Searcher tips from recent SMB video podcast

Hi all, just watched this video with SMB Deal Hunter. Had some nice tidbits in it. Not affiliated with them, just subscribe to their newsletter to learn and stay up to date. https://www.youtube.com/watch?v=3l51Qbiy8IA My takes: 1. 1 in 4 listings actually sell —> lots of junk out there —> I have a lot of questions for brokers who accept poor deals 2. 50% of inventory is “unbuyable” —> Don’t do it just because you can 3. Be prepared with 3 things: NDA, Buyer Profile, Proof of Fund —> LinkedIn profile suffices, just to show you’re a human! 4. Ask the broker if they have a process —> it could be dictated by the seller, and trying to dictate the process signals you could be difficult to work with 5. WORKING CAPITAL —> it surprises the sellers too, they expect to strip the bank accounts —> Know the working capital for your business! 6. Cash offers can be a liability —> brokers seems to actually prefer the structure and momentum of an SBA process 7. Pocket listings are regional —> know the state laws —> I knew there were always off-market deals, but I didn’t realize it was regional on top of relational 8. A “clean break” for the seller can be an advantage —> PE usually requires 3-5 year earnouts, meaning: no retirement