# G&L M&A Advisory

> G&L M&A Advisory, founded by Josh Li, helps owners of established businesses (typically $1M+ revenue) buy a competitor, or a business whose owner wants to retire, with no money down. The promise: a signed letter of intent (LOI) within 90 days on an acquisition that can double or triple the business. Deals are over-financed (the financing covers the price plus working capital and closing costs), structured at a debt service coverage ratio (DSCR) of around 1.5x, done with the owner (not for them), with a 7-day money-back guarantee.

Deals are funded with a mix of commercial (senior) debt, seller finance (vendor finance) and seller rollover (the seller keeps a minority stake). Structures the firm uses: 60/40 (60% commercial debt, 40% seller rollover, no personal guarantee, the lender secured over 100% of the business’s assets); 70/20/10 (70% commercial debt, 20% seller finance, 10% seller rollover); and 100% vendor finance (the seller funds the whole price, paid over time from the business’s cash flow).

Josh Li is also the founder of JC Health Group and bought two of his own clinics with 100% vendor finance.

## Key pages

- [Main page: see if you qualify](https://apply.grosfjeld-li.com/): the video and the application for an acquisition strategy call.
- [About Josh Li](https://apply.grosfjeld-li.com/about): background and the deals behind the method.
- [All guides](https://apply.grosfjeld-li.com/guides): plain-English guides to buying a business with no money down.

## Industry pages

- [Medical & GP clinics](https://apply.grosfjeld-li.com/medical): no-money-down acquisitions for clinic owners.
- [Dental](https://apply.grosfjeld-li.com/dental): no-money-down acquisitions for dental practice owners.
- [Allied health](https://apply.grosfjeld-li.com/allied-health): no-money-down acquisitions for allied health owners.
- [Veterinary](https://apply.grosfjeld-li.com/veterinary): no-money-down acquisitions for vet clinic owners.
- [HVAC](https://apply.grosfjeld-li.com/hvac): no-money-down acquisitions for HVAC business owners.
- [Plumbing](https://apply.grosfjeld-li.com/plumbing): no-money-down acquisitions for plumbing business owners.
- [Electrical](https://apply.grosfjeld-li.com/electrical): no-money-down acquisitions for electrical contractors.
- [Roofing & solar](https://apply.grosfjeld-li.com/roofing-solar): no-money-down acquisitions for roofing and solar owners.
- [Landscaping](https://apply.grosfjeld-li.com/landscaping): no-money-down acquisitions for landscaping business owners.
- [Commercial cleaning](https://apply.grosfjeld-li.com/cleaning): no-money-down acquisitions for cleaning business owners.
- [Security](https://apply.grosfjeld-li.com/security): no-money-down acquisitions for security business owners.
- [Accounting](https://apply.grosfjeld-li.com/accounting): no-money-down acquisitions for accounting firm owners.
- [Insurance brokerage](https://apply.grosfjeld-li.com/insurance): no-money-down acquisitions for insurance brokers.
- [IT & managed services](https://apply.grosfjeld-li.com/it-services): no-money-down acquisitions for IT services owners.
- [Marketing agencies](https://apply.grosfjeld-li.com/agencies): no-money-down acquisitions for agency owners.
- [Recruitment & staffing](https://apply.grosfjeld-li.com/recruitment): no-money-down acquisitions for recruitment agency owners.
- [Hospitality & restaurants](https://apply.grosfjeld-li.com/hospitality): no-money-down acquisitions for hospitality owners.
- [Childcare & education](https://apply.grosfjeld-li.com/childcare): no-money-down acquisitions for childcare centre owners.
- [Logistics & freight](https://apply.grosfjeld-li.com/logistics): no-money-down acquisitions for logistics business owners.
- [Property management](https://apply.grosfjeld-li.com/property): no-money-down acquisitions for property management owners.

