Hi guys! We're currently evaluating deals within a couple industries, some being trades like electrical, plumbing, and HVAC, and want to make sure that we are prepared for any licensing issues we could face. We don't currently own any trade licenses ourselves, but we are open to paying an existing employee or the current owner to hold one for the business. We’d love to hear from anyone who has closed one of these or looked hard at one and walked away. For plumbing specifically, NYC requires that licensed master plumbers own at least 51% of the control and voting stock, which seems to rule out a control acquisition by a non-licensed buyer. We’ve wondered about a management services agreement structure, similar to healthcare MSOs, but the statute requires 51% of control, not just ownership, which makes us skeptical. Has anyone seen an MSA or MSO-style structure used for a NYC plumbing business, and did it hold up with counsel or the DOB? If you replaced the seller’s license with a hired master electrician or master plumber, I'd love to hear how you approached that too considering you're ability to keep the doors open rests on this one person's license then. Happy to share what we've learnt with anyone working through the same thing. Thanks in advance!