What Do You Do with Proprietary Deals That Don’t Fit?

Hello Searchfunder Community, I’ve been reflecting on a question that often comes up in the deal sourcing process and would love to hear your thoughts. When you find a Proprietary Deal where you’ve built a direct relationship with an Owner who is looking to sell but ultimately decide it’s not a fit for your mandate, what do you usually do next? 1. Wish the Seller well and move on to the next opportunity. 2. Refer it to another Searcher, Independent Sponsor, or Private Equity Group who might be a better fit. 3. Pass it along to an M&A Advisor or Investment Bank who could help the owner find the right Buyer. 4. Keep it on your radar in case your investment thesis or parameters change down the line. I’m curious how others think about this, both from an ethical perspective and in terms of relationship building. Do you see these moments as an opportunity to create goodwill, pursue receiving a Buy-side or Sell-side referral fee, or do you prefer to simply close the loop. Wishing everyone continued success in your searches and smooth closings for those currently under LOI or exclusivity. If I can ever be a resource, don’t hesitate to reach out.