⚡ TL;DR:

Only about 2% of people who set out to buy a business actually close. Athena Simpson has the data, and her read is that the standard playbook (niche down, go off-market, automate outreach with AI, find an operator-in-place) is quietly working against self-funded first-timers.

Inside: the real funnel math (how many listings, CIMs, and LOIs it actually takes to close one deal), why a good on-market listing draws 200 inquiries in days, and why off-market often takes triple the time to close, if it closes at all.

Athena is also hosting a free Deal Sourcing 101 webinar for the EBIT community on June 24 at 12pm ET. Register here →

Founded in 1994, this Brooklyn commercial lighting and controls supplier pairs product distribution with in-house application design, delivering turnkey, energy-code-compliant packages to contractors and property developers across the region. Three decades of repeat relationships and a 5,000 sq.ft. office-warehouse (leased, flexible terms) anchor a recession-resilient niche with high barriers to entry. A small team of project managers, estimators, and bookkeepers runs delivery alongside a hands-on owner who is retiring and will support the transition.

Why this deal stands out: At 2.9x SDE with $555K in earnings on $5.3M of revenue, this is a defensible B2B distributor priced like a commodity. Estimated DSCR lands near 2.5x with roughly $329K in cash flow after a full SBA note, and the listing is already pending SBA pre-screen. Thirty-two years of contractor loyalty is the moat you are buying.

💡 EBIT Take: The thin 10% SDE margin is normal for distribution, so underwrite working capital and supplier terms, not just the P&L. The real diligence question is customer concentration among those top contractors and whether the in-house design talent stays after close. Ideal for an operator who can run a lean back office and protect the developer relationships.

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Every SBA 7(a) deal in this issue comes with a personal guarantee. Across these deals, buyer exposure likely ranges from $700K to $3.2M before accounting for recovery value, personal assets, and state protections.

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For nearly four decades, this Northeast Florida roofing contractor has served residential and commercial markets across some of the state's fastest-growing counties, growing almost entirely on referrals and repeat work. The business runs at roughly $4.0M in revenue with about $1.06M in seller's discretionary earnings and elite 61% gross margins, positioned along a major transit corridor for efficient coastal coverage. Furniture, fixtures, and inventory are included in the asking price.

Why this deal stands out: Forty years, $1.06M SDE, and 61% gross margins is a rare combination at 3.3x. Estimated DSCR sits around 2.15x with roughly $568K of cash flow after debt service, comfortably financeable at this price. For buyers targeting the $3M-plus range, this is the anchor deal of the week.

💡 EBIT Take: Roofing lives and dies on crew retention and storm cyclicality, so verify the labor bench and how much of that 61% margin survives a normal (non-storm) year. Confirm licensing transfer and the backlog of contracted versus one-off jobs. Best fit for a buyer comfortable managing field crews or retaining a strong GM.

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This three-year-old Seattle kitchen remodeling business has built national SEO rankings that drive a steady inbound pipeline, generating roughly $1.13M in revenue and $575K in seller's discretionary earnings at a 51% margin. The model is service-based and asset-light, with work delivered through an established subcontractor network. It is offered at a 1.3x multiple, the lowest in this week's lineup.

Why this deal stands out: A 1.3x multiple on $575K of SDE is exceptional value, and the math is striking: estimated DSCR above 5x and roughly $469K in cash flow after a full SBA note. Few service businesses this profitable trade this cheaply.

💡 EBIT Take: The low multiple is the market pricing two real risks: a three-year track record and revenue concentrated in Google rankings that can move. Spend diligence on traffic durability, lead-source diversification, and whether margins hold once you own the SEO. Ideal for an operator who understands digital demand generation and can de-risk the channel.

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This licensed, county-based non-medical home care agency provides personal care assistants to clients managing aging, injury, and disability across Minnesota. It generated roughly $5.8M in revenue and about $431K in seller's discretionary earnings last year. The current owner works part-time and is retiring, leaving a semi-absentee structure and a licensed platform for a new operator to step in and scale.

Why this deal stands out: Licensure plus a semi-absentee, owner-retiring setup is a clean operator entry at $1.5M. Estimated DSCR near 2.0x on $431K of SDE, with recurring county-based demand underpinning the revenue base.

💡 EBIT Take: Home care margins are thin (about 7% here), so the value is in payer mix, caregiver retention, and reimbursement stability, not headline revenue. Verify the licensing transfer process and any single-payer or single-county concentration. Best for a buyer who can professionalize scheduling and recruiting to widen that margin.

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This Greater Kansas City towing and roadside-assistance platform runs roughly 3,600 calls a month across a modern 24-vehicle fleet, with diversified retail, commercial, and motor-club revenue. It generates about $4.15M in revenue and $700K in adjusted EBITDA, with an experienced general manager, a full-time onsite mechanic, and 29 team members already reducing owner dependency. The seller will consider a partial note alongside transition support.

Why this deal stands out: A management team and GM already in place make this one of the more absentee-ready deals of the week. At 3.4x EBITDA with an estimated 2.1x DSCR and roughly $368K of cash flow after debt, the recurring roadside and motor-club demand is genuinely recession-resistant.

💡 EBIT Take: Towing economics hinge on motor-club contract rates and fleet age, so confirm the mix of higher-margin cash and commercial work versus low-margin club calls, and the capex runway on those 24 trucks. The seller prefers a mostly-cash structure, so test SBA appetite early. Strong fit for a buyer who wants a platform, not a job.

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This established Northern Arizona excavating contractor handles site and earthwork projects, with all operating equipment included in the sale. It runs roughly $1.2M in revenue and $560K in seller's discretionary earnings, a 47% margin that reflects an asset-based, owner-run operation. The seller is offering financing for a qualified buyer.

Why this deal stands out: Owner financing plus equipment included lowers the cash-to-close hurdle, and the numbers are strong: 2.3x SDE, an estimated 3.0x DSCR, and a 47% margin. At $1.3M asking this serves a smaller-check buyer who still wants real cash flow.

💡 EBIT Take: Excavation is project-based and equipment-heavy, so the diligence is backlog visibility and the true condition and replacement timeline of the included fleet. Confirm bonding, licensing, and how much revenue depends on one or two general contractors. Ideal for a hands-on buyer with construction familiarity who can keep crews utilized.

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This Phoenix specialty equipment rental business serves the glass, construction, and material-handling trades with hard-to-source rental gear. It generates roughly $1.17M in revenue and $555K in seller's discretionary earnings, a 47% margin that reflects a recurring rental model. The asset base supports repeat demand from a base of trade customers.

Why this deal stands out: A niche rental book at 2.2x SDE with an estimated 3.2x DSCR and a 47% margin is both defensible and cheap. Rental revenue tends to recur, and the specialty focus limits direct competition for buyers.

💡 EBIT Take: The diligence centers on fleet utilization rates, the age and replacement cost of the rental assets, and customer concentration among the trades it serves. Confirm what share of revenue is repeat versus one-off. Ideal for an operator who can keep utilization high and reinvest in the rental fleet.

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Disclaimer: Educational content only, not investment advice. Listings from third-party sources; accuracy not guaranteed. Do your own due diligence. Consult with legal, accounting, and financing professionals before making any acquisition decisions.