Acquisitions Anonymous - #1 for business buying, selling and operating - The $18M GovCon Business

Episode Date: January 20, 2026

In this episode, the hosts dig into a $20M revenue government contracting business that’s veteran-owned and focused on procurement for defense and healthcare — debating contract stickiness, declining revenue, and whether the business is even transferable without the founder’s special status.Business Listing – https://dashboard.dealforce.com/deals/profiles/profile69185.pdfWelcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.💰 Sponsored by:Go High Level – The all-in-one sales and marketing platform built for agencies and entrepreneurs. Automate, manage, and grow your business at https://www.gohighlevel.comViso Business Capital — Get the right SBA loan tailored to your acquisition needs with Heather Endresen’s firm. Sign up for a free live Q&A on SBA loans at https://www.visocap.net and click “Zoom Sign Up” in the top-right corner.The hosts break down a fascinating (and complicated) government contracting opportunity: a Southern US-based “consulting” business that’s more accurately a supply chain procurement facilitator with $18M–$20M in revenue and a sticky niche in defense manufacturing support. It operates under a Service Disabled Veteran Owned Small Business (SDVOSB) designation, allowing it to secure federal contracts with competitive advantages — but only if the owner qualifies.Key Highlights:- ~$20M revenue, ~10% margin business with $58M in future contracts- Services include sourcing, procurement, logistics, and staffing for federal clients- SDVOSB status is essential — and may limit who can actually acquire the company- Potential earnings dip in 2025 raises red flags around contract loss or non-recurring revenue- Working capital intensity and transferability challenges make seller financing attractiveSubscribe to weekly our Newsletter and get curated deals in your inboxAdvertise with us by clicking here Do you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel. Do you enjoy our content? Rate our show! Follow us on Twitter @acquanon Learnings about small business acquisitions and operations. For inquiries or suggestions, email us at [e-mail]

Hello, everyone, and welcome back to another episode of Acquisitions Anonymous. This is the internet's number one podcast on buying, selling, and operating small businesses. I'm one of your hosts, Bill D'Alessandro, and today I am with Michael Girdley, Heather Anderson, and Josh Toninson, and we are reviewing a management. They called a management consulting and consulting business, but we think it's actually a supply chain and procurement facilitation business. It's really interesting. It's got almost 20 million in sales, and it is service-discipline. disabled veteran-owned. So it wins government contracts through the classification of the owners.

We think it's a pretty sticky business, but it has some interesting wrinkles in the recent performance and the potential transferability. So if you are into government contracting, consulting, services, we think it's a great business to buy, assuming you qualify and there's some wrinkles. So without further ado, enjoy this episode of Acquisitions Anonymous. We'll say, Acquisition Anonymous. Hello, another episode of Acquisitions Anonymous. We don't have 100% beers anymore. And thumbs downing on just the plus inventory line. Big thanks to High Level for sponsoring this video and helping us pay for our editors.

High Level is the all-in-one CRM that handles your emails, text, funnels, and more all-in-one place. Think of it like the Swiss Army Night for Small Businesses, and you can try it for free for 30 days at gohighlevel.com slash Michael Gurdley. If we started recording, Heather goes, I just woke up, so we might as well start recording. Heather, you wake up like that? You look very put together. You're ready to go. It's amazing. It's amazing. Very nice. I just, just woke up. No big deal. Well, it's always the, it's always one of the funny things about watching Hollywood movies. It's like they have like a bedroom scene or whatever and they wake up the next morning. The lady's like her hair's done and her makeup's done. And I'm like, you sleep like that?

They just look like this all the time. Real life is different to the movies. Well, this is, this is our early morning slot. This is our coffee. slot. Michael, I don't think you were here on the last recording where we decided that the afternoon slot is the beer slot, and this is the coffee slot. I think you guys decided that because I was drunk for that recording. I think that's what I'm always sober. Yeah, I don't think we've ever done drunk acquisitions anonymous, although that may be fun to try. That could be something we should try. It might improve them, but I quit drinking, so it makes it kind of tough. It makes it hard for you. Well, you can drink kombucha or a maca.

