Hi all, I've looked at DBE deals in the past as an independent sponsor, which I have largely put aside because I'm a non-minority acquirer. I recently came across another DBE deal (engineering firm with ~$2.5mm EBITDA) and thought I would drill down on a few key areas to see whether it would even be viable to pursue this. Practically, I would make pro forma adjustments to compress the margins and cut down the overall revenue/EBITDA: - Margins would probably compress in the loss of DBE status because of potential DBE pricing power - Customers could be lost without certification, and as an outsider, it's hard to gauge whether the company would win the work without the DBE status; the flexibility of the DBE requirements would also vary by state/region I would also apply some discount to the acquisition multiple for conservatism (insofar as I'm not double penalizing the company after reducing margins and revenue). The issue is that I don't know the magnitude of these adjustments, and I don't know whether I could determine these. Is this something where an industry consultant or DBE advisor could assess the impact? Are there structural considerations that make this viable?