Hey everyone! Hoping to tap into the collective wisdom here :)

Has anyone pulled off a self-funded buyout of a company that's a bit bigger than the usual search-fund target? I'm currently looking at a company with c. $4m in EBITDA and no debt. Due to the industry's elevated multiples, the expected EV at acquisition could be around $30m.

How should I approach the financing for this transaction? My initial thinking was to ask the funders to conduct a recap with their existing bank, hoping they might secure around $20m and distribute this as cash dividends. Additionally, it might be feasible to negotiate a $3m seller's note.

Question 1: Does this financing structure seem viable thus far?

Question 2: How might I secure the remaining $7m? My primary objective is to ensure the deal's certainty, but I'd also prefer to retain as much equity as possible.

Big thanks in advance for any advice or insights!