Depending on if you're doing proprietary or broad search, I would not hold yourself to a specific target on the broker call/LOI side. There were points in my process where there was limited deal flow and all the CIMs i was reviewing were not a fit for me. I wanted to have broker / seller calls but I also knew a lot of them would not be a good fit. If you are getting frustrated, expanding your criteria is a good first step. At some point you'll realize you're expanding too far when you're taking a broker call for a business you don't like in Boonville, Arkansas. Then you can dial it back again.

I definitely don’t believe in quantity targets for LOI’s. Those should be reserved for businesses you would actually buy. Locking up deals in LOIs that fizzle out just takes it off the market for a serious buyer and creates frustrated sellers and brokers, which hurts the rest of us.