Twenty-five deals sourced this week — fourteen EDGAR Form D, Percent private credit and RealtyMogul filings, eleven SMB acquisitions. Three On the Docket. Eight Worth Watching. Four didn't clear the bar. Two are flagged and excluded for contradicting themselves. The lead entry is a New Ulm, Minnesota auto repair center at 74 — the most completely disclosed acquisition this publication has reviewed, with SDE and EBITDA both stated and four years of actual, not projected, revenue growth documented since the current owner bought in. The deep-dive goes elsewhere this week, into a Minnesota home health agency sitting inside a nationwide freeze on new Medicare certifications. The reason is below.
Six EDGAR filings were fully subscribed at the moment they reached the public record. Frontier Infra Fund VII had sold 100% of a $3.03 million raise. Starship Ventures SPV XXVII had sold 100% of $6.25 million. AV Growth Fund XX had sold 100% of $9.10 million, placed in full since December. Tribe Capital Western Fund I had sold 100% of a $19.06 million raise — the second Tribe Capital vehicle this publication has disqualified for the identical reason in as many issues, following Fintech Fund III in No. 014. Mare Liberum Advanced Manufacturing Fund ($17.12 million) and Catena Ventures Frontier Fund 3 ($11.05 million) were also fully sold, and neither names an individual behind its general-partner LLC — a second, independent disqualifier on top of the closed offering.
Two further deals were excluded as stale re-surfaces, not disqualified. The Gaia Herbs Distribution Center RealtyMogul offering — this publication's No. 014 lead dossier at a 70 — re-appeared this week with no change to sponsor, capital stack, or terms. And the BNI Earned Wage Access Percent note scored 63 in No. 013 shows real movement — funding has progressed from 47.3% to 86.5%, and the close date has been pushed from August 14 to August 25 — but the borrower, coupon, and structure already reviewed are unchanged, so it's noted here rather than re-scored.
Two SMB Acquisition listings are flagged and excluded rather than scored, both for the same failure mode. A North Central Florida HVAC company's structured data states its $550,000 real estate is "not included in asking price," while the business description states twice that the facility is "owned free and clear … included in the asking price." A Tallahassee FedEx Ground route lists $750,000 of inventory as "not included," while the body copy states "all trucks, scanners, dollies, camera systems are included." Neither contradiction resolves from the public listing.
None of the six EDGAR, Percent, and RealtyMogul filings that survived disqualification cleared the bar. The best-verified operator sourced this week — a real estate fund manager running roughly a dozen vehicles since 2009 — has raised $0 of a $3.1 million target and discloses no return figures. The fastest-moving capital belongs to a $368 million RIA that has placed $5.73 million of a $12 million raise — but it's filed under Rule 506(b), unreachable without a pre-existing sponsor relationship. The acquisition channel carried the issue again this week.
| # | Deal | Score | Status |
| 01 | Full-Service Auto Repair Center, Management Team in Place | 74 | On the Docket |
| 02 | Medicare-Certified Skilled Home Health Agency | 73 | Dossier Published |
| 03 | Established and Growing Solar Energy Contractor | 65 | On the Docket |
| — | 8 deals — Worth Watching | — | Worth Watching |
The full scoring framework is available here.
$3,000,000 asking, real estate separate (4.6x SDE on the business) · $650,000 SDE / $500,000 EBITDA, 34.1% margin on $1,905,498 revenue · Est. 1978 (~48 yrs), current ownership since ~2021 · 7 FT employees, salaried Service Manager runs daily operations · Seller financing available · SMB Acquisition Ad #2540271
| 74 / 100 | Structure 30/40 · Operator 27/35 · Market 17/25SMB Acquisition · New Ulm, MN |
StrengthSDE and EBITDA are both disclosed line by line — a $150,000 gap fully explained by an owner working roughly 30 hours a week in an oversight role, not an unexplained shortfall. RiskThe operating real estate is not included in the sale; lease rate and terms with the current owner as landlord remain to be negotiated separately after closing. |
This is the most granular financial disclosure this publication has reviewed. Both SDE and EBITDA are stated, and the $150,000 gap between them is arithmetically explained rather than left as a mystery: the owner works approximately 30 hours a week in an oversight capacity and a Service Manager runs the floor. Revenue is disclosed year by year since the current ownership's purchase roughly 4.5 years ago — $1.2 million to approximately $1.85 million in 2023, $1.84 million in 2024, and $1.9 million in 2025 — with 3,829 repair orders completed in 2025 at an average ticket of $477. That is actual trailing performance, not a forecast. What holds this at 74 rather than higher: the real estate is owned by the seller and excluded from the deal, so a buyer inherits lease-negotiation risk with the outgoing owner as landlord, on terms not yet set. Seller financing is offered but unquantified — the same gap found in nearly every listing this publication reviews. The shop also runs five days a week with no evening or weekend hours, which the listing itself names as unexploited capacity rather than a limitation already tested and rejected.
