6-Month Self-Funded Search Update - Statistics & Lessons Learned

Six months in and my search process is taking shape—refined approach, improved efficiency, and key lessons learned along the way.

Here's a snapshot of how my process has evolved:

The numbers tell a story:

231 Qualified Leads --> 51% led to a CIM Received

118 CIMs --> 8% led to an Indication of Interest

10 IOIs --> 4 Letters of Intent submitted

**Months 1-3 were about volume, building relationships and refining my approach. Months 4-6 saw fewer total leads & CIMs reviewed due to stronger filtering and sharper deal evaluation upfront. A clearer investment thesis means fewer but better deals making it through the pipeline. I use Pipedrive to track all of this**

Note on my timeline: Every searcher's timeline, circumstance and appetite for risk is different. I'm searching full-time and working to close on a deal as soon as possible, yet I have the flexibility to be selective and patient in this process. This allows me to stay disciplined in finding the right business for me. I also come from a background in investment banking and I spent 12+ months on education and preparation before pursuing this path full-time.

So, what have I learned?

1) Volume vs Precision:

In the first three months, I cast a wide net. The next three were about refining my approach and improving efficiency. While I have not changed my criteria, I am significantly better at screening for opportunities upfront that are a fit for me. I’m now reviewing fewer CIMs—but they’re better aligned with my investment thesis. More screening upfront means less wasted time down the line.

2) Speed and Patience Must Coexist:

Speed matters in a competitive market—responding quickly, following up, and staying top of mind with brokers and sellers. But closing on the wrong deal quickly would be much worse than waiting for the right one. I’m moving decisively where it counts, but staying patient to ensure the business I acquire is one where I have a strong relationship with the seller and believe I can confidently lead and grow the business for the long term.

3) Brokers Prioritize Serious and Qualified Buyers:

Brokers are flooded with requests from unqualified buyers—I have a high level of respect for what they do. Buyers who have a clear investment thesis, real capital to contribute, follow up frequently, ask thoughtful questions and engage timely and professionally can stand out. Some of my best opportunities have not come from initial broker conversations, but from building relationships over time so that brokers know I'm qualified, well-prepared and reading to move quickly on the right opportunity. In my view, this can only be done through ample preparation to professionalize yourself and your search process before beginning. Don't be a tire kicker.

4) Trust Your Approach / Don't be Afraid to Walk:

First, put in the work—build your financial model, test different assumptions, assess the risks, speak with industry experts—so you can confidently determine the purchase price you are willing to pay for the business. But your number may not be the winning bid—or what the seller expects. That’s okay. Don’t stretch just because you’re impatient to get to the finish line. If you thoroughly and confidently put in the work, stick to your valuation, trust your approach, and be willing to walk away. Be disciplined.

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This process certainly takes discipline, patience and persistence. I believe success will be the culmination of effort, analysis, timing and a little bit of luck. Every searcher's journey is different, but these are the lessons shaping mine. I'm looking forward to what's ahead!

Would love to hear from others—what have been your biggest takeaways so far?

Feel free to reach me below:

Email: redacted

LinkedIn: https://www.linkedin.com/in/rob-caliento###-###-#### /

Twitter/X: @rc_elbertstreet

Website: www.elbertstreetcapital.com