Finding Deals That Fit
You’ve written your investment thesis. Now it’s time to step into the fog and start finding deals that actually fit.
The Moment After Clarity
Writing an investment thesis feels clean. You set your filters, define your model, decide what you will buy and why.
But the morning after finishing it, a new reality begins.
You open your inbox and see brokers, teaser decks and introductions. Suddenly there is too much information and very little direction.
The shift from clarity to action is the hardest step for most acquirers. The thesis is theory; sourcing is navigation. It is like starting a new round in Age of Empires: the map is hidden by fog. You know the landscape exists, but you can only see a few steps ahead.
The question becomes: how do you explore the map without losing your compass?
From Thesis to Terrain
Your thesis gives you orientation. It defines what “fit” means.
But the market will test that definition again and again. You will open twenty teasers and reject nineteen. You will wonder whether you are too selective or too slow. That is completely normal.
Sourcing is where conviction meets friction.
Every “no” confirms your filters. Every irrelevant lead strengthens your discipline.
The deals you walk away from are just as important as the ones you pursue.
Keep your thesis visible on your desk or phone. Read it each week. It will remind you why you started and what you promised not to compromise.
👉 Back to the prevouis week broadcast: Clarity Before the Chase: Writing Your Investment Thesis
The Myth of Deal Flow
There is a persistent myth that great acquirers have great deal flow.
People boast about how many opportunities they review each month. But deal flow is not about quantity; it is about quality.
Reviewing hundreds of poor-fit businesses wastes energy and erodes judgement.
The best acquirers usually close one deal for every hundred they see, not because they chase volume, but because they filter with intent.
Think of it as mining, not fishing. You do not need to cast a wider net; you need to dig where the geology fits your thesis.
If your thesis says you want profitable, recurring-revenue B2B services between one and three million in turnover, then every construction company, café or startup deck that crosses your desk is noise.
Filtering faster helps protect your attention. Attention is your scarcest resource.
The Four Sourcing Channels
Every buyer, no matter how experienced, relies on four basic paths to find deals. The difference lies in how deliberately they use them.
a. Brokered Opportunities
Brokers and online platforms are the easiest place to start. They teach you valuation ranges and industry language.
Yet they attract competition and inflated expectations. Sellers often believe their company is worth more than it is because someone told them so.
Use brokered listings as education, not destination. Build relationships with honest intermediaries who understand your criteria. A few good brokers can become reliable allies.
b. Proprietary Outreach
This is where real sourcing begins.
It means contacting owners directly through letters, emails, introductions or simply walking into workshops and offices.
Most founders are not “for sale”. They are quietly considering what comes next. A respectful letter that explains who you are, what you look for and how you preserve continuity speaks louder than a generic enquiry.
Authenticity opens doors.
You might send fifty letters and receive three replies. Two will say no. One will start a conversation that matures over months. That is success.
c. Referrals and Introductions
Accountants, notaries and lawyers often know succession stories years before the public does.
Cultivate those relationships. Meet them for coffee, share what you search for and follow up with a short monthly update.
The secret is reciprocity: give first. Send insights, invite them to events or share helpful resources. When you prove reliability, they will remember you when a client mentions retirement.
d. Inbound and Visibility
Publishing your perspective turns reputation into leverage.
Articles, podcasts or local talks signal clarity and seriousness.
When you speak about succession, patient capital or long-term stewardship, the right owners recognise themselves in your message.
Being visible is not self-promotion; it is signalling alignment.
If a seller already trusts your values, negotiation becomes a continuation of that trust.
Thinking Like a Seller
Many buyers stop at these four channels. The better ones step into the seller’s shoes.
a. Go Where Owners Gather
Attend local trade fairs, business breakfasts or chamber events.
Older founders still read regional papers and attend community functions.
A quiet conversation at a Rotary lunch can open more doors than months of email.
b. Talk to the Ecosystem
City marketing offices, municipal development agencies and even journalists often know which family firms are succession-ready.
They welcome successors who care about keeping jobs local. A five-minute chat can reveal more than a week of research.
c. Use Print and Physical Presence
For owners aged 55 to 70, letters and local ads work better than digital campaigns.
A short printed note, professionally designed and personally signed, can be powerful in a world flooded with email.
d. Walk the Streets
One acquirer spent Fridays visiting industrial parks, noting which companies looked quiet or newly renovated.
Three months later, one of those visits became his first deal.
Feet on the ground still beat algorithms.
