Tyler Deike bought a small manufacturer for the cost of property & equipment, making the business itself almost free.Key points from Tyler's acquisition:
Blackhawk Fiberwerx was doing $500k in sales with $100k in profit
Seller was a retiring and overwhelmed 80-year-old
Tyler couldn't due-diligence the deal to death — had to "cross fingers and dive in"
Huge margin of safety. Business was selling for the combined value of its assets, so if business collapsed Tyler could recoup loan by selling assets.
SBA wouldn't make a loan without soil testing the land, so Tyler got a loan from a small regional bank
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Tyler's acquisition, Blackhawk Fiberwerx

Official episode page & full show notes at AcquiringMinds.co:Buying a Manufacturer for Just the Value of Assets