Breaking the Glass Ceiling: How Women are Reshaping the Search Fund Landscape

For years, the entrepreneurship through acquisition (ETA) world resembled an exclusive men's club – complete with the metaphorical cigars and leather chairs. The statistics painted a stark picture: a field dominated by male searchers, male investors, and male mentors. But that landscape is undergoing a remarkable transformation, with female entrepreneurs not just entering the space but thriving in it.

The Women's Search Network, co-founded by investors Sara Rosenthal and Lacey Wismer, has emerged as a game-changing force in this evolution. This organization doesn't just provide resources – it sends a powerful message that women belong in the ETA ecosystem. As Wismer aptly put it, "if you're a woman interested in ETA, you're wanted here and there are people ready to help you succeed." That statement represents a staggering shift from just a decade ago, when a Yale study highlighted how the homogeneous nature of the search community risked alienating potential female participants.

The challenges women face in this space aren't trivial. Female searchers often report having to work harder to establish credibility, particularly when targeting traditionally male-dominated industries. Imagine walking into a manufacturing plant as a female buyer – you might face assumptions about technical knowledge that your male counterparts never encounter. The fundraising landscape presents its own hurdles, with women pitching to investor groups that have historically been overwhelmingly male.

Yet female searchers have developed impressive strategies to overcome these obstacles:

- Creating powerful peer networks where women share investor introductions and advice

- Leveraging female investor groups actively looking to back women-led deals

- Cultivating mentors who've navigated similar paths

- Using data-driven approaches to make their case incontrovertible

- Turning perceived "disadvantages" into strengths – many report that their communication style helps build stronger relationships with sellers

Perhaps most fascinating is how women are flipping the script on traditional assumptions. One investor noted that he actively seeks female-led search funds because "they often run circles around the guys in terms of organization and outreach." Whether that's broadly true or not, it's clear that the women entering this field bring exceptional motivation and talent.

The success stories are multiplying. Joyce Johnson stands out as one of the early female search CEOs who successfully acquired and grew companies. Other women have managed acquisitions while balancing family life – including one searcher who acquired a healthcare services business while expecting her first child. These pioneers are dismantling the myth that search fund life is incompatible with family responsibilities.

The momentum is undeniable. In 2021, women led a significantly higher percentage of new search funds than ever before. Business schools are actively encouraging female students to explore ETA through dedicated events and panels. The Women of ETA Summit has become a regular fixture, making the path more visible and accessible.

For any woman contemplating this path, the message from the trailblazers is clear: the field is yours to shape, and unlike just a few years ago, you won't be alone on the journey. As these successful female entrepreneurs become investors and mentors themselves, they're creating a virtuous cycle that strengthens the entire ETA ecosystem. After all, broadening the talent pool isn't just about diversity for its own sake – it means more exceptional searchers finding and growing more exceptional companies.