{"id":91134,"date":"2022-01-03T15:48:40","date_gmt":"2022-01-03T14:48:40","guid":{"rendered":"https:\/\/ww3.onetoonecf.com\/?p=91134"},"modified":"2026-03-19T10:30:45","modified_gmt":"2026-03-19T09:30:45","slug":"las-5-etapas-clave-del-search-fund-o-sociedad-de-busqueda","status":"publish","type":"post","link":"https:\/\/www.onetoonecf.com\/es\/las-5-etapas-clave-del-search-fund-o-sociedad-de-busqueda\/","title":{"rendered":"Las 5 etapas clave del Search Fund o Sociedad de B\u00fasqueda"},"content":{"rendered":"<style>.elementor-91134 .elementor-element.elementor-element-aeafe61{--display:flex;}.elementor-91134 .elementor-element.elementor-element-1a57e0d{--display:flex;}.elementor-91134 .elementor-element.elementor-element-f2b3cfa{--display:flex;}.elementor-91134 .elementor-element.elementor-element-fb9ce24{--display:flex;}.elementor-91134 .elementor-element.elementor-element-69b2d38{--display:flex;}.elementor-91134 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.jeg-elementor-kit.jkit-button .jkit-button-wrapper:hover svg{fill:var( --e-global-color-39536fb );}}<\/style>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"91134\" class=\"elementor elementor-91134\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-aeafe61 e-flex e-con-boxed e-con e-parent\" data-id=\"aeafe61\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-06361b7 elementor-widget elementor-widget-text-editor\" data-id=\"06361b7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Los Search Funds o Sociedades de B\u00fasqueda se est\u00e1n consolidando como el veh\u00edculo de moda inversor en las Pymes espa\u00f1olas y europeas. Atraen, tanto a empresarios que ven en el Search Fund una v\u00eda de dar continuidad a su compa\u00f1\u00eda, como a inversores que buscan una buena rentabilidad en el capital invertido.<\/p><p>Las Sociedades de B\u00fasqueda son promovidas por profesionales con buena formaci\u00f3n y experiencia profesional (\u201cSearcher\u201d), y con gran potencial y mentalidad emprendedora. El objetivo es claro: buscar, comprar, operar y vender unos a\u00f1os despu\u00e9s una Pyme. Eso s\u00ed, el Searcher no est\u00e1 solo durante el proceso. Cuenta con la experiencia de un grupo, de alrededor de 15 inversores, que le apoya y asesora.<\/p><p>A continuaci\u00f3n, detallamos las diferentes etapas claves del Search Fund:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1a57e0d e-flex e-con-boxed e-con e-parent\" data-id=\"1a57e0d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e001bce elementor-widget elementor-widget-heading\" data-id=\"e001bce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.B\u00fasqueda de capital (de 2 a 6 meses de duraci\u00f3n)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f2b3cfa e-flex e-con-boxed e-con e-parent\" data-id=\"f2b3cfa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-15e0b8f elementor-widget elementor-widget-text-editor\" data-id=\"15e0b8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Una vez constituida legalmente la Sociedad de B\u00fasqueda, lo primordial es encontrar los inversores dispuestos a invertir en el proyecto del Searcher. Durante esta primera ronda de financiaci\u00f3n, se busca la obtenci\u00f3n de una cuant\u00eda que oscila entre 300.000 \u20ac y 500.000 \u20ac. Se suele dividir en alrededor de 10 a 15 participaciones. Es importante se\u00f1alar que estos inversores tendr\u00e1n el derecho de tanteo, pero no la obligaci\u00f3n, de participar en la financiaci\u00f3n de a operaci\u00f3n de compra (fase 3 del proceso). Eso s\u00ed, esta apuesta inicial por el proyecto se traduce en una prima de inversi\u00f3n por la que las participaciones se convertir\u00e1n en valores de la compa\u00f1\u00eda adquirida y aumentadas en un 50%. Se trata de una forma de compensar el riesgo inicial de la inversi\u00f3n y apuesta por el Searcher.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fb9ce24 e-flex e-con-boxed e-con e-parent\" data-id=\"fb9ce24\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1966426 elementor-widget elementor-widget-heading\" data-id=\"1966426\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2. B\u00fasqueda y evaluaci\u00f3n de oportunidades (de 6 a 24 meses de duraci\u00f3n)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-69b2d38 e-flex e-con-boxed e-con e-parent\" data-id=\"69b2d38\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ea96c5c elementor-widget elementor-widget-text-editor\" data-id=\"ea96c5c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Es una etapa clave del Search Fund. Es el momento en el que el Searcher tiene que volcar todos sus esfuerzos en la localizaci\u00f3n de la empresa adquirir y que justificar\u00e1 la propia existencia del fondo. Por regla general, las compa\u00f1\u00edas a analizar ser\u00e1n aquellas con ingresos entre 3 M\u20ac y 25 M\u20ac, con EBITDAs entre 1 M\u20ac y 5 M\u20ac, con ingresos recurrentes, potencial de crecimiento org\u00e1nico, mercado grande y fragmentado, baja necesidad de CAPEX y cuyos due\u00f1os no tengan una sucesi\u00f3n clara.