Seasonality of lower-middle market M&A (USA):
Deal activity reflects people's personal calendars. Almost nobody works during July 4, Thanksgiving, and Christmas. Among all the stakeholders you need to close a deal, someone is always off during the summer months. Full speed occurs when school is in session (winter/spring and fall).
January (first half): Anemic (New year warm-up)
Mid-January until Memorial Day: Full speed
June - August: Leisurely Pace (Summer slowdown)
Exception: Week of July 4th: Almost Dead.
Early September until late November: Full speed
Thanksgiving week: Almost Dead.
Thanksgiving until ~Dec20: Anemic
Xmas Holidays: Dead
