# How to Find Off-Market Businesses for Sale (and Get Owners to Talk)

Source: https://apply.grosfjeld-li.com/guides/find-off-market-businesses-for-sale · By Josh Li, G&L M&A Advisory · Updated 2026-10-14

**Short answer:** An off-market business is one whose owner would sell but has not listed it with a broker or advertised it. You find them by building a list of target businesses in your industry and area, then contacting owners directly by phone, letter, email or through mutual contacts, asking about their plans rather than making an offer. Off-market deals usually face less competition and allow more flexible structures.

**Key points:**
- Many owners who would sell have never listed, and won’t until someone asks.
- Off-market means less competition and more room to agree seller finance and rollover.
- Build a target list from your own industry: competitors, suppliers’ customers, associations, registers.
- Open with a question about the owner’s plans, never with a price.
- Consistent follow-up over months finds more deals than one big campaign.

## What does off-market mean?

An **off-market** business is one that isn’t publicly for sale: no broker listing, no advert, no sale process. The owner might be open to selling, may have thought about retiring, or may never have considered it until someone asks.

An **on-market** (listed) business is advertised, usually through a business broker running a process to attract several buyers and push the price up.

Both can work. But for a buyer who wants to fund a deal with seller finance and seller rollover, off-market is usually where the best opportunities are.

## Why are off-market deals better for buyers?

| | On-market (listed) | Off-market |
|---|---|---|
| Competition | Several buyers bidding | Often just you |
| Pace | Set by the broker’s timeline | Set by you and the owner |
| Price | Pushed up by competition | Agreed in conversation |
| Structure | Brokers often push for cash at settlement | Owners are more open to seller finance and rollover |
| Relationship | Through an intermediary | Directly owner to owner |

The structure point matters most. An owner who hasn’t been told "hold out for all cash" is far more likely to consider being paid over time, or keeping a stake. That’s how deals end up funded by senior debt, seller finance and seller rollover with none of the buyer’s cash. See [seller finance explained](https://apply.grosfjeld-li.com/guides/seller-finance-explained).

## Where do you find off-market businesses?

Start inside your own industry. You already know more of the targets than you think.

1. **Your competitors.** List every business doing what you do within your region. Often the best target is one you already respect. See [how to buy your competitor](https://apply.grosfjeld-li.com/guides/buy-your-competitor).
2. **Adjacent businesses.** Companies that serve your customers with a different service, or serve a different area with the same one.
3. **Industry associations and directories.** Member lists, award entrants, conference exhibitors.
4. **Licence and registration lists.** Many trades and professions are registered. Public registers can show who holds a licence and for how long. Check how you are allowed to use that data where you are.
5. **Suppliers and distributors.** They know which owners are slowing down, struggling, or talking about retirement.
6. **Accountants, lawyers and bankers** who advise owners in your industry. They see succession problems first.
7. **Your own customers and staff.** They often know the other operators personally.

## How do you spot an owner who might sell?

Look for signals, not certainty:

- The owner has run the business for a long time and has no obvious successor in the family or team.
- The business looks the same as it did years ago: same website, same vehicles, same branding.
- The owner is still doing frontline work and talks about being tired.
- Partners have split, or one has left.
- The business has stopped growing but remains profitable.

None of these mean the owner wants to sell. They mean a conversation is worth having.

## What do you say to an owner who isn’t selling?

Lead with respect and a question. Never lead with a price.

**Illustrative opening message:**

> *"Hi [Name], I run [Your Business] in [area]. I’ve admired what you’ve built at [Their Business] for a while. I’m looking to grow by partnering with or acquiring a well-run business in our industry, and I’m always respectful of the owner’s plans. Have you given any thought to what happens to the business when you eventually step back? Happy to have a confidential coffee, no obligation."*

Why it works: it’s owner to owner, it gives credit, it raises succession without assuming, and it promises confidentiality.

## What is the best outreach process? Step by step

1. **Build a list** of 50–200 target businesses that fit your target profile: size, location, services, likely owner age.
2. **Find the owner’s name** and the best way to reach them directly.
3. **Make first contact** by letter, email, phone or a mutual introduction. Use more than one channel.
4. **Follow up on a schedule.** Most first messages go unanswered. A polite follow-up after a week, then a month, then a quarter, keeps you in mind for when the timing changes.
5. **Hold a first conversation** focused on the owner: their story, their plans, their concerns.
6. **Sign an NDA** before asking for financial information.
7. **Ask the right questions.** See [questions to ask a business seller](https://apply.grosfjeld-li.com/guides/questions-to-ask-a-business-seller).
8. **Agree terms in conversation, then write the LOI.** See [letter of intent for buying a business](https://apply.grosfjeld-li.com/guides/letter-of-intent-buying-a-business).

In our 90-day program, weeks 3–8 are dedicated to this outreach, with our scripts and coaching on every conversation.

## What makes off-market owners say yes?

From the conversations we coach, owners rarely sell for the highest number. They sell to the person they trust with their staff, their customers and their name. Josh Li bought two clinics with 100% vendor finance because the owners cared more about the right successor and a steady income than a lump sum. That’s the same reason [100% vendor finance](https://apply.grosfjeld-li.com/guides/100-percent-vendor-finance) works at all.

The owner-to-owner advantage is real. A business owner who runs a similar company understands the job, speaks the language, and can credibly promise the team will be looked after.

## What are the most common outreach mistakes?

- **Opening with a lowball offer.** It ends the conversation and gets talked about.
- **One message, no follow-up.** Timing is everything; the owner who says no today may be ready next year.
- **Sounding like a private equity firm.** Owners want a successor, not a "platform".
- **Asking for financials on the first call.** Earn trust first.

> This guide is general information, not financial, legal or tax advice. Check privacy and marketing rules where you are before running outreach campaigns.

## Want our outreach scripts and coaching?

On an acquisition strategy call we set your target profile and show how outreach runs inside the 90-day path to a signed LOI. [See if you qualify](https://apply.grosfjeld-li.com/).

## FAQ

### How do I find a business for sale that isn’t listed?

Build a list of businesses in your industry and area, identify the owners, and contact them directly with a respectful question about their plans. Suppliers, accountants and industry associations often know who is thinking of stepping back.

### Are off-market businesses cheaper?

Not necessarily cheaper, but there is usually less competition, so price and structure are agreed in conversation rather than through bidding. That often makes seller finance and rollover easier to agree.

### How do you approach a business owner about buying their business?

Contact the owner directly, acknowledge what they have built, and ask whether they have thought about what happens when they step back. Offer a confidential conversation and never open with a price.

### How many owners do I need to contact to find a deal?

It varies by industry and market, which is why a list of dozens to a couple of hundred targets and consistent follow-up matter more than any single message.

### Should I use a business broker or go off-market?

Both can work. Brokers bring listed businesses with an organised process; off-market outreach finds owners nobody else is talking to, with more flexibility on structure.