I recently came across a great wholesale company (~$750k Adj EBITDA) in a highly specialized industry. Stable revenue, recession proof(ish) industry, no customer concentration, exclusive product line, etc.

The owner wants to sell for a reasonable multiple (3.5x) plus inventory. The challenge with this business is that inventory is almost 2x EBITDA- which puts the total price paid at 5.5x on a stable, $750k business.

Any suggestions on how to structure a sale of inventory to make the numbers work?