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In late 1999, three young entrepreneurs are evaluating which, if any, of four companies to buy. They have been searching for a small business to acquire, using the ''search-fund'' concept to raise capital to finance their acquisition search and, ultimately, their acquisition. The case relates the concept of the search fund and the experience of the three entrepreneurs in their first nine months of operation. The tasks for the student are to evaluate the progress of the entrepreneurs to date and to recommend action on the four investment opportunities. Little numerical figure-work is required; rather, the analytical challenge is in testing the suitability of investments against strategic and financial criteria. The objectives of the case are to (1) explore the attributes of efficient and effective acquisition search, (2) illuminate the concept of a search fund and the requisites for search-fund success, and (3) exercise students’ skills in the analysis of investment opportunities.