$1,000,000 asking · $235,411 SDE (Dec 2026 forecast) / $182,796 TTM actual, 18.6% margin on $1,267,731 revenue (forecast) · Multi-decade continuous Medicare enrollment · 33 employees (FTE/PTE), non-owner Director of Nursing staying post-close · Real estate leased, $1,690/month · SMB Acquisition Ad #2540380
| 73 / 100 | Structure 27/40 · Operator 26/35 · Market 20/25SMB Acquisition · Minnesota |
StrengthA federal moratorium imposed May 13, 2026 blocks all new Medicare home health enrollments nationwide, and this agency's certification predates the 36-month re-enrollment lookback — a regulatory asset that currently cannot be built, only bought. RiskThe 4.25x headline multiple is priced against a forecast December 2026 SDE of $235,411; trailing SDE through May 2026 was $182,796, which puts the trailing multiple closer to 5.5x. |
On May 13, 2026, CMS froze new Medicare home health enrollments nationwide — no new agencies, branches, or locations, extendable in six-month increments. A certification can no longer be built; it can only change hands. This one has been continuously enrolled for multiple decades with no ownership change in the trailing 36 months, which exempts the transaction from re-enrollment review under 42 CFR §424.550(b) — a recently certified agency changing hands during the freeze would lose its enrollment with no path back. Seven active payor contracts remove single-payor dependency, and the clinical operation — a non-owner Director of Nursing — stays intact post-close, which matters because the current owner is a non-clinical administrator rather than a treating clinician.
The seller's own valuation math is unusually transparent, citing seven private home health transactions in BVR DealStats trading at 3.70x–4.50x MVIC/SDE. But the $1,000,000 ask and 4.25x figure are built on a forecast December 2026 SDE, not trailing performance — trailing SDE through May 2026 was $182,796, roughly 22% below the forecast figure the multiple is priced against. Minnesota's certified-agency count has also fallen sharply since a 2021 licensure law, which cuts both ways: fewer competitors, but also a market where "home health desert" counties are a documented, growing pattern nationally.
Read the Full Dossier →$1,795,000 asking (3.4x SDE) · $523,000 SDE (2026F) / $522,000 (2025 actual), 11.5% margin on $4,550,000 revenue (2026F) · Est. 2018 (~7 yrs) · 12 FT employees · Seller financing available, unquantified · SMB Acquisition Ad #2541464
| 65 / 100 | Structure 25/40 · Operator 24/35 · Market 16/25SMB Acquisition · Saint Louis County, MN |
StrengthThe listing states both 2025 actual and 2026 forecast figures side by side ($4.29M revenue / $522K SDE actual, $4.55M / $523K forecast) and volunteers the residential clean-energy-credit headwind rather than omitting it. RiskSeller financing is described as available but no percentage or term is disclosed — the same unquantified-financing gap found in nearly every acquisition listing this publication has reviewed this year. |
A renewable-energy contractor serving Minnesota and northern Wisconsin with a diversified service line — grid-tied and off-grid solar, commercial and EPC work, battery storage, and EV charging — rather than a residential-roofmount-only shop. The listing states actual 2025 figures alongside 2026 forecasts rather than forecast-only, and names the specific headwind facing the sector: upcoming changes to the residential clean energy tax credit. That kind of unprompted disclosure of a risk factor is rare in this channel.
What caps the score: the same unquantified seller-financing gap found across nearly every deal this publication reviews, no real estate included (two leased locations), and a market thesis that depends on the company successfully pivoting its growth mix toward commercial, EPC, and EV-charging work that is described as pipeline rather than already-booked backlog.
Deals in this band carry limited conviction.
Strength — The facility lease runs through December 31, 2034 — over eight years of secured occupancy at a stated $7,300 monthly rent, the longest disclosed lease term reviewed this week.
Risk — The $698,193 cash-flow figure is a three-year average rather than a single trailing year, and no EBITDA is disclosed to check it against.
$2,600,000 asking, SBA loan eligible. $698,193 SDE (3-year average) on $4,500,000 revenue (15.5% margin), 3.7x, established 2006, 8 employees. SBA eligibility, a diversified revenue model spanning new equipment, parts, service and installation, and an approximately 10,000-customer database all support the case. The averaged cash-flow figure and the absence of EBITDA are what a buyer would need resolved into single-year actuals first. SMB Acquisition Ad #2538285.
