sectors, focus where you add value and can be remembered.
- Don’t try to underpay for a company you believe is worth more. Pay the seller a fair market price—it will save you a lot of time.
- Don’t wait for the company that fits all search criteria: it doesn’t exist. Instead, do pick a few criteria that you are willing to abandon.
- If you have to choose between the quality of the market and the quality of the company, choose the market. It’s nearly impossible to grow a company facing market headwinds, but you can improve an average company in a strong market.
- Take full advantage of France’s strong debt market: 3x EBITDA leverage is very accessible.
What are your plans going forward, and how has this experience shaped your next career steps?
I want to stay close to entrepreneurship and the SME world.
One of my final pieces of advice: know when to stop. Don’t wait until your back is against the wall to make a deal by default. The opportunity cost only increases with time.
In entrepreneurship, it’s not about avoiding failure, it’s about failing fast and moving forward. This journey has been tough, but incredibly formative. I am deeply convinced that this experience will be highly valuable in my next career step.
