It comes down to relationships. No relationships; no or few referrals. Having advised for buyers for 40 years I can tell you that the best source of referrals are people who already know the searcher/buyer and who trust the buyer. It’s not that it’s a bad idea to cast a search net over everybody who might be a source of referral to worthwhile investments or business acquisitions. But it’s important to realize that the most of the people who actually achieve small/midsize company done deals source those deals by properly communicating directly with owners and/or investors in the types of companies that the buyers can show, upfront, that they are qualified to buy. It’s sad but true that the fantastic resumes some DIYer buyers brandish before business owners don’t impress potential sellers unless, upfront, the buyer hits the owner's/seller's is hot buttons. Too many buyers who have not yet perfected their skills related to search are likely to waste time and money (theirs and people with whom they interact), And even worse the ill-prepared searchers might give up their search because it’s not producing results.

Same experience with most of my clients. Messages like yours can really help searchers save time and aggravation.

Good call!

Some of the best marketplace intelligence we (my buyer clients and I) get comes from real estate agents. (I have tons of war stories where agents warned us about things we might not have detected!)

They can also be useful to review leases and premises, and to advise us when sellers' landlords play hardball with buyers.

Great suggestion! I did have a commercial RE agent who was very helpful. He really had his ear to the ground regarding the state of businesses and their owners. RE agents also like to trade information because it helps them in their growing their business, so sharing intelligence is mutually beneficial.