Strength — All three named principals and the promoter are independently verifiable as officers of Private Wealth Advisors, a Fresno RIA operating since 2008 with approximately $368 million in assets under management.
Risk — Filed under Rule 506(b), meaning it cannot be openly solicited — accessible only through a pre-existing relationship with the sponsor, regardless of score.
$12,000,000 raise, $5,730,000 sold (47.8%) since September 2025, residential. Martin Mazorra (Principal, Founder, Co-CIO, 27 years, real estate investing specialization), Nicholas Mazorra (Co-CIO), and Daniel Lillibridge (Chief Compliance/Operations Officer) all carry active CRD registrations at a real, established advisory firm — the strongest operator verification sourced this week. Capital has moved: nearly half the raise is placed after roughly eleven months open. No target return, fee schedule, or property-level detail is disclosed beyond the entity name and business type. EDGAR CIK 2073178.
Strength — The core service line is tied to a documented, code-driven regional shift — Delaware and the Mid-Atlantic tightened stucco moisture-inspection standards after 2009, creating structural, non-discretionary repair demand.
Risk — All six field workers are classified as 1099 contractors rather than W-2 employees, the same worker-misclassification exposure this publication has flagged in prior issues.
$550,000 asking, $240,000 SDE on $1,200,000 revenue (20% margin), 2.3x. Real estate owned, $525,000, not included. Established 2010, 6 contractors. A 2.3x multiple is the lowest of any deal reviewed this week, and the office-based, inspection-report estimating model is a genuine, specific operational edge. The all-1099 labor structure is the same classification risk that has capped scores in this channel before. SMB Acquisition Ad #2541018.
Strength — The business holds an A+ Better Business Bureau accreditation after more than three decades in operation — a specific, checkable reputational signal rather than a self-reported claim.
Risk — Eighteen of nineteen employees are part-time, and the established-date field is blank despite the "over 3 decades" claim in the body text — the same completed-field gap penalized since No. 010.
$600,000 asking, $196,844 SDE on $715,605 revenue (27.5% margin), 3.1x. 19 employees (1 FT, 18 PT). No EBITDA is disclosed and financing terms are absent entirely from the listing. The heavily part-time labor structure against $715,605 in revenue is the specific figure a buyer would need to reconcile against actual staffing costs. SMB Acquisition Ad #2542358.
Strength — The named principal is independently identifiable across multiple sources as a real estate fund manager operating since 2009 who currently manages a platform of funds under TF Management Group.
Risk — The fund has raised $0 of its $3.1 million target and discloses no target return, fee schedule, or property-level detail beyond the entity name.
$3,100,000 raise, $0 sold, Rule 506(c). An openly solicitable 506(c) offering from a genuinely well-documented, long-tenured operator — but a pre-launch vehicle with nothing yet deployed and no economics disclosed to evaluate. EDGAR CIK 2150041.
Strength — A large FF&E component ($527,267, roughly 26% of the asking price) and an integrated CRM/job-costing platform are both included, with a management team already handling day-to-day operations.
Risk — The facility lease expires February 28, 2027 — inside seven months of this issue's publication date — with no disclosed renewal terms.
$2,050,000 asking, $546,972 SDE on $3,052,917 revenue (17.9% margin), 3.7x, established 1989, 26 employees. Thirty-seven years of history and genuine operational sophistication (CRM, job costing, 40-hour owner week) are real positives. The near-term lease expiration is unaddressed in the listing, and the copy leans on brokerage marketing language ("rare opportunity," "significant upside") more than most listings reviewed this week. SMB Acquisition Ad #2542350.
Strength — The named principal is verifiable as sole owner of Doliver Advisors, an investment adviser managing approximately $565 million as of its most recent public filing, with a two-decade track record as a registered fund sponsor.
Risk — The fund has raised $0 to date with no target return or fee structure disclosed, and a same-sponsor predecessor fund without the "II" was found fully subscribed in each of this publication's two prior reviews of it (Nos. 008 and 009).
$10,000,000 raise, $0 sold, Rule 506(b). A real, institutional-scale operator — but this is a fresh vehicle from a sponsor whose prior fund never appeared to this publication with any remaining allocation, worth watching for whether "II" behaves the same way. EDGAR CIK 2150463.
Strength — Thirty-eight years of continuous operation under one owner, with $150,000 of FF&E and inventory included in the sale.
Risk — No EBITDA is disclosed and no financing terms of any kind are mentioned, leaving a buyer no visibility into deal structure beyond the asking price itself.
