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The Problem
In just the past few years, the search fund landscape has changed dramatically — but not in favor of the entrepreneur. Today, only ~50% of traditional searchers end up acquiring a business, and one-third of those who do are later removed or forced out as CEO. Yet, despite these higher risks, the economics for searchers haven’t improved.
Instead, governance structures have grown more imbalanced. From preferred vs. common equity misalignment to voting control, and investor-driven relationships that dominate boards, the result is a system where searchers are often disempowered — even after closing.
What gets framed as “poor communication” or “underperformance” is, more often, the symptom of a structural problem: a power dynamic built to favor investors at the expense of operator-entrepreneurs.
We’re working to change that.
By partnering with MBA programs, ETA Clubs, and select institutional investors, we’re building a more transparent, founder-aligned ecosystem that gives entrepreneurs real governance, better terms, and long-term support.
Current Members and Schools
From select MBA Programs, ETA Clubs, and Mission-Aligned Investors
Represented Schools:
Real Data
50%
33%
of searchers are acquiring
of searcher CEOs are removed or forced out
At the MBA Search Fund Alliance, we are committed to building a roundtable where every voice is heard and valued — not just during the search process, but throughout the journey of operating and scaling a business. We believe that no demographic should be excluded from the opportunity to succeed through entrepreneurship, and we stand for a future where success is not determined by insider access or uneven governance.
To drive meaningful change, we meet quarterly with leaders from top MBA programs, ETA clubs, and aligned investors to:
Promote cleaner corporate governance — including balanced board structures, transparent voting rights, and fair term sheets.
Publish investor rankings and anonymized data to spotlight patterns of support — or abuse — across the ecosystem.
Expose structural practices that disproportionately harm searchers and post-acquisition CEOs.
Share benchmarks and critical insights to help aspiring entrepreneurs navigate investor dynamics, negotiate better deals, and thrive long-term as operators.
Through collaboration, data transparency, and unapologetic advocacy, we aim to reform the traditional model and empower the next generation of entrepreneurial leaders.