I'm not going to comment on the current dynamics, but I've never believed in the thesis-driven approach. You allocate your time where there is opportunity, and I found the number one way to qualify the opportunity was based on the seller's motivation. So much so that it became the only thing I would screen for in early proprietary conversations.
I think the idea of planting a seed with an owner who has not even thought about or is not seriously thinking about selling is just way too long-term a bet.
What does that mean? What's the implication for the search?
In my view, it became the volume of opportunities, which became the determining factor. You just need a lot of shots on goal to be in the right place at the right time with a motivated buyer who has a reasonable view on what the business is actually worth.
This is so much the problem with folks LARPing in small business.
Hindsight is 20/20, but if the buyer was thinking he'd operate a roofing company REMOTELY it should have been a total red flag that it was an unserious person. Take a discount on price before you take a seller note in that situation.
My favorite here is to say..."look, things have already changed. There is a new owner. That's obviously a change that everyone needs to get comfortable with. I have no plans to change anything abruptly, but I'm also not going to lie to you and say nothing will change. Of course it will and when it does, it will be for the benefit of the company.
Then go on a listening tour, ask folks what they'd change and execute on the good/easy suggestions you get ASAP to build trust in making 'good' change.