$750,000 asking, $250,000 SDE on $800,000 revenue (31.3% margin), 3.0x, established 1988, 8 employees. A reasonable 3.0x multiple and genuine longevity, but the listing is thin on anything beyond headcount and tenure — no client concentration data, no owner-hours figure, no financing terms. SMB Acquisition Ad #2541664.
Reviewed and did not pass.
Property Management Business For Sale in New York
Score 39. SMB Acquisition, Suffolk County, NY. $2,800,000 asking price, $675,000 SDE on $2,321,669 revenue. The listing leans heavily on sales language — "bring your checkbook," "opportunities like this rarely come to market," ownable "in 30 days or less" — while the underlying data stays thin: no EBITDA, a blank established-date field despite a "more than 30 years" claim in the body text, and five employees supporting a stated $2.3 million in commercial revenue with no client names or contract terms to check the "blue-chip" description against. SMB Acquisition Ad #2542304.
Volleys Club LLC — Real Estate, EDGAR Form D, Texas
Score 47. $12,000,000 raise, $1,220,000 sold (10.2%), Rule 506(c). One of the two named executive officers, Ramakrishna "Ram" Joolukuntla, is independently verifiable as an active, TREC-licensed Texas real estate agent and investor with an 18-year record and a separate real estate development role in India. The second officer, Jaganmohan Battu, could not be independently verified. The filing itself discloses no property type beyond "Other Real Estate," no target return, and no fee schedule — only a $50,000 minimum and $500,000 in disclosed gross proceeds to insiders. EDGAR CIK 2147601.
Runway Capital Fund, LLC — Real Estate, EDGAR Form D, California
Score 44. $5,000,000 raise, $0 sold, Rule 506(c). The sole named principal, Jacky Dilfer, is a well-documented, 20-plus-year SBA and commercial real estate lending executive — CEO of Business Finance Capital, with more than $5 billion in facilitated commercial loans since 2003. That is a real, verifiable career, but it is a career in loan origination, not fund sponsorship, and this filing represents a first-time move into equity fund management with nothing yet raised toward the $5 million target. EDGAR CIK 2145053.
MVP ES FUND CLXIII LLC — Private Fund, EDGAR Form D, Texas
Score 32. $2,000,000 raise, $0 sold, Rule 506(b). The entity name carries the Roman numeral for 163 — the second serialized "MVP" fund program this publication has reviewed, following MVP LS FUND DCLXXX in No. 014. Two individuals are named as executive officers, which is a step up from an LLC-only promoter, but neither William Clark nor Tyler Gray could be independently verified against a findable operating track record. EDGAR CIK 2106476.
The following listings were not scored. Both are published here because their own disclosures contradict each other on the figure the entire offering depends on — and naming that is the point of this section.
$1,000,000 asking price, $295,000 SDE on $1,050,000 revenue. The structured Real Estate field states the $550,000 property is "not included in asking price." The business description states twice — once in the opening line, once under Key Financial Highlights — that the commercial facility is "owned free and clear, with no mortgage and no lease, included in the asking price." These cannot both be true, and the true asking-price basis (roughly $1.0 million versus roughly $1.55 million) cannot be resolved from the public listing.
$1,250,000 asking price, $305,000 SDE on $1,488,000 revenue. FedEx Ground contractor route, established 2022. The structured Inventory field lists $750,000 "not included in asking price." The business description states "all trucks, scanners, dollies, camera systems are included." A $750,000 swing on a $1,250,000 deal is not a rounding difference, and the listing offers nothing to reconcile it. Separately: no ISP contract term is stated, and the business is 100% dependent on a single counterparty relationship, the same structural pattern flagged in prior FedEx-route listings this year.
All scores reflect specific, identifiable gaps — not judgments about whether good businesses or operators exist behind these listings. Subscribers who independently identify any of these deals may find a compelling case beneath the public record.
Every deal is scored on three pillars: Deal Structure (40 points), Operator Track Record (35), Market Conditions (25). Seven automatic disqualifiers are applied before scoring. No operator appears in this publication without two independent confirmation points.
All financial figures, projections and returns above are attributed to sponsor or seller materials as disclosed. The Docket does not verify sponsor or seller financial statements and does not represent any figure as fact.
The Docket's scoring represents independent editorial judgment based on publicly available information at the time of review. Scores are not investment advice, recommendations to invest or not invest, projections of future returns, or representations about the accuracy of any sponsor's or seller's disclosures. All investment decisions are the sole responsibility of the subscriber. The Docket is not a registered investment advisor, broker-dealer, or fund manager. All private placements and business acquisitions carry substantial risk of loss, including total loss of principal. Review all offering documents carefully and conduct independent due diligence before making any investment or acquisition decision. The full scoring framework is available here.