Effective deal sourcing starts with a clear thesis. What are you trying to acquire, and why? What makes you the right buyer for this type of target? How will the acquisition create value for both parties?

A strong buyer thesis goes beyond "we want to grow through M&A." It articulates specific criteria (industry, size, geography, growth profile), strategic rationale (synergies, capabilities, market access), and competitive positioning (why should a seller choose you?).

The best acquisition theses are specific enough to guide sourcing but flexible enough to capture opportunistic deals. They evolve as you learn from the market and refine your understanding of what works.