I see the website question, primarily as a question of brokered/listed deals vs. sourcing proprietary ones (companies not on the market). The websites are simply a vehicle for brokers to promote their listings. Here is one opinion on this: I like brokered/listed deals for the following reasons: (1) seller motivation and (2) seller preparation required for the deal. Let's face it, time is money. I am not against sourcing proprietary deals from companies not on the market - but for me the timeline and uncertainty are both increased in a massive way. For a seller to be able to meet DD requirements, they need to prepare - if they are not prepared, then things can take forever. Good brokers get sellers ready, sometimes they spend 6-12 months getting them ready to sell the company. This way, when you get involved as a buyer, much work has been done and you can move quickly. Of course, deals can still fall apart, but I believe the probability is reduced if a Seller has decided to engage a broker and list on a broker site or a platform like bizbuysell.com/bizquest.com/etc. This is a big step and shows motivation to sell.

Vijar, I can give two datapoints - I closed my first acquisition in Feb 2018 and I am going to close the second in Mayredactedthe two companies operate in the same space and my intention was to acquire both from the start). Both of these companies were represented by brokers and are relatively small. The first is 400k of EBITDA and the second is 1.1MM in EBITDA. Both companies were listed for sale publicly because the owners were at a life transition point and did not have successors identified (kids didn't want to manage the business, and owners did not wish to hire executives). I would never rely on buy-side broker analysis, etc. however, the sell side brokers can add value if they are effective in counseling the sellers. Many sellers have never sold or bought a business and some have never had debt so they don't understand the bank underwriting/closing process. Having a broker there to explain things at times is a win. However, brokers can also offer bad advice to the Sellers in some cases. The point I always underscore is just because a deal is listed doesn't mean it is a bad company. People sell for a million different reasons. As a buyer you just need to determine whether the company is sound and whether the seller's justification for selling makes sense. I didn't engage a broker on the buy-side, however, I would consider doing so in the future. Good brokers/bankers know their sector inside and out and can get things done faster than an outsider in many cases.