These human touches do not replace structured outreach; they make it real. When both run in parallel, sourcing turns from mechanical to meaningful.
Building Your Sourcing System
Discipline turns opportunity into progress.
You do not need a fancy CRM, a spreadsheet or Notion table will do, but you need structure.
1. Mapping
List your sectors, geography and size range. Write clear criteria: revenue, profit, business type, customer base, owner profile.
2. Outreach
Set weekly goals that feel achievable but consistent:
25 letters, 5 calls, 2 new relationships.
Track every contact and status.
3. Follow-up
Most relationships form in the second or third conversation.
Set reminders. Check in after three weeks, then three months. Respect rhythm; persistence beats pressure.
4. Reflection
End each week with fifteen minutes of reflection.
Which sectors responded best? Which conversations felt promising?
Refine your filters through real experience.
Sourcing is logistics, not luck.
The European Reality
Europe’s private-company market is personal and fragmented.
Information is often hidden behind relationships.
In the Netherlands, notaries and accountants are gatekeepers.
In Germany, chambers of commerce track ownership changes.
In Spain or Italy, local banks still play a role in succession.
Trust matters more than speed.
A reputation for professionalism spreads quietly but effectively.
Start locally. Attend regional events, collaborate with advisors and publish short guides for founders on preparing for succession.
When you give first, advisors begin to see you as a safe pair of hands.
The Psychology of Sourcing
Sourcing tests patience more than skill.
Rejection and silence become routine. Other acquirers announce success while you wait for replies that never come.
Remind yourself: this is a season, not a sprint.
Every “no” is information. Each unanswered letter protects you from the wrong deal.
Momentum matters more than mood.
Once you accept that progress is emotional as much as operational, rhythm becomes your anchor.
When motivation dips, revisit your thesis. Read it aloud. It reconnects you to purpose.
Sourcing is emotional endurance dressed as admin work.
Designing Your Weekly Rhythm
Momentum is built on habit.
Here is a pattern used by many disciplined acquirers:
Monday: review pipeline, plan outreach
Tuesday to Thursday: execute letters, calls, meetings
Friday: reflect, update notes, adjust filters
This rhythm creates predictability. One quiet hour per day compounds faster than random bursts of activity.
The goal is to make sourcing part of life, not an occasional campaign.
Turning Conversations into Trust
Not every conversation should end in a pitch.
Some owners need months to process the idea of selling. Others are simply curious. Treat each interaction as the beginning of a relationship.
Ask about their story, their staff, their values.
People decide emotionally, then justify logically.
If you stay curious and respectful, they remember you.
A “no” today can turn into a “maybe” next year. An advisor who declines your offer might later recommend you to someone else.
Your reputation compounds faster than capital.
Practitioner Examples
Across interviews and field stories, certain patterns repeat:
A northern-European acquirer walks ten factories each Friday; six months later one visit became a signed LOI.
Another keeps quarterly coffee meetings with local accountants; two introductions led to real deals within a year.
A small-town buyer published a simple “How to Prepare for Succession” guide; it generated steady inbound calls.
Each approach favours consistency over speed, humanity over automation.
That is the quiet craft of sourcing.
Action Section: Build Your Sourcing Blueprint
Use these prompts to shape your own sourcing plan.
1. Choose your three main channels
Which mix suits your temperament and resources: brokered, proprietary, referrals or inbound visibility?
2. Define your seller profile
What age, motivation or situation best matches your model?
What emotional needs might this person have?
3. Set your rhythm
How many letters, calls or meetings per week feel sustainable?
When will you review progress?
4. Create your tracker
Columns: name, company, contact date, stage, notes, next step.
Keep it simple enough that you will actually maintain it.
5. Reflect monthly
Which outreach types yielded replies?
Did you adjust any filters based on real feedback?
You can record these answers directly in the Deal Sourcing Workbook, a fillable document you can download and customise for your own search.
👉 If you want to start right now, download your free Deal Sourcing Workbook here.
Closing Reflection: The Patience Game
Finding the right deal is quiet work.
No algorithms, no shortcuts, only clarity, consistency and curiosity.
The best acquirers do not chase everything; they attract the right few.
Because when your thesis, your tone and your outreach align, the market eventually recognises you.
Stay patient. Keep refining.
The right deal will not feel like luck; it will feel like recognition.
Next week’s edition explores Funding the Dream – how to finance an acquisition without losing control.
Until then, keep your compass steady.
Warm regards,
Alexander