I’m doing search in the Bay Area, there are def a lot of challenges compared to states like TX or FL, but the sheer concentration of businesses here is something you just don’t see anywhere else. I’m constantly talking to owners and finding opportunities at sub-4× EBITDA. Bottom line: with the right network and strategy, California still offers some pretty opportunities for searchers.

Pound for pound there are more challenges for sure, but there are going to be great businesses in every state. Filtering for location is probably best done by just considering personal variables (i.e. is this the right location for YOU)