This is a buy side deal. We will expect Lehman Scale Buy side compensation and will only intro once an agreement is signed. There is no more info "behind an NDA" the rest is to be discussed with the founder. Don't try to lowball us, don't try to lowball the founder. Mid South KY based MSP/MSSP, founded 2004, 22 years in business. Founder is sole owner, ready to transition out, willing to stay on as a consultant for up to six months post close. Financials: 2025 actual revenue: $2.52M 2026 projected revenue: $3.1M Contracted Current MRR: ~$207K, so $2.5M+ of 12 month recurring already locked in for 2026 Recurring mix: roughly 80% of total revenue Normalized EBITDA: ~$1M today with a credible path to $1.5M+ on a leaner cost base post close Asking: $6M Service mix on recurring: MSP 45 to 55% MSSP 15 to 20% VoIP 30% Licensing income 10% Stack: ConnectWise across the board, Huntress on the MSSP layer. Mature ticketing and quoting workflows. Customer base: ~200 customers across 250 agreements. Top customer about 16% of revenue, no other meaningful concentration. Larger accounts on five year terms, smaller on month to month. The vertical angle (this is the real story): The biggest niche by a wide margin is funeral homes. They have built a defensible book in that vertical that no other MSP we have seen comes close to. Three things make it durable: Funeral homes are multi generational family operators, relationship driven, and very slow to switch vendors. Once you are embedded the contract life is measured in decades, not years. The IT stack for funeral homes is specialized enough (case management, sensitive document handling, payment processing for emotionally charged transactions, compliance around death certificates and remains tracking) that generalist MSPs cannot serve them well. The learning curve is real. The funeral home space itself is consolidating, with PE backed funeral home roll ups (SCI, Park Lawn, and several regional groups) acquiring single location operators. The IT spend per location goes up materially after a roll up acquires, which gives the MSP a structural tailwind on existing accounts. The other two verticals are municipalities and general SMB, both healthy but the funeral home book is the moat. Team and structure: W2 employees sit in a sister consulting entity that bills the MSP a fee. At close the team moves over to the new ownership structure. Clean handoff, founder has set this up so it is solvable. Things to know going in: The P&L runs through multiple entities with inter company allocations and some personal expenses flowing through the IT entity. A QofE will be required to clean this up before close. Owner has been transparent about it and the books will rebuild, but factor it into your timeline. The $6M ask is at the upper end of the band for this size. The recurring mix, vertical defensibility, and run rate path support it, but it is at the top of the band, not the middle.