I've been spending a lot of time thinking through deals lately through a lens that I think should be the most important filter on any search-based acquisition - that is the lens of fundamental demand or, what I like to call the tailwinds.

As a searcher, you get the freedom to pick the market you enter. No matter what business you enter, operating is going to be tough. People will be difficult. Competitors will want to get your customers.

Do yourself a favor and let the market work for you by finding a business where there are immutable forces creating tailwinds and put up your sail. To do this well requires getting past the obvious and digging into the details of the products, geographies, customers, and purchasing behaviors.

It is simply not enough to look at a business and make the assessment based on the industry it's in. That's how you will miss fantastic opportunities that everyone before you missed too.