Right-Tail Outcome for a Husband & Wife Search Fund | Courtney Dunn & Jonathan Dunn Interview

Synopsis

Courtney and Jonathan Dunn raised a traditional search fund and acquired Cerbo, an EHR platform for cash-pay medical practices such as concierge medicine and longevity clinics. They bought the growth SaaS business with no bank debt, used an earn-out to resolve a retrade, and grew it from under $5 million of ARR to more than $10 million while expanding from 20 to 75 employees. The story culminates in a merger and liquidity event they describe as life-changing.

Ideas in this episode

• Small business acquisition (no experience required)

  The Dunns acquired cash-pay medical EHR platform Cerbo, grew it from under $5M ARR to over $10M, expanded headcount from 20 to 75, and achieved a life-changing liquidity event.

• Search-fund small business acquisition

  Courtney and Jonathan Dunn raised a traditional search fund and bought EHR SaaS Cerbo with no bank debt, resolving a retrade via earn-out before scaling from sub-$5M ARR to over $10M.

• Vertical SaaS for a specific industry

  Cerbo is a vertical SaaS EHR for cash-pay practices like concierge medicine and longevity clinics, scaled via search-fund acquisition from sub-$5M to over $10M of ARR.