1. Each of the following is true about the acquisition search process except for

1. A candidate search should start with identifying the primary selection criteria.
2. The number of selection criteria should be as lengthy as possible.
3. At a minimum, the primary criteria should include the industry and desired size of transaction.
4. The size of the transaction may be defined in terms of the maximum purchase price the acquirer is willing to pay.
5. A search strategy entails the use of electronic databases, trade publications, and querying the acquirers law, banking, and accounting firms for qualified candidates.