I've been single-sponser searcher about 5 months with a primary focused on B2B services, mainly BPO services. I've been running a proprietary and intermediated mix but I've been surprising by the lack of deal flow from the intermediated channel. Would love to get insight on what might be missing.

Our search criteria is fairly standard fare:
- Revenue: $5-35M
- EBITDA: $2-5M

I'm somewhat geographically restricted, but not meaningfully so (Geo includes entire (WC, PNW, SW, Rockies, TX, GA).

Our source of funding is pretty transparent -- we have recent deals that can be found on Google, with terms disclosed. These deals are in the same $10-40M range I'm looking for now.

I have between 4-5k intermediaries on a quarterly cadences, and I have seen nearly 0 deal flow for services in 5 months. Usually get a 'we don't have anything for you' or I'm sent some manufacturing type businesses. With the volume of my outreach I'm pretty shocked I haven't seen a single B2B service offering that fits my criteria in 5 months. Is there something I am doing wrong/missing?