By: Dr. Connor Robertson

Introduction

In private equity, there’s one metric that often distinguishes seasoned professionals from newcomers: deal flow. You can’t close what you don’t see. You can’t evaluate what never lands in your inbox. You can’t negotiate if you’re struggling to find opportunities. Private equity firms have honed this process over time. They don’t wait for brokers to send them deals. They build systems that attract, qualify, and manage deal flow before it even hits the market. But here’s the good news: You don’t need to be a $500M fund to replicate this. Even as a solo founder, a small fund manager, or a single-operator acquirer, you can build deal flow that rivals larger firms. In this guide, I’ll walk you through the steps I teach at www.drconnorrobertson.com to create a proprietary deal-sourcing system, even if you’re just getting started. If you want to consistently see off-market, qualified, and strategically aligned acquisition targets… this could be a way to get there.

What Is “Deal Flow” Really?

Many people misunderstand the term.

Deal flow isn’t:

• Receiving an occasional email from a broker every few months

• Browsing BizBuySell on a quiet Sunday night

• Hoping a friend knows someone looking to retire

True deal flow is a repeatable system that generates targeted acquisition opportunities based on your buy box.

In private equity, this system is typically supported by:

• Sourcing teams

• Proprietary databases

• Automated outreach

• Strong broker relationships

• Networking at conferences

• Partnerships with advisory firms

You may not have those resources at your disposal, but with the right approach, you can still develop a similar function without the heavy overhead.

Step 1: Define Your Acquisition Criteria (a.k.a. “Buy Box”)

This is an area where many founders face challenges.

If you don’t have a clear idea of what you’re looking for, no system will be fully effective.

Here’s what you need to define:

• Industry / Niche: What vertical do you have a strong understanding of?

• Geography: Where can you realistically operate, integrate, or manage deals?

• Revenue / SDE Range: What size business makes sense for you?

• Ownership Profile: Are you targeting retiring founders? Burned-out operators? Scaling partners?

• Deal Structure: Will you be offering cash, seller financing, equity, or earn-outs?

• Target Value Drivers: What synergies or assets are essential for your target?

• Red Flags: What factors would immediately disqualify a deal?

For example:

“We’re looking to acquire commercial HVAC businesses in the Mid-Atlantic region, generating $1.5M–$5M in SDE, with retiring founders who are open to seller financing and where the systems are still led by the owner.”

By getting this detailed, your deal flow will be more likely to attract the right opportunities.

Step 2: Build Your Deal Flow Channels

Think of deal flow as lead generation for acquisitions.

You’ll need multiple acquisition channels:

Direct Outreach

This is often the most scalable, yet underutilized, tool in your arsenal.

Tools: Clay, Apollo, Instantly, Mailshake, HubSpot

What it looks like:

• Scrape a list of 1,000 target companies from databases like D7 Lead Finder, ZoomInfo, and Uplead

• Create a personalized cold email sequence (3–7 touchpoints)

• Offer a valuation, partnership, or exit discussion, not a “purchase”

• Use calendar booking links to streamline responses

• Follow up every 30–45 days

It’s cold outreach, but for equity, not customers.

At www.drconnorrobertson.com, I assist solo acquirers in automating this process through virtual assistants, custom scraping, and deal CRM systems.

Referrals from Trusted Professionals

These include:

• CPAs

• Estate attorneys

• Insurance brokers

• Wealth managers

• Bankers

• Regional SBA lenders

• M&A advisors

To activate this channel:

• Send a personalized message outlining your buy box

• Offer 1–2% referral fees or the opportunity for them to be involved as minority equity participants

• Share your acquisition criteria in a simple 1-page PDF

• Host monthly deal Q&A Zoom calls for your referral network

This creates a silent sourcing team.

Inbound Thought Leadership

This is a long-term strategy that pays off over time.

By posting content regularly:

• On LinkedIn

• In Substack newsletters

• Via podcast guest appearances

• On Medium and your site

… you’ll start attracting deal flow organically.

