The Hardest Part of Buying a Business Isn’t the Financing — It’s Finding the Right One
You’ve decided to buy a business. You know SBA financing can get you there with as little as 10% down. But now comes the question that stops most aspiring buyers in their tracks: where do you actually find a business to buy?
Deal sourcing — the process of identifying, evaluating, and pursuing acquisition targets — is both an art and a science. The best deals aren’t always listed on the obvious platforms. The most motivated sellers aren’t always working with brokers. And the businesses with the strongest fundamentals often get snapped up before most buyers even know they’re available.
This guide covers every major deal sourcing channel, from online marketplaces to off-market strategies, with practical tips for evaluating opportunities quickly and efficiently. And once you find your deal? GoSBA Loans handles the financing — for free — through our network of 50+ SBA lenders that funded over $320 million in 2025.
Online Business Marketplaces: The Starting Point for Most Buyers
Online marketplaces are where most first-time buyers begin their search. They’re accessible, searchable, and provide a good education on what’s available in your price range and industry. Here are the major platforms:
BizBuySell
BizBuySell is the largest online marketplace for businesses for sale, with over 45,000 active listings at any given time.
- Best for: Main Street businesses ($100K–$5M in value)
- Search filters: Industry, location, price range, cash flow, revenue
- Pros: Huge inventory, detailed listings with financials, broker contact information
- Cons: Highly competitive — good deals get lots of inquiries. Some listings are stale or overpriced.
- Pro tip: Set up email alerts for your criteria. The first 48 hours after a listing goes live are critical — that’s when serious buyers reach out.
BizQuest
BizQuest is owned by the same company as BizBuySell but tends to have a slightly different inventory, particularly for smaller businesses and franchise opportunities.
- Best for: Smaller businesses and franchise resales
- Pros: Good filtering, franchise-specific listings
- Cons: Overlap with BizBuySell listings
Axial
Axial is a more sophisticated platform designed for lower middle market deals ($1M–$25M+ in value). It connects buyers directly with M&A advisors, investment banks, and business brokers.
- Best for: Larger acquisitions, experienced buyers, roll-up strategies
- Pros: Higher quality deal flow, professional intermediaries, less competition from tire-kickers
- Cons: Requires membership, more formal process
Other Online Platforms Worth Checking
- LoopNet: Primarily commercial real estate, but includes businesses with real estate components
- DealStream (formerly MergerNetwork): International and domestic deal flow
- BusinessBroker.net: Another aggregator with broker-listed businesses
- Flippa: Best for online businesses, SaaS, and e-commerce acquisitions
- Empire Flippers: Curated online business marketplace with vetted listings
Business Brokers: Your Deal Sourcing Partner
Business brokers are the real estate agents of the business world. They represent sellers, market businesses for sale, and facilitate transactions. Working with brokers is one of the most effective ways to access deal flow — if you do it right.
How Business Brokers Work
- Seller representation: Most brokers represent the seller and are paid a commission (typically 8–12% of the sale price) by the seller at closing
- Confidentiality: Brokers manage the confidential marketing process — employees, customers, and competitors don’t know the business is for sale
- Valuation: Brokers help sellers price their businesses (sometimes accurately, sometimes not)
- Screening: Brokers screen buyers for financial qualification before sharing detailed information
- Negotiation: They facilitate negotiations between buyer and seller
How to Build Broker Relationships
- Be specific about what you want: Industry, geography, size range, deal structure preferences
- Demonstrate financial capability: Have your personal financial statement and SBA pre-qualification ready (GoSBA can help with this)
- Be responsive: When a broker sends you a deal, respond quickly — even if it’s a pass. Brokers remember responsive buyers.
- Don’t waste their time: If a deal isn’t right, say so clearly and quickly. Brokers will send you better-matched deals over time.
- Work with multiple brokers: Different brokers have different listings. Cast a wide net.
Finding Brokers in Your Market
- International Business Brokers Association (IBBA): Professional directory of certified brokers
- M&A Source: Directory for lower middle market intermediaries
- Local networking events: Many brokers attend chamber of commerce and business networking events
- Google search: “Business broker + [your city/state]” is surprisingly effective
Off-Market Deals: Where the Best Opportunities Hide
The most attractive acquisition targets often never make it to a public listing. Off-market deals — businesses that are available for sale but not publicly advertised — represent a massive opportunity for proactive buyers.
Why Off-Market Deals Are Often Better
- Less competition: You’re not bidding against 20 other buyers
- Better pricing: Sellers who haven’t hired a broker often have more flexible price expectations
- Motivated sellers: Owners who respond to direct outreach are often genuinely ready to sell
- No broker commission pressure: Without a broker taking 10%, there’s more room for creative deal structuring
Direct Outreach Strategies
Reaching out directly to business owners is one of the most effective — and most underutilized — deal sourcing strategies.
- Targeted letters: Send personalized letters to business owners in your target industry. Focus on owners over 55 (approaching retirement age). Reference specific things about their business to show you’ve done research.
- Email campaigns: Use business databases to identify owners and send thoughtful, personalized emails expressing interest in acquiring businesses in their industry.
- Phone calls: Cold calling works, especially in blue-collar industries where owners respect directness. Keep it simple: “I’m looking to acquire a business like yours. Would you ever consider selling?”
- LinkedIn outreach: Connect with business owners in your target industry. Build relationships before pitching an acquisition.
