Glossary · People and paperwork
In short
A buyer (often backed by investors) whose full-time job is finding one business to buy and run. A growing share of small-business buyers.
A search fund raises money from investors to cover a buyer's salary and operating costs during the one-to-three-year search for an acquisition target. When the target is found, the fund typically raises acquisition capital from those same investors. Traditional search funds work in a formal fund structure; self-funded searchers operate with personal capital and a tighter timeline. Both types are increasingly common in the lower middle market and compete with individual buyers for SBA-financeable businesses.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-14 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
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