The SMB Deal Hunter Podcast He bought two $5M+ companies in 2 years (completely off market and with no investors)
Jan 16, 2026
Michael Bourgeois, an Air Force veteran and former private equity analyst who cofounded Skyline Partnership. He explains buying two off‑market $5M+ businesses with no outside investors. Short takes on their off‑market sourcing playbook, why they contact thousands of companies to close one deal a year, their use of direct mail and a CRM habit to keep cold leads alive, and the long‑term holding company vision.
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Size Enables Operational Leverage
- Target larger businesses (3M+ EBITDA) to find companies that already run with systems.
- Larger deals often allow faster transition to semi-passive ownership and better scalability.
Win Deals Off Market
- Do prioritize off-market sourcing through long-term relationships and targeted outreach like personal mailers.
- Put uninterested sellers into your CRM and follow up persistently until they say stop.
Keep Founders Invested After Buyout
- Use flexible non-SBA structures to keep founders invested with equity and creative seller financing.
- Offer earnouts, payment-in-kind, or equity stakes to retain founders and align growth incentives.
