The economics · For lower middle market buyers

Proprietary deals meanno bidding war.

No other buyer at the table competing you up, because there's no auction and no one else in the room. Same company. Same seller. Different way of finding them.

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Competing bidders
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Other buyers in the room
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Buyer at the table: you
15
Days to a live campaign
The problem with the brokered path

What buying through bankers actually costs you.

You're bidding against everyone.

By the time a deal hits your inbox, three to five other funds have the same CIM and the same hunger. You can win at the price that beat them all, or you can pass and watch someone else overpay.

The banker's calendar runs your diligence.

Four weeks to underwrite a business it took the owner twenty years to build. LOI by Friday. Final bids by month-end. The deals that fit you best are often the ones where you ran out of time to prove it.

Your edge gets priced in before you bid.

Operating expertise, a clean capital structure, a faster close, whatever makes you a better buyer than the next fund, the seller's already expecting it. You're paying for the right to deliver it.

Why proprietary changes the math

Three reasons off-market beats an auction.

1

No bidding war.

One buyer at the table instead of five. There's no other bidder to compete against, and no auction clock forcing you to outbid anyone.

2

Terms you can actually negotiate.

Bigger seller notes. Earnouts that share risk. Diligence on your timeline, not a banker's deadline.

3

No banker on the other side.

You talk to the owner directly, not an advisor working to run a process on their behalf. There's no one manufacturing competitive tension to drive up interest.

Honest caveats
  • We don't guarantee a deal. Owner timing, diligence outcomes, and price alignment sit outside any sourcing firm's control.
  • The approach works for focused buy boxes. Vague mandates produce vague results.
  • There's real upfront work, kickoff, buy box approval, and screening before outreach begins.
  • The consulting fee at close applies on deals sourced through the engagement, with a 36-month declining tail.
Next step

Run the math for your buy box.

We'll size your buy box, walk through the build-vs-buy math for your specific criteria, and cover the fee structure on a 20-minute call. Complimentary. You leave with the analysis.