Is Self-Funded Search Getting too Competitive?

December 03, 2025

by a searcher from Loyola University Maryland - Sellinger School of Business and Management in Baltimore, MD, USA

I am curious what people's current market sentiment is for search in the self-funded target range (750k-8M Enterprise Value) and what your thoughts are on the future. Most importantly, for those considering self-funded search now vs later, should they consider accelerating their timeline and search sooner because of the market getting exponentially competitive? Please share any current market observations and thoughts that you have!

Reply by an intermediary
from The University of Chicago in Chicago, IL, USA

I have been selling businesses before email existed. We never had problem selling a good business. Actually, it was easier b/c buyers wrote their own equity check. Never heard of less than 20% equity. Now, since ETA, there are more buyers, prices have come down due to equity sharing and, lower equity (10%) forcing prices to come down to maintain DSCR. On the other side, sellers have a choice of buyers with industry/domain expertise, and higher education.

Reply by a searcher
from Stanford University in Sausalito, CA 94965, USA

Harder? Yes Too crowded? - No We serve lots of SMB acquirers who are continuing to buy - I think a lot of the crowdedness is buyers who are not super serious - if you show professionalism, seriousness etc, I think you can still win out there Hard doesn't mean not doable or not worth it!

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