This week: We break down on-market vs off-market search for UK SMB M&A—what moves faster, where value hides, and how to avoid deal fatigue. We map buyer types, typical multiples, and the “Goldilocks” broker zone. Net-net: the winners run blended pipelines (brokers + proprietary outreach) and keep momentum across multiple live threads.



We cover:



✅ Why a blended pipeline outperforms single-channel searches



✅ Speed vs value: on-market tends to be quicker; off-market can price better but needs more diligence & seller education



✅ Broker landscape: factory-style listings ↔️ micromanagers ↔️ pragmatic “light-touch” independents



✅ Bidding dynamics, retrading risk & how exit-readiness changes outcomes



✅ Typical multiple bands (UK lower-mid market) and why structure shifts as deal size rises



✅ Practical cadence: why conversations can start in months, but closing still often takes ~12 months





Visual referenced in the episode 👇



Sourcing matrix (buyer types, channels, multiples, timelines):

https://docs.google.com/spreadsheets/d/15aiqSW6hBbRSFR7Q_Koy2BzURPZ_BaEMIRClHNX_Egg/edit?usp=sharing



Timestamps:



00:13 ] – Welcome

[01:01 ] – Today’s topic: on-market vs off-market for UK SMB M&A

[01:37 ] – Why diversified deal flow beats single-channel searches

[02:23 ] – Proprietary vs brokered: where each shines (and stalls)

[03:25 ] – “Blended search” takeaways from the symposium panel

[04:26 ] – Buyer strata & deal sizes: seeing the whole board

[05:07 ] – The sourcing matrix (for YouTube viewers; link in notes)

[05:20 ] – Multiples climb with size; public comps & “15x” yardstick

[07:28 ] – The conveyor-belt logic: buy at 3–6x, sell at 6–8x

[08:39 ] – How deal structure shifts: contingency → cash up-front

[09:48 ] – Marketplaces vs brokers: what they’re good for (and not)

[11:02 ] – Reality check: how long this really takes

[11:06 ] – Why on-market can move faster (IMs, data rooms, coaching)

[12:52 ] – The trade: speed vs price (on- vs off-market)

[13:17 ] – Exit-readiness, lender fit & keeping negotiations practical

[14:52 ] – Broker types: factory, micromanager, and “Goldilocks”

[16:58 ] – Deal fatigue: how processes stall (and how to protect pace)

[20:24 ] – The pragmatic middle: momentum over grandstanding

[21:07 ] – Goldilocks zone = better throughput, fewer dead deals

[22:42 ] – How to evaluate brokers & set expectations

[22:59 ] – Why many buyers grow frustrated with listed deal quality

[23:39 ] – Off-market advantage: frank, seller-led conversations

[24:47 ] – Choosing your path: who should focus where (and why)

[25:56 ] – The competition problem: concentrated “good” on-market deals

[27:15 ] – Bidding wars & retrade risk: what actually happens

[28:01 ] – Sellers: why exit-readiness can create a bidding premium

[28:26 ] – But beware: toppy heads that unwind in DD

[29:50 ] – Recap & the one big rule: don’t go single-channel

[30:09 ] – Tactics: broker panels, buy-side advisors & automations

[31:51 ] – Keep the pipeline alive—right up to completion

[32:41 ] – Best practice: off-market + Seller Verified in parallel

[32:53 ] – Closing, community invite & product updates (VDR + listings)





🎯 Try Seller Verified Listings alongside your off-market search (live next week!)



🧠 See our AI-ready VDR — want a quick tour? Drop us a message.



💬 Join the community: share your experience with on- vs off-market deals; we’ll cover top questions in a future episode.