In this podcast episode, Josh Levine interviews Lisa Forrest and Sarah Andrews from Live Oak Bank about changes to the SBA 7(a) program and what to expect in 2024. They discuss the implementation process of the changes, the impact on buyers looking to get an SBA loan, and the interpretation of the new rules by different lenders. They also highlight some of the key changes, such as the equity injection requirements, partial buy-in rules, and the removal of the personal resource test. Additionally, they share their thoughts on potential future changes to the program, including the expansion of benefits for underserved communities and the reinstatement of certain policies. The speakers advise buyers to be patient, creative, and solution-oriented in the current market, as multiples remain high while borrowing power decreases. They also emphasize the importance of understanding one's own model and thesis to find deals that align with their goals. (00:00) - Introductions (02:48) - Changes in the National Association of Government Guaranteed Lenders (05:16) - Partial Change of Ownership (09:52) - Understanding Loan Terms and Conditions (15:30) - Interest Rates and Market Dynamics (20:19) - Discussing a Partial Buy-in with Kevin from SMB Law (26:07) - Discussing Key Employee Participation and Ownership Transition (31:12) - Investor Perspectives and Transition Challenges (37:57) - Bank Policies and SOPs (49:14) - Government Shutdown and SBA Lending 🔗 Check out the Private Market Labs website: https://privatemarketlabs.com/ 💬 Follow us on Twitter: https://twitter.com/levinejm 🔗 Check out Live Oak Bank: https://www.liveoakbank.com/ 💬 Follow Lisa Forrest on Twitter: https://twitter.com/LisaGForrest 💬 Follow Sarah Andrews on LinkedIn: https://www.linkedin.com/in/sarah-andrews-22a78364/

In this episode of Private Market Insights, Josh Levine, the co-founder and CEO of Private Market Labs, announces a new partnership with Roman Beylin, the founder of DueDilio. DueDilio is a marketplace that helps people assemble deal teams for the small business M&A due diligence process. Through this partnership, Private Market Labs users will be able to request high-quality vetted due diligence support from DueDilio within the Private Market Labs platform. The conversation covers commonalities among successful buyers, the importance of communication in the due diligence process, the first steps buyers should take after submitting an LOI, and tips for managing a service provider team. Roman also shares advice for buyers on a budget and highlights the need for realistic expectations and a focus on quality in the due diligence process. The episode concludes with a discussion on the differences between ETA entrepreneurs and startup entrepreneurs, as well as predictions for the future of the small business M&A industry. (00:00) New Partnership Announcement: Private Market Labs and DueDilio (01:32) Closing Successful Deals: Insights from Experience (08:17) Understanding Due Diligence in Business Acquisition (15:24) Choosing the Right Attorney (18:26) Quality vs Cost: A New Perspective (22:06) Understanding Transaction Requirements and Cost Management (24:19) Common Mistakes in Business Buying (28:10) Self-Assessment of Entrepreneurial Skills (31:17) The Future of ETA and the Role of Technology (36:35) Cross-Cultural Business Ventures 🔗 Check out the Private Market Labs website: https://privatemarketlabs.com/ 💬 Follow us on Twitter: https://twitter.com/levinejm 🔗 Check out DueDilio: https://duedilio.com 💬 Follow Roman on Twitter: https://twitter.com/romansb1

SMB Acquisitions can be an attractive pathway to professional success for people with private equity, management/operations, and industry-specific backgrounds. Corporate Development, internal teams within corporations search for and execute on M&A objectives, takes a specific eye and point of view. Our guest for Private Market Insights 19 is Bakari Akil, who used his corporate development skills in his acquisition journey to great success. He joins us to talk about his process and how people can translate prior skills into assets for their search. (00:00) - Democratizing Small Business Acquisition: A Conversation with Bakari (04:40) - Pivoting Business Acquisition Strategies (10:51) - The Importance of Authenticity in Business Negotiations (18:18) - Approach to Buying Roll-ups and Hold Codes (25:42) - Success of the Black Searchers Network (30:50) - The Process of Acquiring a Company (34:05) - The Importance of Taking Action (38:16) - Investor Confidence and Deal Flow (41:17) - Conference Experiences and LOI Discussions (48:38) - World Tour and Entrepreneurship 🔗 Check out the Private Market Labs website 💬 Follow Josh on Twitter 🔗 Check out Graves Hall Capital 💬 Follow Bakari Akhil on Linkedin

The SMB acquisitions story often feels like one of consistent success. People acquire cashflowing companies, implement some upgrades, and reap the benefits. This story is about what happens when deals go bad. Hunter Durham's business went bankrupt. He's been transparent and vulnerable online over the last month and is now here to share nuts and bolts lessons from his experience. (00:00) Private Market Insights: A Conversation with Hunter Durham (04:36) Starting a Business and Making the First Purchase (08:04) Exploring Various E-commerce Business Models (14:06) Understanding Market Volatility and Time Management in Business (21:07) Philosophy in Business Decision Making (25:05) Operational Complexity and Leadership Shifts (29:14) Challenges in Hiring and Scaling (38:36) Understanding SSMB Bankruptcy (44:01) Facing Bankruptcy and Liquidation (57:13) Final Thoughts and Last Question 🔗 Check out the Private Market Labs website: https://privatemarketlabs.com/ 💬 Follow us on Twitter: https://twitter.com/levinejm 💬 Follow Hunter Durham on Twitter: https://twitter.com/huntercdurham