Speaking of making an awesome episode, we have a guest today. Guest co-host. We have Josh Tonneson. You're going to have you, Josh. Good to be here. Josh, tell people a little bit about your business and why you're here and why you're qualified to review deals with us. Yeah, so I run Tunison accounting services. We specialize in quality of earnings reports.

We do about 25 to 30 engagements a month, vast majority for SBA-sized deals and often work with a lot of first-time business buyers, help them kind of navigate, reviewing the financials, getting SDs. calculated, working capital, as well as helping them think through their projections that they share with the bank. Sweet. So as you guys can see, Josh has looked at a lot of businesses and is very qualified to opine on small business for sale. And we thought it would be fun to have a Q of E provider on the show to kind of bring that perspective as well. Because we've got the, I guess me and Michael are like the optimist. We got Heather, who's a lender who needs to be a pessimist. It's thumbs down by default. And I guess we wanted to add to the pessimist side. So we brought a quality of earner earnings provider that says everything is BS. This is all made up.

We call those, on my side, we call those haters. We need more haters on the podcast. I love it. Welcome, Josh. So we got two lovers and two haters on the pod today. This will be good. All right, Michael, you're going to read it to us? Yeah.

So I found this deal yesterday, and it is a fascinating, fascinating one. So it's a generational equity one, which I guess has generational equity. become generational group? Is that what they are now? It seems like it from the logo. They've rebranded. We'll see if we like the new brand. So this one came through. It's pretty big. It is a premier management and consulting firm with multi-year contracts. One thing I like about generational groups that make themselves seem really big

by giving everything like a huge number. So this is deal number 69,185. So if you need to look it up, that's which one it is on the generational group website. So the company is a full service management of consulting firm, specializing and procurement and sourcing, logistics, technical services, facility management, and staffing solutions for government and commercial clients. Leveraging over two decades of operational excellence, it has built a scalable, reputable platform in the supply chain sector

with a lean experience team, advanced automation, and a flexible business model that supports continued expansion and margin improvement. A strong pipeline of long-term contracts, diversified service offerings, and established vendor network provide a foundation for organic and strategic growth. The company delivers rapid, reliable support for mission-critical projects through asset management and on-site procurement with embedded personnel at government agencies, defense contractors, healthcare systems, and commercial organizations.

Supported by a proven track record of multi-year contracts and a procurement model that accommodates varying order sizes through direct supplier relationships are rapid fulfillment channels such as Amazon. Last year in 2024, they did $18 million in revenue. 2025, they're predicting to shrink to 15.9 million, and their future revenue from SDV-O-S-B contracts and repeat services is 58.4 million in lifetime revenue. Historically, they've kind of bounced around 17, 18, 16, 16, 17-millionary year in revenue,

and it looks like their customer mix is mostly government. Is that what that blue is here, Bill? Can you see? Defense manufacturing support. which is interesting. Defense manufacturing support. Okay. And then scrolling down, they have a bunch of reasons you should like this.

Their growth opportunity, number one, is get more federal contracts and diversify into commercial. So they are located in the southern U.S., 25 years of operations, 25 active accounts, 13 full-time employees, and they have international operations

as well as domestic, low-cap-ex, data-driven, and they are an S-corp. So I will pause there. So Heather, can you tell what these guys do? I think they're a government contractor. It sounds like they are probably service disabled veteran owned. At least I thought I heard you say that.

Is that what that acronym is? SDV-OSB. I forget what the OS, the rest part, but service disabled veteran is the first part. Yeah, so I think this is a go, you know, what in banking we call government. Con, government contractor, which can be a great niche. I think they do staffing, but I'm a little confused, like, is it staffing or consulting? It sounds like it's sort of a mix of both, but it seems like their emphasis is on supply chain. So it's, you know, the type of services and or staffing support that they provide is supply chain oriented, probably a Department of Defense contract

and others. You know, there's probably other contracts. But that is what I believe, we're looking at here is a government contracting staffing business, effective, or consulting staffing. That is, I'm so glad you knew what that acronym was, because I had no idea. There's a couple other paragraphs here that might shed a little bit more light. Because I agree, it does seem like there's a staffing component, but there's something else also, because it says they have longstanding supplier relationships. The company maintains robust, longstanding relationships with 222 active vendors, including industry leaders such as Granger, MSC, Vallen and Allentown. These partnerships support both commodity procurement and specialized project

