How to write a buy-box that actually filters targets

A clear acquisition brief saves weeks of wasted research. Here is what to include in a buy-box, with examples of criteria that work and criteria that do not.

A buy-box is the written description of the companies you want to acquire. It sounds simple, but most buy-boxes are too vague to guide research. "Profitable B2B services businesses in the UK" describes tens of thousands of companies. A useful buy-box describes a few hundred, and makes it obvious which ones to drop.

Start with the sector, in plain words

Describe what the business does, who it sells to and how it earns money. "Commercial HVAC maintenance contractors with recurring service contracts" is far more useful than "building services". Then list the SIC codes that match, knowing that some good companies will sit under the wrong code.

Define geography the way you operate

If you are adding to a platform, geography is usually a drive time from existing sites. If you are a search fund, it may be anywhere you would be willing to live. Write it down as counties, regions or a radius, not "the North".

Use size measures you can actually find

Many buy-boxes set a revenue or EBITDA range that cannot be checked for most small companies, because their accounts do not show it. Keep the financial range, but add proxies that research can use:

• Headcount range.
• Total assets or net assets range.
• Number of sites, vehicles or engineers.
• Years trading.

Be specific about ownership

State whether you want founder-owned businesses only, whether family ownership is fine, and whether you would consider companies with existing investors. Ownership is one of the easiest filters to apply on UK data, so a clear rule here removes a lot of noise.

Platform or add-on

A platform acquisition needs management depth and systems. An add-on can be smaller and more founder-dependent, because it will plug into what you already have. Say which one you are looking for, or give separate criteria for each.

Name your exclusions, with examples

This is the section most buy-boxes leave out, and the one that saves the most time. List what you will not buy and give real examples:

• "No companies where one customer is more than 30% of revenue."
• "No residential-only installers."
• "Not interested in businesses like Company A or Company B."

Named examples help researchers understand the edge of your thesis far better than abstract rules.

A short example

Sector: commercial electrical and fire safety contractors with maintenance contracts. Geography: within 90 minutes of Leeds. Size: 20 to 120 staff, more than 10 years trading. Ownership: founder or family owned, no private equity. Type: add-on. Exclusions: residential-only, public sector revenue above 60%.

Get it in writing before research starts

At Targetcrest, the buy-box is agreed in writing before any research begins, so there are no surprises when the list arrives. If you have a buy-box ready, send it to us for two free targets. If you do not, our team can help you write one. For the next step, read how to find off-market targets in the UK.