## Deal structures

- [How to Buy a Business With No Money Down](https://apply.grosfjeld-li.com/guides/how-to-buy-a-business-with-no-money-down): Buying a business with no money down means funding the whole purchase price without your own cash. The price is covered by a mix of commercial (senior) debt secured on the business, vendor finance (seller finance) repaid from the business’s cash flow, and seller rollover, where the owner keeps a minority stake. The acquired business’s own profit services every repayment.
- [Seller Finance Explained: How Vendor Finance Works When You Buy a Business](https://apply.grosfjeld-li.com/guides/seller-finance-explained): Seller finance, also called vendor finance, is when the owner selling a business lends the buyer part or all of the purchase price. Instead of receiving everything at settlement, the seller is repaid in instalments, usually from the business’s own cash flow, under a written agreement called a seller note. It lets buyers acquire businesses without putting in their own cash.
- [Seller Rollover Explained: How Equity Rollover Works When You Buy a Business](https://apply.grosfjeld-li.com/guides/seller-rollover-explained): Seller rollover, or equity rollover, is when the owner selling a business keeps a minority stake instead of taking that part of the price in cash. The rolled amount reduces the cash the buyer must raise. The seller stays invested, shares in future profit and in a later sale, and the buyer gains a motivated partner during the handover.
- [The 60/40 Deal Structure: 60% Commercial Debt, 40% Seller Rollover](https://apply.grosfjeld-li.com/guides/60-40-deal-structure): A 60/40 deal structure funds a business purchase with 60% commercial (senior) debt and 40% seller rollover, where the seller keeps a 40% stake instead of cash. There is no seller finance in this version and no buyer cash. The lender takes security over 100% of the business’s assets instead of a personal guarantee, and the seller shares in future growth.
- [The 70/20/10 Deal Structure: 70% Debt, 20% Seller Finance, 10% Rollover](https://apply.grosfjeld-li.com/guides/70-20-10-deal-structure): A 70/20/10 deal structure funds a business purchase with 70% commercial (senior) debt, 20% seller finance repaid over a few years from the business’s cash flow, and 10% seller rollover, where the seller keeps a 10% stake. The buyer puts in no cash. Lenders often add a working-capital line on top, which makes the deal over-financed.
- [100% Vendor Finance: How to Buy a Business Without a Bank](https://apply.grosfjeld-li.com/guides/100-percent-vendor-finance): 100% vendor finance (100% seller finance) is when the seller funds the entire purchase price and is repaid over time from the business’s own cash flow. No bank or equity partner is involved and the buyer puts in no cash. It works when the seller cares more about the right successor, their staff and a steady income than about a lump sum.

## Financing

- [DSCR Explained: How Debt Service Coverage Decides Whether a Deal Pays for Itself](https://apply.grosfjeld-li.com/guides/dscr-explained): DSCR (debt service coverage ratio) is the cash a business has available to repay debt divided by its total annual debt repayments, interest plus principal. A DSCR of 1.5x means the business earns $1.50 for every $1 it must repay each year. Lenders use it to judge whether an acquisition can carry its own debt. G&L structures deals at around 1.5x.
- [What Is an Over-Financed Acquisition (and How Do You Structure One)?](https://apply.grosfjeld-li.com/guides/over-financed-acquisition): An over-financed acquisition is a business purchase where the total financing is larger than the purchase price. Senior debt, seller finance and seller rollover together cover the full price, and an extra facility, usually a lender’s working-capital line, funds working capital and closing costs. The buyer puts in no cash, and the business starts with money in the bank.
- [How to Buy a Business Without a Personal Guarantee](https://apply.grosfjeld-li.com/guides/buy-a-business-without-a-personal-guarantee): You can buy a business without a personal guarantee by giving the lender stronger security elsewhere: usually security over 100% of the business’s assets, a lower share of senior debt, and a seller who keeps a meaningful stake through seller rollover. G&L’s 60/40 structure uses 60% commercial debt and 40% seller rollover, with no personal guarantee from the buyer.