requirements, ensuring reliability, competitive pricing, and operational efficiency. And then it says rapid fulfillment capabilities. Leveraging advanced automation and streamlined procurement processes, the company delivers standard items within 48 hours for mission critical projects, digital supply chain portals, and punch out catalog systems enable efficient order processing, minimize delays, and ensure clients have dependable timely access to essential materials and equipment. So that's a wrinkle that I didn't get from the top. So they are the sort of the distributor maybe in between. They are actually doing the supplying of the parts and the inventory to these different contracts.

And it also says in the paragraph below that that it is longstanding government relationships across government and commercial sectors. But this is where I would be interested to know what. is the mix because usually what you see in a government contracting business is a heavy, heavy emphasis on government contracts with little to no commercial relationships. So, you know, I think that's what the pie chart shows, right, Heather? I mean, I'm assuming the blue here defense manufacturing support, that's got to be government. Government, yeah.

So this is really mainly a government contractor, but it sounds like they are more of a distributor then. So my best guess of what's going, the value they're providing here is, if you are a defense manufacturer, you need all sorts of things, commodity and specialized things. I mean, from fasteners to tape to all kinds of stuff. And it sounds like the manufacturers

don't want to maintain direct relationships with the fastener vendor and the tape vendor and all that stuff. And they just want kind of one throat to choke. So they go to this business who turns around and sources whatever the thing is from Granger, from MSC, or any of these 200

22 active vendors and probably essentially dropships it straight to the defense manufacturer. So I imagine what they're doing is there's some element of staffing where there might be like a dedicated rep for each manufacturer that kind of feels like an employee of the manufacturer who feels like the director of procurement or whatever dedicated to that account. So that person is quasi embedded or at least familiar with the operations of that manufacturer. and they are going, hey, we're low on fasteners, and then they're going out and drop shipping more fasteners in. So I imagine the services company is providing

is sort of a supply chain as a service. So you, the manufacturer, can focus on making stuff and not, like, sourcing your inputs or sourcing your consumables, that your factory, you know, blades, saw blades, or whatever your factory is going through consumables. Maybe they focus, the factory focused on sourcing, like the actual inputs to the actual widget but all the other stuff that you go through

when you run a facility, these guys probably just make that seamless and you've got one account manager who you don't need to worry about if it comes from Granger or MSC or Allentown or whoever, it just shows up and these guys probably take a markup and drop ship to you. That's my best.

You've coined the new term. And if they would have just put that as the headline, we would have understood it from the beginning, from the job. Yeah, but they called it a management and consulting firm, Heather, because that gets a higher multiple. Right. Right, yeah, and it confuses us all.

Okay, that I agree. I think that is what this business does. That's a great explanation, Bill. Josh, have you looked at anything like this? Looked at a handful of government contractors. I think the thing that's usually most important to review with them is how sticky are those contracts and when they're coming up for renewal and everything, too. So like you're saying, it's kind of vague on what they do a little bit too.

But if they have 13 full-time employees is what another point on that listing says. So it's tough to know if they have a lot of subs or kind of how that relationship all works too. But I would make sure that the relationships are pretty sticky if you're embedded pretty good in those different government contracts. They don't really want to switch vendors if you're getting them good pricing on everything. But also sometimes we see in these deals where we look over three years that contract ended up going to market, getting rebid. And somebody in the government gave it somebody else who charged them like $2 per square foot or, you know, you know, per whatever less, because it was their buddies. So, like, you run a big risk if you lose some of those material contracts, obviously.

So that's one of the main things I would look out for. Yeah, I mean, the contract risk is the big thing here and the transferability of the contracts, too. You might need to be 51% service-disabled veteran owned. Yeah, that's the part that really scares me. Like, I don't qualify to hold these contracts if I buy this business because I'm not a service-disabled veteran. Mm-hmm.

