$5.2M revenue $580K reported EBITDA $800K seller-adjusted EBITDA 31% maintenance agreement revenue Largest customer = 20% of revenue Seller wants 6.0x adjusted EBITDA You have no HVAC experience. You'd leave your current job to run this full-time, and a substantial portion of your net worth would go into the deal. Based on that information alone, what's your next move!? A. Pass B. Request more information C. Take the seller meeting D. Submit an IOI I built a full fictional acquisition around this question. It's called DealReps, essentially a flight simulator for buying a small business. You work through 10 sequential decisions as new information emerges: add-backs, customer concentration, recurring revenue, working capital, debt service, seller dependence, diligence priorities and ultimately whether you'd buy the company. Your decisions are committed as you go, and at the end you get a Decision Profile showing how you actually underwrote the deal. Check out "Case #001: The $4.8 Million Service Business", its live now, and only $33. I'm curious to know where everyone lands on the opening decision alone before seeing the rest of the case: A, B, C or D?