From Search Fund to Business Succession: 8 Months to Acquiring the Perfect Business

Meet Jordan Di Corpo, a 28 year-old President of Boulangerie l'Amour du Pain, an artisanal bakery chain that has become a staple in Montreal.

As a young entrepreneur, he chose the route of business succession, initially exploring the launch of a search fund to identify suitable opportunities.

His journey led him to acquire l'Amour du Pain—a decision marked by thoughtful strategy and a strong alignment between his values and the business.

Jordan wasn't specifically searching for a bakery; instead, he sought a business that met certain characteristics aligned with his search fund approach.

Through extensive networking and proactive deal flow efforts, he discovered this gem, proving that the right opportunity often emerges when you focus on what truly matters.

In his acquisition, Jordan partnered with the previous owner, Evelyn Trempe, who stepped down as CEO but remains involved to ensure a smooth transition and partner with Jordan for future growth.

This collaboration reflects Jordan’s commitment to preserving the bakery's legacy while driving it forward.

The Approach to Acquisition

His acquisition wasn’t a matter of luck; it was the result of a well-structured, intentional process.

Jordan's journey began at National Bank of Canada, where he worked in the Investment Banking team, developing a strong work ethic and advanced financial skills.

He then took on a role at Snowdon Partners, a private equity firm that also supports individuals raising search funds.

FYI: What’s a search fund? 🤔

It’s an investment model where you can raise capital to find, acquire, and operate a privately-held business. In the initial phase, the entrepreneur uses investor funds to search for a suitable acquisition target, usually a small to mid-sized company with stable cash flow. 

Once a target is found, additional capital is raised to complete the acquisition, with the entrepreneur becoming the CEO or President like Jordan to drive growth. 

As a Private Equity Associate, he gained valuable experience in deal sourcing, company evaluation, transaction financing and legal negotiation.

After 8 months of constant cold call rejections, hundreds of emails, attending networking events and even door to door approaches, he found a business that aligned with his vision and growth strategy, leveraging the knowledge and mentorship he gained during his time at Snowdon. 

He focused on finding a company with strong cash flow, a solid operational foundation, and a culture that resonated with his values.        

After 8 months of constant cold call rejections, hundreds of emails, and attending networking events, he actively searched for a business that aligned with his vision and growth strategy, leveraging the knowledge and mentorship he gained during his time at Snowdon.

He focused on finding a company with strong cash flow, a solid operational foundation, and a culture that resonated with his values.

In Jordan’s words:

“Finding the right business isn’t just about numbers… it’s about culture and alignment. Choosing a business with a strong, established culture is often easier than building one from scratch, as it provides a foundation you can grow from while maintaining its core values.” After extensive networking and market analysis, he finally identified a business that matched his goals.

After extensive networking and market analysis, he finally identified a business that matched his goals.

This opportunity was not only financially promising but also aligned perfectly with his passion and vision for growth.

With determination, he moved forward with the acquisition and transitioned into the role of President, ready to lead the business toward new heights.

Understanding the Culture

For Jordan, understanding the bakery’s culture was paramount before closing the deal. He spent time with each staff member, learning about their day-to-day operations and passions.

“The quality of the products is at the heart of everything we do.”

Jordan explains, emphasizing the importance of ensuring the team shares this vision. His hands-on approach not only demonstrated his dedication to the business but also highlighted his commitment to sourcing local ingredients and maintaining exceptional product quality.

For Jordan, understanding the bakery’s culture was paramount before closing the deal. He spent time with each staff member, learning about their day-to-day operations and passions.

Growth Ambitions

Now, with four locations and a growing brand, Jordan is focused on scaling the business without compromising the artisanal quality that defines L’Amour du Pain. 

“There’s a significant gap in the market for bakeries that prioritize quality while expanding” he notes."

His goal is to maintain artisanal craftsmanship alongside sustainable growth—ensuring that, as the business grows, each location preserves the same attention to detail and high standards that built their reputation.

This includes refining operational processes, sourcing top-quality ingredients, and ensuring the staff continues to embody the same passion and culture of quality that make the bakery special, all while exploring opportunities to innovate and reach new customers.

Key Strategies for Aspiring Entrepreneurs

Jordan shared three pivotal strategies for entrepreneurs looking to acquire businesses or start their own ventures:

1. Surround Yourself with Mentors:

“Having experienced individuals to guide you is invaluable. Even seasoned professionals can spiral in their thoughts. Having the right support keeps you grounded.”

2. Work with Deal-Making Legal Counsel: “

It’s crucial to have lawyers who understand the nuances of smaller transactions and can fight for your interests without derailing the process.”

3. Know Your Passion:

“If you’re passionate about your product, it shows in your business. Follow your gut and don’t hesitate to dive in.”

Jordan’s Top Advice for Business Owners

1. Understand Financing and Leverage: “

"Accessing the right financing is crucial to a successful acquisition. I worked closely with Annie Clément and François Grondin at National Bank of Canada, who provided valuable insights into structuring the financing and ensuring it makes sense. It's essential to strike a balance—you want to ensure that your financing terms support long-term success without overburdening the business with debt or exposing it to unnecessary risk.”

2. Choosing the right lawyer can make or break your deal:

"Sometimes, people can be afraid of lawyers, especially in smaller transactions when large legal firms are involved. It can be intimidating. So, it's important to find a lawyer who understands smaller deals, knows when to push, and when to pull back and accept. That's crucial. You need lawyers who are deal-makers. There are many lawyers who only focus on pushing their client's interests, but that often isn't in anyone's best interest – it can end up breaking deals."In Jordan’s case, he hired Julia Portelance from Delegatus.

3. Negotiate with Transparency:

“In my acquisition, I didn’t have a deal advisor involved, which had its pros and cons. It allowed for direct communication and a more personalized negotiation process. However, it's important to come to a number that both parties are comfortable with—finding that middle ground is essential for a successful transition. And if any roadblocks arise, it's crucial to address them promptly and maintain frequent communication, preferably face-to-face, to ensure a smooth resolution”

4. Align Your Team:

“Ensure that everyone shares the same vision. This alignment is crucial, especially when navigating the challenges of business ownership. When your team is united around a common purpose, it fosters stronger collaboration, better decision-making, and resilience during tough times. A cohesive team not only helps overcome obstacles but also accelerates growth, making it easier to achieve your long-term goals and sustain success.”

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