Former SBA lender turned founder of Pioneer Capital Advisory, a seven-figure brokerage guiding entrepreneurs through SBA 7(a) acquisitions. Closed $250M+ in financing in 3.5 years. Practical, data-driven insights for buyers.
The Pioneer Buy-Side Brief: Beyond SBA, Q3 deal lessons and your year-end closing plan
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This is a longer edition of the Buy-Side Brief, organized into six parts so you can go straight to what is most relevant to you. There is a lot to cover as we head into conference season and the final stretch of the year:
First, a few opportunities to connect in person this month. Part 1: See you at Rice and in ChicagoJoin me at Rice this weekI’ll be in Houston for the Texas ETA Conference at Rice Business on Friday, October 16, at McNair Hall and Virani Hall on Rice University’s campus. Registration and breakfast run from 7:00 to 8:15 a.m., followed by the conference program from 8:15 a.m. to 4:10 p.m. and an evening mixer from 4:10 to 6:00 p.m. All event times below are Central. I’ll be participating in two sessions:
Register for the Rice ETA Conference · View the agenda If you’re arriving Thursday, the pre-conference happy hour is October 15 from 6:00 to 8:00 p.m. in the R-Room at Rice Stadium. I’d love to see you there and hear what you’re working on. Sign up for the Rice pre-conference happy hour Meet the Pioneer team in ChicagoValerie, Andrea, Rafael and I will be at the Booth-Kellogg ETA Conference on Friday, October 30, at the Hyatt Regency Chicago. The event runs from 8:00 a.m. to 5:00 p.m. We’re also co-sponsoring a pre-conference happy hour on Thursday, October 29, from 4:30 to 7:00 p.m. at Jefferson Tap & Grille, 325 N. Jefferson Street. We’re joining Entrepreneurial Capital, QoE Prep, Albrecht Law, CultureWise and Rejigg to bring everyone together ahead of the conference. Sign up for the Chicago pre-conference happy hour · Register for the Chicago ETA Conference If you’ll be at either conference, reply and let me know. It would be great to put a face to a name. Part 2: Reintroducing our non-SBA financing practicePioneer’s non-SBA practice helps buyers finance acquisitions through conventional banks, direct lenders, Small Business Investment Company (SBIC) funds and other private-credit providers. It serves transactions that need a different financing structure, whether because of size, the buyer’s circumstances or the business itself. Depending on the transaction, financing may include senior term debt, a working-capital revolver or subordinated debt. Rafael leads the initial business development conversations. Ramiro Daher leads non-SBA credit analysis and financing execution. Ramiro is our Senior Associate in Independent Sponsor Finance. Before joining Pioneer, he worked in credit risk at Citi and J.P. Morgan, covering Oil & Gas and Technology, Media & Telecommunications. He holds a Master in Management with a specialization in Investment Banking from ESCP Business School and an economics degree from Universidad de San Andrés. His work includes reviewing financials, building and checking models, preparing lender materials and mapping each transaction to lenders whose criteria fit. That means understanding the proposed acquisition, testing the sources and uses, identifying underwriting questions early, and coordinating the financing process as it progresses. Who this is forThe practice works with independent sponsors, experienced executives buying a business to operate, family-office-backed buyers and established owners making acquisitions. Potential transactions include first platform acquisitions, add-ons, management buyouts and acquisition-related recapitalizations. Our current focus is generally businesses producing approximately $2 million to $10 million in annual EBITDA, with acquisition debt needs often in the $8 million to $30 million range. These are guideposts. Some lenders will consider smaller businesses or smaller loans; others start well above those levels. Business services, industrial services, niche manufacturing, distribution and healthcare services are among the sectors of interest. A first-time sponsor can be a fit. The important question is what experience, management, equity support and operating plan that sponsor brings to this particular business. An owner-operator, a traditional search fund and an independent sponsor may need different lender lists, even when looking at the same company. Some sponsor-focused lenders exclude search-fund transactions, so buyer fit needs to be checked at the outset. The business needs a credible source of repaymentRecent lender conversations have consistently returned to the durability of earnings. For cash-flow lenders, a strong starting point is an established business with understandable margins, reliable financial reporting and cash generation that can support debt payments after operating needs. Recurring or repeat revenue helps, but the detail matters. A monthly service agreement is different from a long-term contract. Lenders want to understand renewal and cancellation terms, customer