Everyone begins as a searcher. That's the stage where you're learning, exploring industries, and trying to determine what type of business is the right fit. The challenge is that many people never move beyond that stage. They remain industry agnostic, believing they can buy almost any business, hire a manager, and make it work. In reality, small businesses are difficult to operate, and both brokers and sellers know it. If you don't have a convincing reason why you're the right person to own a particular business, you're unlikely to make it through the initial screening process.
Every inquiry you send is a form of capital
One mistake we see repeatedly is people looking at every business they can find. While that feels productive, every inquiry you send to a broker is a form of capital. If you spend that capital too early while you're still figuring out what you want, brokers begin to view you as a tire kicker. Once you've earned that reputation, it becomes much harder to get access to quality opportunities later, even after you've clarified your acquisition criteria.
There is no perfect deal
Another common searcher behavior is chasing the perfect deal. There isn't one. When people are evaluating businesses across dozens of unrelated industries, it's easy to find a reason to reject every opportunity because they assume something better is just around the corner. As buyers narrow their focus to one or two industries that genuinely fit their background, something interesting happens: they become much more likely to complete an acquisition. They recognize that no business is perfect, but they also understand what matters most for their own success.
Focus builds credibility
Having a focused acquisition strategy also improves your credibility with brokers and sellers. A seller isn't simply looking for the highest bidder. They're choosing who will take care of the employees, customers, and business they've spent years building. Every listing may attract anywhere from one hundred to two hundred inquiries, yet only a handful of buyers ever reach the seller. The buyers who make it through are those who can clearly explain why they're uniquely qualified to own and operate that business.
The mistakes I made myself
Early in my own acquisition journey, I made many of the same mistakes I now see others making. I searched across every industry, believed I could simply hire a manager, and even searched under an LLC because I thought it looked more professional. In reality, it had the opposite effect. Sellers want to sell to individuals, not someone trying to look like a private equity firm. If a seller wanted to sell to private equity, they would. Searching under an entity with no operating history often signals to brokers that you're trying to be something you're not, which can hurt your credibility.
The better approach
Search under your own name, use a professional email address, complete broker inquiry forms thoughtfully, and have your proof of funds and lender prequalification ready before you begin reaching out. Most importantly, narrow your search to industries where you can genuinely demonstrate that you're the right person to own the business. That's how you move from being viewed as a searcher to being treated like a serious buyer.
About the author
Mark Fleming, CFA, FRM
Mark Fleming is the co-founder of Owner Actions, where he partners with experienced operators to acquire and grow small businesses. He has participated in more than 40 business acquisitions and has evaluated thousands of businesses across dozens of industries. Drawing on a background in portfolio management, financial analysis, and business ownership, Mark helps entrepreneurs identify high-quality acquisition opportunities and build businesses for long-term success.