How to Source Off-Market Business Deals for Acquisition
2/18/20253 min read
When it comes to buying a small business, many people assume that brokers and online listings are the only way to find deals. While those channels can be valuable, some of the best business acquisition opportunities never make it to public listings—they’re sourced through off-market deals.
Finding an off-market business means proactively reaching out to business owners before they officially put their company up for sale. This approach requires research, persistence, and strategic outreach, but it can lead to better deals with less competition.
In this post, I’ll walk you through how I’ve been sourcing off-market businesses, the exact steps I’m taking, and how you can do the same.
Step 1: Finding Off-Market Businesses
Before reaching out to business owners, I needed to build a target list of businesses that matched my acquisition criteria. The best free resource I found for this? Reference Solutions—a business database available through many public libraries.
🔹 How I Used Reference Solutions:
✅ I signed up for a free library card to gain access to the database.
✅ I filtered businesses based on my industry focus (Pest Control, HVAC, Plumbing, etc.), location (San Diego, Riverside, and Orange County), revenue, and years in operation.
✅ I exported lists of potential businesses, including their business name, owner’s name, mailing address, and phone number (if available).
📢 Pro Tip: Many people overlook their local library’s free resources. If you want to source off-market deals without spending money on expensive databases, check if your library offers Reference Solutions or similar business directories.
Step 2: Creating & Sending Postcards to Business Owners
After compiling my list of business owners, the next step was to get in front of them. Direct mail is one of the most effective ways to initiate contact because business owners receive fewer personalized letters compared to emails or cold calls.
How I Created My Postcards:
1️⃣ Designed a Simple, Professional Postcard – I kept it clean, emphasizing that I’m an entrepreneur looking to buy a business, not a broker.
2️⃣ Wrote a Clear, Friendly Message – The postcard included:
A short intro about me.
My interest in acquiring their business.
A call to action inviting them to connect if they were considering selling now or in the future.
3️⃣ Added Contact Info & Call to Action – I included my phone number, email, and website so owners could easily reach out.
4️⃣ Printed & Sent the Postcards – I started with a batch of postcards to Pest Control businesses and will expand to other industries soon.
🚀 Early Results: I’ve already received positive responses from a few business owners who are open to a conversation. Even if they’re not ready to sell today, these initial touchpoints help me build relationships for future opportunities.
📢 Pro Tip: Keep track of the postcards you send and follow up after a few weeks with a phone call or a second mailing. Consistency is key.
Step 3: Following Up & Building Relationships
Sending a postcard is just the beginning—the real value comes from follow-up conversations.
🔹 How I’m Following Up:
✅ If I receive a response, I set up a call to learn more about the business and the owner’s goals.
✅ For those who don’t respond, I’ll send a second postcard or follow up with a phone call or email if I have their contact info.
✅ I document all outreach in a spreadsheet to track who I’ve contacted and when to follow up next.
📢 Pro Tip: Many business owners aren’t ready to sell right away. The key is staying on their radar so that when the time comes, you’re the first person they think of.
Why Off-Market Sourcing Works
Many business owners don’t list their businesses for sale publicly because:
They don’t want employees or customers to find out they’re considering selling.
They haven’t decided on an exit plan yet but might be open to conversations.
They want to sell to someone who aligns with their values and vision—not just any buyer.
By reaching out directly, I’m positioning myself as a serious buyer, not just another investor looking for a deal. This makes off-market sourcing one of the best ways to find high-quality businesses at reasonable valuations.
Want to Learn How to Do This? Let’s Connect!
If you’re interested in learning how to source off-market deals or want to discuss business acquisitions, let’s connect!
Send me a message or reach out via my website, and I’d be happy to share more about my process.
Follow my journey on LinkedIn & X
Stay tuned—I’ll be sharing more updates on my acquisition journey soon!