We’ve been thinking more about what actually causes a good business to come to market. A lot of the time, it isn’t a sudden change in the business. It’s something happening with the owner. Retirement. No family successor. A key employee who isn’t interested in taking over. An owner who has been running the company for 20 or 30 years and simply wants to do something different. What’s interesting is that the business itself may still be performing well. Customers are still there, employees are still there, and the underlying demand hasn’t changed. The only thing that has changed is that the person who built it is ready for the next chapter. That makes us wonder whether some of the best acquisition opportunities are found before an owner formally decides to sell, rather than after the business is already on the market. It also changes the sourcing process. Instead of only asking “What businesses are for sale?”, the more interesting question can be “Which businesses might have a reason to transact in the next few years?” Curious how others think about this. Do you actively look for businesses where succession may become an issue, or do you prefer to focus on companies that are already formally on the market?