Finding Your Deal – The Many Paths to Business Acquisition

If you’re a business buyer in today’s market, one of the biggest challenges you’ll face is deal flow, or finding a quality business to acquire at a reasonable price.

The most common way searchers find deals is through brokers who specialize in sell-side M&A transactions (if you're reading this newsletter, you've probably spent hours and hours scrolling through business listing websites).

But for those willing to get creative, there are several other pathways to finding great deals, some of which may provide more favorable deal structures or less competition.

In this edition of The Buyer Advocate, I’ll break down the various methods I’ve seen searchers and business buyers use to successfully find acquisition opportunities.

Whether you’re just starting your search or deep into your journey, knowing all your options is key to increasing your chances of finding the right business.

On-Market Deals with Brokers: The Most Common Route

By far, the most common way searchers find deals is through business brokers and M&A advisors. These intermediaries list companies for sale, market them to potential buyers, and facilitate transactions. Many brokers specialize in certain industries, revenue ranges, or geographic regions, making them a valuable resource for searchers looking for a specific type of business.

Pros:

• Access to businesses that are actively for sale
• More structured sale process with financials, seller expectations, and valuations already in place
• Less effort required for outreach and deal sourcing

Cons:

• High competition from other buyers
• Valuations may be higher due to broker involvement
• Sellers may have already explored multiple offers, making negotiation harder

While broker-listed deals can be more competitive, they remain the most straightforward and structured way to find an acquisition.

Proprietary Deals: A Unique Path, Especially in Government Contracting

Proprietary deals—where a buyer sources an acquisition opportunity directly from a seller—can provide strong advantages, especially in niche industries. I’ve seen this most frequently with military veterans pursuing acquisitions in the government contracting space.

In many cases, businesses with government contracts benefit from set-aside programs such as the Service-Disabled Veteran-Owned Small Business (SDVOSB) designation. If a veteran buyer can acquire an SDVOSB-certified business and maintain the designation, they retain eligibility for these lucrative government contracts.

Pros:

• Less competition from other buyers
• Potentially better deal terms (lower multiples, better financing terms)
• Sellers may not be fixated on maximizing sale price, prioritizing continuity instead

Cons:

• Requires industry knowledge or connections to identify opportunities
• No formalized sale process, requiring more effort to negotiate and structure the deal
• Can take longer to close due to seller education and deal structuring

If you have a background in government contracting or a similar niche market, this could be a compelling way to find a business that aligns with your experience.

Accountant & Wealth Manager Referrals: Trusted Networks

Some searchers find deals through their personal network of accountants, financial advisors, or wealth managers. Business owners often turn to these professionals for financial guidance when considering a sale. In some cases, a wealth manager or CPA may know that a client is looking to retire and sell their business but hasn’t yet engaged a broker.

If a searcher has a strong relationship with a financial professional, they may receive an introduction before the business officially hits the market.

Pros:

• Less competition compared to brokered deals
• Potential for favorable deal structures
• Seller may trust a buyer referred by their financial advisor

Cons:

• Requires strong personal relationships with financial professionals
• Limited volume of opportunities compared to brokered listings
• Sellers may still expect top-dollar valuation

If you’re an active searcher, building relationships with CPAs and wealth managers can be a long-term play that yields valuable off-market leads.

Deal Flow from Other Searchers: One Buyer’s Loss is Another’s Gain

One lesser-known but effective way to find deals is through other searchers. Sometimes, a buyer comes across a deal that isn’t a fit for them due to size, industry, geography, or other factors. Instead of simply passing, many searchers refer these deals to friends or peers in the business buying space.

Pros:

• Potential access to vetted deals with seller interest already established
• No broker fees or competitive bidding process
• Can build strong relationships within the search community

Cons:

• Limited volume of opportunities
• Sellers may expect a fast closing process
• Not all searchers are willing to share deals

Attending conferences, participating in online communities, and networking with other searchers can increase your odds of finding opportunities that other buyers pass on.

Church & Religious Community Connections: A Surprisingly Effective Source

Recently, I spoke with two searchers from the Dallas-Fort Worth (DFW) area who stumbled upon a proprietary deal through a church connection. The business they found was a fulfillment company specializing in coffee and office supplies for churches. The seller had been attending their church for years and was considering selling but hadn’t yet reached out to a broker.

This isn’t an isolated case—many buyers have found deals through local community connections, whether through churches, professional groups, or social organizations. If you’re active in a particular community, whether religious or otherwise, don’t overlook the potential for deal flow through personal relationships.

Pros:

• Often results in deeply trusted seller relationships
• Less competition from other buyers
• Potentially more flexible financing and deal structures

Cons:

• Very niche and unpredictable
• Requires strong existing community involvement
• Seller expectations may not be in line with market norms

If you’re involved in a close-knit community, whether religious or otherwise, it could be worth letting people know that you’re in the market for a business.

Direct Outreach: Creating Your Own Opportunities

One of the most overlooked yet highly effective ways to find a business to buy is direct outreach to potential sellers. Many business owners don’t actively consider selling—some assume they’ll simply shut their business down when they retire. Others have misconceptions about how the sale process works.

By proactively reaching out to business owners in industries you’re interested in, you can create your own deal flow. Many successful searchers use a combination of cold emails, letters, and phone calls to identify and engage potential sellers.

Pros:

• No broker fees, lower purchase prices
• Can target specific industries or geographies
• More control over the process

Cons:

• Requires significant time and effort
• Many owners are not ready to sell
• Success rates can be low without a structured approach

If you’re patient and willing to put in the work, proprietary outreach can lead to fantastic deals with minimal competition.

Final Thoughts: Keep an Open Mind & Stay Entrepreneurial

Finding the right business to acquire isn’t just about browsing listings on BizBuySell—it’s about being proactive, resourceful, and open to multiple avenues.

While most buyers will find their deals through brokers, the most successful searchers don’t limit themselves. Whether it’s through industry relationships, referrals from professionals, other searchers, community connections, or direct outreach, expanding your deal-sourcing efforts can increase your chances of finding a great business at a great price.

If you’re searching now, which of these strategies have you tried? If you’ve had success with a unique approach, I’d love to hear about it—just reply to this email.

Until next time, keep searching, keep learning, and keep pushing forward.

Take care,

Matthias

🌐 Visit us at pioneercapitaladvisory.com​

Disclaimer: The information in this newsletter is for informational purposes only and should not be considered legal or financial advice. Business buyers are encouraged to consult with their legal counsel and accountant to ensure the proper structuring of their transactions and to fully understand the tax implications of seller financing.

Thanks for reading! Feel free to reply directly to this email with any questions or thoughts.