Anyone want to tag team on 100% equity deals?

Self-funded search using the SBA is great and certainly has its place. But I’ve been exploring another path that, with the right business, could make a lot of sense. A number of times I’ve come across businesses in the $700K to $1M SDE range that are solid lifestyle plays for the current owner but could have significant upside if growth were actually pursued intentionally. It got me thinking: what would the return profile look like if, instead of using free cash flow to service debt, the business was acquired with equity and the cash flow reinvested to fund growth? I’ve modeled out a few scenarios and the IRRs looks very compelling. Curious if anyone else has considered or tried this approach? 

Also would anyone be open to exploring this further with me and potentially tag teaming on deal like this? I’d be happy to anchor the equity.