This is the remarkable story of a guy who started a traditional search fund at age 48, and went on to deliver recordbreaking IRR to his investors. Now, even if you're not considering a traditional search fund — and most of you are not — there is a tremendous amount to learn from Sandy's experience. My favorite takeaway is simply that Sandy didn't fit the mold, and that made raising money hard. But he persisted, eventually got his search funded, and then hit a grand slam. Please enjoy this conversation with Sandy Paige, former CEO of Explora BioLabs.

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CONTENT
00:07:13. Sandy's operating experience
00:12:56. Difficulties raising a fund
00:20:37. Buying a biotech company
00:23:40. Why Sandy chose traditional search
00:28:43. How he found Explora BioLabs
00:33:04. Explaining animal research labs
00:41:22. Size of the business at acquisition
00:43:22. Key decisions that led to a good exit
00:53:23. Inherent riskiness of real estate
00:55:33. Comparing Explora Biolabs to WeWork
01:07:44. Sandy sells to Charles River Laboritories
01:16:07. Sandy's advice for midcareer professionals

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ABOUT Acquiring Minds
Acquiring Minds is a podcast about buying businesses. Acquiring an existing business is an awesome opportunity for many entrepreneurs, and host Will Smith talks to the people who do it. New episodes 2x per week.

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