Buy and Build Ep 05: Joe Steigman - The Challenges of Raising a Search Fund
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Sep 27, 2021 Joe Steigman, a former US Army logistics officer and MBA graduate, shares his inspiring journey from military service to entrepreneurship. He candidly discusses the challenges he faced while raising a search fund, especially during the pandemic, and the tough decision to pivot towards launching a logistics business. Steigman highlights the importance of resilience, adaptability, and effective remote team management in his entrepreneurial endeavors. His insights emphasize the significance of logistics experience in building a successful company in a competitive landscape.
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Be Honest About Your Fundraising Fit
- I learned the hard truth that I wasn't in the top handful of searchers investors chose.
- That candid self-assessment drove my decision to stop the raise rather than chase unlikely outcomes.
Walk Away When Data Says No
- Set firm fundraising deadlines to force a plan B.
- Pivot quickly when the probability of closing by your deadline becomes low.
Use Deadlines, Not 'Burn The Boats'
- Don't follow the 'burn the boats' mantra blindly; have a plan B.
- Use deadlines and alternative options instead of forced desperation to motivate progress.