Inside the Buyer’s Mind: Who’s Buying & What Industries

Steven Smith, Managing Partner at Business Transfers & Strategies, recently joined Jennifer Fox and Eric Sigman on their podcast Transaction Talk to discuss what buyers are weighing today, and how each type approaches a deal differently.

Steven has spent more than 20 years working on the buy side of small business acquisitions. In this conversation, he breaks down the four buyer archetypes active in today’s deal flow and the trends shaping which industries they target.

Steven sums up the takeaway like this.

Don’t chase industry, chase fit.

Topics include:

• The four buyer archetypes (individuals, private equity, strategics, family offices) and what each one is optimizing for
• The risks buyers weigh during diligence: employee retention, customer concentration, and industry-level pressures
• The sectors drawing the most buyer attention right now, including home services and electrical contracting
• How tariffs, supply chain disruptions, and AI are reshaping buyer interest in manufacturing
• How a buyer’s background, skills, and experience should shape what they target

The episode runs about 24 minutes.

Listen to the full episode on Transaction Talk.