Search Update - July Recap

As July wraps up, I wanted to share a brief update on my search with the community: what's happening, what's working, what I'm adjusting, and what I am looking forward to as we head into August. Search Status July was a slower month for deal flow. Many of the stronger opportunities from earlier in the year are now under LOI or closed, and a number of owners seem to be holding off until they finalize Q2 results. That said, the past week showed encouraging signs of reacceleration—broker outreach picked up and 14 new deals hit the pipeline, accounting for over a third of the month’s total. The search continues to move at a steady, deliberate pace. I’m staying disciplined, focused on quality, and resisting the urge to force-fit marginal opportunities. Pipeline Snapshot The pipeline remains active and efficient. I'm consistently reviewing and turning around CIMs within 48 hours. The primary reasons I've passed on deals recently include: - Valuation expectations were too high - Customer concentration risk - Insufficient historical financial performance - Revenues tied to project-based or new-construction work What’s Working Systematizing sourcing has added structure and clarity. I'm learning fast by distilling core truths early and capturing key takeaways. Conversations with other searchers and advisors continue to sharpen my thinking. What I’m Adjusting This past month, I found myself trying too hard to make certain deals work—overriding early signals that should’ve prompted a quick pass. I’ve been reflecting on what I call the Siren Problem: getting pulled into a deal that feels like it could work, even when the fundamentals say otherwise. Curiosity and creativity have a place, but not at the expense of discipline. Going forward, I’m recommitting to early, decisive qualification and clearer internal guardrails. The goal is to stay intellectually engaged without drifting from what I know makes a good business and a good deal. Looking Ahead I’m focused on staying patient, disciplined, and ready to move fast when the right opportunity surfaces. Key priorities for August: - Launch proprietary outreach: Finalized and going live this month. Thinking through both industry agnostic and industry-specific strategies - Track sub-$1mm EBITDA deals: Valuations tend to be more rational, and competition is lighter - Watch for boomerang deals: Staying close to deals that fell apart - Add structure to sourcing rhythm: I’m thinking about a weekly deal review cadence to keep myself sharp and accountable 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. Always happy to swap notes or be helpful however I can—feel free to reach out! Alex