retention, how much work is project-based and how future revenue is won. “Recurring” should describe the actual customer relationship. Customer concentration, supplier dependence and exposure to a single end market also need an explanation. A business can show attractive EBITDA and modest leverage while still raising questions if one customer drives most of its sales or a recent earnings jump has little history behind it. The lender needs to understand what happens if a major relationship ends or demand slows. Sector labels only go so far. In one discussion, a lender distinguished necessary repair-and-replacement services from businesses dependent on new construction. Other lenders have specific limits around healthcare reimbursement or industries they do not know well. The underlying demand, payment cycle and risks determine fit. Project-based businesses can still be financeable. They generally need more support for revenue visibility, the operating plan and the capital structure. Lower debt, meaningful cash equity and seller rollover may help address those risks, but they do not remove the need to establish sustainable earnings. The buyer and the transition matterLenders want to know who will run the business on day one, who understands the industry and what changes after the seller leaves. Relevant operating experience, completed acquisitions, an engaged board or investor, and a credible management team can all strengthen the case. The earnings model also needs realistic compensation for the buyer and any replacement employees. For a first platform, the questions become specific: Has the buyer managed a transition before? Is the seller staying, and in what role? Are key employees remaining? Who owns customer relationships? Is there a capable successor to a founder who currently handles sales, operations and finance? A strong finance résumé helps, but lenders also want to see the people who can operate the business. A sponsor with limited direct industry experience may strengthen the team through an experienced operator, an active investor or advisers with relevant knowledge. Each lender weighs those elements differently. Equity must support the business after closingThe equity discussion goes beyond the amount in the closing spreadsheet. Lenders ask where the money is coming from, how firmly it is committed, who leads the investor group and whether additional capital would be available for growth or an unexpected shortfall. Multiple recent conversations emphasized credible anchor investors with capacity to invest again; one bank specifically preferred one or two. A group of smaller investors can participate, but a raise assembled from investors who are all at their financial limit creates a different risk profile. Some lenders accept outside LP equity without requiring the sponsor to supply most of it personally. Others place more weight on the sponsor’s own cash contribution. Where personal investment matters, lenders may assess its significance relative to the sponsor’s resources rather than apply one fixed dollar threshold. Seller rollover can align interests, and seller financing can help bridge the purchase price. Lenders still distinguish those sources from fresh cash. A large rollover does not necessarily satisfy a new-cash-equity requirement or provide money for payroll, working capital and future investment. The practical preparation is to separate committed funds, soft commitments and the remaining fundraising requirement. An identified equity partner and a realistic path to closing are much stronger than an unexplained equity line in a model. Before incurring substantial diligence and legal costs, understand what equity remains to be raised and what evidence the prospective lender needs to move forward. Leverage is specific to the lender and the companyThere is no single non-SBA leverage multiple or equity percentage. Company size, earnings quality, collateral, sponsor experience and investor support all influence how much debt a lender will consider. For context, one sponsor-focused bank recently described a maximum of 50% bank financing and at least 25% new cash equity, with the balance potentially coming from additional cash, seller rollover, seller debt or other junior capital. It described typical closing leverage of roughly 2.0–2.5 times EBITDA for senior debt. Those were that bank’s parameters; they are not a market-wide rule. Another cash-flow lender described roughly 2.0–2.5 times leverage around $3 million of EBITDA, with potential for 3.0–3.5 times on larger, more established businesses around $6 million to $8 million of EBITDA. A bigger earnings base can provide more room for setbacks, but quality and stability still matter. The closing debt level also needs room below the loan’s covenant limits. A maximum permitted leverage ratio is not necessarily the amount a bank is willing to fund at closing. Price is part of this equation. If the purchase price only works with unusually aggressive debt assumptions, the buyer may need more equity, a different seller structure or a revised price. Define the