Wanted to go after the insurance brokerage space (with a whole value creation thesis), but the reality is private equity learned this was an attractive business model 20 years ago so my investors STRONGLY encouraged me to not go after the space.

The multiples are high and the owners know their businesses are valuable if they have any scale at all.

That said you could probably buy a list and do moderate scale outreach pretty cheap, so if you are super curious, wouldn't take that much time or energy investment. To get a few phone calls.

Got it, I misunderstood. Though then there are many other problems like capital intensity, regulatory requirements, or if it's an MGA, continuing to get capital to scale if you aren't an expert.