August 12, 2020
Today, we’re excited to announce the re-launch of our website. The main addition, other than some ‘stylistic modernization,’ is a section for resources for search fund entrepreneurs. We’ve also added Jennie Ellis and Kristen Glenn to the Trilogy Search team as Operating Executives, joining Stijn, Kevin, and Mike. Finally, we’re pleased to announce the close of our second fund, Trilogy Search Partners 2 L.P.
It’s been a challenging 2020 for search fund entrepreneurs and search fund-backed companies. Many, and indeed most, of the entrepreneurs we back reduced their outreach activity beginning in March, as many states began to close down to slow the spread of COVID-19. While we are seeing signs that deal activity is returning, and that sellers are again interested in discussing the disposition of their businesses, it’s too soon to know what transactions will look like for the remainder of the year, and in many industries, thoughtful, fair valuations remain difficult to discern.
In the long run, however, we remain distinctly bullish on the search fund model, Trilogy-backed entrepreneurs and companies, and on the ability of small businesses to create value for investors and for entrepreneurs. We have never in our history had a more diligent and relentless group of entrepreneurs working to find and purchase businesses, nor a stronger group of CEOs, operating with success in a period of great uncertainty.
On a personal level, we miss the ability to sit down with entrepreneurs, board colleagues, and coinvestors for a meal, a conference, or a quick check-in – this community is one we care about deeply, and we know ‘Zoom is not enough.’ We hope to all find new ways to connect and reconnect in the coming months.
New Searcher and Operator Resources
In the past, we haven’t focused on providing templates or other written materials as part of our support to searchers and operators, as many of our co-investors do a great job of this and we didn’t want to simply replicate their worthy efforts. However, as our team and portfolio have expanded, we’ve found opportunities to record best practices, tips and tricks, and other resources created by our Operating Executives. We are excited to make these available to Trilogy-affiliated entrepreneurs through a login portion of our website. We will continue to expand these resources and welcome your feedback.
New Trilogy Operating Executives
Over the past two years, we have introduced Trilogy Operating Executives to our portfolio with very positive feedback from searchers and operators. Stijn Hendrikse, Kevin Knoepp, and Mike Mullen have been a trusted source of expertise and fractional executive support in over 20 companies. As we continue to work with CEOs and portfolio company leadership teams, we have also seen a need for best-in-class recruiting and human resources leadership. To address this need, we are excited to introduce Jennie Ellis and Kristen Glenn as new Operating Executives.
Jennie Ellis founded Bandwidth.io, a recruiting firm based in Seattle. We have found her model – a flat hourly rate for sophisticated all-source recruiting – to be attractive for small businesses We also think that her experience in talent management and talent acquisition will make her a trusted advisor to search fund entrepreneurs.
Kristen Glenn is a Seattle-based HR leader with Reverb People, a local provider of fractional human resources executives and consulting. She has served large companies and tech startups, including Azuqua, JP Morgan Chase & Co., and KPMG. She will be available to assist TSP entrepreneurs across a range of basic through sophisticated talent management, compensation, benefits, and other HR-related issues.
We’re delighted to have Jennie and Kristen on the TSP team and please feel free to reach out to them! They will also co-host a webinar on recruiting and human resources on September 30, with invitations to follow soon.
Closing Our Second Fund
Lastly, we’re pleased to announce the closing of Trilogy Search Partners 2, L.P. Our goal for our second fund is ‘to keep doing what we’ve been doing’ – working with distinctive entrepreneurs to find and operate great businesses. With the closing of TSP2, we are able to deploy a total of over $130M via search funds and search-fund-sourced companies. We appreciate the trust and support of our limited partners as we embark on this next phase of our investing journey.
We hope you like the new site!
Mitch, Cregg, Scott, Aaron, Saumil, Erin