We've spoken with 700+ searchers looking to buy a business over the past year or so. One attribute defines the strongest of them:
Momentum.
- They have a track record of meaningful professional accomplishments already
- They've clearly done their homework, reading the books, listening to the podcasts, going to the conferences
- They've often gone to LOI a few times, with deals that fell through, but they learned a lot from the process
- They've been successful at saving up personal capital to fund an equity injection
- They've been finding an "edge," one way or another, where they have a unique advantage in the search
- Despite being very smart, hard-working, and successful, they DON'T act like they have it all figured out. They ask smart questions and incorporate feedback.
The question we ask ourselves when we meet a searcher is: "Would we be terrified to bet *against* this person?" (If yes, we should probably invest)
Curious if others see a different #1 trait in the searchers who ultimately succeed?