Alright Search Funder community, Wanted to get some insight. You have an initial call with a broker, or seller. After that call, you get the P and L and do some analysis. Off the bat, you encounter a few hills to climb: 1.Large amounts of owner add backs, with a high percentage of questionable add backs 2. One customer, 30-40% of the revenue. On the surface, maybe a seller note, but if its a commercial/government contract, may trigger an RFP through an asset sale. Typical SMB concerns, both can kill a deal, but both could also have some options. Do you surface those early before moving forward, see if they are aware and try to gauge if they can be resolved? Do you continue forward, build a relationship, and try to address those once you have an established relationship? I have focused mostly on the second, but the SDE gap can create a huge price variance often to much to overcome!