I've had 75 one-on-one meetings with searchers in the last 90 days. Here is my perspective on the market.

I have been extremely active in getting in front of searchers over the last 90 days. Email campaigns, conference circuits, LinkedIn outreach. It has been mildly successful in getting in front of first-time searchers and post-close searcher CEO's. I decided to summarize/anonymize my AI reader notes from those discussions to make them accessible to other searchers. 1. PE firms are a serious competitor. This came up in nearly every conversation. Sponsored search used to mean you were competing against other searchers and strategic buyers. Now you're sitting across the table from PE platforms running add-on strategies in the same size range you're targeting. They move faster, have better resources, expansive networks, existing management relationships, and their buying power can (sometimes) be enough to sway a seller in their direction. Your edge will come down to something they structurally cannot offer. "I'll run this myself" is only compelling if the seller cares about that. You need a real differentiator (emotional/relationship hooks, personal connections, etc.) 2. Buyer credentials are doing more work than the LOI. Sellers are making emotional decisions before the financial ones. What I kept hearing: searchers who could tell a specific, credible operator story in the first meeting were advancing. Searchers leading with deal structure were losing to less aggressive offers. 3. Off-market sourcing is the single biggest pain point in active search. This may be a statement of the obvious. Specifically, how do you find and develop relationships with businesses that aren't already on a broker's list, haven't been shopped, and don't have three other LOIs pending. The searchers struggling are the ones rotating through the endless 'NEW AI TOOL FOR OFF-MARKET DEAL SOURCING'. The ones navigating this successfully are getting creative in their search, leading with relationships (estate planners, wealth managers, CFP's, CPA's, local law firms, exit planners, local associations, chambers, etc.). It has become evident that technology and AI will not solve the off-market deal-sourcing pain point. Sometimes old-school works and I am seeing that more and more in this market. 4. The time demand is underestimated by almost everyone before they start. Full-time search is a full-time sales job with no guaranteed close date. The searchers who are###-###-#### months in will tell you the psychological weight of the process is harder than they planned for. Investor check-ins, deal flow reporting, managing seller relationships that go cold, keeping your thesis sharp when you've passed on 40 businesses. Be prepared for the long-haul, and be prepared to change your thesis several times. The right deal strikes when the right deal strikes. You need to be ready for anything at any time. 5. Investors are increasingly focused on long-term value creation, not just deal quality. "Find the right deal" used to be sufficient. And to a certain extent, it still is. What I'm hearing more often now is that investor conversations have shifted. Sponsors want to understand what happens after close. What's your operating plan? What does your operating bench look like? How are you thinking about the first 90 days? The searchers who have a clear answer to this are having better, more effective fundraising conversations. The ones who haven't thought past close are having a harder time answering these questions. This by no means IS the best advice. This is simple reporting on what is being said in the market right now. Your market, your thesis, and your investor base will shape your experience differently. If you found value in this or have alternative perspectives on it, I'd genuinely welcome additional feedback. I've also met a ton of other M&A professionals, DD experts, brokers, attorneys, former Searcher/CEOs along the way and happy to make connections where I can.