David Jacq (MBA ’16), founder of Transición
“THE WORST THING THAT CAN HAPPEN IS BUYING A BAD COMPANY” David Jacq visited Spain for the first time while he was studying business management in his native Canada. He fell in love with this country and with the woman who is now his wife, and he decided to move to Madrid when he finished his studies. While working in a family business, he realized that his true calling was to lead his own company: “For years I thought that the most logical path to get there was to found a start-up, but during the MBA I heard about a new model called the search fund, and it fascinated me. I read everything I could find and talked to whomever I could. When I graduated, I had in place the necessary support to launch my own project. It’s best to be with investors who have decades of experience, and the most important challenge is to find the right company.”
Ricardo Velilla (MBA ’15), founder of Lomba Capital
“THE INVESTOR ADVISES; THE SEARCHER TAKES THE INITIATIVE” After working in start-ups, in the financial sector and in consulting, Ricardo Velilla still hadn’t found his true path. He decided that it was time for a change, and during his first month in the MBA, he heard about search funds: “It was instant. When I learned what it was about, I realized that I was mentally ready for a project like that, and I threw myself into it 100 percent. I read a lot, made contacts and helped other professionals. In the end, the process of getting my own fund was very natural, especially thanks to IESE’s international conference. Despite being a very lonely path and an emotional rollercoaster, the model allows you to be a manager in record time and with an incredible amount of support from investors.”
León Bartolomé (MBA ’84), private investor
“THE MODEL IS AN ABSOLUTE LUXURY” In 2013, after an outstanding trajectory in the international banking sector, León Bartolomé realized his true professional dream: to dedicate himself full-time to his personal investments. Some years earlier, he had already created his own investment fund, and at an IESE program he met Marc Bartomeus, the first searcher in Spain. Bartomeus explained the model to him. “It first attracted me because it’s profitable, but it also enables you to analyze the task of a searcher and future CEO, collaborate with investors from around the world and learn about new companies and markets. It’s an absolute luxury,” he explains. He adds a bit of advice: “To be successful in the long-term, it’s crucial that the searcher adapt well to the role of CEO during the first year after the purchase of the company.”
Alumni Magazine IESE
JANUARY-MARCH 2017 / No. 144
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