## Finding & closing deals

- [Letter of Intent for Buying a Business: What Goes In It and How to Get One Signed](https://apply.grosfjeld-li.com/guides/letter-of-intent-buying-a-business): A letter of intent (LOI) is a short document in which a buyer and seller set out the main terms of a business sale before full due diligence and contracts. It covers price, how the deal is funded, timing, exclusivity and key conditions. Most of an LOI is non-binding, but confidentiality and exclusivity clauses usually are binding.
- [How to Buy Your Competitor: Approach, Structure and Synergies](https://apply.grosfjeld-li.com/guides/buy-your-competitor): Buying your competitor means acquiring a business that serves the same customers or market as yours, so its revenue, team and customers join yours in one move. It is often the fastest way to double a business. Owners usually fund it with senior debt, seller finance and seller rollover, so little or none of their own cash goes in.
- [How to Find Off-Market Businesses for Sale (and Get Owners to Talk)](https://apply.grosfjeld-li.com/guides/find-off-market-businesses-for-sale): An off-market business is one whose owner would sell but has not listed it with a broker or advertised it. You find them by building a list of target businesses in your industry and area, then contacting owners directly by phone, letter, email or through mutual contacts, asking about their plans rather than making an offer. Off-market deals usually face less competition and allow more flexible structures.
- [Questions to Ask a Business Seller Before You Make an Offer](https://apply.grosfjeld-li.com/guides/questions-to-ask-a-business-seller): The most important questions to ask a business seller cover five areas: why they are selling, how reliable the earnings are, how dependent the business is on the owner and key customers, what legal or operational issues exist, and how they want to be paid. The answers tell you whether the business is worth buying and whether seller finance or seller rollover is realistic.
- [Due Diligence Red Flags When Buying a Business (and What to Do About Them)](https://apply.grosfjeld-li.com/guides/due-diligence-red-flags): Due diligence red flags are findings that suggest a business is worth less, or riskier, than the seller has presented. The most common are earnings that don’t match bank statements, add-backs without evidence, heavy dependence on one customer or the owner, contracts that end on a change of ownership, deferred equipment spending, and undisclosed debts or disputes.

