I would recommend establishing a strong capital provider network and a clear understanding of what lenders and investors would support you buying. I would also decide if you want total control (smaller business you fully own, or a bigger business where you have investors). Both come with pros and cons.

If I were starting again, three things would move to day one instead of month six. First, the investor network. I'd build relationships with a solid group of investors before I needed them, not scramble for LOI capital once a deal is live. The searchers who move fastest at LOI stage are the ones who already know who's writing checks and how they think. Second, M&A advisors. Having someone who evaluates deals for a living in your corner early, not just at diligence, changes what you even choose to pursue. They catch the structural issues in an IM before you fall in love with the story. Third, and this is the one people skip: understand the leverage and equity split in your deal from the very beginning, and have a real view on your exit strategy before you sign anything. Not because plans don't change, they do, but because capital structure decisions made under time pressure at closing are much harder to unwind later than they are to design up front. The searchers who do well don't just find good businesses. They build the right structure and the right people around them before they need to.