When thinking about the best market for acquisition, many tend to focus on the market (or markets) in which they already operate.
People feel very confident about what they know, for good reason– experience, past success, existing relationships, etc., but sometimes focusing on only one market means your perspective is myopic.
There is little harm, other than perhaps some time and money, in exploring adjacent markets. Taking a look at neighboring markets can validate your assumptions and give you confidence to move from planning to action.
The worst case scenario would be that researching adjacent markets yields no new information and you’ve wasted your time. However, in my over twenty years of experience, clients have always gained some new and different insight from considering adjacencies. They have never walked away empty-handed.
Most likely you will find new opportunities for acquisition or even for organic growth. I encourage you to open your business to innovation by exploring adjacent markets.