"The [SMB] market is too hot." But is it? Over hundreds of conversations with hungry acquisition entrepreneurs in the last two years, and thousands over the last decade, the 'noise' of the space feels real. And it is. For most of them. We talk all the time at our meetups, with partners, other investors, etc., about the need to run the race with both legs, meaning doing an on- and off-market search. But one of the biggest benefits isn't actually about lead flow, it's about focus. Your focus. The wandering eye of a searcher with a generic buy-box. See, to actually pursue off-market sourcing, you have to actually take the time to clearly define your investment thesis. Industry (niche... a real niche) or two. Geography. Size. Classic buy-box, right? But here's the slippery slope. Sticking with it. Anecdotally, somewhere around 8 out of 10 searchers I've spoken with stray from their box. Realignment is real, and that's okay. An industry might not be for you. Those without a thesis, running broad, untargeted searches often complain of the lack of opportunity. And those with a thesis, stepping out because that broker's email caught their eye with $1.5M of EBITDA, feel like they can't get traction. Yes, of course, you're likely missing out. It's the likely outcome of spending time, energy, and resources without a direction. As old Abe Lincoln said... You gotta spend most of your time sharpening your axe. Cliche, but true. Brokers know you aren't serious or passionate about an opportunity as they track your signed NDAs on unrelated and uncorrelated companies that 'fit your buy box' (don't ever say this to a broker). Good luck working through their funnel. Investors know you aren't serious because you've pitched a garage door company, right after you tried to buy a marketing agency or grease trap cleaning business. Lenders hearing why 'you're the fit' for the fourth different business they've reviewed for you. It becomes hard to build the foundation for success post-acquisition when everything that has legs and EBITDA catches your eye. You aren't building connections, relationships, or knowledge in what you plan on operating. Success post-acquisition is already going to be a grind. Why wouldn't you lean into your thesis and direction, and increase the likelihood of the successful outcome you desire? It's your move and your future.