"QUALIFIED BUYERS ONLY - NO SEARCH FUNDS"

I actually first learned about brokerage from an MBA classmate involved in a search; so I likely have a positive bias in this case. I haven't done a deal with a searcher yet but many of the stories I've heard involve misalignment of expectations around the deal and process. As a broker representing a seller, our job is to protect the interest of sellers and help manage risk to both the seller and the deal. I suggest brokers and Searchers talk through process, expectations, and how they can jointly manage the various stakeholders involved (e.g. LP, seller, banks, transaction teams, etc.) to get the deal over the finish line. Develop clear go/no-go process decision points and deal breakers early so there are no surprises. Early, honest communication and expectation management can go a long way.

I guess they think there is less certainty of closing the deal.