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? redacted