Grace’s background

Grace Chen grew up in an entrepreneurial family. After her father was let go during the economic slowdown of 2010, he started his own company, and Grace quickly stepped in to help by breaking down language barriers he faced. 

After college, Grace worked in banking and then private equity, continuing to assist her father with fundraising efforts. She later founded her own business, creating an online marketplace to help hairstylists and medical spas rent and lease workspaces, similar to a commercial Airbnb. Grace then joined a start-up as Chief of Staff and CFO when it had only 7-8 employees and played a key role in its growth to over 200 employees. She subsequently enrolled in Harvard Business School, where she discovered the concept of entrepreneurship through acquisition—a blend of entrepreneurship and strategic experience. 

How did you decide you wanted to partner up during your search phase? 

I always wanted a partner, but I felt that having a bad partner is worse than having no partner at all. A few months ago, when I was in the midst of closing on a deal, I found myself nervous instead of excited about the prospect of closing on this company. I reflected on this feeling, and recognized the angst I had deep down about closing on a company alone, especially as a solo woman wanting a family. The challenges and unknowns were overwhelming. I realized that I wanted to bring in a partner. 

Colin and I had discussed the idea of doing a search together during the last month of business school. It took him a little longer to learn about search and decide if it was right for him, but eventually, he realized that it was. 

How did you find your partner?

Before we went to business school, a mutual friend introduced us. We were both living in San Fransisco at the time and met during our first round of golf together at Presidio Park, which inspired our search fund name, Presidio Park Group. 

What were you looking for in a search partner?

I was waiting for the right person at the right time – I wasn’t necessarily proactively looking for anyone. Colin is a good personal friend that I had gotten to know well over several years. We have complementary skillsets and working styles. I was looking for someone who is somewhat similar to me but who also had different areas of expertise and interests. For instance, Colin finds joy in strategic and internal aspects like financing and strategic planning, while I get more excited on outbound and external activities like business development and marketing. 

How helpful were your investors in the transition process?  

My investors were super helpful during the transitions and have been incredibly supportive. They have a lot of confidence and faith in what is best for me. I am grateful for their trust in me, allowing me to pursue what I want for my life and happiness. I must give them credit for having been searchers and operators themselves, having empathy and understanding that the search journey is very personal.

Will your search strategy change now you operate as a duo? 

Yes, I am moving from San Francisco to New York City for us to work out of one office. Apart from that, our industries and verticals of interest align all perfectly so there will be no changes to our search strategy.

How would you compare a solo with a duo search?

We took some time to experiment working together before deciding to partner up. I love having a partner because you have someone to celebrate small wins with. Searching can be lonely and it’s hard to celebrate small wins with someone who is not in it with you. Having someone to bounce ideas off and test your thinking—such as processes, resources, and adding different tech stacks—is invaluable. Generally speaking, there is a lot of value in having a partner, as with many things in life. 

What were challenges you encountered during the transition process and how did you overcome them?

No challenges apart from the fact that a lot of the papering stuff was long and somewhat laborious (legal paperwork, thinking of new structure etc). 

Do you have any words of advice for future searchers?

It's important to reflect on your mental state during all stages of a search. Understanding your needs, as I did when realizing I needed a partner, helps you avoid hitting a wall later on. While many careers are rigid, the search journey allows you to craft your own path. Don’t be afraid to have honest conversations with your investors about your needs.