Senior Research Analyst - Search Fund

A search fund is an investment vehicle where an entrepreneur raises capital from investors to find, acquire, and operate a single company. The searcher (David Katz) leads the process of identifying acquisition targets, conducting due diligence, negotiating the purchase, and then serving as CEO of the acquired company. Search funds typically focus on profitable, founder-owned businesses with strong cash flow and growth potential in the lower middle market.

Join Temescal Capital as a research-driven partner to David with a sales mindset in identifying and analyzing high-quality B2B SaaS or service companies positioned for exceptional growth. This role combines deep-dive analysis of 2-3 carefully selected industries with strategic thinking about how to connect with business owners through warm introductions, networking pathways, and compelling value propositions. While David Katz will lead all direct conversations with prospects, you'll apply sales-oriented thinking to identify niche sectors with strong tailwinds, map connection routes to target executives, and build the specialized knowledge foundation that enables successful acquisition opportunities in the $10-60M enterprise value range.

• Become a subject matter expert in 2-3 carefully selected industries through intensive data analysis, market research, and competitive landscape mapping
• Identify high-potential niche sectors within our target industries that benefit from strong tailwinds such as regulatory changes, digital transformation trends, technological adoption, or market consolidation opportunities
• Develop deep, proprietary investment theses for each focus vertical that inform target identification and acquisition strategy
• Prepare comprehensive briefing materials for David's business owner conversations, including industry context, tailwind analysis, and strategic value propositions
• Monitor specific industry trends, regulatory changes, and market dynamics within our focus sectors that create succession planning opportunities
• Build specialized databases of target companies within our focus industries, with detailed profiles, financial characteristics, and strategic insights

• Develop conversation frameworks and discussion guides tailored to our 2-3 focus industries and specific business owner profiles for David's direct engagement with prospects
• Conduct comprehensive preliminary research on target executives within our focus verticals and their businesses to enable David's authentic, value-driven conversations
• Map networking pathways and warm connection opportunities via LinkedIn, industry associations, and mutual contacts to facilitate faster, more credible access to business owners
• Prepare detailed industry-specific talking points and tailwind analysis (including regulatory trends, technology shifts, and market dynamics) that position David as a specialist expert in discussions
• Support valuation analysis and preliminary financial modeling within our focus industries to inform David's early-stage pricing conversations with business owners

• Execute email-based outreach campaigns using research insights to craft compelling, personalized messaging that generates qualified leads for David's follow-up
• Identify and map connection pathways through LinkedIn networks, industry events, and mutual contacts to create warm introduction opportunities to target business owners
• Manage CRM-based pipeline with detailed tracking of industry focus areas, target progression, networking pathways, and conversion metrics to optimize David's calling priorities
• Coordinate with third-party research providers and industry experts to enhance market intelligence supporting David's business owner conversations
• Provide comprehensive pipeline reporting to track outreach effectiveness and prioritize David's engagement efforts

• Administer research technology stack including databases, market intelligence platforms, and AI-powered analysis tools
• Develop systematic evaluation frameworks for industry attractiveness and target company prioritization
• Create automated reporting systems for industry trends, pipeline development, and research effectiveness

• 3 years with focus on specific B2B verticals or niche markets
• Preferred backgrounds: Management consulting with industry specialization, deal sourcing, equity research, corporate development, M&A advisory, or strategic roles at B2B SaaS/service companies within focused sectors
• Industry specialization preferred: Government/compliance, healthcare, professional services, or other fragmented B2B markets with regulatory complexity
• Strong track record of deep-dive analysis within specific industries rather than broad market coverage

• Exceptional research and analytical capabilities with ability to identify market opportunities and growth trends
• Outstanding written and verbal communication with ability to engage C-level executives and business owners
• Advanced proficiency with research tools, CRM systems, database management, and market intelligence platforms
• Financial analysis skills with P&L fluency and ability to evaluate companies against investment criteria
• Email marketing/outreach experience with systematic approach to relationship building (cold calling not required)

• Intellectual curiosity and research mindset with drive to become a subject matter expert in target industries
• Strategic networking and relationship-mapping abilities with sales mindset for identifying pathways to business owners through mutual connections and industry networks
• Strong interpersonal skills with ability to quickly build credibility with business owners through market expertise and thoughtful networking approach
• Growth mindset and entrepreneurial spirit with strong appetite for feedback and continuous improvement
• Detail-oriented approach with ability to manage complex research projects while maintaining focus on ultimate goal of connecting with business owners

This role offers the unique chance to work directly with David Katz, a proven revenue leader with C-level experience scaling lower middle-market companies (CRO at $8M ARR Tablet Command) and enterprise sales expertise at larger organizations (SVP at $60M ARR Quid). You'll develop deep industry expertise in search fund deal sourcing while learning from someone who has delivered 65% year-over-year growth, built new product lines from zero to $7M ARR, and established strategic partnerships with industry leaders. David's background spans government service (White House, Department of Energy), Stanford MBA education, and extensive networks across technology and business communities—providing exceptional mentorship in both market analysis and strategic business development.

Post-Acquisition Opportunity: Upon successful completion of an acquisition, there may be potential opportunities for the Senior Investment Analyst to transition into an operational role within the acquired company, with career advancement possibilities as the business scales. This could provide a unique pathway from investment analysis to direct value creation and operational experience.

This position combines the intellectual rigor of strategic market analysis with the excitement of entrepreneurial deal development, offering direct exposure to the complete search fund process from industry thesis development through acquisition and operational improvement.