Not sure if the percentage is really 50%. Fact is that there are two routes: outreach and monitoring the market. Both are important. You can score a real gem with outreach. When you reach a business owner right before he or she starts to sell you can sometimes get a really good deal. On the other hand selling a business is not an overnight decision. It might take several months to convince the owner that now is the best time to sell and that you are the best buyer. Buying a business that is on the market can be much faster. So you should also keep very close tabs on the market. Monitor all the major market places. Plus monitor all the brokers who are active in your area or market or buy box. Shameless plug: If you want to make sure that you do not miss any deal that enters the market you can try DealFlowAlert.com, free for 7 days, no cc needed.

Seems about right to me. While this is a bit lower than what we see in practice, there are some reports claiming only ~20% of businesses sold go through a broker: redacted