# WhoBoughtWho > A community for lower-middle-market M&A, private equity, and search funds: deal discussion, jobs, events, and mentorship. WhoBoughtWho is a members' community. Listings are posted by members and reflect what the poster reports; they are not verified by the site. Public pages below can be quoted with attribution and a link. ## Sections - [Deals](https://whoboughtwho.com/community/deals): Browse businesses for sale posted by brokers, intermediaries and owners, with industry, location, revenue, EBITDA and SBA eligibility stated on every listing. - [Jobs](https://whoboughtwho.com/community/jobs): Jobs and internships at search funds, private equity firms, brokers and acquisition entrepreneurs, with job type, location, hours per week and applicant counts. - [Capital](https://whoboughtwho.com/community/capital): Investors, funds and capital providers looking to back searchers and acquisition entrepreneurs, with the regions and industries they target. - [Mentorship](https://whoboughtwho.com/community/mentorship): Find an experienced mentor or offer mentorship to searchers and acquisition entrepreneurs on topics such as SBA financing, diligence and the first 90 days. - [Events](https://whoboughtwho.com/community/events): Webinars, meetups and conferences across private equity, acquisitions and search funds. - [Forums](https://whoboughtwho.com/community/forums): Category-based discussion threads on deal sourcing, financing, search funds and legal structuring. - [Members](https://whoboughtwho.com/community/members): Directory of searchers, investors, lenders, brokers and advisors. ## Guides - [What is a search fund?](https://whoboughtwho.com/community/guides/what-is-a-search-fund): A search fund is a vehicle in which an entrepreneur, called a searcher, raises a small amount of capital from investors to pay for the search for a single private company to acquire, and then becomes the CEO of that company. - [SBA 7(a) loans for buying a business](https://whoboughtwho.com/community/guides/sba-7a-loans-for-buying-a-business): An SBA 7(a) loan is a loan made by an approved lender and partially guaranteed by the U.S. Small Business Administration, and it is one of the most common ways to finance the purchase of a small business. - [What is an independent sponsor?](https://whoboughtwho.com/community/guides/independent-sponsor-explained): An independent sponsor is a private equity dealmaker who finds, negotiates and manages acquisitions without a committed pool of capital, raising equity from investors separately for each deal. - [EBITDA vs SDE: which earnings number to use](https://whoboughtwho.com/community/guides/ebitda-vs-sde): Seller's discretionary earnings (SDE) is a business's pre-tax earnings with one owner's salary, discretionary expenses and non-cash items added back, while EBITDA is earnings before interest, taxes, depreciation and amortization, usually after paying a market-rate manager. - [The letter of intent (LOI) in a business acquisition](https://whoboughtwho.com/community/guides/letter-of-intent-in-business-acquisitions): A letter of intent (LOI) is a document in which a buyer sets out the proposed price and main terms of an acquisition before the final purchase agreement, and it is usually non-binding except for provisions such as confidentiality and exclusivity. - [What is the lower middle market?](https://whoboughtwho.com/community/guides/what-is-the-lower-middle-market): The lower middle market is the segment of private companies larger than main-street small businesses but smaller than the traditional middle market, and definitions vary by firm, commonly describing companies with roughly $1 million to $10 million of EBITDA. - [What is a roll-up strategy?](https://whoboughtwho.com/community/guides/what-is-a-roll-up-strategy): A roll-up is a strategy where one owner buys several small companies in the same niche, combines them under one group, and aims to sell or refinance the larger group at a higher valuation multiple than the parts cost. - [How to choose a business broker](https://whoboughtwho.com/community/guides/how-to-choose-a-business-broker): A business broker or M&A advisor is an intermediary who markets a company for sale and manages the process, usually paid mostly through a success fee when the deal closes. - [Due diligence checklist for buying a business](https://whoboughtwho.com/community/guides/due-diligence-checklist-buying-a-business): Due diligence is the buyer's structured investigation of a company between signing a letter of intent and closing, to confirm the financials, customers, operations, legal standing and people are what the seller said. - [Seller financing in business acquisitions](https://whoboughtwho.com/community/guides/seller-financing-in-business-acquisitions): Seller financing is an arrangement where the seller of a business accepts part of the purchase price over time, as a promissory note from the buyer, instead of receiving all of it at closing. - [Asset sale vs stock sale](https://whoboughtwho.com/community/guides/asset-sale-vs-stock-sale): In an asset sale the buyer purchases selected assets and assumes only agreed liabilities, while in a stock sale the buyer purchases the owner's shares and takes the whole company, including its history and liabilities. - [How to find out who acquired a company](https://whoboughtwho.com/community/guides/how-to-research-who-acquired-a-company): To find out who acquired a company, check the target's own announcement and the acquirer's press releases first, then regulatory filings and deal databases, and confirm any price or date against a primary source. - [Investor directory](https://whoboughtwho.com/community/investors): Searchable directory of venture funds, accelerators, angel groups, search-fund investors and lower-middle-market capital providers, each linked to a public source. - [FAQ](https://whoboughtwho.com/community/faq): What WhoBoughtWho is, who can join, and how posting and messaging work. ## Recent listings - [Buy-Side Mandate: $2M+ EBITDA Businesses in California & the West Coast](https://whoboughtwho.com/community/post/13) (deal) ## Related site - [WhoBoughtWho directory](https://whoboughtwho.com): Free directory of marketplaces, brokers, private equity firms, search funds, newsletters and communities, plus a public record of company acquisitions. This community site is its companion. - [Acquisition history](https://whoboughtwho.com/deals): Who bought whom, with price, date and source. ## Optional - [Full content for LLMs](https://whoboughtwho.com/community/llms-full.txt): All guides and FAQs as a single markdown document. - [Sitemap](https://whoboughtwho.com/community/sitemap.xml)