Since April, I have reviewed a steady stream of businesses around Houston, signed more than a hundred NDAs, submitted several IOIs, and taken opportunities into diligence. None cleared the bar. That is not a judgment that businesses marketed below $2 million are inherently unattractive. It is a conclusion about the risk-adjusted fit for my background and first acquisition. The pattern was consistent. The owner was often the operating system: customer relationships were personal, technical knowledge was undocumented, and there was little management depth underneath them. Concentration surfaced later than it should have, and earnings looked different after accounting for the cost of replacing the owner and addressing deferred operational needs. An experienced operator from the same industry may be able to absorb those risks. For a first-time owner entering with acquisition debt, losing the person who knows how everything works at closing is a different proposition. The lesson is not to pursue the same transactions with more leverage or optimism. It is to pursue a structure that reduces transition risk. I am now exploring two paths. Both involve meaningful personal capital from me and a full-time operating commitment. Being ineligible for SBA loans, these are the only viable options in my head (any reflections to the contrary will be greatly appreciated): 1. An operator-led acquisition partnership I am looking for one complementary operating partner to acquire and run a larger business, likely one generating approximately $5 million in annual revenue. Revenue alone is not the screen. The company must generate enough normalized cash flow to support two working owners, reinvestment, and moderate conventional debt. It should also have an operating team beyond the seller so that we are acquiring an organization rather than replacing one indispensable person with two new ones. I would lead financial management, commercial strategy, and business development. I am looking for a partner with deep, hands-on operating experience who would lead day-to-day operations as CEO or GM. Before pursuing a transaction, we would agree on responsibilities, decision rights, compensation, ownership, and exit provisions. This is not intended to be an independent sponsor structure. I am not seeking fees, a promote, or carried interest. I would invest my capital on the same terms as my partner and work full time inside the company. 2. A staged succession partnership I am also interested in owners beginning to think about succession but not ready for an immediate sale. I would invest for an initial 15%–20% interest in an established business generating >$750k in EBITDA, join in a senior operating role, and work alongside the owner through a three-to-five-year transition. The investment would be made within a binding framework covering governance, valuation, subsequent purchases, and the eventual transfer of control. For the owner, this could provide partial liquidity, continued cash flow and control during the transition, time to transfer critical relationships and knowledge, and a defined route to a complete exit. For me, it would provide the opportunity to learn the business alongside the person who built it before assuming control. I am looking to become the long-term owner and compensate the current owner fairly throughout the transition. This is not employment with a small equity award attached. What I am looking for? I care more about business characteristics than sector labels: durable repeat demand, transferable customer relationships, an operating team beyond the seller, defensible capabilities, and assets or other characteristics that support conventional financing. Current areas of interest include essential B2B/B2C services and niche manufacturing. Houston is preferred, although I am open to other locations for the right operating partnership. My background includes hospitality operations and finance, strategy and business development, and ten years as a professional sportsman. I have a degree in Economics and have been actively searching full time since April. M&A counsel, CPA and QoE support, and committed acquisition capital are in place. If you are an operator or searcher interested in building something together, or know an owner considering succession before a sale becomes urgent, I would welcome a conversation. Thank you for your time! Disclaimer: This is more relevant for searchers operating in the non-SBA space and are struggling to look at bigger deals. At the same time, it also provides SBA eligible searchers the opportunity to explore a deal which is not burdened by the SBA rules and timelines.