I don't have a template handy but there isn't much to it. Write a template that states your interest in buying a business, why you're interested in that particular company, and ask if they would take a phone meeting. A few sentences is all you need.

Google cold email templates and you should get some useful ideas

will try that thanks

I took Roland Fraiser's course and he provide several templates. Would highly recommend taking his course if you are new to acquisitions.

I concur with Marc. Be concise but thoughtful in your e-mails. You don't need to write a sales pitch, since you're only reaching out to see if its on the seller's mind.

The other commenters have provided great suggestions so far. I'd add a few points about cold emailing:
(1) Don't underestimate subject line, since that determines if your email even gets read. It's frustrating to spend time writing emails that nobody ever sees, so getting the subject right is a high return on effort activity.
(2) Test, test, test. A template or approach that works for one searcher may not be best for another. It depends on the industry, lead sources, types of contacts, etc. Make sure you are trying different things and tracking relevant metrics.
(3) Aim for "volume at reasonable personalization" (VARP). I first heard this concept from Lucas & Ryan. Your post says "The more customizable the better" but this is not true beyond a certain point. You want enough personalization to show interest in each target company but not so much that you severely limit your email capacity.

I've gotten about 50 of these from searchers over the years because one of my operating companies is a dead-on target. I would avoid any of the traditional searcher selling points "I am looking to buy one company! And it must be $5m in revenue and over $1m in EBITDA!" these aren't particularly interesting to me as a seller (especially the 50th time).

The only time I've ever responded is when someone seems to have put some thought into the email and has a clue/thesis about the industry...otherwise if the buyer is just a financial buyer, why bother to respond? Just run a process with a broker when you're ready to sell.

I would consider batching your emails by industry at the very least - that way you can communicate that you know something about the area the business operates and won't be a waste of time for the seller.

Often owners won't be for sale themselves, but they'll have interesting insights into a) who would sell, b) other pockets of the market that could be attractive to buyers. Might be worth trialing some templates that start a conversation that way.

Just curious, if anyone had a rule of thumb or tips about how many times to follow up before moving on from that contact?

Most templates won't get any interest from good owners / CEOs. They get 50 of these a week. If you actually are interested in the company, need to put a bit more thought in than a copy + paste.

I concur with Philip. Especially if these are good Targets - they need to know you are not just another "me too searcher" but truly interested in partnering, acquiring & growing