QUESTION ON B2B SERVICES AND BROKERS

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.

Setup:
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.

Question:
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?



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