How to secure a proprietary deal

Does any seasoned investment professional here have advice on how to secure a proprietary mid-cap PE deal?

For instance, you dug out the LBO target of your dreams with an owner about to retire, how would you go about approaching the owner without him/her going straight to a banker or starting to shop around for other potential buyers? How do you deal with the topic of valuation?

Any tips or stories would be insightful, thanks! 

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