Templates
First Contact and Follow-Up
Before You Send One
The [brackets] are your fill-ins, and the specific true line you put in them is what separates your note from the ones owners delete. Everything here belongs to one stage of the roadmap, Source & Screen Deals, and every other stage has its own set on the templates index.
First Contact
Accountant or Banker Introduction
Introducing yourself to the accountants, bankers, and insurance brokers around your trade, who hear an owner is thinking about it long before a listing exists.
Subject: Buyer for [INDUSTRY] in [REGION], worth a coffee?
Hi [FIRST NAME], I'm buying one [INDUSTRY] business in [REGION] to run myself, in the [SDE RANGE] range. You work with owners in that world, which is why I'm writing. I'm not asking you to bring me a deal or to break a confidence. What I'd like is to be the name you think of when a client mentions they are getting tired, or their kids don't want it, or they ask you what a sale would even look like. Those conversations happen at your desk a year before they happen at a broker's. A line on me: [ONE LINE ON YOUR BACKGROUND]. Financing is [LENDER/PRE-QUAL STATUS] and I have [CASH AMOUNT] for the injection, so an owner talking to me is talking to someone who can actually close. If a coffee or fifteen minutes on the phone is easy, I'd take it. If not, my one-page profile is attached and that's enough to keep on file. [YOUR NAME] [PHONE] · [EMAIL]
Broker Introduction
Introducing yourself to an active broker in your thesis so the next fitting deal reaches you before it lists.
Subject: Buyer intro, [INDUSTRY] in [REGION], SBA-ready
Hi [BROKER FIRST NAME], I'm a buyer focused on [INDUSTRY] businesses in [REGION] with roughly [SDE RANGE] in SDE, and your name keeps coming up on listings in that box. A bit about me so you can gauge fit: [ONE LINE ON YOUR BACKGROUND]. Financing is arranged, [LENDER/BROKER RELATIONSHIP OR PRE-QUAL], and I have [CASH AMOUNT] committed for the injection. I read CIMs quickly, and when I pass I'll tell you why. I don't retrade. If anything current or upcoming fits, I'd welcome the look, and happy to send my one-page buyer profile. [YOUR NAME] [PHONE] · [EMAIL]
Listing Inquiry
Replying to a live listing so the broker moves you up the NDA queue instead of into the pile. Brokers triage on proof of funds and speed; this note leads with both.
Subject: [LISTING NAME OR NUMBER]: qualified buyer, ready for the NDA
Hi [BROKER FIRST NAME], I saw your listing for [SHORT LISTING DESCRIPTION] and I'd like the CIM. So you can qualify me in one read: - Buying one business to run personally; [INDUSTRY] is squarely in my box - [CASH AMOUNT] committed for the injection, [LENDER STATUS, e.g., pre-qualified with an SBA lender at this deal size] - NDA back to you the day you send it, the CIM read within [DAYS], and a pass or a next step in writing either way [ONE LINE ON YOUR BACKGROUND AND WHY THIS TRADE.] Happy to complete your buyer profile form if you use one. What do you need from me to send the NDA? [YOUR NAME] [PHONE] · [EMAIL]
Owner-Direct Outreach
A first letter or email to an owner who isn't for sale, opening a conversation without sounding like a mass mailer or a private-equity form letter.
Subject: A note about [BUSINESS NAME]
Hi [OWNER FIRST NAME], I'll be direct about why I'm writing: I'm looking to buy and personally run one [INDUSTRY] business in [REGION], and [BUSINESS NAME] is one of a short list I genuinely admire. [ONE SPECIFIC, TRUE SENTENCE ABOUT THE BUSINESS, e.g., the reviews your technicians earn, how long your customers stay.] I'm not a fund and I'm not collecting listings. [ONE LINE ON YOUR BACKGROUND], with financing arranged and one purchase in mind. If a sale is ever part of your plans, whether that's this year or a few years out, I'd value twenty minutes to introduce myself. In confidence, and no pressure. If the timing isn't right, no reply needed, and I wish you continued success. [YOUR NAME] [PHONE] · [EMAIL]
Broker Check-In
The quarterly note that keeps you on a broker's short list between deals. Brokers show the pre-market look to the buyers they remember, and this is how they remember you.
Subject: Still buying: [INDUSTRY] in [REGION]
Hi [BROKER FIRST NAME], Quick check-in since we last spoke [WHEN, e.g., in March]. I'm still in the market and my box hasn't moved: [INDUSTRY] in [REGION], roughly [SDE RANGE] in SDE. What's changed on my side: [ONE LINE OF REAL PROGRESS, e.g., financing refreshed with an updated pre-qualification; two CIMs reviewed and passed with reasons given]. I remain positioned to move quickly on the right fit, and my word on confidentiality and same-week CIM reads stands. If anything is coming to market this quarter that fits, I'd welcome the early look. [YOUR NAME] [PHONE] · [EMAIL]
Working the Thread
Owner Follow-Up
The second touch, two to four weeks after a first letter that got no reply. Most owner conversations start here, not on the first note.
Subject: Following up on my note about [BUSINESS NAME]
Hi [OWNER FIRST NAME], I wrote a few weeks ago about [BUSINESS NAME] and wanted to follow up once, briefly. Since then, [ONE TRUE SENTENCE OF PROGRESS OR SPECIFICITY, e.g., I've spoken with two owners in the trade about what a good handoff looks like]. My interest hasn't changed: one business, run personally, and yours remains on a short list. If a conversation ever makes sense, it costs you twenty minutes and commits you to nothing. And if the answer is just no, a one-word reply closes the loop; I won't write again. [YOUR NAME] [PHONE] · [EMAIL]
Owner Call Recap
Sent the same day as a good first call with an owner. Deals go quiet in the gap after a warm conversation; this note keeps the thread alive without pushing.
