he acquisition of today's guest was sitting on the market for over a year.

Which may frustrate some of you searchers in DFW when you hear what a gem it turned out to be.

David Graf himself had to get comfortable with it, due to the 96-year-old seller's non-negotiables that there be zero seller note and no escrow. Also, the listing's CIM was a single-page black and white Word doc.

So other buyers could be excused for dismissing this one.

But David did not dismiss it, and he has been rewarded for looking closer.

Listen for how he structured the deal, specifically the reps and warranties insurance that mitigated his risk in lieu of an escrow, and his wholesaling of the business's real estate.

This latter maneuver, akin to a sale-leaseback, enabled David to acquire a business with $750k of adjusted EBITDA for $2m even — that's 2.7x.

And if that weren't good enough, David has grown EBITDA 58 percent in his 19 months of ownership.

That low multiple that he paid means lower debt payments. And when you add in substantial earnings growth, you have a business acquisition that is already throwing off a lot of cash.

‍Finally, listen for David's insight on growth in small businesses, and how it's underpriced.

‍Here he is, David Graf, owner of Danhard.