First notes to owners.
Four opening notes for four common situations. Each one is short, specific, asks only for a conversation, and makes it easy to say no.
Before you use these
Every template here has a line in square brackets that only you can write: the one specific, true thing about this owner's business. That line is what makes the note work. If you can't fill it in honestly, don't send the note yet. See How to approach an owner who isn't selling for how to find it.
All four follow the same shape: why them, who you are, one small ask, an easy way out. Keep each under a hundred words. Use the company name as the subject line unless there's a reason not to.
A searcher, broad thesis
When to use it: you're a searcher looking for one business to run, and your thesis covers a few related sectors. Owners respond well to searchers because the story is simple and personal: you want to run their business, not merge it into something else.
Subject: [Company]
Dear [First name],
I came across [Company] while looking at [type of business], and [one specific, true thing about the business] stood out.
I'm [Your name]. I'm looking for one founder-owned business to run and grow for the long term, backed by a small group of experienced investors.
Would you be open to a short conversation at some point? There's no expectation either way, and if it's not of interest, no reply is needed.
[Your name]
[Your search name or firm] · [Website]
What to change: say how your search is backed in your own words, and only if it's true. If you have a relevant background (you've run a similar business, you trained in the sector), add one short sentence. Don't list your CV.
A specific sector thesis
When to use it: you're focused on one sector and know it well. This version lets you show that knowledge in a sentence, which is often what earns the reply.
Subject: [Company]
Dear [First name],
I spend most of my time looking at [specific niche, e.g. specialist testing and inspection firms], and [Company] keeps coming up: [one specific, true thing, e.g. the accreditations you've built over twenty years].
I'm [Your name] at [Your firm]. We invest in businesses in [sector] and back the people who built them.
I'd value a short conversation at some point, to learn how you see the sector and where [Company] is heading. If now isn't right, no reply is needed.
[Your name]
What to change: the niche should be narrow enough that the owner recognises themselves in it. "Industrial services" is too broad; "maintenance of food-processing equipment" is about right. Asking how they see the sector works because owners are usually the best-informed people in it, and they know it.
An add-on for a portfolio company
When to use it: you're writing on behalf of a business you already own, looking for a complementary business to join it. Owners often prefer this conversation, because it's about two businesses rather than a financial buyer.
Subject: [Company] and [Portfolio company]
Dear [First name],
I'm [Your name] at [Your firm]. We're investors in [Portfolio company], which [one plain sentence about what it does].
[Company] came up as we looked at businesses that [the complementary thing, e.g. serve the same customers with a different service]. [One specific, true thing about the business.]
Would you be open to a short conversation at some point, with no expectation either way? If not, no reply is needed.
[Your name]
What to change: check with the portfolio company's management before naming them, and make sure the owner isn't a competitor they'd rather approach themselves, or one they're in a dispute with. If the portfolio company's chief executive would be a more natural sender, consider having the note come from them.
An independent sponsor
When to use it: you raise capital deal by deal, without a committed fund. Be clear about that. Owners and their advisers will find out, and being upfront makes you more credible, not less.
Subject: [Company]
Dear [First name],
[One specific, true thing about the business], and it's the kind of business I look for.
I'm [Your name] at [Your firm]. I invest in [type of business] alongside a group of investors who back each business individually, and I work closely with the owners and management teams I partner with.
Would you be open to a short conversation at some point? If it's not of interest, no reply is needed.
[Your name]
What to change: describe your investors in a way that's accurate for your situation. If you have operating experience in the sector, that's often the most useful single thing to mention.
The LinkedIn version
On LinkedIn, the connection note is shorter still. Send it a few days after your email, and don't repeat the email.
Hello [First name], I've been reading about [Company] and [one specific thing]. I invest in businesses like yours and would be glad to be connected.
If they accept, and haven't replied to your email, wait a day or two and send one short message that asks the same question your email did.
A last check
Before you send any of these, read the note aloud and ask:
- Could this note have been sent to any other company? If yes, the specific line isn't specific enough.
- Does it mention price, terms, retirement or succession? Take it out.
- Is there anything they need to do other than reply? Take it out.
- Would I be comfortable if they forwarded it to a friend? If not, rewrite it.
Writing each note this carefully, every day, is the work. If you'd rather a team did it for you, sourciers send notes like these under your firm's name, and book the replies that say yes into your calendar.
See what a team would do for your list.
A one-page plan for your target: team size, how many people you'd reach, and how long your list would last.