Linda, I did a regional search and acquired a business. As Tony said, the number of deals is the biggest constraint and depending on your market that may be a major challenge. The benefits are that you can leverage your network and build a meaningful network since you are local and that you can differentiate yourself from other buyers by stressing that you are a local. As far as investors, I found that there were quite a few HNWIs who wanted to invest in their local economy and had more money than opportunities. I found these folks through networking as well.

If your market is smaller there's the potential you could perform your search while maintaining your full-time job to give yourself a longer runway. It would be challenging to conduct a thorough search while working for 2+ years but I think it's possible, especially if you're in a smaller market and have a strong network to leverage for deal flow.

Lastly, if you're in a smaller market you need to be more flexible on the businesses you're willing to acquire and really consider non-sexy businesses (e.g. plumbing). You don't have the luxury of being picky.

I'm currently doing a regional search. Location in the southwest of the UK. At first I worried about what kind of investors I would be able to attract. I would suggest to start approaching businesses first to see what kind of interest you get