Preview case

Click Preview case to review the first page of this case

Main case New

Insearch Ltd: Searching for a company to buy

By Simon Webster


By March 2022 Steve Webb had spent more than three years looking for a company to acquire. He was in final negotiations to buy a company, but he and the vendors did not see eye-to-eye on its valuation. Steve was also concerned about how to structure an offer. He was in a difficult financial situation: the search had lasted much longer than originally planned, the £250,000 of search capital had been spent, his company, Insearch Ltd, had outstanding legal bills, and it would take another £40,000 in legal and accounting fees to complete the transaction. He wondered if this was the time to get a “proper job”.

Learning objectives

  1. Understand the temperament required to be an entrepreneur through acquisition.
  2. Understand how funds are raised for a search fund.
  3. Illustrate the importance of having clear search criteria to evaluate potential acquisitions.
  4. Demonstrate the determination, self-motivation and timescale typically required to succeed in ETA.
  5. Enable students to reflect on the personal characteristics required before embarking on ETA. This could stop them making an unsuitable career choice!


Publication Date: October 2023
LBS Case Code: CS-22-019
Subjects: , ,
Geography: ,
Pages: 16
Format: pdf