Search Update - January Recap

I wanted to share a brief January update on where the search stands, what I’m seeing in the market, and how the focus is evolving as we move into early 2026. Search Status January marked a transition from building and tuning the search machine to operating it with greater selectivity and intent. After the typical year-end slowdown, brokered deal flow picked back up and the overall fit of opportunities improved. At the same time, I made a deliberate push to systematize more of the brokered funnel so I’m seeing opportunities faster and spending less time on manual intake. In parallel, I re-centered my weekly cadence around proprietary sourcing, since that remains the best path to differentiated outcomes in a competitive on-market environment. Pipeline Snapshot 34 new opportunities were added in January. While overall deal flow has varied month-to-month since inception, the quality of opportunities entering the funnel continues to improve. Common pass reasons: - Key person risk - Valuation expectations Proprietary Sourcing Proprietary has been slower than I’d like, and that’s on me. Early in the year, I created friction by over-investing in data cleaning and owner verification, keeping too few contacts in active sequences, and delaying the calling component of outreach. As a result, the channel hasn’t yet received the attention or scale it requires. The trend is improving. We’re continuing to add owners into outreach (currently ~500 in the active list), iterating on messaging and sequencing, and have now begun cold calling to complement email. Going forward, the focus is “good enough” data quality and consistent weekly throughput to build a reliable flow of owner conversations. Referrals remain the highest-quality source of off-market opportunities. What I’m Adjusting Two primary adjustments heading into February: - Maintain rapid brokered triage while tightening early valuation framing. - Put proprietary on a consistent weekly cadence and scale outreach volume (more contacts in sequence, more calling reps, continued iteration on messaging). How you can help (my only ask) If you see a business in WA or FL that provides essential goods/services and generates $750k-3mm in EBITDA or pre-tax profit, I’d greatly appreciate an introduction. Thanks for your continued support—your feedback and introductions truly move the needle. Alex