This episode of Private Market Insights is a special one - our Chief Product Officer, Titus Capilnean will join the podcast to talk about the release of the Private Market Labs platform, how it fits into our mission, and people can experience it for themselves. (00:00) - Introduction to Private Market Labs (06:26) - Venturing into Business Ownership (10:57) - Understanding Credit Analysis and Underwriting for SBA Loans (16:33) - Personalized Decision Making and Building a Business (20:59) - The Evolution of Machine Learning and its Impact on Startups (24:57) - Analyzing and Tracking Business Deals (28:39) - Using Search and Edit Features (32:37) - Shifting Business Strategies (37:13) - Diversification and Growth in Search Models (40:44) - Closing Remarks 🔗 Check out the Private Market Labs website: https://privatemarketlabs.com/ 💬 Follow us on Twitter: https://twitter.com/levinejm 💬 Follow Titus on Twitter: https://twitter.com/titus_k

This month's episode of Private Market Insights will feature Whitney Shepherd, an ex-chemist who is in the middle of her journey to acquire a small business. She'll share her search process so far and we'll speak about her advocacy to increase the number of women in our space. Whitney is an exceptionally insightful person and has lent her voice to women in search through her online presence. This is going to be a great one, so don't miss it! (00:00) - Promoting Gender Equality in Small Business Acquisition (03:14) - Lack of Diversity in Conferences (06:31) - Overcoming Intimidation in Male-Dominated Industries (14:15) - Overcoming Fear and Embracing Growth (18:45) - Discussing the Search Experience (23:12) - The Importance of Broker Relationships (28:14) - Private Equity vs Individual Buyers (30:22) - The Importance of Personal Interaction in Business Deals (34:05) - The Power of Women in Business (38:34) - Wrapping Up the Discussion 🔗 Check out the Private Market Labs website: https://privatemarketlabs.com/ 💬 Follow us on Twitter: https://twitter.com/levinejm 🔗 Check out the Homegrown Holdings website: https://www.homegrown.holdings/ 💬 Follow Whitney Shepherd on Twitter: https://twitter.com/Whitney_Sheph

We know the adage that "time kills deals". However, there are many additional (and more specific) things that kill small business M&A deals besides time. Join us as we discuss the top reasons deals die prematurely with two longtime industry experts, Jared Johnson, SBA lender at First Internet Bank, and Jarryd Osborne, Advisor at ReVera Capital. They'll be sharing some of their experiences over their time in the SMB world, including firsthand experience of why deals don't make it. (00:01) - Introduction to Private Market Insights (04:24) - The Importance of Taking Control in Negotiations (10:39) - Discussing Financials in Brokerage Deals (17:49) - The Importance of a Middleman in Transactions (25:50) - Discussing Deal Valuations (31:27) - Mitigating Valuation Gaps (33:00) - Choosing the Right Lender (40:02) - The Importance of Relationship in Business Transactions (44:49) - Green Flags in Deal Making (54:32) - Closing Remarks and Acknowledgements 🔗 Check out the Private Market Labs website: https://privatemarketlabs.com/ 💬 Follow us on Twitter: https://twitter.com/levinejm 🔗 Check out the First Internet Bank website: http://www.firstib.com/ 💬 Follow Jared Johnson on LinkedIn: https://www.linkedin.com/in/jaredwjohnson/ 🔗 Check out the ReVera Capital website: https://www.reveracapital.com/ 💬 Follow Jarryd Osborne on LinkedIn: https://www.linkedin.com/in/jarryd-osborne-69a0b3a/

In this episode of Private Market Insights, we will explore the topic of Search Fund Investors from a variety of angles - how to find investors, how to manage relationships with them, and how to start investing in search funds yourself. Our guest is prolific investor Saumil Jariwala, Founder of Feta Fund. Saumil has been investing in search funds since 2016, when he was a member of Trilogy Search Partners. He started Feta Fund with a goal of investing in 1000 search funds.

New changes to the SBA 7a program take effect soon and we'll be talking with industry leader Heather Endresen, Owner of Viso Business Capital to break down what this means for SMB acquisitions. Make sure to come with questions - Heather is one of the best in the business and this is a great opportunity to learn about the future of our industry! 🔗 Check out the Private Market Labs website: https://privatemarketlabs.com/ 💬 Follow us on Twitter: https://twitter.com/levinejm 🔗 Check out the Viso Business Capital website: https://www.visocap.net/ 💬 Follow our guest on Twitter: https://twitter.com/EndresenHeather

We spoke with the Brydon Group's Steve Ressler for this episode of Private Market Insights, our series providing support for search funds, business brokers, business owners, and anyone else engaging in the small business M&A space. We spoke about the pros and cons of using brokered search versus proprietary search, delving into topics such as competition deal sourcing, as well as the costs and outcomes of targeting businesses not on the market.