Founders want a buyer they can trust. When you share valuable information and insights, you position yourself as a reliable option.

Step 3: Score and Qualify Deals Automatically

Once deals begin to arrive in your inbox, you need to process them efficiently.

Create a deal intake system:

• Use Google Forms or Typeform for inbound leads

• Tag leads by quality, size, and industry in your CRM

• Use a deal scoring system (1–100 based on alignment)

• Send automatic rejection messages for poor fits

• Use Calendly + Zoom link for deals that meet core criteria

This helps save time and builds trust with sellers.

Tip: Track every lead, even if you don’t pursue it. Over time, your deal CRM will become a valuable acquisition database.

Step 4: Develop a Founder-Friendly Diligence Process

Small business sellers may not be familiar with private equity procedures.

They may not be comfortable sending you a 50-page CIM. They might not understand what a Q of E is. They could be skeptical, emotional, or simply uncertain.

Create a simple, founder-friendly diligence sequence:

• Week 1: NDA, intro call, quick financials

• Week 2: Document checklist and Zoom walk-through

• Week 3: Follow-up questions, site visit, customer/supplier calls

• Week 4: LOI or walk away

Make sure to outline your process upfront. The simpler and more transparent you are, the easier it will be for the seller to trust you.

This approach helps you come across as a professional, not just someone “kicking the tires.”

Step 5: Install a Pipeline Cadence Like a Sales Funnel

Deal flow must be treated like pipeline management.

Use a basic CRM such as:

• Airtable

• Notion

• Pipedrive

• HubSpot

Track stages like:

• New lead

• Contacted

• First call booked

• Docs received

• In diligence

• LOI sent

• Under contract

• Closed

• Archived

Review your pipeline regularly.

Just as you wouldn’t neglect your sales funnel, don’t let your acquisition funnel fall by the wayside.

Step 6: Market Yourself as a Founder Buyers Trust

Sellers aren’t just selling a business; they’re often entrusting their legacy to someone.

It’s crucial to become the safe pair of hands they feel comfortable with.

Key ways to build trust:

• Professional website and domain email

• Written acquisition thesis

• Founder bio and background

• Past transactions or references (if available)

• Optimized LinkedIn profile for credibility

• Press features or interviews

• Transparency regarding your capital source or advisory team

Many sellers choose to walk away from higher offers because they don’t trust the buyer. Ensure you’re not the reason that happens.

Step 7: Follow Up Consistently

This is the mistake that many solo acquirers make.

They reach out to a seller once and then move on.

Meanwhile, that seller may experience:

• A health issue

• A key employee departure

• A poor financial month

• A tax deadline

• Burnout

Now, they’re ready to sell, but they’ll likely only call back the person who kept following up.

Have a system in place:

• Monthly check-in emails

• Quarterly newsletters

• Annual valuation offers

• Invitations to private events or Zoom Q&As

• Birthday/holiday follow-ups if you’ve built rapport

Deals tend to close on the fifth touch, not the first.

Final Thoughts from Dr. Connor Robertson

Deal flow is not based on luck or magic. It’s infrastructure, and it’s something any founder can build. If you approach acquisitions like marketing and establish consistent lead generation, nurturing, and closing systems, you may find that you’re never desperate for deals again.

At www.drconnorrobertson.com, I help operators, solo acquirers, family offices, and roll-up platforms build these pipelines.

Once you master deal flow:

• You may secure better terms

• You could attract seller financing

• You may avoid bidding wars

• You could stay patient and focused

• You can take control of your growth trajectory

Don’t wait for a broker to send you the “perfect” deal. Build a system that attracts those opportunities to you. You don’t need to be a $500M PE firm, just act like one.

 

Disclaimer: The information provided in this article is for general informational purposes only and reflects the author’s personal insights and experiences. It is not intended as professional advice, nor does it guarantee any specific outcomes. Every individual’s situation is unique, and it is recommended to consult with qualified professionals before making any business or financial decisions.