financing request clearly, too. A standalone acquisition, a refinance of existing businesses and a broader acquisition program are different proposals. Show which entities are borrowing, which cash flows support repayment and how existing debt is treated. If future add-ons are part of the plan, discuss the capital needed for them and the lender’s conditions for providing it. Combining everything into the first transaction can add underwriting, guarantees and ownership questions. Asset-based financing answers a different set of questionsBusinesses with substantial receivables, inventory or equipment may have asset-based options. These lenders focus on eligible collateral, its realizable value and how much borrowing availability it supports. That can be relevant for manufacturers, distributors and other asset-heavy businesses, including some situations that fall outside conventional cash-flow lending. It is less useful when most of the purchase price represents goodwill and there are few financeable assets. Book value does not establish borrowing capacity. Receivables quality, aging, customer concentration, inventory eligibility and third-party appraisals can affect the amount available. Field examinations and ongoing reporting are often central to the structure. Some lenders also exclude particular receivables, such as progress billings or specialized healthcare payments. Certain asset-based lenders are more flexible about sponsor equity when collateral supports the loan. That flexibility depends on the assets. The buyer still needs to understand cash availability, repayment obligations and the operating plan. Review repayment terms and guarantees earlyA manageable interest payment does not establish that the whole financing package works. The model needs to reflect scheduled principal payments, maturity, excess-cash-flow sweeps, seller-note payments, fees and any revolver needed to operate. For example, a five-year loan can have a longer amortization schedule and still leave a balance due at maturity. A lender may also require part of excess cash flow to pay down debt. Those terms affect cash available for hiring, equipment, acquisitions and distributions. Some private-credit and SBIC providers can make credit-only investments; others may propose debt alongside equity or warrants. Ownership dilution and the investor’s intended holding period therefore belong in the comparison alongside interest and amortization. Non-SBA financing does not automatically mean no personal guarantee. Some sponsor-oriented facilities rely on company guarantees and equity pledges; other lenders, particularly on smaller transactions, may require personal support. Guarantee expectations belong in the initial lender discussion. What to prepare for a useful financing conversationA good initial package lets the lender understand the business, the buyer and the financing request together:
For asset-based opportunities, receivables and payables aging, inventory reports, equipment information and available appraisals are also useful. If other lenders have already reviewed the deal, sharing that history helps avoid duplicate outreach and address earlier concerns. Some lenders welcome an early conversation before an LOI or completed QoE. Others need more developed financials before giving meaningful feedback. Early indications remain subject to diligence, equity confirmation and credit approval. If you are assessing an acquisition, start with the purchase price, historical EBITDA, proposed equity and where you are in the process. Rafael and Ramiro can help identify the financing questions to resolve before the structure becomes difficult to change. Part 3: What slowed deals down in Q3Looking back at July through September, the useful lessons are in the details: what kept underwriting from moving, what required the documents to be revised, and what made a buyer reconsider the structure. The examples below are anonymized. Earnings that were still being reconciledOn one transaction, proof-of-cash work changed the earnings picture enough that the buyer paused lender outreach and needed to revisit the deal structure. On another, a quality-of-earnings report was nearly complete, but outstanding seller answers kept it from becoming a final report the lender could use. Old accounts-payable entries also needed to be reconciled before underwriting could finish. My takeaway: get the tax returns, financial statements, bank activity and proposed add-backs reconciled early. A lender needs to understand the earnings it is lending against. A seller’s expectation for the current year cannot fill a gap in the supporting financials. Working-capital terms holding up the purchase agreementIn another deal, the seller’s working-capital numbers were still outstanding, and counsel was waiting on them before returning purchase-agreement responses. The working-capital definition, target and supporting schedules need attention alongside the price. Buyers also need to understand what happens to customer deposits, inventory, receivables and payables at closing. If the seller keeps cash