Rollups go to market with different levels of maturity.
A rollup thesis can be intellectually intriguing, but the idea alone usually fails to excite sellers or investors (unless you have insane previous & relevant track record).
A hired management team signals willingness to spend money (= conviction) and transforms the concept/idea into an active project. Hiring a strong team is entirely within an independent sponsor's control (if they can afford it), and will dramatically increase the rollup thesis' chance of success.
A signed LOI triggers serious investor interest, especially if combined with an already-hired management team. Rollup's on a roll now.
Less common, but a sponsor who has already acquired the initial platform (e.g., self-funded searchers, small pilot deal) is proven & de-risked, which wets investor appetite considerably.
