I am doing a self funded search. Often my conversations about my deal criteria are difficult as my criteria are more complex than most. So I am writing this both to get community feedback and to use as a future reference. My four categories with my specific criteria for each:

National/Specific Thesis: USA (except CA); tech/SaaS/IT, healthcare (specific), aerospace/aviation, B2B services (remote)

Regional/Preferred Industries: SC, NC, GA, east/central TN, north FL; above plus healthcare (no medical license), manufacturing, distribution/logistics, B2B services, routed services (like landscaping); any industry that isn't a hard no with management in place.

Local/Most Businesses: within 100 minutes of CHS airport; any industry that isn't a Hard No.

Hard No: International, California; Retail (like restaurants), Real Estate (like hotels/car washes), Construction (less 50% recurring)

Based on what I have seen, I think most searchers try to fit themselves into only one of the above geographical/industry combinations. For traditional searchers, this makes sense as they must agree on these with their investors. However, I think that the above four categories are a better reflection of how most self-funded searchers actually make decisions. For a specific thesis, broader geography is required to find enough businesses in that industry. For geographic constraints, more industries need to be considered.

Why is the common expectation for searchers to pick a single point on that spectrum?