associated with work the buyer still has to perform, that obligation needs to appear in the buyer’s funding plan. Entity structures that did not match the documentsWe saw a business-and-real-estate acquisition where the buyer named in the purchase agreement did not match the operating borrower in the lender’s structure. Clarifying the acquiring entities and guarantees temporarily delayed SBA submission. In a separate transaction, an ownership and affiliation issue surfaced during submission and blocked approval while the team revisited the structure. Get the entity chart, ownership, purchase agreement and proposed borrowing structure in front of the lender and attorney together. Changes to a holding company, property entity or ownership arrangement can affect more than the organization chart. A file that was not ready for underwritingOne lender needed updated month-end financials, completed purchase-agreement schedules, revised seller notes and evidence of available funds before the file could move into underwriting. The sources and uses also had to reconcile with the purchase price, investor contributions and ownership terms. “Uploaded” and “complete” are different milestones. Someone needs to own the list of remaining items and know which one is preventing the next step. In this case, the lender was willing to let the QoE continue in parallel; other missing documents were the immediate obstacle. Real-estate work that could not start or continueWe had an appraisal placed on hold while a zoning question was resolved. In another transaction, the surveyor could not begin until a corrected title commitment was available. Ask more than whether the report has been ordered. Confirm that the appraiser or surveyor has what they need, that the work has actually started, and what could stop it. A due date is less useful when an unresolved prerequisite is holding up the work. Capital and return expectations that did not fitOne lender passed on a transaction despite healthy debt-service coverage, citing customer concentration and limited post-closing liquidity. Separately, a buyer put an acquisition on hold after reviewing whether the contemplated seller financing and investor economics could work with the forthcoming SBA changes. Cash flow matters, but it is only part of the credit decision. The lender also looks at how much cushion exists, what happens if a major customer leaves, and whether the obligations to the seller and investors fit the financing. Part 4: How I recommend capitalizing a dealMy starting point is to build a capital plan that gets you through closing and leaves you able to own the business afterward. First, separate three uses of cash: the cash required to close, the operating cash the business needs, and your personal reserve. The closing budget includes your injection, transaction expenses and other amounts due at closing. The business needs enough cash for payroll, suppliers, inventory and the timing gap between doing the work and collecting the money. Your personal reserve covers obligations outside the business while you settle into ownership. Those are separate needs. Cash committed to the acquisition cannot simultaneously be counted as your personal post-closing liquidity. Cash shown as working capital in the company needs to be available there when the operating bills arrive. Second, size the debt around sustainable cash flow and all the payments it has to cover. I want the model to include realistic owner compensation, rent, insurance, maintenance spending and the payments on every debt obligation. If real estate is part of the transaction, include its debt service and ownership costs. If a seller note starts amortizing later, model the year those payments begin. If collections slow or earnings soften, show what that does to cash. I also recommend a weekly cash forecast for the first 13 weeks after closing. An annual coverage ratio will not tell you whether payroll comes due two weeks before a large customer pays. Third, preserve liquidity without asking the lender to accept an unsupported capital structure. More buyer cash can reduce senior debt and improve coverage. But putting every available dollar into the down payment can leave the buyer exposed immediately after closing. In Q3, we worked through both sides of that tradeoff: reducing debt where coverage was tight, and preserving reserves where an otherwise workable structure consumed too much of the buyer’s cash. The answer may involve a lower price, additional equity, a properly structured seller note, or an approved working-capital facility. It depends on the deal. I do not use one universal reserve number; I want the amount to make sense against the business’s seasonality, customer concentration, cash-conversion cycle, expected spending and the buyer’s personal obligations. Fourth, settle the seller and investor economics before relying on their money. For SBA applications received by SBA on or after October 1, the updated SOP matters here. An initial acquisition requires a minimum injection of 10% of total project cost. Qualifying standby