Search funds and AI are revolutionizing legacy businesses, transforming them rapidly to modern standards. With over 61 million people employed by small businesses, which often rely on outdated technology, there’s a pressing need for modernization. While smartphones evolve quickly, many firms still use systems from a decade ago.
Search fund entrepreneurs address this issue by integrating advanced technology into established companies, evidenced by the transformation of a small roadside assistance firm into Asurion, a global tech-care leader. Generative AI plays a crucial role, enhancing efficiency by over 60% in supply chains and compliance, facilitating rapid task completion and fostering significant productivity gains.
Moreover, AI consulting firms and tech studios offer innovative solutions to family-run businesses, allowing for swift growth. As AI becomes more accessible, small businesses have unprecedented opportunities to enhance productivity, compete effectively, and strengthen the economy, thus benefiting half of the U.S. workforce.
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