The single most important resource a searcher can download before starting their journey, regardless of geography.
The Stanford Search Fund Primer is published by the Center for Entrepreneurial Studies at Stanford Graduate School of Business, the institution that pioneered the search fund model in 1984. Downloading the kit requires completing a short registration form after which the full package downloads immediately. The kit contains the complete Primer document plus 27 exhibits including sample legal documents, financial models and operational guidance covering every stage from fundraising through post-acquisition management.
What it covers
- A comprehensive guide to the search fund model covering fundraising, searching, acquiring and operating a company
- Excel financial models for acquisition valuation, capital structure analysis and investor return calculations across optimistic, base case and pessimistic scenarios
- Practical guidance on deal sourcing, owner outreach, industry evaluation, valuation and deal structuring
- A sample due diligence checklist covering financial, legal and operational areas, useful for planning the post-LOI exclusivity period
- Guidance on post-acquisition management covering the first 100 days, governance, board composition and communicating to employees and customers
- A sample LOI template and legal memo on letters of intent, drafted by US law firms Goodwin Procter and Perkins Coie. Useful as a structural reference to understand what an LOI contains and how it works. Requires adaptation for European jurisdictions
- Fund formation documents including sample private placement memorandum, LLC agreements and subscription agreements. Useful as a structural reference. Requires adaptation for European legal and regulatory contexts
Relevance for European searchers
The Stanford kit was written for the US market. The financial models, deal evaluation frameworks, industry screening criteria, owner outreach guidance and post-acquisition management advice apply directly to European search fund practice and are fully relevant regardless of geography. The legal documents, deal structures and financing conventions reflect US practice and require adaptation for European jurisdictions. European searchers should read the kit alongside the IESE International Study and the Yale European Reference Guide to get the complete picture calibrated to their market.
Access
Complete a short registration form to download the full kit
Pricing
Completely free
