By: Michael Beas

When it comes to selling a business, many owners assume that a public listing is the fastest way to find a buyer. Post it online, wait for the calls to roll in, and let the market do the rest.

In reality, serious buyers — those with the capital, strategy, and authority to move forward — are unlikely to spend much time browsing public listings. They typically prefer a different approach: direct, discreet introductions to opportunities that align with their specific criteria.

As The 3-4 Cash Rule, co-authored by Imran Tariq, Imre Games, and Carlton Augustine Pesima, emphasizes, the best buyers tend to prioritize precision over publicity. Working with a deal finder, rather than relying solely on open marketplaces, can significantly impact the process and outcome.

Why Serious Buyers Skip Public Listings

The most qualified buyers — private equity firms, strategic acquirers, family offices, and well-capitalized entrepreneurs — generally operate with a clear acquisition plan. They know the industries, geographies, and deal sizes they are targeting. As a result, they typically don’t have time to sift through hundreds of listings that might be vague or misaligned with their needs.

Public listings can create several challenges for these buyers:

Noise over quality – Many listings lack sufficient detail or may overstate value, which means buyers need to invest extra time in due diligence just to identify potential matches.

Confidentiality concerns – Buyers often prefer to keep their interest in specific industries or businesses private.

Time inefficiency – Sorting through unvetted opportunities can delay momentum and reduce efficiency in securing acquisitions.

Instead, these buyers turn to trusted connectors — in this case, deal finders — who present opportunities that have already been screened, aligned, and sized according to the buyer’s goals.

The Value of a Curated Introduction

In The 3-4 Cash Rule, Imran Tariq and his co-authors emphasize the significance of “controlled deal flow” — a process where opportunities are shared directly with buyers who have been pre-identified as a good fit.

A curated introduction can offer three key advantages:

Saves time – The buyer understands the opportunity aligns with their criteria even before the initial conversation.

Protects confidentiality – The seller’s identity and details are only disclosed to vetted, interested parties.

Elevates credibility – A direct introduction signals that the seller is serious and well-prepared, which attracts buyers who value professionalism.

By working with a deal finder, sellers avoid competing for attention in a crowded marketplace. Instead, they enter private conversations where both sides are ready to discuss specifics.

What Sellers Gain from Bypassing the Open Market

It’s easy to assume that more exposure will bring in more offers. However, in M&A, exposure without proper qualification can do more harm than good. Open listings often lead to:

• Numerous calls with buyers who are not financially prepared.

• Competitors are attempting to gather information.

• Price shopping that undervalues the business.

In contrast, the deal finder approach focuses on fewer calls, but those calls are more productive. Sellers engage only with decision-makers who are capable, aligned, and genuinely interested, which is a core principle of The 3-4 Cash Rule.

Protecting Deal Momentum

As Imran Tariq notes, deal momentum is one of the most important — and delicate — elements in any successful transaction. Every unproductive conversation risks slowing progress and distracting from the real goal: closing the right deal.

By starting with a database of vetted buyers, sellers can maintain momentum. Each conversation builds on the previous one, propelling the deal forward instead of causing setbacks.

How a Deal Finder Builds the Right Buyer Pool

Creating a database of truly qualified buyers requires more than just a search of existing databases. It’s a hands-on process that includes:

• Understanding your goals – This goes beyond valuation, encompassing cultural fit, operational continuity, and strategic alignment.

• Mapping ideal buyer profiles – Industry experience, deal history, capital access, and long-term goals all matter.

• Pre-screening for readiness – Ensuring that the buyer has the authority, financing, and genuine intent to move forward.

Once the right buyers are identified, introductions are made privately, with your business positioned in a way that speaks directly to their priorities.

Why Confidentiality Matters

One of the primary reasons serious buyers avoid public listings is the risk of confidentiality breaches. An open listing can alert employees, customers, and competitors that your business might be changing ownership, which can cause uncertainty and affect its value.

In a curated process, details are shared only when necessary and only with parties who have signed a non-disclosure agreement. This approach ensures that the business’s sensitive information is protected while still progressing with the sale.

Serious Buyers Value Efficiency — And So Should You

When buyers see a deal coming through a trusted deal finder, they know it is worth their time. They don’t have to question whether the financials are realistic or whether the seller is committed. They can be confident that the conversation has been structured for success.

This same efficiency benefits the seller. You won’t need to repeat your story to 20 different people who can’t make an offer. Instead, you’ll engage in targeted conversations with the right individuals from the start.

The Takeaway

If you’re preparing to sell your business, it’s tempting to think that listing it publicly will bring in the most opportunities. However, as The 3-4 Cash Rule highlights, the best opportunities aren’t always the loudest. They’re often the ones managed discreetly, strategically, and with the right relationships in place.

Serious buyers typically don’t cold-call off listings. They move through networks of trust, introductions, and curated opportunities that match their vision. The role of a deal finder is to position your business in that network, where the right buyer is already waiting.

In M&A, the most valuable calls are not the ones you chase — they are the ones that are set up for you, with the right person on the other end.

 

Disclaimer: The content in this article is provided for informational purposes only and should not be construed as professional, financial, or legal advice. Readers are encouraged to consult with a qualified professional before making any business decisions or engaging in any transactions.