Himmat Singh·June 15, 2026

Good Bones: Saving a $3m Business in Decline | Himmat Singh Interview

Himmat Singh is a seasoned operator (Wharton MBA, former management consultant, ran a turnaround chemicals business in India, then grew home care company Circle of Life from $1.3m to $6m EBITDA as CEO before a $21m sale to Alpine) who acquired EPI Color Space, a large format printing and signage business in the Washington DC area, in May 2023. The deal was structured as a proprietary inside deal at $500k purchase price with 100% seller financing at 0% interest over five years — effectively sub-1x EBITDA — which led Himmat to skip thorough diligence. He entered as a 55% owner alongside a silent 45% investor-partner who was the original founder's minority stake holder in the business. Within months, the corporate controller resigned and, more critically, the top salesperson (35-40% of revenue) quit in early 2024 and attempted to poach clients, forcing Himmat to abandon his semi-passive GM-install plan and go fully hands-on. Multiple experienced industry sales hires failed to replace the lost production, revenue fell to $2.1m with $300k EBITDA in 2024, and a dispute over compensation and deal terms with his partner culminated in Himmat buying him out to become 100% owner. The turnaround pivoted when Himmat hired Kevin Durban, a Goldman Sachs and Ziegler (Kalila acquisition) veteran, on an equity-earn-in structure tied to EBITDA milestones, which stabilized sales. Himmat is now targeting a $1.5-2m EBITDA business through organic growth and potential add-on acquisitions, while candidly acknowledging the business is smaller than his ideal operating scale and that ETA is harder and grindier than many online promoters suggest.

Deal facts

purchase price: $500k
multiple: ~1.25x SDE (on recent SDE of ~$400k); ~0.7x on historical SDE of $650-700k
sde ebitda: Historical SDE $650-700k (2017-2022); recent (last 2 years pre-close) ~$400k; at close (annualized 2023) ~$600k
revenue: ~$3m historical average; ~$2.55m annualized at close; $2.1m in 2024
financing structure: 100% seller financing; $100k/year payments, 0% interest, 5-year term; personal guarantee by Himmat; plus ~$200k working capital contributed by buyer and partner at close
notes: Initially 55% Himmat / 45% unnamed investor-partner; partner bought out by end of 2024 making Himmat 100% owner. Business: EPI Color Space, large format printing, Washington DC area. Closed May 10, 2023.

Why this business

The deal came to Himmat as a proprietary inside deal via the original founder who knew him from his Circle of Life run. The deal terms were exceptional — $500k all seller-financed at 0% interest, buying a business with $650-700k historical SDE — effectively making it feel like getting the business for free. He also liked the industry's marketing-adjacent nature, its fragmented and aging-owner landscape (similar to home care in 2014-2015), strong gross margins (~60%), long-tenured employees, sticky clients, and the business's survival through the great financial crisis.

What's working

Strong gross margins (~60%) and historically solid cash generation despite being a small business
Long-tenured employees (many with 25-30 years together from the legacy company) creating deep client relationships and institutional knowledge
Sticky, high-quality client base including Smithsonian Institution museums, universities (George Washington University), real estate developers, and tech companies nationally
Bringing in Kevin Durban as equity-earning partner/GM changed the sales and operational trajectory; Kevin earned equity through EBITDA milestones
Expanded into illuminated and monument signage via a Lancaster, PA manufacturer relationship, adding a new revenue vertical
Trade show vertical (nationwide) beginning to rebound post-COVID with potential for further development
DC-area commercial real estate market expected to provide cyclical tailwind as market recovers

What's hard

Key salesperson (responsible for 35-40% of sales) quit in February 2024 and immediately tried to steal clients, triggering an existential sales crisis
Hired three or four experienced industry sales people to replace him — none worked out despite strong resumes
Macro headwind from commercial real estate downturn drove revenue decline from ~$3m to $2.1m and EBITDA from $400k to $300k by end of 2024
Acrimonious split with 45% investor-partner who was unsupportive during the crisis; Himmat had to buy him out at a higher-than-entry valuation
Entered the deal without full diligence (attracted by the screaming deal terms and having an inside co-investor) — discovered operational issues only after closing
Initially planned to install a GM and run semi-passively; personal life events (marriage, first child, serious rotator cuff injury) coincided with the business crisis, forcing full-time involvement he had not planned for
Business is smaller than what Himmat feels best suited for (he would prefer a $5-6m EBITDA business based on his prior operating scale at Circle of Life)

Notable quotes

The deal terms were amazing like you know off the charts amazing. I looked at the numbers from 2017 to 2022 and the sales were averaging about almost 3 million. The gross margins were great 60% and the EBITDA was in the 650 to 700,000 for a 5-year period. And I was like, okay, those are not bad numbers. And the terms were buying the business for $500,000 all on a seller note, 100% — that you don't pay a dollar off on the first. So you pay 100k every year, 0% interest. So for me, effectively, this was okay, I'm getting a business for free. That's how I looked at it.

I just think operating means that it's always going to be a grind. So what I'm doing today is a third run as an operator. It requires you to be 100% all in. You never know — you never fully make it till you get to the other side. So I love the excitement side of it as well.

February of 2024, the number one salesperson who did almost 35-40% of our sales quit and went to a competitor and basically we learned in the next day that he was trying to steal our business. So that's when everything changed for me — I recognized the seriousness of the issue and how critical that could be and I jumped in 100%.

I think a lot of people get interested in this space and that's what I'm talking about when I think it's the gurus or the charlatans or whatever. You need to be motivated a lot more than just the money.