By: Gallant Dill

The public marketplace for buying and selling businesses offers reach, visibility, and speed. List your company, and you might receive inquiries from anyone with a search bar. But if you ask experienced acquirers — the serious buyers who successfully close high‑quality deals — you’ll hear a different perspective.

They’re not browsing public listings. Instead, they prefer to operate quietly, moving through trusted introductions and targeting opportunities that typically never hit the open market.

As Imran Tariq, co‑author of The 3‑4 Cash Rule with Imre Games and Carlton Augustine Pesima, explains, “The most successful buyers value discretion, speed, and fit over sheer exposure. They’re not looking to compete in a bidding war — they want to be in the right room with the right opportunity.”

Here’s why the most capable, motivated buyers tend to avoid the open market — and how a curated, relationship‑driven M&A approach can bridge the gap between them and the right sellers.

1. Discretion Protects Everyone

Serious buyers operate with confidentiality for two key reasons:

• Protecting their own strategy – When a buyer’s acquisition targets become public, it could inadvertently tip off competitors or partners.

• Respecting the seller’s stability – Public listings can stir unrest among employees, suppliers, or customers if news of a sale spreads prematurely.

A curated process — the kind outlined in The 3‑4 Cash Rule — manages the flow of information in stages. Buyers receive only the details they need at each step, and sellers maintain control over who sees sensitive data. This level of discretion simply isn’t achievable on open platforms.

2. Pre‑Qualification Saves Time

Public listings tend to attract a wide range of inquiries, many of which come from parties who:

• Don’t have the capital to close.

• Lacks the operational expertise to run the business.

• Are “tire‑kickers” simply gathering information without the intent to proceed.

In contrast, a relationship‑driven process pre‑screens buyers for financial readiness, operational fit, and genuine motivation before they ever engage with the seller.

Imran Tariq emphasizes that this screening protects the seller’s time and helps buyers avoid wasting effort on deals that don’t align with their goals. “When both sides know they’re talking to a real counterpart,” he says, “conversations move faster and are more productive.”

3. Reduced Competition Leads to Better Terms

On the open market, buyers often find themselves in crowded bidding situations. This intense competition can push prices higher, extend timelines, and make negotiations more adversarial.

In a curated environment, buyers typically face less competition because opportunities are shared selectively. This is beneficial for sellers as well — fewer competing bidders often results in faster decision‑making, more collaborative negotiations, and terms that reflect mutual respect rather than auction dynamics.

Imre Games, co‑author of The 3‑4 Cash Rule, notes, “When the conversation isn’t driven by urgency or rivalry, both parties can focus on the long‑term value of the deal.”

4. Speed Comes from Focus, Not Volume

Public listings can attract dozens of inquiries, but volume doesn’t always equal velocity. Sellers often spend weeks or months sorting through leads, scheduling calls, and repeating the same information.

In contrast, curated introductions focus on a short database of high‑fit buyers. Because each buyer is ready to engage and aligned with the seller’s profile, the process moves faster from the first conversation to the letter of intent.

Carlton Augustine Pesima, also a co‑author of The 3‑4 Cash Rule, points out that “every extra month a deal drags is a month of uncertainty for employees, customers, and leadership. Focused processes close faster because the right people are talking from day one.”

5. Fit Matters More Than Exposure

One of the core principles in The 3‑4 Cash Rule is that the “right” buyer isn’t simply the one with the highest price — it’s the one who aligns with the seller’s vision for the business. This could mean preserving staff, expanding into new markets, or maintaining a brand’s legacy.

On a listing site, sellers have limited control over who inquires, and buyers rarely get a full sense of the business’s deeper values until far into the process. In contrast, with a curated connection, both sides begin with shared priorities and a mutual understanding of why the deal makes sense beyond just the numbers.

The Role of the M&A Bridge

Serious buyers avoid the open market because they know the ideal deals are found through relationships, not listings. That’s where the role of a deal finder — the “bridge” between motivated sellers and pre‑qualified buyers — becomes invaluable.

A skilled deal finder:

• Leverages a trusted network to identify aligned matches.

• Ensures both sides are prepared before the first call.

• Facilitates communication that builds trust rather than tension.

• Keeps the process discreet, efficient, and purpose‑driven.

This methodology, championed by Imran Tariq, Imre Games, and Carlton Augustine Pesima in The 3‑4 Cash Rule, resonates with sellers who want more than just a listing.

Why Sellers Should Care About Buyer Preferences

If the most serious, capable buyers avoid the open market, then sellers relying solely on public listings risk missing them entirely. This could mean:

• Longer time on the market.

• Lower quality offers.

• More wasted time on unqualified leads.

By choosing a relationship‑driven process, sellers tap into a pool of buyers who are actively seeking the right match — but won’t be found on a public site.

The Takeaway

The open market has its place for some transactions, but when the stakes are high, discretion, speed, and fit outweigh mass exposure. Serious buyers understand this, which is why they work through trusted introductions instead of scrolling through listings.

As Imran Tariq puts it:

“The ideal deals happen in conversations, not in comment sections.”

For sellers ready to connect with those buyers, the smartest move isn’t to cast the widest net — it’s to build the strongest bridge. With the principles outlined in The 3‑4 Cash Rule by Imran Tariq, Imre Games, and Carlton Augustine Pesima, that bridge is built to lead straight to the right table, at the right time, with the right people.

Disclaimer: This article is for informational purposes only and reflects the views of the author, Imran Tariq, and his co-authors. It does not constitute legal, financial, or business advice. Sellers and buyers are encouraged to consult with professional advisors to discuss their specific needs and circumstances before proceeding with any M&A transactions.