Subject: Good speaking today
Hi [OWNER FIRST NAME], Thanks for the time today. I got a lot out of it, especially [ONE SPECIFIC THING THEY SAID, e.g., how you think about keeping the senior techs]. What I took away: [TWO OR THREE PLAIN SENTENCES REFLECTING WHAT YOU HEARD ABOUT THE BUSINESS AND THEIR TIMELINE, IN THEIR TERMS, NOT YOURS]. From my side, the next step when you're ready is [THE CONCRETE NEXT STEP, e.g., a look at three years of financials under an NDA], and there's no clock on it. If it's easier, I'm around [WHEN, e.g., most mornings] if anything comes to mind you'd rather cover by phone. [YOUR NAME] [PHONE] · [EMAIL]
Searcher Reference Request
Asking a searcher who has worked with a broker, lender, or investor you are considering what it was actually like. Fifteen minutes of someone else's experience is the cheapest diligence in the whole search, and searchers say yes to this note more often than first-timers expect.
Subject: Quick reference: your experience with [FIRM OR PERSON]
Hi [SEARCHER FIRST NAME], I'm a searcher focused on [INDUSTRY] in [REGION], and I found you through [WHERE, e.g., a podcast interview, a mutual contact, their portfolio page]. I'm considering working with [FIRM OR PERSON] as [ROLE, e.g., my lender, an investor on my cap table, the listing broker on a deal], and I understand you've worked with them. Would you take fifteen minutes this week or next to tell me what that was actually like? Two things I care most about: [FIRST SPECIFIC QUESTION, e.g., how they behaved when the deal hit a rough patch] and [SECOND SPECIFIC QUESTION, e.g., whether the terms discussed early were the terms at close]. Happy to return the favor with anything I've learned in my own search, now or later. [YOUR NAME] [PHONE] · [EMAIL]
Post-NDA Information Request
Your first substantive ask after reading the CIM. One organized batch of questions reads as a serious buyer; a drip of one-offs reads as a tire-kicker.
Subject: [BUSINESS NAME]: questions after the CIM
Hi [BROKER/SELLER FIRST NAME], I've been through the CIM twice, and I'm interested. Rather than send questions as they occur to me, here's one batch covering what I need for a serious look: Financial: - [E.G., MONTHLY P&L FOR THE TRAILING 24 MONTHS] - [E.G., REVENUE SPLIT BY SERVICE LINE OR CUSTOMER TYPE] - [E.G., THE STORY BEHIND ANY YEAR-OVER-YEAR SWING] Operating: - [E.G., HEADCOUNT AND TENURE BY ROLE; WHO HOLDS ANY REQUIRED LICENSE] - [E.G., TOP TEN CUSTOMERS AS A SHARE OF REVENUE] - [E.G., LEASE TERMS AND TIME REMAINING] If it's easier, I'm glad to cover these on a call and follow with documents after. My aim is to get to a well-grounded offer quickly, not to audit anyone before an LOI. [YOUR NAME] [PHONE] · [EMAIL]
Goodbyes That Keep Doors Open
Broker Pass, With Feedback
Passing on a deal a broker sent you. Specific, gracious passes are what turn one CIM into a steady stream; silence turns it off.
Subject: Passing on [BUSINESS NAME], and why
Hi [BROKER FIRST NAME], Thank you for sending [BUSINESS NAME]. I'm going to pass, and I'd rather be specific about why than send you a vague no: [THE REAL REASON, IN ONE OR TWO SENTENCES, e.g., customer concentration above my line; the add-backs I can't finance against; earnings below the range my structure supports.] What still fits my box: [INDUSTRY] in [REGION], roughly [SDE RANGE] in SDE, [ANY OTHER FILTER]. Anything in that shape gets a same-week read from me. Thanks for thinking of me, and please keep them coming. [YOUR NAME]
Walking Away, Gracefully
Ending a deal after diligence without burning the relationship. Sellers talk to other sellers, and today's pass is sometimes next year's deal.
Subject: [BUSINESS NAME]: where I've landed
Hi [SELLER FIRST NAME], After a lot of work on both sides, I'm not going to move forward, and I owe you a straight explanation rather than a fade-out. The short version: [THE HONEST REASON, PLAINLY AND WITHOUT BLAME, e.g., the earnings that survive my lender's review don't support the price we agreed, and I don't believe renegotiating serves either of us.] None of this changes my view of what you've built, [ONE TRUE SENTENCE OF RESPECT]. If circumstances change on either side, I'd pick up the conversation gladly, and in the meantime I'll treat everything I've seen as confidential, as agreed. Thank you for the seriousness you brought to this. [YOUR NAME]
Owner Pass, Door Open
Stepping back after early owner conversations when the fit is not there now. Off-market owners who hear a respectful no often come back in a year or two, and only to the buyer who gave them one.
Subject: Where I've landed, and a door left open
Hi [OWNER FIRST NAME], Thank you for the time you've given me and for being open about the business. I've concluded [BUSINESS NAME] isn't the right fit for me right now, and I wanted to say that directly instead of going quiet. The honest reason: [ONE PLAIN SENTENCE, e.g., the timing of your plans and mine don't line up; the size is below where my financing works; I've gone under LOI elsewhere.] Nothing about the conversation was wasted on my end, and everything you shared stays between us. If your thinking changes in a year or two, I'd genuinely like to be your first call, and I'll check in once in a while if that's welcome. Thank you again, [YOUR NAME] [PHONE]
The Other Stages
Every stage has its own emails, because what you write changes completely between hunting a listing and papering a deal.