Serious Buyers. Clean Closes.

One PDF that hits the thesis: what the company does, why it wins, size, margin profile, growth drivers, risks, and the ask. Include a simple data room index.

Monthly P&L, balance sheet, and cash flow (Excel preferred). We use this to validate trends, seasonality, gross margin quality, and leverage capacity.

Complete federal returns with all schedules. We reconcile to the financials and confirm normalization items and ownership details.

Revenue by customer for the past 3 years and TTM, with Top 10, tenure, contract status, and churn. Helps size concentration and durability.

Current backlog by customer or project with expected conversion timing and gross margin. Note cancellation history and win rates.

Current structure with names, roles, tenure, and open positions. Flag any key person risk or planned retirements.

Material customer and supplier agreements, equipment leases, real estate leases, and licenses. Note assignability, renewal dates, and unusual terms.

Maintenance vs. growth capex for the past 3 years and forecast. Include major assets nearing end of life and anticipated replacements.
 

AR, AP, and inventory turns by period, plus seasonality. Include any customer prepayments, progress billing, or retention. 

Clear schedule of one-time or discretionary items with amounts, dates, and brief rationale. Link to invoices or GL where available.

Seller’s role pre and post close, handoff timeline, and any agreed advisory period. Note management depth and immediate hiring needs.

We are a principal-led private acquisition firm with a family office mindset and independent sponsor flexibility. We acquire established, cash-flowing small businesses—typically one per year—using a flexible capital stack that may include personal capital, seller financing, and senior debt. We operate with long-term ownership intent, focusing on stability, profitability, and operational excellence—not exits on a fixed timeline.

We are principal buyers, not co-brokers or intermediaries. 

Profitable companies in home services, construction, and business services; $1M–$5M purchase price; U.S. focus; management in place.

We do not buy standalone turnarounds. We may consider a turnaround as a tuck-in for an existing portfolio company in the same industry where integration can create a larger, profitable platform. 

Primarily U.S. companies in stable, growing markets.

We target 2.5x to 4.0x of normalized EBITDA, SDE, or free cash flow for the purchase price. Metric selection depends on the business: SDE for owner-operated companies; EBITDA for professionally managed teams; FCF when capex or working capital needs are material. Companies with absentee-owners and existing strong systems and leadership merit the higher end of the range and can justify premiums.

Typical adjustments before applying a multiple include normalization for owner add-backs and one-time items, a quality-of-earnings view, and the working capital delivered at close. Range placement is driven by factors such as customer concentration, growth durability, margin quality, capex intensity, and the cleanliness of the books.
 

Illustration: if normalized EBITDA is $1.0M and the appropriate multiple is 3.25x, the indicated enterprise value is about $3.25M, subject to working capital and final terms.

Typically SBA 7(a) senior debt plus equity and sometimes a seller note. We run a focused, document-ready diligence process and move efficiently with lender requirements.

We are open to either. We can purchase the operating real estate as part of the transaction or lease it from the seller’s property entity or a third party. We decide case by case based on the business model, lender requirements, appraisal/environmental findings, and after-tax considerations. When leasing, we prefer market-rate NNN terms, and a lease aligned with the loan term and renewal options.

We prefer asset purchases. Typical reasons: cleaner separation of legacy liabilities, ability to exclude non-core assets and obligations, a step-up in tax basis that supports depreciation/amortization, and smoother SBA lender collateralization/filings. We will consider stock purchases when licenses, contracts, or tax considerations make them the better path; we coordinate consents early to manage timeline impact.

We respect NDAs and process, provide quick “yes/no” feedback, share lender-ready materials, and communicate clearly on timelines and diligence requests. We are buyers—not co-brokers—and do not publicly solicit.

• Three years financials + YTD: monthly P&L, balance sheet, and cash flow.
• Three years tax returns: complete federal returns with schedules.
• Customer mix & top 10: revenue by customer (3 years + TTM), % of total, contracts/tenure.
• AR/AP aging, payroll summary, key vendor list: 30/60/90 aging, payroll roll-up, and top vendors with annual spend.
• Org chart & key contracts: employment and major customer/supplier agreements, leases, and licenses.
• Addbacks & one-time items: schedule with dates, amounts, and rationale.
• Backlog (if applicable): by customer/project with timing and gross margin.

We keep the existing team, support them with systems, and augment leadership where needed to strengthen execution.

Timelines vary by deal and lender. We run a focused, document-ready diligence process to move efficiently.

Typical 60–90 days; practical range 45–120 days. Lender queues, third-party reports, consents, and data readiness drive timing. We run financing in parallel with diligence to compress the schedule.

Weekly touchpoints with one point of contact and a single, dated checklist. We keep a live tracker in the data room, aim for 24–48-hour turnaround on requests, and escalate issues the same week. Financing runs in parallel to compress time; actual duration depends on data readiness and third-party items.

We use seller notes where they help bridge value and align interests, structured on market, lender-compliant terms (no rigid template). Working capital is set to a normalized “peg” based on historical seasonality (typically a T12 or appropriate seasonal average) with a customary true-up at closing and standard post-close adjustments.