<\/p><p>Fruto de la experiencia se ha visto que un Searcher filtra, de media, hasta 3.000 empresas. Analiza 450 Y habla con 120 propietarios. Firma 40 acuerdos de confidencialidad para el an\u00e1lisis en profundidad de las compa\u00f1\u00edas. Sin embargo, realiza entre tres y cinco ofertas hasta centrarse solamente en una.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-65fc863 e-flex e-con-boxed e-con e-parent\" data-id=\"65fc863\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d46e693 elementor-widget elementor-widget-heading\" data-id=\"d46e693\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3. Cierre de la operaci\u00f3n de compra (de 2 a 6 meses)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9fb90b3 e-flex e-con-boxed e-con e-parent\" data-id=\"9fb90b3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-69a8ba0 elementor-widget elementor-widget-text-editor\" data-id=\"69a8ba0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div class=\"flex flex-col text-sm pb-25\"><section class=\"text-token-text-primary w-full focus:outline-none [--shadow-height:45px] has-data-writing-block:pointer-events-none has-data-writing-block:-mt-(--shadow-height) has-data-writing-block:pt-(--shadow-height) [&amp;:has([data-writing-block])&gt;*]:pointer-events-auto scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]\" dir=\"auto\" data-turn-id=\"request-WEB:d9ec20e8-6173-422f-a9b6-a171e4acf55f-11\" data-testid=\"conversation-turn-24\" data-scroll-anchor=\"true\" data-turn=\"assistant\"><div class=\"text-base my-auto mx-auto pb-10 [--thread-content-margin:var(--thread-content-margin-xs,calc(var(--spacing)*4))] @w-sm\/main:[--thread-content-margin:var(--thread-content-margin-sm,calc(var(--spacing)*6))] @w-lg\/main:[--thread-content-margin:var(--thread-content-margin-lg,calc(var(--spacing)*16))] px-(--thread-content-margin)\"><div class=\"[--thread-content-max-width:40rem] @w-lg\/main:[--thread-content-max-width:48rem] mx-auto max-w-(--thread-content-max-width) flex-1 group\/turn-messages focus-visible:outline-hidden relative flex w-full min-w-0 flex-col agent-turn\"><div class=\"flex max-w-full flex-col gap-4 grow\"><div class=\"min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal outline-none keyboard-focused:focus-ring [.text-message+&amp;]:mt-1\" dir=\"auto\" tabindex=\"0\" data-message-author-role=\"assistant\" data-message-id=\"1c701dca-baab-4562-bbc6-d5e48ac375b2\" data-message-model-slug=\"gpt-5-mini\" data-turn-start-message=\"true\"><div class=\"flex w-full flex-col gap-1 empty:hidden\"><div class=\"markdown prose dark:prose-invert w-full wrap-break-word light markdown-new-styling\"><p data-start=\"83\" data-end=\"713\" data-is-last-node=\"\" data-is-only-node=\"\">Una vez localizada la empresa a adquirir, se debe cumplir con el plazo acordado con los inversores. Este plazo normalmente no supera los dos a\u00f1os. Luego, es el momento de realizar la operaci\u00f3n de compraventa. La financiaci\u00f3n suele combinar deuda bancaria a largo plazo, financiaci\u00f3n del vendedor y capital de los inversores. Como vimos en la etapa 1, los inversores iniciales del fondo tienen derecho de tanteo en esta fase. Quienes deciden invertir en la adquisici\u00f3n reciben un \u201cstep-up\u201d de las acciones que ya pose\u00edan. Esto significa que obtienen un 50\u202f% m\u00e1s de acciones sobre el importe aportado durante la b\u00fasqueda de capital.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/section><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ba9c9df e-flex e-con-boxed e-con e-parent\" data-id=\"ba9c9df\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1bd4ccd elementor-widget elementor-widget-heading\" data-id=\"1bd4ccd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">4. Gesti\u00f3n y crecimiento (de 4 a 6 a\u00f1os)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2c2b859 e-flex e-con-boxed e-con e-parent\" data-id=\"2c2b859\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6e84065 elementor-widget elementor-widget-text-editor\" data-id=\"6e84065\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Supone la fase de mayor duraci\u00f3n en el tiempo. Es el periodo de gesti\u00f3n de la compa\u00f1\u00eda pyme para lograr el crecimiento y consolidaci\u00f3n de \u00e9sta. Durante esta etapa, el trabajo del Searcher est\u00e1 100\u202f% enfocado en gestionar la empresa. Recibe apoyo de un Consejo de Administraci\u00f3n formado por algunos de los inversores, normalmente empresarios, inversores profesionales o ex-Searchers. El objetivo del Searcher es aumentar el valor de la empresa. Se busca obtener un m\u00faltiplo EBITDA mayor al invertido en la compra, pasando de 5x a 6-7x EBITDA.