HVAC Rollup Opportunity - Looking for Advice

Looking for operators who've structured non-traditional HVAC acquisitions. Target shop: $100K revenue, 3 sprinter vans, 3 techs, $80K cash position. Lost their license holder last month. 3 trucks at ~$33K/truck/year is roughly 1/10th of the industry benchmark. The infrastructure is there. The operating system isn't. The seller is proposing an equity transfer. I think that's the wrong instrument. The primary operating asset (the license) walked out the door, and my side is bringing a new license holder in. That asymmetry needs to be priced into the structure, not waved away with equity. Curious if anyone has structured: License-holder-as-equity-contribution Asset purchase + earnout with the seller staying on for transition Anything creative when the "company" is really brand + assets + cash, minus the operating entity DMs open. We've done a few acquisitions, but never with this exact shape.