One of our alumni closed last week on a plumbing and drainage business in Montreal. $1.8M revenue, $325K EBITDA, $600K purchase price. Two years full time, and three deals that fell through first. What struck me was that all three died differently: - QofE came in under the marketed numbers on one. - Legal issues surfaced late on another. - The third died because the equity didn't come together. Not one failure repeated three times. Three separate lessons. He searched in Canada, and his read was that the process is identical and only the players change: deal team, lenders, capital partners. Matches what I've seen. For those who have closed, were your dead deals variations on one theme, or did you lose them three different ways?