Strategies for Managing and Facilitating the Search Fund Process With Jeff Stevens of Anacapa Partners
Episode's Guest

Jeff Stevens
Jeff Stevens is the Founder and Managing Partner of Anacapa Partners, a private equity fund with a strategic focus on partnering with principals who operate within the search fund framework and want to invest in companies with highly predictable revenue models. Through the last 12 years, Anacapa Partners has invested in over 200 entrepreneurs in over 80 operating companies.
He has over 30 years of experience forming, structuring, operating, and investing in search fund companies as a multiple-time CEO and investor. Jeff has managed three funded searches from 1990-2005, each one culminating in the acquisition of a lower-middle market company. Jeff has a bachelor's degree in arts and MBA from Stanford University and remains actively involved in the Stanford community through entrepreneurship courses at its Graduate School of Business.
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In this episode…
Do you dream of becoming an entrepreneur but don’t think it’s possible? Acquiring, operating, and owning your own business is achievable if you use the search fund model. But where does anyone begin? According to Jeff Stevens, you don't necessarily have to have experience or money to be an entrepreneur. You can become one through the search fund process — the most direct route to owning and managing a company. The objective of a search fund is to provide a vehicle for young, aspiring entrepreneurs who want to acquire, operate, manage, and grow a company. Along with his team, Jeff shares how they are partnering with promising young entrepreneurs and building thriving companies together. In this episode of The Game is The Game Podcast, Keith Burns sits down with Jeff Stevens, Founder and Managing Partner of Anacapa Partners, to discuss how to become an entrepreneur through the search fund business model. Jeff talks about his entrepreneurial journey to the search fund space, the value of relationships and communication in the search fund ecosystem, the lessons he's learned from being an operator, and strategies for managing and facilitating the search fund process.Here’s a glimpse of what you’ll learn:
- Jeff Stevens’ entrepreneurial journey to the search fund space
- Jeff’s first search process launch and finding his first company
- The early days of running a newly purchased business
- The value of forming relationships and frequent interactions in the search fund space
- Why entrepreneurs avoid juggling multiple searches simultaneously
- Lessons Jeff’s learned from being an operator
- Why Jeff became accessible as an investor and a mentor
- The legacy Jeff wants to leave with Anacapa Partners
- Creating awareness of the opportunities available through search funds
Resources Mentioned in this episode
- Apex Physics Partners
- Keith Burns on LinkedIn
- Anacapa Partners
- Jeff Stevens on LinkedIn
- Jeff Stevens Email: jeffstevens@anacapapartners.com
- "How To Find, Buy, And Run a Successful Business With Nick Gallo and Giovanni Gallo of ComplianceLine" on The Game Is The Game
- "Running a Successful Business as a Person of Color With Jane Kaggwa-Snow of AquaVita" on The Game Is The Game
- "What It Takes To Become an Entrepreneur With A.J. Wasserstein of the Yale School of Management" on The Game Is The Game
- "How To Become an Entrepreneur Through Acquisition With Brian O'Connor of NextGen Growth Partners" on The Game Is The Game
- "Why Integrity and Leadership Are Essential for Scaling a Business With Markus Scott of EyeQ Monitoring" on The Game Is The Game
- Designing Your Life: How to Build a Well-Lived, Joyful Life by Bill Burnett and Dave Evans
- Braving the Wilderness: The Quest for True Belonging and the Courage to Stand Alone by Brené Brown
Show Credits
Hosted by: Keith Burns
Special Guest: Jeff Stevens
Produced by: Lullwater & Co.
Edited by: Rise25
Sponsorship
This episode is brought to you by Lullwater.
Lullwater is a private family holding company where we focus on small business investing and operations.
We invest in entrepreneurs who are changing the world, one small business at a time.
This is not just another investing podcast but rather a conversation around building a more just, diverse, fruitful, and thriving world.
Explore the site to learn more about Lullwater & Co., their mission, and who they serve.
Apex Physics Partners
This episode is brought to you by Apex Physics Partners.
At Apex Physics Partners, we provide expert, patient-focused, and relationship-driven partnerships that empower patient care and allow physicists to be physicists.
We provide diagnostic and radiation safety solutions to ensure your practice is regulated and compliant, so your patients are cared for safely.
We partner with medical physics practices to oversee business management and administration, and we offer exciting career opportunities for people in the medical physics industry.
To learn more about Apex Physics Partners, go to apexphysicspartners.com, or you can email us at apexinfo@apexphysicspartners.com.