Yeah. And with these search fund deals, it gets tricky because you might have a searcher who qualifies, but the rules, I believe, are 51%. So then you need investors that also qualify. You know, it's not just the guy running the company. It's the cap table that matters, I believe, in the rules. Yes. And I mean, there may be a way to structure some sort of weird equity option thing where the searcher who qualifies does own 51%. but the investors have options to acquire more to get it back down to a more fair split. But it's definitely going to be tricky to engineer around this. I think I do like this business. It's probably not very high margin. I notice they don't report EBITDA on here. Like there's no mention of profit at all or meant to be very focused on the revenue,

which is concerning to me, obviously. see a listing. Do we need to know that? Yeah, I might need to know that. They don't have an asking price either. So at least there's not an asking price with no EBITDA. But I would imagine the margin this are pretty thin. Like on 15 to 20 million in sales, I bet you're doing a million bucks of SD. I would think it's probably five to 10 percent margin. And sometimes I see too that the government will end up having some kind of control over either what you pay your employees or what your profit margins are allowed to be too, which any changes in that legislation

or whatever you call it for them would obviously significantly impact your deal. Yeah, I mean, you could have like a contracted markup in these government contracts. We were only allowed to market up X percent. And, you know, there's usually like the GSA type pricing where they have to get the best pricing that you offer to, if you offer a commercial client,

better pricing, the government automatically gets it, you know, that type of thing. So pricing power is probably tough here. On the flip side, though, it's also likely pretty sticky. You know, if you've got a, you've got your procurement guy who works for them, but knows your factory and, you know, there's a government contract too, and they're just, you know, it's a relatively small line item. It's tape and razor blades and, you know, bubble wrap and whatever. That's not like the major cost optimizer for a defense manufacturer, right, and making

missiles or airplanes or whatever. So you're probably not the line item they're going to value engineer. Like, as long as you're performing and, you know, you probably just get renewed here. And you're like baked into the operations and you're, it doesn't make sense for them to go through the pain in the butt to replace you to save 20% on this line item, which will save them $200,000 or something. Like, they can't even think about it. So I would bet this is pretty sticky once you get in, which is nice. Now, 25 is down. And 25, if I'm in the supply chain industry, I would think 25 was a crazy, has been a crazy year, right, because of tariffs. And so that is interesting that it would have been a very dynamic year, but also one that reduced their revenue.

I would have actually thought their revenue would be up because of all the added work and management that might have to go on. But it's down, which is curious to me. Anybody have an idea why that would be? I think another thing. Well, the government was shut down for a while, right? The shutdown maybe. Yep, that's right. They could have just been not working.

Go ahead, Josh. I think I talked over you. Could have lost a contract too. Yeah. Right. A contract could have rolled off. It's just kind of interesting because that would have been, it's a tricky time for supply chain management and especially tricky time and their revenue is down, although they're saying it's going to come back up. I also kind of question selling a business on the down year.

Yeah. Why would you do that? I mean, it makes me wonder if there's a lifestyle or health reason or something because this is like not the year to say. sell this business at all. No. No. And it could have gone, since we don't know EBIDA,

my guess is it fell below break-even in 25. And they don't want to tell us that. Yes. Yes. Their customer mix also, that change is a little weird too with 24, right, where you see the revenue ticked up like,

well, 400K, but they had such a large expansion in what we're assuming to not be heavily government contracts. Then maybe they were moving away from it a bit. Then you think, well,

if they're expanding into that other, you know, kind of market or at least customer relationships by 25% you think maybe 25 would still increase or something right so like I think if there's a slippery slope maybe it's that their government contracts were running out and they're not winning the rebid process or that maybe they tried to go into some more private work and maybe that didn't have enough margin and they just left it you know you know Josh I think that's insightful I think based on what you just said I think I've got a theory. So if you look at 2024, is their best year ever. They do 18 million. And that year,

their yellow pie chart here jumps from 3% to 25% of revenue. And the yellow is called healthcare construction support. So if I had to guess, there is somebody who was building a hospital project or something. It's a project-based work. They took it on and the hospital is finished. So, you know, that work is over now. And it probably came out of their revenue, and I would be willing to bet for the last year or two, it was papering over a decline in the blue part, which is defense manufacturing support in 2024. So I would bet that business is actually trended down, but is covered in 2024 by the healthcare construction support.

