One piece of advice I've heard countless times is: "Buy a business in a smaller or more rural market. You'll face less competition from other searchers and have a much better chance of getting a deal done and getting in the game faster." That logic makes a lot of sense. But I've also heard some stories from operators that made me question whether these risks get discussed enough. Things like: • Underestimating how much the business depends on the owner's personal relationships within the community. • Underestimating how quickly key employees can leave, start competing businesses, and become legitimate competitors. • Underestimating the local market's disposable income and willingness to spend. • Underestimating what it's like to be "the outsider" in a town where everyone has known each other for decades. I'm not saying rural businesses are bad investments. There are incredible businesses in smaller markets. I'm just wondering if these risks receive enough attention during the search process. Would you rather own the dominant business in a town of 20,000 people or be one of many competitors in a major metro? Why? For those who have acquired businesses in smaller markets, what surprised you the most after closing? For operators who have spent decades in those communities, what do searchers consistently underestimate? I'd love to hear both sides of the argument.