#25 - From Search to Start: Exploring Alternative Paths in Entrepreneurial Acquisitions

Rob LeBlanc is the managing partner of ambit partners, an international search fund investor that focuses on introducing traditional search strategies into new and emerging markets. Originally from Vancouver, Rob graduated from McGill in Montreal, then transitioned to management consulting in Toronto with Oliver Wyman. After broadening his private equity portfolio across North America, he earned an MBA from Harvard Business School.Inspired by his experiences, Rob relocated to South Africa in 2012 and joined an impact private equity platform that facilitated succession planning for older business owners looking to exit their enterprises to younger operators. Having successfully exited the business in 2018-2019, Rob began personally investing in search ventures, initially focusing on North America. However, his extensive experience living and working in Africa, Southeast Asia, and Latin America led him to discover new search opportunities in emerging markets.This realization prompted Rob to establish ambit partners in 2019, together with two former colleagues from South Africa. The company has since thrived, and Rob is now fully dedicated to its growth and success.Key QuotesThe Potential of Search Fund in Emerging Markets: "So we definitely see that as like a second or third order opportunity, like as the career opportunity itself is better known, and it proliferates, so too the pool of talent that great people will emerge from will broaden and deepen." — 00:20:34-00:20:48The Future of Directorship in the Era of AI: "I actually don't think it's a ceiling as much as it is. I don't think it's a binding constraint. I think it's going to actually become a catalyst of diluted returns." — 00:24:04-00:24:10Regional Opportunities in Search: "I mean, there's no trade secrets in it. I think one of the unique and wonderful things about search is how it flourishes on collaborative minority investors and searchers, and so if we think something's interesting, we hope others do too and crowd in on it. So, in that sense, I guess a regional comment is we think that just Asia, in general, is on the cusp of search being a real thing. There's such encouraging and early seeds being planted there that we just think it's ripe for a huge boom regionally."— 00:33:55-00:34:22Timestamps[00:00:23] International search fund investor expanding into new markets.[00:04:38] Fluid global-local concept valuable, changing self-identity.[00:19:28] Limited awareness, small pool, potential for growth.[00:24:49] Search assets not bad, but diluted over time. Entrepreneur key to success.[00:27:24] Increased number of searchers and capital. Director shortage.[00:30:03] Ambit: Ambition, Gambit, and sticking to expertise.[00:33:55] Asia and Brazil offer promising search opportunities.Recommended Resources (Affiliate)If you’re looking for a good editing team, I’ve been pleased with the work of We Edit Podcasts.Castmagic has helped me prepare the show notes. It provides summaries, timestamps, key quotes and a lot more, including custom prompts.