That sounds good. And they're not even projecting that much growth in like in 26, they're projecting yeah, like 500K, but it's still not hitting 23, 24 levels for a while, right? So I would think any of that real, like, core sticky business, like, obviously no broker is going to say they're going to keep losing stuff. But, like, they're not projecting a good bounce back. There was also Doge for government contractors. So you don't know. Any government contractor, I would question what the Doge impact was for this business.

Did they lose a contract that way? There were a lot of contracts that were wiped out. That's right. That's a good point. So they could have gotten wiped and it's papered over by a contract. construction project that is now over. And maybe, you know, to the broker's credit, right, they projected kind of slow growth off the 25 number. So that tells you that, you know, it's kind of run rate of the contracts they do still have. They didn't predict like it just all

comes back overnight. So I bet like they're kind of now, 25 is like the new run rate with maybe they got doged. They paper it, they papered over it for a year with a project work, but that's over now and you got kind of your slow grower again. And current owner doesn't want to stick it out to grow back up again. Right. Yeah. Right. So let's assume, all right, so they're 16 million kind of go forward.

They're projecting a, what is that, three to five percent growth, you know, from 15.9 to 16.4 going forward. That's, what is that? That's 3%. So they projected like 3% growth going forward. That's probably the price escalator in their government contract. on one hand, that's very conservative. Like they've not projected winning any new business at all. So if you win business, in theory, you can grow faster than this.

Let's assume they're at a 10% margin. It's a distributor. So let's assume they're at 1.6 million of SDE. It's growing at inflation. What is this business worth? Like, what are you guys bidding 1.6 million of SDE, inflation grower, probably pretty sticky. What's his business worth?

Multiple is low because it's SDV owned and so very small universe of potential buyers and GovCon also skews to low multiples just because even if it's not service disabled veteran contracts, it's still a very unique industry that you kind of need that experience to be in. So you tend to see low multiples in government contracting. I mean, with the declining trend, I give it like a three and a half. I know that sounds terrible, but that's my guess. All right. Three and a half, so that's on $1.5 million. That'll be called $5 million, Heather? Yeah.

Okay. Hi, Heather here. When I'm not breaking down deals with these guys, I'm helping people get the right SBA loans for their business acquisitions. Because when you're buying a business, the best financing isn't one-size-fits-all. There's the best rate, fastest to close, the specific loan structure that you need or a little of all of those things. That's why my company, Vizzo Business Capital, works with over 30 different lenders to find

you the best funding in less time and with less friction so you can focus on the deal. Sign up for a free live Q&A session on SBA loans at Vizoccap.net. Then click Zoom sign up in the top right corner. That's V-I-S-O-C-A-P.net and click Zoom sign up. Josh and Gers, what about you guys? I think that seems reasonable. I mean, yeah, I think the biggest thing is like, why is it declining? That's like, that's the main thing.

And what are you buying, right? How sticky is it actually? The fact that they're projecting it increasing, I would say they're projecting a bounce back, though, right? Where in my opinion, the concern is more it's not going to be 16.4 and 26. If you're going to continue the trend down, right, it's going to be lower. So that's where like somebody who knows the industry well. And, you know, once they, you know, go under LOI and everything, they'll be able to, you know, they have relationships or whatever, they might pay a higher multiple.

But for a person without all that insider knowledge, it might be a lot tougher for them to justify anything higher. I have a buddy who bought a business like this, but the way he did it was different than like, you know, paying full price for it on day one. And they similarly sell to the government. And after he got into the business that started working in it, he realized that the actual real value in the business was

did the 15 or so procurement people inside the government trust him enough to call him and say, hey, we need help with this. Or like, hey, you're not the low bidder, but we're going to give you this anyway, and here's why. And so what he actually did is he went and actually worked in the company for about three years and became the person that was known to all those procurement people on the government side and then structured a deal where he bought it as part of a management, earn out and taking on some debt. I would actually really like doing that here much more than, hey, just showing up and like the current owner gets to walk out the door.

