I had a deal fall through last year because I didn't have enough working capital and the bank wasn't willing to lend the entire amount that I needed. In summary it was a professional services firm with nearly $4M in annual revenue. Monthly payroll was about $200K and accounts receivables were collected on net 60 terms. The firm was a government contractor so the income was guaranteed but the challenge was covering the $400K needed for those 60 days while also covering my equity injection. Plus I wanted additional wiggle room for any unexpected incidentals and debt coverage. Basically $600k working capital would have been a sweet spot. Someone else came and offered the full asking price with no concessions or accounts receivables included in the purchase. The seller liked me more but didn't want to turn down an offer for exactly what they wanted (which i completely understand and would have done as well) ... had I been able to match I would have gotten the deal.

So now my question is ...

How would you have salvaged this deal? What buying strategy, negotiating tactic, or lender / investor would you have leveraged to get the deal done?