Heard back from a broker on an LOI I submitted last week (Apparel screen printing business in my local area). Unfortunately, they are going with a different buyer who gave them full asking price, whereas my offer was slightly lower. For what it's worth, broker said the seller was seriously considering my offer, so asked me to check back in 1-2 months to see if the deal is back on the market.
So, back to the drawing board. Today's plan is to evaluate CIMs and financials for two new businesses also in my local area, and schedule broker/seller meetings tomorrow or next week.