How do I get in the flow of banker CIMs? I feel like they hate searchers

April 28, 2026

by a searcher from Harvard University - Harvard Business School in New York, NY, USA

Any advice? My sourcing is almost entirely marketplaces and cold outreach. I want to start receiving CIM from bankers and business brokers, but I'm having trouble getting their attention. I feel like they don't want to deal with searchers. Thank you!

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Reply by an intermediary
from University of Colorado at Boulder in San Diego, CA, USA

While this might not be the ideal forum for this comment, it reflects my sell-side experience. Not trying to ruffle any feathers here.... Search funders are often "a dime a dozen" and may not always be the best fit for a specific business acquisition. I think many broker's come into the conversation with that already in the back of their mind. In their eyes, search funders are rigid, scrutinizing, analytical, and overall, just more difficult of a transaction. While this isn't always the case, many people coming from middle- to upper-market M&A or went through an MBA program, try to run a $100M transaction process for a $5M deal; they're not the same. For businesses with $1M+ EBITDA, the buyer's experience and transferable skills are frequently the top priorities for sellers. They often prefer to sell to someone already familiar with the industry. While an MBA graduate with funding might seem promising, a better fit is often someone who has recently sold or currently owns a similar business, as this reduces the owner's risk during training and transition. As a search funder, clearly articulate your plans for running the business, define your industry expertise, and explain why you are the ideal buyer. Oftentimes, search funders become bogged down in seeking the "perfect" business at a "fair" multiple, leading to analysis paralysis. Strategic acquirers often overlook business negatives due to their industry knowledge and ability to make changes, whereas search funders may create a lengthy due diligence list, request extended exclusivity periods, and scrutinize every P&L detail. The top buyers we work with often take a different approach. My best advice, along with others in the thread, is to be prepared and be flexible. Flexibility in a deal (for both buyer and seller) is the number one factor in getting a deal across the finish line.

Reply by a professional
from Babson College in Orlando, FL, USA

Bankers and brokers protect their time. Business owners also protect their time. So they will invest time in you if they believe that you are a solid investment of their time. Business owners require an additional characteristic. In most cases they must feel that you are a steward of their legacy. So you must have a specific and credible investment thesis. And you must have an authentic narrative for the business owner that clearly defines how you are going to strengthen their legacy. This narrative for the owner is derived from your thesis. So the short answer is your investment thesis. A real thesis defines the industry and why you understand it deeply. It identifies the trends reshaping that industry and why those trends create an acquisition opportunity right now. It defines the specific type of business, the size, the geography, the customer profile. And it articulates your unique value proposition as the operator. Why you specifically are the right person to acquire and scale this business. When a banker reads that thesis they stop seeing a searcher. They see an operator with a plan. That is a buyer they want to work with. And if your thesis, experience, and narrative are sufficiently convincing, even lack of capital is not an obstacle, as the banker may introduce you to investors. This suggestion is based on my first deal as a self funded searcher. I was pitching my thesis and deal to any investor that would take my call. After hearing my story, an investor referred me to the leading investment banker in the sector; a top tier investment bank. I presented my background, thesis, business plan, financial model, and energy. They proposed to represent me and earn all of the fees. I told them I wanted to an Independent Sponsor structure. They agreed to support me at no charge with no expectation of fees. The senior banker, known as the top deal maker in the sector, introduced me to dozens of capital providers and attended meetings alongside me. All because I showed up prepared enough that they believed I could close and run the business post close. The banker invests their time in opportunities that they believe will produce a return. Show them your unique value proposition, thesis, preparation and energy and the CIMs will follow. Thanks ^redacted‌

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