In short
A search mandate is the complete search for one investment focus. You define what you want to buy, I build the market field, pre-qualify the companies that fit and approach the owners. You step in once a conversation is set and the fit holds up.
- A binding scope decides what counts as a target and what does not.
- You receive pre-qualified companies continuously, not a one-off list.
- Within your focus I work exclusively for you, never for a second buyer with the same thesis.
- I hand over at the qualified first conversation, not earlier.
When it fits
When a dedicated mandate pays off
01
Clear thesis, too little access
You know exactly what you are looking for but cannot reach the companies that match it.
02
Covering a sector properly
You want to work through a target sector systematically instead of reacting to what gets sent your way.
03
No sourcing capacity in-house
Your team has no room to search continuously alongside its day-to-day work.
04
Ahead of the advisers
You want to speak to the owner before the company enters a process.
05
Exclusivity in your own focus
You do not want the same companies presented to a competitor in parallel.
What you receive
The mandate in five parts
Target sectors, size range, region and exclusion criteria, in writing. After that it is clear what counts as a target and what does not.
Instead of a one-off list, vetted companies keep coming, each checked against your profile, with an assessment of the ownership situation.
I approach the owners personally and hold the first conversation. You join once there is genuine interest on the other side.
Within your search profile I work for you alone. A company I identified for you does not go to a buyer with the same thesis in parallel.
You know at any point which companies have been reviewed, approached and qualified. We go through the status together on a regular basis.
The deliverable
What your search profile looks like.
Building services engineering, southern Germany and western Austria
- Target sectors
- Ventilation and cooling, building automation, services planning
- Region
- Baden-Württemberg, Bavaria, western Austria
- Revenue range
- €8M to €35M
- EBITDA range
- €1M to €4M
- Headcount
- 40 to 250
- Ownership
- Owner-managed, succession open or foreseeable
- Pure trading businesses
- Project work above 60 percent
- Group subsidiaries
Example scope. Sectors, ranges and exclusions are set with you, the client stays confidential.
Until this sheet is settled, nobody searches. After it, it is decided which company is a target and which is not.
What separates a mandate from a list
It does not stop at handover.
Scope binding, exclusions on record, release mechanics agreed.
The search continues for as long as the mandate runs. How many conversations arise in which quarter depends on the market.
Illustrative extract, no cadence promised. Two entries are declines, because that is part of the work. Only the name is redacted.
A list is finished at handover. A mandate is not: the owner who did not want to talk in spring calls back in autumn, and by then I am still on it.
Fit check
Does a search mandate suit your setup?
It fits when
- Your investment focus is clear and can be defined.
- You want continuous rather than occasional deal flow.
- Exclusivity within your focus matters to you.
- You want to reach owners early and discreetly.
Probably not when
- You need a market overview once. Longlist and market mapping covers that.
- Your focus is not settled yet. We sort that out in conversation first, no mandate needed for it.
How it runs
From scope to a running pipeline
- 01
Scope
Your search profile becomes binding. From then on it is decided which company is a target and which is not.
- 02
Market field
The relevant field is mapped and checked against your profile.
- 03
Approach
The owner has been contacted, discreetly, in your name or in mine.
- 04
Qualification
It is clear whether there is genuine interest and whether the fit holds. What does not hold goes no further.
- 05
Handover
You get the conversation, with profile, key figures and context.
- 06
Keeping it running
The scope stays live for as long as the mandate runs, so new companies keep coming through.
Common questions
What buyers ask me about the search mandate
How is the search mandate different from longlist and market mapping?
Market mapping hands you the market map once and you take it from there. The search mandate keeps running and only ends when you are sitting with the owner.
How exclusive is exclusive?
Within your search profile I work for you alone. A company I identified for you is not presented to a buyer with the same thesis. Outside your focus I work for others, and I say so openly.
Do you support the transaction as well?
No. I bring you together with the owner and hand over. Due diligence, negotiation and closing you handle with your own advisers.
Does the owner learn who I am?
Not in the first contact. There I describe the buyer in general terms. Your name comes up once you release it and a conversation is being set up.
Who does the searching
Nick Herbig, personally
I have accompanied transactions on both sides of the table for years, from small trade businesses to the upper Mittelstand. Your mandate does not run through a team, it runs through me, from scope to first conversation.
More about me