I’m intrigued by search but trying to separate signal from romanticized stories. With two years in banking, I’m comfortable with financial plumbing and process, less so with boots-on-the-ground sales and hiring. For those who’ve searched or operated, how realistic is it to raise quickly without a traditional ops background? What did sourcing, investor updates, and deal triage actually look like week to week? And if you did close, what were your first 100 days as CEO—who did you hire first, what broke, and what would you do differently on Day 1?
Search funds: is this actually viable after 2 years in ib, and what do the first 100 days look like?
it’s viable, just not glamorous. you’ll cold email, get ignored, and question your life choices. raising without ops? possible if you’re credible and coachable, but you’ll pay that debt later in the chair. first 100 days: fix cash, meet customers, fire fast where needed. powerpoint doesn’t run payroll.
friend raised with 2yrs ib + ops mentor. sourcing was 100 emails/day. first hires: controller then cs lead. said it’s gritty but doable.
Raising is about narrative, references, and humility. Lack of ops isn’t fatal if you surround yourself with operating advisors and show you can learn quickly. Sourcing is a quota game: consistent outreach, disciplined ICP, and tight qualification. Expect weekly investor updates with real funnel metrics. First 100 days: stabilize cash, clarify org chart, meet top 50 customers, and install basic operating cadence (scorecard, weekly standups). Early hires are usually finance and a frontline leader. Your banking toolkit helps with discipline; your growth will come from people management and customer orientation.
Totally doable! Build a sharp thesis, line up operators as advisors, and run a disciplined sourcing cadence. First 100 days: stabilize, listen, act. You’ll learn fast!
I partnered with an ops-heavy co-searcher. We raised fast because our refs were bulletproof and we had a narrow thesis. Sourcing was a grind: 80–120 outbound touches/day, weekly KPI emails to investors. First 100 days, we plugged a cash leak, replaced a mis-hire in sales, and moved pricing by 6%. Banking helped with decision speed; I had to unlearn perfectionism real quick.
Viability hinges on references, thesis focus, and an operating advisory bench. Typical early cadence: 500–700 targeted outreaches/week, 5–10 qualified convos, 1–3 NDAs. Track lead sources, response rates, and conversion to IOI/LOI. First 100 days priorities: cash conversion cycle, customer concentration analysis, org health check, and a weekly KPI operating rhythm. Early hires: controller/strong FP&A and a front-line leader tied to revenue or service delivery.