Buyers acquiring controlling stakes in businesses too small for institutional private equity, typically under $10M in enterprise value. It's a size category, not a strategy, which is why the buyers inside it behave so differently from one another.
The term covers solo acquirers with an SBA loan, small funds with committed capital, and permanent-capital holding companies. Same size range, three completely different owners. This page explains which is which and how to tell them apart on a first call.
One person buying one business to run themselves, often through a search fund or a self-funded search. Frequently excellent operators who care enormously about the company, because it will be their whole life.
Personal savings plus an SBA loan or seller financing, arranged after you agree terms.
Highest risk of the deal falling through, because financing is arranged after the letter of intent. Ask for a commitment letter, not a pre-qualification.
A fund of $20M to $200M buying controlling stakes in small companies, often with an operating team behind it. Professional, structured, and running the same clock as larger private equity on a smaller scale.
Committed capital from limited partners, with a fund life and a return date attached.
Reliable close, real resources, and a resale in three to five years that is built into the structure from day one.
A permanent-capital buyer acquiring companies to hold indefinitely. This is us. No fund life, no resale planned, returns come from operating the business rather than selling it on.
Cash on the balance sheet, from operating profits or long-horizon investors with no return date.
Certainty and speed when the cash is genuinely there. Verify it: some holdcos raise per deal, which puts you back in type one.
Ask all six on the first call. Ask us too. A buyer who won't answer them plainly is telling you something either way.
On a balance sheet, in a committed fund, or in a loan you'd need to apply for. This single question separates the three types faster than anything else.
Closed deals, not letters of intent signed. A buyer with no closes is learning on your company.
Forever, five years, or until the fund needs liquidity. There's no wrong answer, only an answer you should know before you sign.
You, them, or someone they hire. Individual acquirers usually run it themselves, which is a different future for your team than a holdco that keeps the existing leadership.
Then call one of them, chosen by you rather than introduced by the buyer.
Earnouts, seller notes and rolled equity all mean part of your price depends on what happens after you stop controlling the company.
The acquisition of controlling stakes in businesses too small for institutional private equity, generally under $10M in enterprise value. It describes deal size rather than a single strategy, which is why the buyers within it range from solo acquirers to permanent-capital holding companies.
Curious is a long-term holding company that buys and grows software companies with empathy.
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