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Mike Warren

Mike Warren · 35+ yrs PE · $1B+ analyzed · 3 PE firms · 7× bestselling author

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This Week's Issue — Live Sample
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HVAC Company — Southeast U.S.
Asking $1.2M
⚠ 3/5 — Conditional
⚑ Working Capital Flag
DSCR
2.3x
PASS ✓
Multiple
2.8x
PASS ✓
Cash Flow
$143K
PASS ✓
Working Cap
1.4mo
FLAG ✗

On paper this looks textbook — 22-year family business, retiring owner, dominant in its metro market. Revenue $1.87M, EBITDA $427K, asking $1.2M. That's a 2.8x multiple, well inside my ceiling. Three of five Bulletproof metrics pass clean.

But here's where I hit the brakes.

"Six weeks of working capital — and you're buying in March, two months before peak season."

Here's exactly what I'd negotiate before signing anything — and the specific counter I'd put in the LOI.

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See the red flag — and my exact counter offer

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buyersbrief.biz · Your Email Inbox
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Mike Warren · The Buyer's Brief
🔒 HVAC Co · $1.2M Ask · 3/5 Score — Here's Why I'd Walk (Plus My Exact Counter)
I found a working capital trap the broker buried in December numbers. Before your first summer payroll cycle you're dipping into personal reserves. Here's exactly what I'd negotiate…
Read Full Breakdown →
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Market Pulse · 1x/week
This Week SBA Rate Watch
SBA 7(a) rate held at 10.5% — window still open
Broker inventory up 12% — buyer leverage increasing
Service businesses outperforming retail multiples
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SBA rates, lending shifts, what I'm seeing across deal flow. The context that makes you a sharper buyer before you open a CIM.

DealScore Pro Pick · 1x/week
Run Through the Tool Score: 78/100
Asking Price $850K
EBITDA $310K
Bulletproof Score 78 / 100
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