Thanks for the tag, @redacted‌! I haven't bought a union shop either, but from the numbers side, two things are easy to miss: 1. The P&L shows last year's labor cost. The CBA schedules show next year's cost. Wage and benefit step-ups are written into the contract, so rebuild SDE on the contract's rates for the years you'll actually own it, not the trailing year. And if the CBA expires soon after close, you're pricing a negotiation that hasn't happened yet. 2. If the company contributes to a multi-employer pension plan, ask the plan for a withdrawal liability estimate. It usually isn't on the balance sheet or in the CIM, and it can be a big number relative to a small deal. Deal structure changes who ends up carrying it, so that's worth an early call with a labor/ERISA attorney, not a closing-week surprise. David's point about funding status is the right starting place. The estimate letter is what turns it into a number. Alex Every AI tool is a Clerk. Verity adds the Guard and the Judge. redacted

If you have deep pockets, good attorneys, and can get a price break - go for it. Otherwise, it's just potential for surprise liabilities and limited ability to act. I don't have any issue with unions, but they are a stakeholder that you'd have to work with.