Working a deal that's really a real estate deal wearing a business acquisition costume, curious if anyone's been through something similar. Multi tenant retail property, 40-50+ small tenants. Asking price lines up almost exactly with what the real estate is worth on its own at market rents. The operating business goes negative once you strip out the sellers' own merchandise, they occupy a big chunk of the space themselves and that revenue walks out the door with them at close. Everything else about the business transfers, minus their eBay account, which is fine by me. Sellers are late 60s and care a lot about legacy, which helps. Working through a leaseback to make it pencil, they'd stay on as tenants for their own space at a set rate for a few years, maybe a seller note on full standby, also open to a paid extended consulting period. Thinking SBA 504 for the real estate piece. Plan is I run the business myself and drag it into the modern era, digitize what's still paper and word of mouth. Has a 30+ year industry now. Gets me contracted revenue instead of a turnaround story for underwriting, which matters more now that projections are off the table for coverage under the new SBA rules. Anyone done a deal shaped like this, where the real estate is basically the whole thesis and the business is a wasting asset the seller's propping up just long enough to close? But actually interested in the business and think can grow it. Curious of any stories on leasebacks(good/bad experiences) and using the SBA 504 loan. Keeping it vague on purpose since this is public, happy to DM more detail if useful. Kurt