Question for fellow searchers: how many investment theses / buy boxes do you run at once, and how do you communicate them to brokers, lenders, and investors? I'm an independent searcher in Phoenix pursuing an SBA-backed acquisition. Right now I use one deep vertical thesis with investors and a broader buy box with brokers (defined adjusted EBITDA range, recurring revenue, B2B service), and I'm not convinced that's the right split. I'd love to hear how you handle it. Answer any or all: 1. Do you run one thesis, several in parallel, or stay industry-agnostic? Has that changed as your search went on? 2. What goes into your thesis (industry, size, geography, criteria, your "why me"), and what format do you use? 3. Does each audience get a different version? How different? 4. What has worked, and what has fallen flat? 5. If you've closed, did the business you bought match your original thesis? I'll compile what I hear and share an anonymized summary with everyone who chimes in. Happy to share my own thesis in return.