Proprietary Deal Sourcing and Owner Outreach

Proprietary deal sourcing: how direct owner outreach actually works

How acquirers find proprietary deals by contacting owners who aren't for sale: building the list, the first message, follow-up cadence, confidentiality and turning conversations into processes.

ERIC PIWOWAR — MANAGING DIRECTOROCT 22, 20262 MIN READLINKEDIN ↗

The short answer

Proprietary deal sourcing means contacting owners directly before they hire an advisor or list the business. It works when the list comes from a clear thesis, the first message is specific and respectful, follow-up is patient over months, and the acquirer can explain why it is a good home for the business. Most owners say not now, not never.

Why it matters

Businesses listed for sale attract many buyers and a competitive process. Owners contacted directly, before they decide to sell, often have more flexibility on timing and structure, and the acquirer gets to know the business without a banker's narrative in between.

The mechanics

Start from the mapContact only companies that fit the thesis. A short, well-researched list beats a long one.
Find the decision-makerUsually the founder or majority owner. Getting this right matters more than the channel.
Write a specific first messageSay who you are, why their company, and what a conversation would cover. No templates that could be sent to anyone.
Follow up over monthsOwners' timing changes. A respectful note every few months keeps you in mind for when it does.
Protect confidentialityUse NDAs before sharing details, and be careful with what is said to employees.
Convert interest into a processAgree what information you need and by when, so conversations don't drift.

Not now, not never

First contactMonths later

Owner A

LetterNot nowCheck-inReady to talk

Owner B

EmailCallNDAInformation shared

Owner C

LetterNo replyCallNot now

Three example owners. Timing changes, so patient follow-up over months is what turns a 'not now' into a conversation.

What owners want to hear

Why you value their business specifically.
What happens to their team, their customers and their brand.
What role they can play after closing, if they want one.
That you can close, with funding in place.

Frequently asked questions

Is it better to send letters, emails or call?

Use more than one. The message and its relevance matter more than the channel. A well-researched letter followed by a call often works with owners who ignore email.