How's it going? The value of industry experts

Acquisition opportunities appear across an array of different industries, many of which the searcher has likely never encountered. Three months into the search, Rob is slowly discovering for himself that, when faced with an unfamiliar opportunity, web-based industry research can only take him so far. The rest of the way is enriched by a valuable network of industry experts that he's building along the way.

More often than not, your investor base and search fund network will include at least a few industry veterans who can provide a different, far more seasoned perspective on the industry you've zeroed in on. For a searcher who has freshly encountered the industry and its nuances, these connections are a valuable resource that can quickly get her ahead of the curve and save a heap of time and effort, as Rob's search experience has demonstrated for him.

One overlooked source of untapped insight comes from business owners themselves, who have been operating within their niche for years and know it very well. The searcher is often single-minded in her pursuit of a business to buy: speaking to business owners, qualifying companies and then moving right along when a business doesn't make the cut. But even when a business isn't a good fit for you to buy, keeping in touch with its owner can be potentially rewarding. The owner possesses a wealth of experience that can help the searcher navigate the ins and outs of the industry, assess and valuate its companies, and engage in more meaningful dialogue with other potential sellers within the industry.

In short, don't burn these bridges. Leave conversations open-ended with unqualified opportunities that can reopen doors for you down the road, whichever industry you eventually land in.