Search Funds

Your Chicago Search Fund Advisors: End-to-End Accounting, Tax, and Transaction Support

Search fund advisors help from letter of intent to closing

Mowery & Schoenfeld provides search fund support from start to finish. Whether you need help setting up your fund, managing payroll, handling financial due diligence, or navigating post-transaction details, we’ve got you covered. We also work with your other advisors, including your legal team and investors, to give you well-rounded guidance throughout the process. Most searchers find that having expert accounting, transaction, and tax support can make all the difference when it comes to making the sale as seamless as possible.

Our dedicated Transaction Advisory Services team pairs years of search fund transaction expertise with personalized attention. Beyond accounting support, we offer search fund CPA services, including delivering the key Quality of Earnings report and sending Schedule K-1 forms to investors. We become your trusted advisor as you pursue entrepreneurship through acquisition, from letter of intent to closing and beyond.

CONTACT US

Michael Kidd >
Partner, Transaction Advisory Services Leader
Mark Hallgren >
Transaction Advisory Services Director

Insights

Accounting Systems Sellers Use: What Search Funds Can Expect >
Key Considerations in Choosing the Right Audit Provider for Your Search Fund >
Quality of Earnings (QoE) Report: Pre-Sale Due Diligence >

Helping Aspiring Entrepreneurs Navigate the Search Fund Process Every Step of the Way

Launching a search fund is complex, and we know your time is limited. With roughly two years to identify, evaluate, and acquire the right business, means every decision, dollar, and advisor matters.

Here’s how the search fund journey typically unfolds, and where thoughtful planning from Mowery & Schoenfeld’s experienced consultants can make all the difference.

  • Raising search capital: The search process starts with raising search capital. Entrepreneurs fund their search by selling units (or shares) to investors. These funds are designed to cover the essentials during the search period, including the searcher’s salary, administrative costs, travel, and deal‑related expenses. Our team can help to properly set up the administrative side of your search fund and ensure compliance.
  • Finding the right business: When a potential company is on the table, searchers must quickly assess whether it’s worth pursuing. This includes evaluating the industry, current economic conditions, growth potential, and the seller’s true willingness to sell.
  • Due diligence: The goal of due diligence is to find red flags in the target company early, identify risks, and give you the clarity you need to either move forward confidently or walk away before your time and money are drained. We handle:
    • Quality of Earnings (QoE) reporting to assess the sustainability of cash flow
    • EBITDA normalization to separate one‑time items from ongoing performance
    • Revenue validation to make sure the company’s figures are real
    • Normalizing working capital to avoid surprises at closing
    • Finding tax exposure and compliance risks
    • Coordination with legal and other advisors
  • Operating the business and creating value: After closing, you’ll focus on running your business before turning your attention to driving growth. You create value through improving your operations, boosting sales, and using your resources and systems more effectively. In this stage, we can assist with your various business accounting, audit, or advisory needs.
  • Exiting the business: Search funds are long‑term investments, with an average holding time of about seven years. When the time comes, owners and investors evaluate how to exit in a way that works best for their goals. As a team that handles both sell-side- and buy-side transactions, we can help you make this transition smoothly.

Each stage of the search fund lifecycle comes with unique challenges and opportunities. Having experienced advisors alongside you throughout the process helps you make informed decisions, avoid mistakes, and meet your goals.

How M&S Walks You Through Every Step: From the First Meeting to Post-Close Advisory

Our team can step in at the fund set-up stage to help you with administrative steps like payroll, activity tracking, and tax compliance. Once your letter of intent is signed, we also provide hands-on support through financial and tax due diligence and transaction structuring.

During the deal phase, our Transaction Advisory team handles tax planning, entity structuring, and purchase price allocation, ensuring the acquisition is structured to optimize tax outcomes and operational efficiency.

Post-close, our partnership can seamlessly transition into ongoing accounting, tax compliance, audit, and advisory services or to support as a fractional CFO resource, so you can focus on growing the business rather than handling back-office operations. We also offer other services including GAAP implementation, audit and assurance services, and tax services.

LEARN MORE ABOUT TRANSACTION ADVISORY SERVICES

Ready to Move Forward? Start Your Search Fund Conversation with M&S Today

Whether you’re raising your first fund, evaluating an acquisition target, or preparing for closing, our team will assess your needs and put together a tailored advisory approach. When you get started with us, we’ll walk you through setting up essential tools like QuickBooks Online and Gusto; handle payroll tax returns, forms, and activity tracking; and make sure your accounts are organized so you’re ready for smooth operations.

Our goal is to become a long-term partner in your journey as an entrepreneur. The same team that helps close the deal stays with the business for ongoing compliance, advisory, and growth support, reflecting our commitment to lasting client relationships.

Get Started with Search Fund Services from Mowery & Schoenfeld

Talk to an advisor today.