LenderHawk analysis. Not affiliated with or endorsed by Search Funded: The ETA Podcast.
Dustin Johnson describes launching Viva Partners as a traditional search fund with his wife Camilla after careers in private equity and consulting. He walks through relocating to Canada, raising search capital during COVID, and the realities of sourcing in a crowded lower-middle-market where differentiation and seller relationships matter most.
Aspiring searchers deciding between traditional and self-funded models, especially those fundraising in Canada or competing in crowded lower-middle-market sectors.
Traditional search fund investors expect standardized terms, so there is limited room to negotiate the structure once you choose that route.
Investor sequencing matters: getting a few early pitches and refining the story can materially improve fundraising momentum.
Searchers need a sharply differentiated thesis because generic outreach blends in with the volume of acquisition emails sellers already receive.
For many sellers, the decisive factor is trust and personal fit rather than the absolute highest valuation.
Software can fit the search-fund playbook, but the category is highly competitive and valuations are often stretched.
Smaller deals can be easier to source and buy because they face less competition and can offer better returns if the buyer owns a larger share.
A mission-driven acquisition thesis can be a real sourcing advantage when it aligns with seller values and the buyer’s operating style.
The search was launched by Dustin Johnson and Camilla Johnson in May 2020, with the business physically relocated to Canada in December 2020 and the search fully closed by March 2021.
He gives a timeline from resignation through relocation, verbal close, and legal close.
The search fund investors expected a standard traditional-search structure with 10-plus-2-year fund extensions.
He contrasts traditional search terms with the flexibility of self-funded search.
Average search-fund exits are closer to 7-8 years, even though some happen in 5 years.
He explains the longer-term orientation of traditional search funds versus private equity.
His children were 5 and 3 years old during the search.
He describes managing the search while raising young children.
He says businesses under $1 million of EBITDA face less competition and better valuations.
He compares easier sourcing conditions at smaller deal sizes with the broader market.
Pitch a few lower-priority investors first so you can iterate on the story before approaching the investors you most want.
Why: Early repetitions improve the pitch and can increase traction with better-known investors later.
Build your acquisition thesis around a niche industry with sticky, recurring revenue and clear growth.
Why: Traditional search investors strongly favor this pattern because it matches the classic search-fund playbook.
Develop a distinctive reason why you are the right buyers for a seller before doing mass outreach.
Why: Sellers respond better when the message clearly explains why your background and motivation fit their business.
Consider smaller deals if you want less competition and more flexibility on valuation.
Why: Sub-$1 million EBITDA businesses can be easier to win and may produce excellent economics if you own more of the deal.
Use mass outreach for pipeline coverage, but focus effort on the relationship-driven opportunities that move beyond first calls.
Why: High-volume blasting creates activity, but meaningful progress comes from sellers who identify with the buyer and trust the long-term fit.
After years in private equity and consulting, they decided at roughly the same time that they wanted a more entrepreneurial path. They relocated from Switzerland to Canada during COVID, raised a traditional search fund, and were fully up and running within about nine to ten months.
Lesson: A search fund launch can be executed quickly if the partners are aligned on geography, model, and urgency.
They initially sent broad outreach to many businesses, but found that the volume produced calls without enough high-quality leads. Over time, they shifted toward a more differentiated message and deeper focus on industries that matched their background.
Lesson: Volume helps with process coverage, but a clear thesis and personal fit are what move seller conversations forward.