I’m curious to hear from people who have actually structured acquisitions with **limited PGs or otherwise bounded personal recourse**. I’m an experienced operator of a family business, and my basic approach is: **find businesses worth owning, assemble the capital and people required to acquire them, and then help build them.** I’m open on structure—self-funded, seller financing/rollover, outside equity, independent sponsor, or some combination. One constraint I’m working around is personal recourse. I have capital I’m willing to put at risk, but with significant family and medical obligations, putting essentially my entire personal balance sheet behind acquisition debt isn’t really a responsible option. A traditional funded search also doesn’t really fit my situation. I recently heard of a ~$500K EBITDA acquisition at around 3x where the buyer’s PG was limited to roughly $500K. That got me thinking more seriously about alternatives: capped PGs, burn-offs, heavy seller notes, seller rollover, staged acquisitions, outside equity, etc. I’d especially like to hear about **actual deals that have closed** this way—what the capital stack looked like, who financed it, and what made the structure work. Ultimately: **Is this a business worth owning, and if so, what structure makes owning it compatible with my constraints?**