Good fortune plays a great role in finding the right company in which to invest. It is best to focus on a specific industry, and find candidates in that industry and competitors to those candidates, in order to have a large list of prospects, as many will not be for sale. The ones that are for sale may have specific reasons to sell that may involve substantial risk or impossible conditions to create a turnaround investment situation, in which, after making the investment, you fix problems to make the investment perform better financially. By looking deeply at each target company, you can see the problems and identify paths to make the company more profitable or financially successful. Not all private companies have good financial reports. Many companies will not disclose proper information even if they are interested in selling, so it is difficult to have a fully transparent transaction. And investments in small businesses are highly illiquid, as it is very difficult to match buyers with sellers in order to convert equity to cash.