Is it worth approaching a business directly even if it's not listed for sale?

It can be, and many buyers do this deliberately rather than waiting for a business they're interested in to eventually appear on a public listing. A business not listed for sale hasn't necessarily ruled out selling — many owners simply haven't gotten to the point of actively marketing, and a thoughtful, low-pressure inquiry can open a conversation that a public listing process never would have.

The practical approach is a respectful, specific inquiry that explains genuinely why you're interested, rather than a generic mass outreach — owners are more receptive to an approach that shows you understand their business. Be prepared for most inquiries to go nowhere; that's normal, not a sign you're doing it wrong. If an owner does respond with interest, move toward a basic confidentiality understanding before either side shares sensitive information, and toward a letter of intent once there's real mutual interest, rather than letting the conversation stay informal indefinitely as it gets more serious. A Treadstone business lawyer can help you formalize things once a genuine prospect emerges from a direct approach.