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-479eab8 e-flex e-con-boxed e-con e-parent\" data-id=\"479eab8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-333e140 elementor-widget elementor-widget-heading\" data-id=\"333e140\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">5. Salida o venta de la compa\u00f1\u00eda (de 4 a 6 meses)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a9c078f e-flex e-con-boxed e-con e-parent\" data-id=\"a9c078f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7459e8d elementor-widget elementor-widget-text-editor\" data-id=\"7459e8d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Una vez que el Searcher ha logrado una mejora evidente y consolidada del valor de la compa\u00f1\u00eda adquirida, llega el momento de ejecutar la venta de la empresa. As\u00ed obtiene la rentabilidad a la inversi\u00f3n realizada por el grupo de inversores. Se\u00f1alar que, durante la etapa de gesti\u00f3n y crecimiento, el Searcher habr\u00e1 preparado la empresa para la venta, adquiriendo incluso otras compa\u00f1\u00edas que puedan suponer lograr un arbitraje de m\u00faltiplos en la salida.<\/p><p>Se trata de una forma de capital riesgo mejorada y enfocada a Pymes. Un modelo que cubre un espacio que no compensaba al capital riesgo tradicional pues, por su estructura de costes, solo se puede permitir la inversi\u00f3n en empresas con facturaciones y beneficios superiores.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c3444db e-flex e-con-boxed e-con e-parent\" data-id=\"c3444db\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-efbee62 e-con-full e-flex e-con e-child\" data-id=\"efbee62\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2487024 elementor-headline--style-rotate elementor-widget__width-initial elementor-widget elementor-widget-animated-headline\" data-id=\"2487024\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;headline_style&quot;:&quot;rotate&quot;,&quot;animation_type&quot;:&quot;slide&quot;,&quot;rotating_text&quot;:&quot;\\u00bfEres un searcher?\\n\\u00bfQuieres convertirte en CEO?\\nApoyamos search funds&quot;,&quot;rotate_iteration_delay&quot;:&quot;3300&quot;,&quot;loop&quot;:&quot;yes&quot;}\" data-widget_type=\"animated-headline.default\">\n\t\t\t\t\t\t\t<h5 class=\"elementor-headline elementor-headline-animation-type-slide\">\n\t\t\t\t<span class=\"elementor-headline-dynamic-wrapper elementor-headline-text-wrapper\">\n\t\t\t\t\t<span class=\"elementor-headline-dynamic-text elementor-headline-text-active\">\n\t\t\t\t\u00bfEres&nbsp;un&nbsp;searcher?\t\t\t<\/span>\n\t\t\t\t\t<span class=\"elementor-headline-dynamic-text\">\n\t\t\t\t\u00bfQuieres&nbsp;convertirte&nbsp;en&nbsp;CEO?\t\t\t<\/span>\n\t\t\t\t\t<span class=\"elementor-headline-dynamic-text\">\n\t\t\t\tApoyamos&nbsp;search&nbsp;funds\t\t\t<\/span>\n\t\t\t\t\t\t<\/span>\n\t\t\t\t<\/h5>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4cb62e3 e-transform elementor-widget elementor-widget-jkit_button\" data-id=\"4cb62e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_transform_scale_effect_hover&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;0.9&quot;,&quot;sizes&quot;:[]},&quot;_transform_scale_effect_hover_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;_transform_scale_effect_hover_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"jkit_button.default\">\n\t\t\t\t\t<div  class=\"jeg-elementor-kit jkit-button  icon-position-after jeg_module___69e5cfb98fed7\" ><a href=\"https:\/\/www.onetoonefunds.com\/\" class=\"jkit-button-wrapper\">VISITA ONEtoONE ASSET MANAGEMENT <\/a><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Los Search Funds o Sociedades de B\u00fasqueda se est\u00e1n consolidando como el veh\u00edculo de moda inversor en las Pymes espa\u00f1olas y europeas. Atraen, tanto a empresarios que ven en el Search Fund una v\u00eda de dar continuidad a su compa\u00f1\u00eda, como a inversores que buscan una buena rentabilidad en el capital invertido. Las Sociedades de [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":91204,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-91134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-process"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Las 5 etapas clave del Search Fund o Sociedad de B\u00fasqueda<\/title>\n<meta name=\"description\" content=\"Los Search Funds se est\u00e1n consolidando como el veh\u00edculo de moda inversor en las Pymes europeas. 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