debt, seller debt and noncontrolling minority investor equity can collectively cover no more than half of that required injection. The rest must come from other eligible sources accepted by the lender. A seller note used toward the required injection must be subordinated and on full standby for the SBA loan term, with no principal or interest payments during that period. Qualifying minority investor equity used to satisfy the required injection is limited to distributions solely for taxes attributable to business income until the 7(a) loan is paid off. Additional equity not used to satisfy the required injection may receive standard distributions, subject to the lender’s agreements and cash-flow covenants. That distinction needs to be reflected in the actual financing and legal documents. Do not assume a spreadsheet allocation alone settles which investor dollars can receive which payments. And do not promise the seller or an investor a payment schedule before the lender has reviewed it. For a transaction financed entirely outside SBA, those SBA injection rules do not apply. Conventional lenders still set their own requirements for equity, leverage, liquidity, seller debt and distributions. Moving to non-SBA financing means building a structure for that lender and that business. Finally, give the lender a consistent picture. The sources and uses, ownership, seller notes, investor terms, bank statements and post-closing cash forecast should all support the same plan. I want buyers to be able to explain where every dollar comes from, where it goes, what remains after closing and how the business handles a softer quarter. That is a much stronger starting point for a credit conversation, and for your first year as an owner. Part 5: A practical plan to close before year-endIf you want to close before December 31, the next few weeks matter. There are roughly eleven weeks between this edition and year-end. That is time to make progress, but very little room to spend several weeks assembling a file that a bank cannot yet underwrite. I have recently been telling buyers to plan on roughly three months from formal engagement to funding. A clean file can move faster; a complicated structure or an incomplete package can take longer. The first conversation should establish whether the seller also wants a year-end closing and whether the chosen bank sees a realistic path to that date. Work backward from funding, with separate milestones for Pioneer intake, bank underwriting, credit approval and closing. A positive lender conversation or a preliminary term sheet does not mean the file has entered underwriting. Credit approval does not mean every closing condition has been cleared. Start with our SBA intake checklistYou can speak with us before you have a deal under LOI. For the formal SBA process once you are under LOI, we begin with our Engagement and Exclusivity Agreement, which includes an NDA, and set up a secure data room for your documents. Our standard initial checklist is below. This is the package that helps us evaluate the buyer, understand the acquisition and prepare a useful lender presentation. Individual lenders can request additional information. Personal documents, for each person who will own 20% or more:
Business documents — for the company being acquired:
Transaction documents and our intake forms:
Our team can help work through the model and identify gaps; you do not need to have every financing question solved before the first conversation. If returns are on extension, tell us early so we can request the extension documentation and proof of any required payment. If the business has fewer than three years of history, explain that and provide what is available. The 20% threshold above describes our standard personal-document list. We still need to understand the complete ownership structure, including smaller investors and indirect ownership. Existing businesses, trusts, retirement-plan funding and other special circumstances may require additional documents or eligibility review. Upload sensitive financial records through the secure data room. What banks want to see before underwriting startsThe bank needs a package it can use to make a credit decision, with a clear explanation of who is buying, what is being financed, how repayment works and where the money comes from. Ask the banker to confirm the actual requirements to enter underwriting, including which drafts are acceptable and which items can follow. Those requirements vary by lender. 