Networking for Off-Market Deals
Your network is one of the most powerful deal sourcing tools available. People who can connect you with business sellers include:
- CPAs and accountants: They know which of their clients are thinking about retirement or exit. A CPA who trusts you will refer you to clients considering a sale.
- Business attorneys: Same dynamic as CPAs — they’re often the first to know when an owner wants to sell.
- Wealth managers and financial advisors: They advise clients on exit planning and can connect you with sellers.
- Industry associations: Join the trade association for your target industry. Attend conferences and events.
- Chamber of commerce: Local business networking events regularly surface owners thinking about selling.
- Other business owners: They hear about opportunities in their industry circles.
Industry-Specific Deal Sourcing Strategies
Different industries have different deal sourcing dynamics. Here are strategies tailored to popular SBA acquisition industries:
Home Services (HVAC, Plumbing, Electrical)
- Join contractor associations — many have “members wanting to sell” boards
- Talk to equipment distributors — they know which owners are aging out
- Attend industry trade shows — retiring owners often explore options at these events
Healthcare Practices (Dental, Veterinary, PT)
- Practice transition specialists focus exclusively on healthcare practice sales
- State and local professional associations often have practice sale listings
- Dental/vet supply reps know every practice in their territory and who’s looking to sell
Professional Services (Accounting, Insurance, Staffing)
- Professional association “practice marketplace” or “career center” listings
- Industry conferences with specific M&A tracks
- Direct outreach to solo practitioners approaching retirement
Restaurants and Food Service
- Restaurant brokers specialize in this niche — they’re essential
- Landlords and commercial real estate agents know which restaurant tenants are struggling or looking to exit
- Food distributor sales reps hear about closings and sales before anyone else
How to Evaluate Listings Quickly: The 5-Minute Screen
When you’re actively searching, you’ll see dozens or hundreds of listings. You need a quick screening process to identify which ones deserve a deeper look. Here’s our 5-minute evaluation framework:
Pass/Fail Criteria (30 Seconds)
- Asking price within your range? If the price is more than your SBA borrowing capacity, it’s a pass.
- Industry you understand or can learn? You don’t need industry experience for SBA, but you need the willingness to learn.
- Geographic fit? Are you willing to relocate or can you manage it remotely?
Financial Quick Check (2 Minutes)
- Revenue trend: Is it growing, flat, or declining? Declining revenue is a yellow flag.
- Cash flow / SDE: Is it clearly stated? If the listing hides financials, be cautious.
- Asking price multiple: Divide asking price by SDE. Anything over 4x for a small business deserves scrutiny. Under 3x could be a bargain or a problem.
- Debt service coverage: Can the SDE cover SBA loan payments at the asking price PLUS leave you a reasonable salary? Quick math: annual debt service on a $1M SBA loan at current rates is roughly $160K. Does SDE minus $160K leave enough for you?
Qualitative Assessment (2.5 Minutes)
- Why is the owner selling? Retirement is ideal. “Moving on to other opportunities” needs more investigation.
- How long has it been listed? Listings over 12 months old may have issues — or may be overpriced.
- Owner involvement: How dependent is the business on the current owner? High dependency = higher risk.
- Customer concentration: Does the listing mention diversified customers, or is it unclear?
- Lease situation: Is there a long-term lease available? SBA lenders require lease terms that match or exceed the loan term.
If a listing passes this 5-minute screen, it’s worth signing an NDA and requesting the confidential business review (CBR) or offering memorandum for a deeper dive.
Once You Find the Deal, GoSBA Handles the Financing
Finding the right business is your job. Financing it is ours. Here’s what happens when you bring a deal to GoSBA Loans:
Our Process
- Free consultation: We discuss the deal, review preliminary financials, and assess SBA eligibility
- Pre-qualification: We determine your borrowing capacity and what you can afford
- Lender matching: We select the best lender from our network of 50+ SBA lenders based on your deal specifics
- Business plan & projections: We prepare a professional business plan and financial projections (a $2,500–$5,000 value) at no cost to you
- Application submission: We package and submit your application for maximum approval probability
- Underwriting management: We manage the process through approval, addressing lender questions and conditions
- Closing coordination: We coordinate with all parties to get you to the closing table
Why Buyers Choose GoSBA
- $320M+ funded in 2025: Our track record gives lenders confidence in our deals
- 50+ lender network: We don’t just submit to one bank — we match your deal to the lender most likely to approve it
- 100% free: Our service costs you nothing. We’re compensated by the lending institution.
- Expert guidance: From LOI to closing, we’re with you every step of the way
- Speed: Our lender relationships and deal packaging expertise mean faster approvals and closings
Start Your Search — And Call Us When You Find the One
The perfect business is out there. It might be listed on BizBuySell right now. It might be owned by someone in your network who hasn’t told anyone they’re thinking about selling. It might require a cold call, a handwritten letter, or a conversation at a trade show.
However you find it, GoSBA Loans is ready to finance it. We’ve helped hundreds of buyers turn “I found a business” into “I own a business” — and we can do the same for you.
👉 Get Pre-Qualified for Free — Talk to GoSBA Loans Today
No cost. No obligation. Know your buying power before you start your search — or bring us a deal you’ve already found. Either way, we’ll get you to the closing table. $320M+ funded in 2025 and counting.
