Rob LeBlanc - Designing an International Search Investment Firm - Ep.125

My guest on this episode is Rob LeBlanc. Rob is a co-founding partner of Ambit Partners, a search investment fund founded in 2020 that invests in searchers worldwide in countries like Paraguay, Spain, Germany, and South Africa, where Rob is based. Together with his two co-founding partners, they have raised a $25 million fund with plans to back 50 to 60 searchers in this first fund. Today, they have funded 32 searchers in 20 markets with 5 acquisitions thus far. A recurring concept we discuss in the episode is that investing in search internationally is like going back in time to the early days of search in the US – competition was less, fewer owners were aware of searchers, and search tactics were more effective. Those are still true in most countries around the world today. Rob and I talk about finding entrepreneurs, themes that are similar across countries, and good and bad reasons to accept a given searcher in your cap table. Enjoy. Listen weekly and follow the show on Apple Podcasts, Spotify, Google Podcasts, Stitcher, Breaker, and TuneIn. Links: Rob on LinkedIn Ambit Partners [email protected] Discovery Vitality Topics: (3:47) - Which countries have features that make them attractive for searchers and which countries are on the come up? (8:52) - How is conducting a search in other countries like “going back in time?” (13:37) - What business models seamlessly transition overseas from the US? (15:06) - How valuable is it to have an investor from the country you’re searching in? (18:02) - What are some “bad” reasons to have a certain investor on your cap table? (21:37) - How do you think about which companies where you want to be on the board vs. having a partner on the board? (26:39) - What’s a situation where you wouldn’t be a good fit as an investor? (27:53) - What have you seen with searchers struggling to fill board seats? (30:22) - What personalities are best for leadership roles in search as the industry develops internationally? (34:24) - Where do you typically find international searchers? Would you ever go overseas and try to find people who would be good fits in Search? (40:00) - Where do you see Ambit over the next 5 years? (42:17) - Where do most of the exit opportunities exist for international searchers? (44:20) - What college class would you teach if it could be about anything? (46:18) - What’s a strongly held belief you’ve changed your mind on? (48:41) - What’s the best business you’ve ever seen?