November 06, 2025

From Divorce Papers to a $1M Business Acquisition with Raj Kankaria

38 minutes

In this episode of the M&A Launchpad Podcast, hosts Feras Moussa and Casey Minshew chat with Houston-based operator and Army veteran Raj Kankaria, owner of Lone Star Attorney Service—the largest process service company in Harris County. Raj breaks down how a career pivot and a tough life moment led him to discover a niche, recurring-revenue business, why he structured the acquisition with heavy seller financing, and how implementing EOS unlocked rapid growth from ~700–800 serves per month to ~1,200 in just a few months. We get into margins, pricing, who pays for service of process, the realities of post-close change management, and how disciplined leadership from the military translates into small-business execution.

In this podcast episode, we discuss:

Raj’s path: Army → Rice MBA → Investment banking → Acquisition entrepreneur

How getting served divorce papers revealed a business opportunity

What a process server actually does and who pays for it in different case types

Inside Lone Star Attorney Service: pricing transparency, sticky clients, and 25%+ margins

Deal structure: ~$1M valuation, ~4x forward EBITDA, 60% seller note, 30% seller rollover, 10% buyer equity

Why seller financing protects both parties and can create better after-tax outcomes

First-90-days playbook: immediate cultural reset, policy changes, and EOS implementation

Operational cadence: weekly L10s, issue-solving, and aligning the team to quarterly targets

Growth unlocks: InfoTrack preferred-vendor status and a tax-protest client adding steady volume

Technology collaboration with the case-management vendor versus building in-house

What’s next: organic growth, acquisitions, offshoring, and scaling statewide

Guest Contact Info:

LinkedIn: https://www.linkedin.com/in/rajkankaria/

Company: Lone Star Attorney Service (Houston, TX)

Email: (shared during the episode)

Additional Resources:

Sponsored by O’Connell Advisory Group – Work with a trusted Quality of Earnings and Financial Diligence partner who focuses solely on business acquisitions. Schedule a discovery call with Patrick of O’Connell Advisory Group—your dynamic Quality of Earnings partner. Visit: https://www.oconnelladvisorygroup.com

M&A Launchpad Conference – Upcoming May 2, 2026 in Houston, TX. Get your ticket at https://www.malaunchpad.com and use code LAUNCH for $150 off.

Contact the Hosts – Email Casey Minshew and Feras Moussa at [email protected]. Equity Launchpad helps founders and operators learn to buy, operate, and scale small businesses. Learn more at https://www.equity-launchpad.com

About The M&A Launchpad:

The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.

The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.

Connect with M&A Launchpad:

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By Casey Minshew and Feras Moussa

1212 ratings