Most of my ideas peak as ideas, then go downhill from there.

Almost every idea I’ve ever had was never more attractive than when it first entered my thoughts.

I’m prone to seeing what could be absent the reality of execution, AKA hard work.

When I start to peel back the onion, uncover some warts, and examine an idea or business, I always find challenges that didn’t come to mind at first. It adds some reality to my unbridled enthusiasm.

But this business search is different, and I’m excited.

Today I’ll cover:

Am I the only one that knows about this??

I’m a few months into really grinding on the business search (I’ve half-heartedly searched for two years). This is the point I’d normally see decreased levels of excitement about an idea.

I’ve personally spoken to about a dozen owners and have a list of 1,400 others.

Instead of grappling with reality, I am more optimistic than ever.

There are a lot of valuable, Boomer-owned businesses (not HVAC or other local service businesses) — with no exit plan.

When I peruse my leads list, I’m shocked at some of the leads we’re finding.

When I send an email to an owner, I’m shocked they want to talk.

And… I believe strongly that many of these owners know other owners who are just like them. It’s like a never-ending rabbit hole.

And most people like me who’d love to own them don’t even know they’re out there or where to find them. I think a lot of savvy buyers lack creativity when it comes to a search.

It kind of feels like I have a special fishing hole nobody knows about. And, several of the sellers have told me I am the only one who’s asked them about selling.

Maybe I shouldn’t be talking about it, but I believe greater joy will come from learning and sharing the fishing experience than keeping a nice little fishing hole to myself.

This is a long-term game

I’m learning a major, major key is and will be patience.

Dealing with 65+ year-olds is like talking to grandparents. They’re full of wisdom, not in a hurry, and a little skittish about internet scams (as I shared last week).

Imagine your grandma owned a valuable digital asset. Go there with me for one second.

Now, imagine:

1. You convince grandma to list her business on Flippa or Acquire

2. She’s getting daily DMs from savvy buyers on Acquire saying “interested to hear more”

3. She has to talk to 10 tire kickers before hearing from one seriously interested buyer

4. THEN she has to decide who she wants to sell to, negotiate with strangers behind email, and actually close a deal.

My grandma would have laughed me off of step 1.

So, I’m building relationships.

It’s a long-term view, but it will yield better long-term results (better businesses at better terms with happier transitions).

And, importantly, I enjoy the process.

I’m mentally toying with the idea of evolving my personal thesis of this project to "build the most connected network of off-market, Baby Boomer internet businesses” or something like that. (Not that it really matters, but it helps me stay focused.)

Practicing the long game

I went old school this week and wrote two handwritten notes to the owners of two separate businesses.

I’m going to do more of this in addition to good ol’ regular follow-up emails, text messages, etc. over time.

I’m even plotting locations on a map so when I make an in-person visit, I’ll visit other owners I know in the area.

Business I talked to this week

• 74-year-old owner

• Website development agency started in ‘95

• Doing ~$80k recurring revenue on hosting for 100 clients

I love website agencies with under-optimized websites and long-term clients. It tells me there’s plenty of room to add value.

I declined to pursue this business for a few reasons:

1. The owner works a lot more hours than he makes it seem. It would be a full-time job until you get organized and delegate.

2. Majority of clients are local, and it’s not a place I want to live.

3. I don’t think I trust the owner. Not an ethics issue. But I wouldn’t be excited to do business with him, and that’s enough for me to pass.

Thanks for reading.

Mike