Proprietary outreach with a twist

I expect this is not a novel thought and wondering if anyone has actually tried this, and if so what lessons / experiences they can share.

The standard criteria for a search fund business we all know. Broad customer spread, enduringly profitable etc. These are business that can transition relatively smoothly between owners and are more likely to succeed and prosper under new ownership. The downside is that the appeal of these types of businesses leads to higher multiples, high demand and therefore a requirement to move quickly if interested.

Conversely there are many businesses which do not possess these desired qualities (eg too wrapped around the owner, non-sticky customers etc), though are highly profitable year on year. Because of the difficulties/risk associated with transacting these business they are sometimes unsaleable despite their profitability.

Often these businesses will be transitioned to a staff member under a seller-financing arrangement, or if there is no suitable staff member or family member to take the reigns, simply closed down.

Is there a win win scenario for searchfunders / ETA folks in this type of business/scenario? What I have been contemplating is a proprietary outreach to 'unattractive' yet highly profitable businesses for acquisition (eg contracting businesses), whereby you are seeking employment (advisor, personal assistant, business development) with a business owner who is keen to exit their business in the next ~1-2 years. A loose acquisition plan, timing, basis for valuation, seller finance terms is penciled prior to the employment / learning-the-business phase.

Benefits to the employee/buyer
- Learn the business, confirm it's a right fit for you (and get paid an agreed salary)
- Lower risk investment once highly familiarised with the business
- Significantly higher ROI for less 'saleable' business
- Assist in attracting other investors due to buyer's familiarity/understanding of the acquisition target

Risks to the employee / buyer
- Breakdown of agreement with seller (ie seller decides not to sell etc)

Benefits to the seller
- Exit plan for outgoing owner
- Staff retained
- Receive significantly higher yield for business sale
- Enter into seller financing agreement with higher confidence of return being realised

Risks to the seller

• Breakdown of agreement with employee/buyer (ie buyer decides not to buy etc)
  
  Keen to hear anyone's thoughts on the practicalities of this and / or any suggestions to improve likelihood of success. Many thanks