How to Handle Assets and Liabilities in a Minority Acquisition Deal?

My business partner and I are acquiring 30% of a $10M rev, $1M EBITDA business.
Buying the cashflow at EBITDA multiple times 30% is simple enough.

But how should we treat assets like AR, FF&E and liabilities?

Do I just pay for 30% of the total equity at closing?
What if it fluctuates at time of closing?

The current owner plans to stay on while I help him optimize the business.