Why “Good” Deals Don’t Make It to Market (And How Buyers Actually Find Them)

March 22, 2026

by an intermediary from Howard University - School of Business in Denver, CO, USA

Most “good” deals aren’t good deals. At least not the ones you’re seeing. In the lower middle market, the best businesses never go to market. They don’t hire bankers. They don’t run auctions. They don’t show up in your inbox. Instead, they stay hidden—profitable, stable, and quietly compounding value. Which raises the real question: If you’re only looking at marketed deals… what are you missing? In this piece, we break down why: * Great companies don’t sell (until they do) * Auction processes don’t always produce the best outcomes * The best buyers don’t chase deals—they build relationships long before a sale 👉 The takeaway: The highest-quality opportunities are created, not found. Curious how others think about this— Are you relying on deal flow… or building it? https://static1.squarespace.com/static/5984a0f3e3df2867773800ec/t/69c047becf5d7f114dfc09e5/###-###-#### /RKJ+Partners+-+Buy+Side+Newsletter+-+Vol+5+Article+7+%282026%29.pdf

Reply by a searcher
from University of Auckland in Malmö, Sweden

Hi Cyril, the idea of cultivating long term relationships with future sellers sounds great, but how do you start from the outside? For context, I work in tech, developing optics hardware, but I'm rarely in conversation with business owners, and certainly not with e.g. owners of a landscaping or HVAC business. I guess the answer is that personal investment is required, but what would you recommend? Thank you in advance.

Reply by an intermediary
from Howard University in Denver, CO, USA

^Patrick Montague‌ Great question. A practical way to start is by focusing on a specific industry and geography, building a targeted list using sources like Google, licensing boards, and industry associations, and reaching out with a non-transactional tone—simply introducing yourself and starting a conversation, not asking if they want to sell. Consistency in follow-up is where most traction comes from, as familiarity builds over time. The goal isn’t immediate results, but to be present when timing changes. It’s also helpful to connect with CPAs, attorneys, and lenders who often have strong relationships with owners. Happy to set up a call to discuss further.

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