How to Land a Search Fund Internship: Your Complete Guide
Everything you need to know about securing internship opportunities at search funds and acquisition-focused firms. From preparation to application tips.
Search fund internships represent one of the most unique and valuable opportunities in the entrepreneurship landscape. Unlike traditional internships at large corporations, these positions offer direct exposure to deal-making, business operations, and the entrepreneurial mindset that drives successful acquisitions.
What Makes Search Fund Internships Special?
Search fund internships aren’t your typical summer jobs. They’re intensive, hands-on experiences where you’ll work directly with entrepreneurs who are actively acquiring and operating businesses. This means you’ll be involved in real deals, real decisions, and real outcomes.
Key Differences:
- Direct CEO Access: Work directly with the searcher/CEO
- Real Deal Experience: Participate in actual acquisitions
- Entrepreneurial Exposure: Learn from operators, not just analysts
- Network Building: Connect with investors, advisors, and industry leaders
- Varied Responsibilities: From financial modeling to operational improvements
What You’ll Actually Do
During the Search Phase
- Deal Sourcing: Cold outreach to potential acquisition targets
- Initial Screening: Evaluate businesses against acquisition criteria
- Market Research: Analyze industry trends and competitive landscapes
- Financial Analysis: Build models and assess investment opportunities
- Due Diligence Support: Research management teams, customers, and operations
During the Acquisition Phase
- Due Diligence Deep Dive: Detailed analysis of target companies
- Investor Materials: Prepare presentations for potential investors
- Deal Support: Assist with negotiations and transaction logistics
- Integration Planning: Help prepare for post-acquisition operations
Post-Acquisition Operations
- Performance Monitoring: Track KPIs and business metrics
- Strategic Initiatives: Support growth and improvement projects
- Investor Relations: Help prepare updates and reports
- Operational Excellence: Identify and implement efficiency improvements
Skills That Matter Most
Technical Skills
Financial Modeling: Ability to build and analyze financial models Excel/Google Sheets: Advanced spreadsheet skills are essential Research Capabilities: Strong ability to gather and synthesize information Data Analysis: Comfort with analyzing business performance metrics
Soft Skills
Communication: Ability to present findings clearly and persuasively Persistence: Comfort with rejection and ability to push through challenges Curiosity: Genuine interest in how businesses work and grow Professionalism: Ability to interact with business owners and investors
How to Prepare
Educational Foundation
- Accounting Fundamentals: Understand financial statements
- Finance Basics: Learn about valuation methods and investment concepts
- Business Strategy: Understand competitive advantage and growth strategies
- Industry Knowledge: Research target industries and market dynamics
Practical Experience
- Previous Internships: Any business experience is valuable
- Case Competitions: Participate in business case competitions
- Investment Clubs: Join or start investment clubs at your school
- Entrepreneurship: Start a small business or side project
Reading List
- “Searching for a Corporate Savior” by Rakesh Khurana
- “The Outsiders” by William Thorndike
- “Good to Great” by Jim Collins
- Industry-specific resources and case studies
Where to Find Opportunities
Direct Approach
- Search Fund Databases: Use Stanford’s search fund database
- LinkedIn Outreach: Connect with active searchers
- Conference Networking: Attend search fund and entrepreneurship events
- Alumni Networks: Leverage school connections
Formal Programs
- University Partnerships: Some schools have direct relationships
- Accelerator Programs: Look for entrepreneurship-focused accelerators
- Industry Events: Search fund conferences often discuss internships
Application Strategy
Timing
- Summer Internships: Apply by March for summer positions
- Part-Time Roles: Can be available year-round
- Post-Graduation: Often available for recent graduates
Application Materials
Resume: Highlight analytical skills, business experience, and entrepreneurial interests Cover Letter: Demonstrate understanding of search funds and specific interest in the firm Portfolio: Include relevant financial models, research projects, or case studies
Interview Preparation
- Know the Business: Understand the searcher’s background and investment thesis
- Industry Knowledge: Be prepared to discuss target industries
- Deal Analysis: Practice walking through how you’d evaluate a business
- Questions: Prepare thoughtful questions about the search process and business
Compensation and Expectations
Typical Compensation
- Summer Internships: $15-30/hour depending on location and experience
- Part-Time Roles: $20-40/hour for skilled positions
- Post-Graduation: $40-60k annually plus potential equity upside
Time Commitment
- Summer Internships: 40 hours/week for 10-12 weeks
- Part-Time: 15-20 hours/week during school
- Full-Time: Standard 40+ hour weeks
Making the Most of Your Experience
Maximize Learning
- Ask Questions: Don’t be afraid to ask why decisions are made
- Seek Feedback: Regular check-ins with your supervisor
- Document Everything: Keep detailed notes of what you learn
- Network Actively: Build relationships with everyone you meet
Deliver Value
- Be Proactive: Look for ways to contribute beyond assigned tasks
- Quality Work: Always double-check your analysis and presentations
- Meet Deadlines: Reliability is crucial in fast-moving deal environments
- Stay Curious: Show genuine interest in the business and industry
Common Challenges and How to Overcome Them
Information Overload
Challenge: Drinking from the fire hose of business information Solution: Focus on understanding fundamentals first, then build complexity
Rejection Sensitivity
Challenge: Cold outreach and deal rejection can be discouraging Solution: Understand that rejection is part of the process, not personal
Steep Learning Curve
Challenge: Lots of new concepts and business terminology Solution: Don’t hesitate to ask for clarification and take detailed notes
Long-Term Career Benefits
Skills Development
- Deal Experience: Valuable for investment banking, private equity, or entrepreneurship
- Business Acumen: Deep understanding of how businesses operate
- Network: Connections with successful entrepreneurs and investors
- Confidence: Experience working with senior business leaders
Career Paths
- Follow-On Opportunities: Many interns are offered full-time positions
- Investment Banking: Strong foundation for finance careers
- Private Equity: Direct deal experience is highly valued
- Entrepreneurship: Understanding of acquisition as path to business ownership
- Corporate Development: Skills transfer to M&A roles at larger companies
Getting Started
The search fund internship landscape is competitive but accessible to those who prepare properly. Start by:
- Building Foundation: Develop financial modeling and business analysis skills
- Networking: Connect with searchers and industry professionals
- Applying Early: Don’t wait for perfect qualifications
- Staying Persistent: Follow up professionally and consistently
Search fund internships offer an unparalleled opportunity to learn entrepreneurship from the inside out. While the work is demanding and the pace is fast, the experience provides invaluable insights into business acquisition and operations that will serve you throughout your career.
Ready to take the next step? Start by building your foundational skills and connecting with the search fund community. The opportunity to work alongside successful entrepreneurs and gain real deal experience is worth the effort.
Want to be notified about search fund internship opportunities? Sign up for our internship alerts to get early access to positions from our network.
By submitting this form, you'll be signed up to our free newsletter, which sometimes includes mentions of our resources and courses. You can opt-out at any time with no hard feelings 😉 Here's our privacy policy if you like reading.