Because it takes time to build up that track record and to build up that trust on the procurement side. So yes, I mean, with any contracting business, I got to know how I'm getting the contract. The best version of this is you're winning contracts because your service disabled veteran. And I'm the buyer and I'm also a service disabled veteran. So I continue winning contracts that way. and we think our service delivery is good enough, and it's a small line item. And by the way, this happens a lot in contracting

because in government contracting because they have to hit certain quotas of minority groups. So like a certain amount of spend has to go to various minority categories. Service-deable veterans are one. So if you've got a, if you're government procurement and you've got a relatively commodity service, like we're assuming this is, the razor blades,

the saw blades, the, you know, whatever, the cardboard, it's a good place to kind of give that to a minority firm because it gets your numbers up. And it's kind of like a free way to get your numbers up because almost anybody can do it. So it's like we should get our numbers up in this category. So it's, you know, people of all minority classifications have built great businesses, government contracting in commodity categories. We actually looked at one on the show hundreds of episodes ago. It was an office supplies retailer, Michael or Heather.

I don't know if you remember that one. But it was minority. I forget what the minority was. It was a commodity as office supplies, but they were winning deals just basically on their status. And that was a great business for them. Now, it was very hard to transact, right? Because your buyer needs to have the same qualification as you. But to me, if I'm a service-disabled veteran, I think this, I'm actually going to say this is going to trade lower than three and a half.

I think this is going to trade at like two to three because of the decline, because of the narrow buyer pool. you know, maybe Girdley, I agree with you. You can get some sort of risk sharing, you know, seller financing type deal. But I think you can be in, let's assume this business makes one and a half million of SDE. You're a service disabled veteran. You're looking to buy a business. I think you can get into this thing for almost one XSD of cash and the rest a modest SBA loan, right? That is very easily coverable. I mean, this is probably SBA eligible, right, Heather? I mean, it's SBA eligible, but not knowing the EBITDA's, that's scaring me as to whether it's financiable. You know, and the declining trend, I mean, if there's one thing a lender hates more than maybe almost anything else, it's lending on the down year.

You know, so that might make it not possible to get a loan. Or very tough at best. Even if I can explain, like, hey, we lost this one contract, all the other contracts have four years left on them. You know, it's fine. You might. You might get through, but

the story will matter a lot. It's going to be just a showstopper at first because it's a decoited trend. So maybe it's got to be a seller note. So like if you could get in for 1x SD on cash and then another one to one and a half X SD on seller note, you know, you could step into this business for very little cash. If you qualify for service disabled veteran, we're assuming it's stable here. It's growing a 3%. They lost one contract, but it says they got 58 million of contracted and repeat revenues secured through 2029.

So that seems very stable. This could be, if you qualify, a very interesting business to get into and buy. Yeah, absolutely could. And you're right. Maybe the multiple goes very low because of all of those tricky factors to get in the door. But I'd like it better with some kind of seller financing just because I think the lenders will have a really tough time with the down year. I guess on that too, yeah, if I didn't see that, that 58 million there, that's at least five years. So it sounds like their contracts are fairly long term then.

So that might help to have some confidence with the bank if it's longer close, at least to their SBA repayment terms, you know? Yeah, you'd probably have a better time matching the debt term to the contract term. There you go. Five-year loan, yes. Ten-year loan. No. Much scarier, yeah.

Yeah. Which makes it a tougher fit for SBA because SBA kind of always fits into that 10-year amort box. it's got to be in the SBA strike zone. Yeah. This is a seller finance deal. It'll be a lot easier as a seller finance deal. Yeah.

Yeah, and I didn't even bring it up, but you've got the whole working capital component of this because you're serving the government. You're a small business serving big, which always means, almost always means a long cash conversion cycle. And you need to buy a lot of working capital included in the price. So that would have to be part of your negotiation on this deal. Yeah, you're right. You could get really squeezed because if you're a distributor, like, you're going to drop

ship a razor blade to this factory, you've got to pay Granger, and then the government doesn't pay you for 90 days. They're good for it. It's the government. But the float can be hard. That's right. And it's not only the cash conversion cycle, too, if you have these larger margin businesses, every dollar in doesn't stay with you as much, right? So that also is going to just make your working capital needs even higher. So. Yeah. Yeah. Yeah, heavy costs, right? Now, maybe, I mean, that you need to read all the contracts, obviously. Maybe Granger direct bills the factory, and all you're doing is basically facilitating. And, you know, then you build a factory a markup.