## Industries

- [How to Buy a Medical Practice With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-medical-practice): Buying a medical practice with no money down means funding the price from senior debt, vendor finance (seller finance) and seller rollover instead of your own cash. It works best when an established clinic owner buys a nearby practice whose owner-doctor wants to retire, and repayments come from the practice's own cash flow while key doctors and patients stay.
- [How to Buy a Dental Practice With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-dental-practice): Buying a dental practice with no money down means paying for it with commercial debt, seller finance and seller rollover, then servicing those repayments from the practice's own cash flow. It suits an established dental practice owner buying a nearby practice with a healthy hygiene recall, sound equipment and a principal dentist ready to step back.
- [How to Buy a Physio or Allied Health Practice With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-physio-or-allied-health-practice): Buying a physio or allied health practice with no money down means funding the price through commercial debt, seller finance and seller rollover, repaid from the practice's own cash flow. It works best for an established practice owner buying a nearby clinic with several practitioners, diverse referral sources and an owner willing to stay on through the handover.
- [How to Buy a Vet Clinic With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-vet-clinic): Buying a vet clinic with no money down means funding the price with commercial debt, seller finance and seller rollover, then paying them back from the clinic's cash flow. It suits an established veterinary owner buying a nearby clinic whose owner-vet is tired of after-hours work, where the vets and nurses will stay and the equipment is sound.
- [How to Buy an HVAC Business With No Money Down](https://apply.grosfjeld-li.com/guides/buy-an-hvac-business): Buying an HVAC business with no money down means funding the price with commercial debt, seller finance and seller rollover, repaid from the business's cash flow. It works best when an established HVAC contractor buys a competitor with recurring maintenance contracts, licensed technicians who will stay, and an owner who wants out of the vans and the after-hours calls.
- [How to Buy a Plumbing Business With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-plumbing-business): Buying a plumbing business with no money down means paying the price with commercial debt, seller finance and seller rollover, then servicing them from the business's own cash flow. It suits an established plumbing owner buying a competitor with repeat accounts such as property managers and strata, licensed plumbers who stay, and an owner ready to get off the tools.
- [How to Buy an Electrical Business With No Money Down](https://apply.grosfjeld-li.com/guides/buy-an-electrical-business): Buying an electrical business with no money down means funding the price with commercial debt, seller finance and seller rollover, repaid from the business's own cash flow. It works best when an established electrical contractor buys a competitor with recurring compliance and maintenance work, licensed electricians who will stay, and limited exposure to builder retentions and project margin risk.
- [How to Buy a Roofing or Solar Business With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-roofing-or-solar-business): Buying a roofing or solar business with no money down means funding the price through commercial debt, seller finance and seller rollover, repaid from the business's cash flow. It suits an established roofing or solar owner buying a competitor with dependable lead flow, a clean height-safety record and a manageable workmanship warranty tail, where the retiring owner shares the project risk through the structure.
- [How to Buy a Landscaping Business With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-landscaping-business): Buying a landscaping business with no money down means paying for it with commercial debt, seller finance and seller rollover, then repaying them from the business's own cash flow. It works best when an established landscaping owner buys a competitor with recurring grounds maintenance contracts near its existing routes, reliable crews, and equipment that does not need immediate replacement.
- [How to Buy a Commercial Cleaning Business With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-commercial-cleaning-business): Buying a commercial cleaning business with no money down means funding the price with commercial debt, seller finance and seller rollover, repaid from the business's contracted cash flow. It suits an established cleaning owner buying a competitor with long-standing contracts, correctly paid staff and no dependence on one client, so the combined business shares supervisors, overheads and tender capacity.
- [How to Buy a Security Business With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-security-business): Buying a security business with no money down means funding the price with commercial debt secured on the business, seller finance repaid from its cash flow and seller rollover, where the owner keeps a minority stake. It works best on firms with recurring alarm monitoring and multi-year guarding contracts, licensed supervisors who run the sites, and contracts that survive a change of owner.
- [How to Buy an Accounting Firm With No Money Down](https://apply.grosfjeld-li.com/guides/buy-an-accounting-firm): Buying an accounting firm with no money down means acquiring a practice’s recurring fee base using commercial debt, seller finance paid from the fees the clients keep generating, and seller rollover where the retiring partner keeps a small stake. It suits firms with recurring compliance clients, staff who do the work, and a partner willing to introduce clients personally during a handover.
- [How to Buy an Insurance Brokerage With No Money Down](https://apply.grosfjeld-li.com/guides/buy-an-insurance-brokerage): Buying an insurance brokerage with no money down means acquiring a broker’s book of renewing policies and the commission and fee income it produces, funded by commercial debt, seller finance and seller rollover instead of your own cash. Renewal income is predictable, so lenders often lend against it, and a retiring broker’s rollover stake keeps them introducing clients through the next renewal cycle.
- [How to Buy an MSP or IT Services Business With No Money Down](https://apply.grosfjeld-li.com/guides/buy-an-msp-it-services-business): Buying an MSP with no money down means acquiring a managed service provider’s monthly support agreements, technicians and tooling using commercial debt secured on the business, seller finance paid from its recurring revenue, and seller rollover where the founder keeps a minority stake. Monthly recurring revenue makes MSPs bankable, while founder-held technical knowledge is managed with a handover period.
- [How to Buy a Marketing Agency With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-marketing-agency): Buying a marketing agency with no money down means acquiring its retainer clients, team and processes using a mix of commercial debt, seller finance and seller rollover instead of your own cash. Because agency clients can leave on short notice, the founder’s rollover stake and handover period carry more weight than in most industries. Agencies with retainers, a niche and a delivery team are the strongest targets.
- [How to Buy a Recruitment Agency With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-recruitment-agency): Buying a recruitment agency with no money down means acquiring its contract and temp margin, permanent placement desk, client agreements and consultants using commercial debt, seller finance and seller rollover rather than your own cash. Contract and labour hire margin is the most bankable part, but it ties up working capital in weekly payroll, so the financing should include a working-capital line on top of the price.
- [How to Buy a Restaurant or Venue With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-restaurant-or-venue): Buying a restaurant or venue with no money down means acquiring its lease, liquor licence, fit-out, brand and trading history using seller finance, seller rollover and, where the trading record supports it, commercial debt. Because lenders are often cautious with hospitality, the seller usually funds more of the price. The strongest targets have a long lease, recorded revenue and a kitchen that doesn’t depend on one chef.
- [How to Buy a Childcare Centre With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-childcare-centre): Buying a childcare centre with no money down means acquiring its service approval, enrolments, educators and lease using commercial debt secured on the business, seller finance paid from fees, and seller rollover where the owner keeps a minority stake. Centres with steady occupancy, a waitlist, a strong compliance record and a director who isn’t the owner are the most financeable targets.
- [How to Buy a Logistics Business With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-logistics-business): Buying a logistics business with no money down means acquiring its customer contracts, lanes, fleet, depot and drivers using commercial debt secured on the business’s assets, seller finance repaid from freight revenue, and seller rollover where the owner keeps a minority stake. Because trucks, trailers and contracts give lenders real security, transport businesses often suit structures with a large senior debt share.
- [How to Buy a Rent Roll With No Money Down](https://apply.grosfjeld-li.com/guides/buy-a-rent-roll): Buying a rent roll with no money down means acquiring a portfolio of property management agreements and the recurring management fees they earn using commercial debt, seller finance tied to how many landlords stay, and seller rollover where the selling principal keeps a stake. Rent rolls produce predictable monthly income, which lenders understand, but landlords can usually move with short notice, so retention terms matter.

## Optional

- [Every guide in full (Markdown)](https://apply.grosfjeld-li.com/llms-full.txt)