1. Current financials that tell a consistent earnings story. Ask which month-end the bank requires before submission. Our intake standard is a starting point; the bank may want a newer month by the time it reviews the file. Have the current year-to-date income statement and balance sheet, a comparable prior-year period, and an explanation of material changes in revenue, margins or expenses ready. Refresh the package as new months close. Support the add-backs. If the model removes an owner's salary, explain who performs that work after closing and include any replacement cost. Reconcile material differences among the tax returns, internal statements, bank activity and QoE findings. A proposed adjustment is not automatically lender-accepted cash flow. 2. A transaction structure that matches across the documents. The current purchase price, assets or equity being acquired, working-capital treatment, real estate, seller financing and investor contributions should agree across the LOI or purchase agreement, sources and uses, ownership chart and model. Include transaction costs and the cash required to operate after closing. Ask whether the bank needs a current draft purchase agreement, its schedules and draft notes, or executed documents at that stage. In one recent transaction, the bank needed updated legal drafts reflecting the actual financing structure before underwriting could start. The agreement did not have to be final, but an outdated version was not sufficient. 3. A clear picture of the buyer and the operating transition. Provide the proposed direct and indirect ownership, borrowing entities, relevant affiliates and expected guarantors. Identify who will run the company, their relevant experience, the seller's transition role and whether key employees will remain. If the buyer plans to retain another job, explain the time commitment and who will manage daily operations. Make personal financial statements internally consistent, including household expenses and existing debt. Where applicable, the bank may ask for trust documents, mortgage or HELOC information, and clarification of property ownership. These are deal-specific requests, not extra documents every buyer must provide. 4. Evidence of the equity and a credible liquidity plan. Separate cash already available, committed investor funds, amounts still being raised and cash you intend to retain after closing. Ask which accounts and statement periods the bank needs to verify. Explain transfers, borrowed funds and any retirement-plan funding rather than assuming every balance qualifies as an acceptable equity source. For expenses you want credited toward the required contribution, retain invoices, receipts and payment evidence, and confirm eligibility with the bank. Investor commitments should line up with the ownership and legal documents. The lender also needs to understand the business's opening working capital and your personal post-closing liquidity; those dollars cannot be counted twice. 5. Projections with assumptions the underwriter can test. Confirm the lender's required projection period and format. One recent bank request called for three annual projected income statements, with the first year shown monthly and the assumptions explained. That was the bank's requirement for that transaction, not a universal SBA template. Show revenue, gross margin, itemized operating expenses, owner compensation, rent and any additional occupancy charges, debt service and expected capital spending. Explain what changes from the historical business. A forecast should show how the acquisition operates with the proposed debt, including seller-note payments when they begin. If a second acquisition is part of the near-term plan, explain its funding and operating implications. 6. Seller and investor terms the bank can actually accept. Get the proposed seller notes, standby provisions, ownership rights, distributions and any conversion features reviewed early. Under the updated SBA rules, those details can change whether funds qualify as required injection and whether the structure is eligible. A model cannot cure incompatible legal terms. Have counsel and the bank work from the same current drafts. If the price, ownership or seller financing changes, update the entire package and flag the change promptly. Do not let the underwriter discover three different versions of the deal. 7. A completed application and confirmation that the file has entered underwriting. Finish the bank's application, required borrower certifications, consents and requested tax authorizations. Confirm that uploads registered correctly and that each applicant completed any required submission step. An application portal showing documents uploaded can still leave a banker waiting on a missing answer or certification. Ask directly: “Is the file accepted into underwriting, who owns it now, and what is still outstanding?” In another recent file, the bank's pre-submission review identified missing projections, an outdated purchase price and business-plan language that no longer described the transaction. Those are avoidable rounds of follow-up when the package is checked as a whole. Start the longer-lead closing work in parallelAgree with the lender on the scope, approved provider and ordering process for the business valuation and any required QoE. For real estate, identify appraisal, environmental, title, survey and zoning requirements early. For leased premises, review the lease, renewal options, assignment provisions and any landlord consent or waiver requirements with counsel and the lender. Also identify existing liens and required payoffs, insurance requirements, licenses, franchise