Is This a Sales Org or a Platform in Disguise?

Evaluating a lean B2B business with ~18% EBITDA margins and exclusive regional rights to sell capital equipment from premium OEMs. It’s capital-efficient, has strong vendor relationships, and operates in a geography I like. But structurally, it’s fragile: - All revenue is transactional - Entire salesforce is 1099, commission-only - Sales are booked on OEM paper, not the company’s—so the business is effectively a pass-through with margin - No recurring revenue, service contracts, or customer lock-in One thing I’ve been thinking about: the equipment has a 5–7 year lifecycle, and buying behavior seems tied to wear-out cycles. There’s no contractual recurrence, but it has the feel of actuarial recurrence—something semi-predictable over time. Some questions that have come to mind: - Is it a fragile sales agency with some nice vendor rights? - Or a platform-in-waiting that could become more durable with rep retention and infrastructure? - How should I think about pricing when the business doesn’t “own” the customer or the cash flow? Curious how others have approached similar models—where the surface looks clean, but the core is light on control and customer ownership.