Cyrus Symoom: From Search to Scale – Navigating the Journey of Entrepreneurship Through Acquisition
![portrait of Cyrus Symoom](https://ventureforcanada.ca/cms/custom/uploads/2024/05/Cyrus-headshot-1.jpg)
5 Key Takeaways:
- Start with a Learning Mindset: Whether you’re exploring search funds or acquiring an existing business, a learning mindset are essential. Leverage existing resources and talk to experienced searchers to expand your knowledge.
- Partnership Benefits: Teaming up with someone you trust can provide emotional and operational support, which is crucial during challenging entrepreneurial endeavours.
- Search Strategies: Using a multi-channel approach for searching acquisition targets, including cold outreach, brokers, and leveraging personal networks, can increase chances of success.
- Cultural and Strategic Shifts: Emphasizing low ego and high humility can lead to more effective leadership and smoother transitional periods after acquiring a business.
- Long-term Vision: Cyrus discusses the benefits of holding and growing a business long-term, rather than aiming for a quick sell-off, a new perspective on creating lasting value.
Show Notes
[00:00:59] Cyrus details the pivotal moments that piqued his interest in entrepreneurship through acquisition. A summer internship with Queen’s University alumni introduced him to mergers and acquisitions, while witnessing other young entrepreneurs investing in small businesses sparked his curiosity.
[00:02:37] Discovery of the search fund model and the journey of raising capital.
[00:03:54] Reflecting on his early days of exploring small businesses, Cyrus emphasizes the importance of humility and learning from others.
[00:06:39] Transitioning from investment banking to ETA and the role of work-integrated learning.
[00:08:00] Cyrus explains how he cold-emailed and reached out to 30-40 different searchers to learn more about ETA.
[00:10:53] Decision to partner with a close friend for the search process and the dynamics of their collaboration.
[00:13:11] Cyrus shares the benefits of searching for businesses with a trusted partner. His best friend Jake’s complementary skill set and different personality type made the duo effective:
[00:17:07] Explanation of self-funded versus traditional search models in ETA.
[00:20:18] Discussing the psychological turmoil of a long search, Cyrus underscores the importance of setting internal KPIs and celebrating progress. He also advises adopting a curiosity mindset to stay engaged.
[00:25:54] The strategy of using multiple channels to search for acquisition opportunities.
[00:28:46] Cyrus and Jake approached their search methodically, using a combination of proprietary outreach, brokers, and leveraging their network. They ran an internship program that accelerated their search and ultimately discovered the Clariti opportunity through their network.
[00:33:24] Cyrus offers advice to searchers interested in acquiring tech companies and emphasizes the need to find a good revenue multiple that provides a margin of safety.
[00:38:17] Challenges and achievements in the first months after acquiring the company, transitioning to remote work during COVID-19.
[00:42:10] Cyrus recounts how his first 100 days were focused on communication, building relationships, and aligning the team on vision and culture.
[00:47:17] After building foundational trust, Cyrus and Jake focused Clariti on a single vertical—building permitting and community development—to differentiate the company.
[00:57:51] Discussion on long-term business operations and the evolution of ETA investment models.
[00:58:43] Cyrus encourages aspiring entrepreneurs not to wait for more experience and to take the leap into ETA
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