$3M Asphalt Contractor - Under Contract / LOI - Now What?
Well, I finally have a great business under contract. A local excavation, asphalt paving and demolition provider. Currently entering due diligence. The company doesn't meet the recurrent revenue standard, since most of this type of work is project based, but I do believe this type of construction infrastructure work is somewhat recession resistant. Problem is, it takes 4 years to get the type of contractor licensing required in Nevada. We set up the deal for the owner to stay on as a paid consultant and the QE, for four years.... Which makes me a little nervous. I've met a couple SBA lenders who seem confident they can get a deal funded, but has anybody dealt with this type of deal? What happens post acquisition?