I've spent the last few weeks going deep on fire/life safety as a potential first acquisition inspection, testing, and maintenance businesses (fire alarms, extinguishers, sprinklers, emergency lighting). What drew me in: Code-mandated, recurring revenue — building owners aren't shopping around, they're legally required to have this done on a schedule (often monthly + annual) Real cross-sell economics — every inspection visit tends to surface repair/upgrade work at strong margins A licensed-labour barrier to entry — you don't need to personally be the certified tech to own the business, but you do need certified techs on staff, which keeps it from being flooded with new entrants the way a lot of home services niches are What I'm still working through: Technician retention risk a lot of these businesses run on 1-2 key certified people, and losing them post-close is the single biggest risk in this category Finding targets in my size range ($300-600K EBITDA) that aren't already picked up by the PE roll-ups actively consolidating this space Structuring diligence around technician relationships and AHJ (authority having jurisdiction) knowledge, not just the financials If you've bought, sold, or looked seriously at a fire/life safety business — or you're in the industry and have thoughts on what actually separates a good target from a bad one — I'd genuinely like to compare notes. What am I missing?