You know, hopefully you're not in between Granger and the factory from a financial point of view where, or you've been able to match your terms with Granger from the terms that the factory gives you. Because otherwise, it's going to be a working capital nightmare. Right. And that's something a buyer should figure out, like, right away, because. because that really affects your offer structure and your financing structure. And I see far too many deals where buyers don't realize they need to really dig into the answers to those questions early because it really impacts a deal like this. Yeah, if you're standing in between Granger and the government and you're paying Granger first before you get paid, that could be a big number in terms of working capital for this business. All right. So I think we are, everybody's kind of tentatively thumbs up.

pending deal structure and valuation, right? Yeah. And learning how much money it makes. That's kind of, well, fair. I kind of want to know that. You need to know that. See, I wasn't sure. I'm trying not to be picky today, but I thought that'd be important. It's a lot tougher if it's losing money, right? Because they're not projecting really any growth. So what's your path out of an EBITDA hole if it's already losing money? And the broker's already tried to sell you most of the time. So the fact that they're projecting somewhat stable, you know,

future periods makes me think it might be a different story. So it's interesting to me though. I mean, I think if you're sort of a civil veteran, you can underwrite the contracts. I think this is a buyable business because it's also not rocket science. Right? I mean, it's procurement. You know,

they ask you for a thing and there's probably good SOPs about when you buy the things. You turn around, you buy from Granger. You can learn this business, is my point. Like, this is not something really technical. So I think this could be bought if you can make the finances work. Always comes down to price, yeah.

It does. All right. Any other comments on this one? If your service-disabled veteran, get the SIM and let us know. Tweet out us on X-69,185. From generational group. Well, it's always, so that reminds me of like the number one trick to make your business seem like

it's bigger than it really is when it starts new, is like people used to do this, they would go get their checkbooks. Like they get open a new account and get checkbooks. And they would ask for the checks to start with number 10,000 as opposed to number one so that everybody would think you'd been in business for longer. But you can do the same thing with your invoices, order numbers, just like start with like 14 zeros to show everybody like how much, how experienced your firm is and how long you've been around.

Oh, when we started our, I've started my e-commerce business, you can't, you start the order numbers. Like in Shopify, it's like, what's your store? You don't want to like, oh, your order number three, you know? That's no embarrassing. But then you also don't want to be like order number 10,000 and three because it's also kind of obvious what's going on there. So I remember just like mashing the keyboard. Like I just picked like order number, you know, 11,000 27 or sign.

We just started there like so many years ago. So we didn't look like we were small time. But I'm not saying general issue group is doing that necessarily, but it's possible. It happens. All right. Josh, if people need a Q-O-E, where can they find you? Yeah, reach out to me on LinkedIn, or you can reach out on our contact form on our website. So it's just my last name, Tonneson, and then Accounting Services.com. All right. That's awesome. And if you need an SBA loan, but not for this business,

Heather, where can people find you? Come to v-I-S-O-C-A-P.net. That is our website, and then come to one of our Tuesday webinars. I do it every week. I'm even doing it next week during the holidays. That is commitment. Might even wear a Santa hat. Kail's no one. I'd stop. All right.

Thanks for listening to this episode of Acquisitions Anonymous. If you liked it, we have 400 or so more just like it on ACQUanon.com. All kinds of businesses, all kinds of niches, all kinds of deal structures, whatever you're into, we've got it. You can also get on our email list there where we will email you in the new episodes. If you're not always an audio person, sometimes you just want to. on a skim, we will send you a little summaries of all the episodes as well, along with links to the audio if you happen to have time on your commute. So thanks for listening to us. Not sure if this is coming out before or after Christmas, but if it's before, Merry Christmas.

If it's after, Happy New Year. And we will see you next time.