Where you look depends on the size of business you want. Below about $2 million in price, most businesses are listed publicly by brokers and owners on BizBuySell, BizQuest, and DealStream. Above about $1 million in EBITDA, most are sold by M&A advisors who send a teaser to buyers they already know. To see those, get on advisors' lists and use a sourcing tool that tracks them.
Match the source to the deal size
Brokers and advisors split the market by size. The IBBA and M&A Source Market Pulse survey calls deals under $2 million "Main Street" and deals from $2 million to $50 million the "lower middle market". The two are sold in different ways.
Public marketplaces serve Main Street.
In Q2 2026, brokers reported 2,117 sales to BizBuySell's Insight Report. The median sale price was $349,250 and the median cash flow was $155,921. If you want a company with $2 million of EBITDA, the listings on those sites are mostly the wrong size.
Lower-middle-market deals are sold in a process. An advisor picks buyers, sends a teaser, signs NDAs, and asks for offers.
The Market Pulse found that 87% of deals over $5 million drew at least three offers. Those deals never needed a public listing.
Where are businesses under $2 million listed?
Start with the public sites. They are free to browse and they cover the most listings.
- BizBuySell lists about 65,000 businesses a year from brokers and owners. Browsing and email alerts are free.
- BizQuest belongs to the same group. An owner's listing appears on BizBuySell, BizQuest, and LoopNet.
- DealStream showed 17,334 active business listings when we checked. Listing and membership are free.
- Acquire.com sells online businesses: software, ecommerce, apps, and content sites.
Expect repeats. One broker listing can appear on three sites. Record the broker and the date you first saw each business so you contact it once.
Where are businesses above $1 million of EBITDA?
With advisors and bankers. Four sources reach them.
- Advisor buyer lists. Advisors send new deals to buyers who reply fast and close. Our guide on getting deal flow from brokers covers the one-page profile and the 48-hour reply.
- Deal networks. Axial connects buyers with advisors on deals of up to $25 million in EBITDA. Buyers pay a success fee on deals it sourced.
- Owner outreach. You write to owners whose companies are not for sale. How search funds find off-market businesses covers this.
- Sourcing tools that track what brokers, M&A advisors, and bankers bring to market.
Use this rule to pick your sources
Where to look, by size
- Price under $2 million, or cash flow under $500,000: BizBuySell, BizQuest, DealStream, and local brokers. Set alerts and check daily.
- Cash flow from $500,000 to $1 million: the public sites, plus the regional brokers who list at this size. Send them your profile.
- EBITDA above $1 million: M&A advisors and bankers, deal networks, and a sourcing tool that reads their deals for you. Use the public sites only as a backup.
- Any size, one industry: add owner outreach. It takes the longest and faces the least competition.
Finance changes the ceiling. The SBA 7(a) loan tops out at $5 million, so most first-time buyers who borrow stay in the first three rows.
Where PrivSource fits
PrivSource is a sourcing agent for lower middle market M&A. Our AI sourcing agent tracks down deals from brokers, M&A advisors, and bankers, and brings you the ones that fit your mandate, each with why it fits.
In the past 90 days it added 393 deals with $1 million or more in cash flow, from 125 different deal sources. Apply for buy-side access at no cost. We never charge a success fee.
