For the Moonbase Capital community of search fund entrepreneurs, Acquired: The Art of Selling a Business with $10 Million to $100 Million in Revenue by Jacob Orosz offers an invaluable perspective that flips the script on traditional acquisition thinking. While Orosz writes for business owners preparing for an exit, his insights are essential for anyone looking to buy and operate businesses through the search fund model.

Why This Book Matters for Search Fund Entrepreneurs

Jacob Orosz, President and Founder of Morgan & Westfield, has spent over 25 years helping business owners navigate one of the most significant decisions of their lives—when and how to exit their companies. While he writes primarily for sellers preparing for an exit, his insights are gold for anyone on the buy-side of these transactions.

Having successfully participated in or managed the sale of over 300 (at the time of writing) privately held companies across North America, Europe, Asia, and beyond, he’s witnessed every reason a transaction succeeds or fails. More importantly, he understands the deeply personal nature of selling a business that someone has poured their heart into building.

Key reasons this book is essential for searchers:

See Through the Seller’s Eyes: Orosz’s framework for understanding when and why owners sell provides crucial insight into their emotional and financial calculus. This knowledge helps you craft more compelling outreach, anticipate objections, and build trust with sellers who may be considering transitions for deeply personal reasons.

Understand What Makes a Business “Sellable”: The book’s detailed breakdown of value drivers—profitability, management depth, customer concentration, and scalability—directly aligns with what searchers should evaluate in targets. Orosz’s case studies on failed deals (inaccurate financials, owner dependency, key employee risk) serve as a diligence checklist.

Recognize Preparation Quality: Sellers who follow Orosz’s guidance will have cleaner books, clearer growth plans, and realistic expectations. As a buyer, you’ll quickly identify properly “prepped” businesses—and recognize red flags when they haven’t been.

Navigate the Deal Process: From exit options to structuring, due diligence, and closing, Orosz demystifies the entire journey. This proves invaluable for first-time buyers seeking to understand the seller’s perspective and keep deals on track.

Directly Applicable Learnings

Identify Motivated Sellers: Orosz’s framework for seller motivations—burnout, industry changes, liquidity needs—helps you target outreach and tailor pitches to what matters most to each owner.

Spot and Address Deal Killers: Real-world examples of failed transactions provide a primer for diligence red flags and risk mitigation strategies through creative deal structuring.

Position Yourself as the Preferred Buyer: Understanding seller priorities (legacy preservation, employee care, confidentiality, transaction speed, price) allows you to differentiate from private equity and strategic acquirers.

Structure Win-Win Transactions: Comprehensive coverage of deal structure, earnouts, seller financing, and transition planning provides tools for crafting creative offers that address seller concerns while protecting buyer interests.

Key Takeaways for Search Fund Operators

Empathy as Competitive Advantage: Deals are won by those who understand and respect the seller’s journey. Orosz delivers a masterclass in seller psychology.

Preparation Equals Value: The more “sale-ready” a business appears, the smoother your acquisition process. Use Orosz’s preparation framework as a due diligence tool.

Universal Red Flags: Transaction failure reasons remain consistent across industries and geographies. Learn from these case studies to avoid common pitfalls.

Problem-Solving Positioning: Many sellers are motivated by challenges they cannot or prefer not to address. Position yourself as the solution, not merely another buyer.

Final Recommendation

Acquired transcends its intended audience to become a buyer’s playbook for understanding lower middle market dynamics. What makes this book particularly valuable is how it transforms your perspective from simply acquiring a business to truly understanding the human story behind every transaction.

We’ve seen firsthand at Moonbase Capital how searchers who grasp the seller’s emotional journey consistently close better deals and build stronger relationships.

Orosz gives you that understanding in spades. Whether you’re crafting your first outreach email or sitting across the table during final negotiations, the insights in this book will make you a more thoughtful and effective partner to the entrepreneurs whose life’s work you’re hoping to carry forward.

Pick up a copy here. Your future sellers—and your future self—will thank you for it.