I've come across an interesting opportunity within residential and commercial services that has a lot of attractive attributes. The business is family owned and has been operating for decades without any tangible assets (no RE, no fleet, no inventory, etc). The business is using the subcontractor model. I can get my head around the operational piece but what I'm struggling to sort out is the valuation for this type of business and how bankable the deal is? Any thoughts on how banks would review this type of business when considering SBA financing? Other valuation considerations or questions you'd be looking at when evaluating a deal like this?

Apologies for the vagueness on the deal as I try to ask this question while respecting the NDA. Thanks in advance!