I Got an LOI in 10 Weeks: Here's How I Did It

I’m thrilled to share that I’m officially under LOI with a beautiful small business that specializes in indoor plant design and maintenance. Is it a done deal? Absolutely not. But getting a countersigned LOI is a major milestone in this journey, and it didn’t happen by accident.

To get here, I looked at ~300 listings, reviewed a 29 CIMs, talked to 8 sellers, sent out 5 IOIs, and 3 LOIs. My stats are probably on the lower end compared to most searchers, but there’s a key reason why: I searched full time for just 10 weeks before landing this LOI. Most searchers take closer to two years.

Why the urgency? As a self-funded searcher with two small kids and a mortgage, I had a maximum of six months of financial runway. My goal was to get under LOI fast, so I could still afford the acquisition. That meant every minute counted.

Designing My Search for Speed

Before launching into the search, I talked to several amazing entrepreneurs. One of them, Megan, shared a game-changing piece of advice: structure your day and your process. Because the more time you think you have, the more you tend to waste (I am talking to myself here).

On top of that, I only had three days per week to dedicate to the search. The other two days I had the kids, a decision we had made so I could spend more time with them and we could save on daycare (don’t get me started on daycare prices). The matter of fact is that efficiency wasn’t optional, it was necessary.

Here are the steps I took to design my search for speed and efficiency.

Step 1: Setting Clear Goals

I gave myself 90 days to get under LOI with a business that fit my key criteria. That gave me urgency, direction, and a reason to say no to distractions.

Step 2: Setting the right parameters

Working backwards from my goal I had to make some decision on my search parameters. The first one was choosing to focus on brokered deals rather than proprietary outreach. Why? Because I needed speed. Brokers have sellers who are ready to sell and deals that are already in motion. As a first-time buyer with limited time and resources, I knew I couldn’t pull off a high-volume proprietary search alone.

The second one was defining my investment thesis (also referred to as target statement, acquisition criteria or search criteria). I used Walker Deibel’s framework to build a simple, four-part acquisition thesis containing industry type, growth opportunity, size, and limiters.

Since having kids and saying goodbye to sleep I can barely remember my name, so a simple investment thesis felt like the right choice. I also created a list of attributes I wished my target company to have (like recurring revenue) and attributes that would immediately filter them out (like services related to the oil and gas industry) to help me filter listings quickly.

A short, memorable thesis helped me stay focused and the list of attributes helped me prioritize among deals. Bonus: I had a ready-to-share investment thesis I sent to every broker I interacted with to give them a clear picture of what I was looking for. Best case scenario they would remember it and reach out when a good fit showed up.

Step 3: Preparing to accelerate the search

To be quick once I dove into my search I made sure to set up the right tools and systems.

Here’s what I did:

• Filters on business-for-sale websites to match my criteria

• Email alerts for new listings based on those filters

• A prewritten intro message to brokers

• My phone set up to sign NDAs quickly (hello, OneDrive + Outlook!)

• A CRM to track deals and contacts

• My resume, personal financial statement, and pre-approval letter ready to go

Step 4: The Deal Funnel: Minimize Time, Maximize Output

One of the most important principles I followed: delay deep work until later stages.

I didn’t spend three hours analyzing a deal I might never even bid on. I used a tiered process to scale my effort based on the deal’s likelihood of closing. At every step, I decided whether it made sense to move forward or walk away. This way, I protected my time and focused only on deals that showed promise. Here is how I proceeded: 

1. Review financials: Check SDE, margins, and revenue trends. If the numbers are off, you can stop right there.

2. Read CIM: If the financials are promising, read the full CIM.

3. Broker call: If the CIM describes an attractive business, talk to the broker and ask key questions.

4. Seller call: If the broker call makes you more excited about the deal, schedule a seller call to learn more and see if you connect with the seller.

5. Gut check: If the seller call went well, ask yourself: Would I want to run this business? Do I believe I can add value?

6. IOI: If the business still feels like a good fit, run a valuation and make an offer detailing price and general structure using an IOI.

7. LOI: If the IOI is accepted, you can move forward with an LOI.

   
   

Most deals died early, which meant I didn’t waste hours on something that wasn’t going anywhere.

Step 5: Establishing a Weekly Search Routine

With everything in place, I ran a tight weekly schedule:

Tuesdays – Listing day: scanned platforms, requested CIMs, added deals to HubSpot, signed NDAs, started tracking.

Wednesdays – Follow-up day: chased missing CIMs, reviewed incoming ones, and drafted questions for brokers.

Thursdays – Call day: reached out to brokers, gathered more info, or set up seller meetings.

This rhythm helped me keep deals moving and conversations warm, even with limited time.

Why This Worked

This system helped me stay in motion and avoid decision fatigue. It also made it easier to kill bad deals because I hadn’t sunk a ton of time into them. It kept my search momentum high and my mindset clear.

If you’re exploring ways to make your search more efficient, I hope this helps. I also highly recommend checking out the Acquiring Minds Webinar on “How to run a 2-year search in 2 months” with Johannes Hock. It validated a lot of my approach and gave me even more tools. For example, I learned to send IOIs early on to ensure the seller and I were aligned on pricing.

And now? I’m deep in due diligence and crossing my fingers that this plant-loving business becomes my first big leap.

Subscribe below and I’ll keep you posted!