Go where these buyers already look for deals: Searchfunder, the McGuireWoods Independent Sponsor Conference, ACG chapters, and buyer-matching tools. Send only deals that fit their size. A traditional search fund's median deal in 2024 and 2025 had $2.5 million of EBITDA. Neither buyer has a committed fund, so check their investors before you grant exclusivity.
Which of the three buyers fits your deal?
"Searcher" covers three buyers with different sizes and different money. Match the deal first, then decide where to send it.
| Buyer | Typical deal | Where the money comes from |
|---|---|---|
| Self-funded searcher | $1 million to $5 million enterprise value | Own savings, an SBA 7(a) loan of up to $5 million, seller financing |
| Traditional search fund | Median $16 million price, $2.5 million EBITDA (2024–25) | Investors who funded the search, raised again after the LOI |
| Independent sponsor | Most between $10 million and $75 million enterprise value | Equity and debt raised deal by deal |
The self-funded range comes from the IBBA's guide to search fund buyers. The search fund figures come from the Stanford GSB 2026 Search Fund Study. The sponsor range comes from a McGuireWoods survey of about 300 deals.
How many of these buyers are there?
More than most brokers think. Stanford confirmed 181 new traditional search funds in 2024 and 2025, about 90 a year. Roughly half of recent searchers bought a company.
McGuireWoods estimates about 1,400 active independent sponsors, double the 2019 count, according to Bloomberg.
They also show up in our own data. Of the 931 buyers PrivSource approved in the past 12 months, 151 were independent sponsors and 85 were search funds. That is one approved buyer in four.
Where do they look for deals?
Four places reach most of them.
- Searchfunder. It says more than 80% of people involved in search funds keep an account, and hundreds of brokers post deals there. Post a short teaser with size, region, and your contact details.
- The McGuireWoods Independent Sponsor Conference. The 2025 event in Dallas drew more than 1,600 people. The 2026 conference runs October 27 and 28 in Dallas.
- ACG chapters. ACG has more than 14,000 members in 61 local markets and runs over 1,300 networking events a year.
- Buyer-matching tools that show which sponsors and searchers have stated criteria for your industry and size.
If you know a search fund investor, ask which of the searchers they back are still looking.
Check the money before you grant exclusivity
Both buyers raise equity after they find the deal. The IBBA says a search fund raises capital "starting after the LOI is signed." That is normal. An unchecked plan is what kills deals.
Lawyers on both sides agree on the fix. Reed Smith advises sellers to tie exclusivity to evidence of investor engagement, a financing package, and a timetable. Ask for that evidence before the LOI, not during diligence.
Five questions before you grant exclusivity
- Who are your lead equity investors, and will they send a letter of support?
- Which lender have you spoken to, and for what amount?
- How many deals like this have you closed, or has your lead investor closed?
- What is your timeline to debt approval, and what is your diligence plan?
- What happens if the equity is not committed by the date in the LOI?
A buyer who answers all five in writing is worth a 60-day window. A buyer who cannot answer the first two is still looking.
For how searchers approach owners from their side, read how search funds find off-market businesses. For another buyer that raises capital deal by deal, see how to find family office buyers.
Where PrivSource fits
AI Buyer List turns your deal description into a list of buyers who fit, including independent sponsors and searchers, each with a reason to buy.
Some have a live mandate on PrivSource for deals like yours. Others fit on their stated criteria or track record. You choose who sees the deal, and we never take a success fee.
