In 2023, a record 94 search funds launched, yet only 29 acquisitions closed. That mismatch is why proprietary search matters. Once a deal hits a broker, it turns into an auction — valuations climb, timelines shrink, and returns get squeezed. Stanford’s latest study shows median multiples at 7.0× EBITDA, already pushing higher in competitive processes. Proprietary search flips the dynamic. It gives buyers direct conversations with owners who care about legacy as much as price.
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