In this episode, Sean Smith, Managing Partner of Search Fund Ventures and Founder of SMB Investor Network, sits down with Ariez Dustoor of NB Group, an experienced independent sponsor with meaningful reps investing in both sponsors and searchers.

Ariez shares a rare dual-sided view of the market—how he evaluates deals, how his sector focus evolved, how he builds pattern recognition, and what true discipline looks like in dealmaking. He breaks down the challenges of sourcing, negotiating, and closing transactions, the realities of post-close execution, and what he looks for in leadership teams.

Key themes include:

• Sector specialization in healthcare and multi-location services
• Maintaining discipline through cycles without committed capital
• Creative deal structuring and managing “near-death” transactions
• Pattern recognition and narrowing the investment strike zone
• Post-close leadership evaluation, strategic planning & professionalization
• How independent sponsors differ from committed funds
• Capital raising process, working with placement agents, and LP alignment

⚡️ If you’re a searcher, operator, LP, or independent sponsor, this conversation is packed with real-world lessons directly from the trenches.

** Subscribe for more conversations like this, and leave your thoughts or questions in the comments.

📩 Connect with the speakers:

• Ariez Dustoor LinkedIn: https://www.linkedin.com/in/ariezdustoor/
• NB Group Website: http://www.nbgroup.us
• Sean Smith LinkedIn: https://www.linkedin.com/in/sean-smith-47ab2a70/
• SMB Investor Network: https://www.smbinvestornetwork.com/