consents where relevant, and the steps to open the operating account. Some items can proceed during underwriting; others depend on approval or the lender's authorization. Confirm the sequence before ordering work or incurring fees. Do not confuse a closing condition with a universal prerequisite to start underwriting. Under the SBA procedures, timing differs by processing method, and lenders can set earlier requirements. A valuation, applicable QoE, appraisal or tax verification may have a later required completion point than the bank's initial review. Ask what can run in parallel and what specifically prevents the next milestone. For a standard 7(a) acquisition loan, the lender must verify the SBA-required equity injection before disbursing loan proceeds. Build the calendar around the bank's actual capacityThese are planning priorities, not bank deadlines or a promise of a December closing:
The Federal Reserve holiday calendar includes November 11, November 26 and December 25. Counsel, sellers, lenders and third-party providers may have additional time away. Confirm their availability rather than assuming the calendar contains eleven full working weeks. Give every open item an ownerI recommend one shared outstanding-items list showing the document or decision needed, the person responsible, the due date and the milestone it is holding up. Distinguish an unanswered lender question from a report already ordered, and an ordered report from one that is actually underway. Check that the responsible person has everything needed to proceed. Keep one current model and one current set of transaction documents. Respond with a coordinated, clearly labeled package instead of scattered revisions. When a question cannot be answered immediately, explain what is missing, who is obtaining it and when the bank should expect an answer. A year-end target should create discipline, not pressure to skip material diligence or accept a capital structure that leaves you short of cash. Tell us your LOI status, the seller's intended timing and which intake documents are ready. That gives us a much better basis for assessing whether a December closing is achievable and what needs to happen next. Part 6: A few September closingsHere are three of our September closings, featured on our completed-deals page. These loans total $11,911,400 in SBA financing. Congratulations to each buyer, and thank you to the lenders and advisers who helped get these transactions closed. Thanks for reading! For pre-LOI buyers ready to explore opportunities: Schedule a meet & greet call Already have a deal under LOI and need financing help: Schedule an LOI consultation Independent sponsors on a non-SBA deal (pre-LOI): Schedule a financing call with Rafael Independent sponsors with a deal under LOI: Schedule an under-LOI call with Rafael Until next time, Matthias Smith President, Pioneer Capital Advisory www.pioneercapitaladvisory.com Disclaimer: The information in this newsletter is for informational purposes only and should not be considered legal or financial advice. Business buyers are encouraged to consult with their legal counsel and accountant to ensure the proper structuring of their transactions and to fully understand the tax implications of seller financing. Thanks for reading. Feel free to reply directly to this email with any questions or thoughts. |
Pioneer Capital Advisory LLC
Former SBA lender turned founder of Pioneer Capital Advisory, a seven-figure brokerage guiding entrepreneurs through SBA 7(a) acquisitions. Closed $250M+ in financing in 3.5 years. Practical, data-driven insights for buyers.
I was in Houston on Friday, October 16, for the Rice University ETA conference with Valerie Stash, our COO, and Andrea Parada from our M&A sales team. I spoke on “Reading the Deal, Not the Pitch” and moderated the closing panel, “So You Bought a Business. Now What?” We spent the day talking with buyers and operators about what it takes to get a deal closed and what happens once you own the business. I came away thinking about how closely those two conversations are connected. The assumptions...
Before I get into it, one quick note. I'll be in Houston for the Rice University Texas ETA Conference on October 16. I'm on Panel 2, Diligence and Quality of Earnings, at 11:00 AM, and I'm moderating Panel 4, So You Bought a Business, Now What, at 3:10 PM. Andrea and Valerie from our team will be there too. If you're in the Houston area or thinking about attending and haven't locked in a ticket yet, reach out to me directly. With enough notice, I can probably get you a complimentary one. You...
Before I get into it, one quick note. Next month I'll be in Houston for the Rice University Texas ETA Conference on October 16. I'm on Panel 2, Diligence and Quality of Earnings, at 11:00 AM, and I'm moderating Panel 4, So You Bought a Business, Now What, at 3:10 PM. Andrea and Valerie from our team will be there too. If you're in the Houston area or thinking about attending and haven't locked in a ticket yet, reach out to me directly. With enough notice, I can probably get you a...