Before You Buy or Sell a Business Podcast

I've been preaching this for a while now, but here's actual proof! On the latest episode of Before You Buy or Sell a Business Podcast you can listen to Erik Fike talk about how they nearly lost their deal because the first lender they went to dropped the ball! Start and end with an experienced SBA business acquisition lender to make sure your deal gets done! #SBA #ETA

Pro tip: 🚫AVOID sending out a brief 1-2 page LOI. While it may seem like a good start, it often leads to a lot of back and forth discussions later on. Erik Fike gives us some great advice on this episode!   Instead, take the time to create a detailed LoI that covers all the crucial points, including due diligence, thought processes, and key contract considerations.   Doing so will ensure that both parties have a clear understanding and agreement from the outset, minimizing the risk of misunderstandings or complications during the negotiation phase.   Full episode is now available, links to listen in the comments. Let me know if you have any crazy LOI stories.   #BusinessSale #LOI #Acquisition #Negotiation #DueDiligence  

Recently the FTC issued a final rule banning noncompetes nationwide. This does not apply to M&A transactions and sellers! Please consult your competent attorney regarding these rule changes. Eric B. Pacifici is great person to consult. What do you think about this final rule?

Spoiler alert, sometimes those that acquire a business fail! The common denominator that I've noticed among the deals that failed was that the buyer lacked a competent attorney representing them throughout the process! There are many pieces of every transaction that should be handled, reviewed, and discussed with true M&A legal counsel. Tell me your horror story in the comments. #ETA

Jared W Johnson asked Eric B. Pacifici what are the 3 most important items that should be addressed in a contract when buying a business. Does his answer surprise you at all? This is a perfect example of why working with a very experienced attorney is vital! Links to the entire interview are located in the comments. #SBA #ETA

The buyers SBA lender should be looking out for their best interest. If the banker is held up on something it's likely worth paying attention to. On this weeks episode Eric B. Pacifici drops a lot of knowledge and experience and answers your questions! Having an experienced SBA lender like Jared W Johnson paired with a top M&A law firm like SMB Law will cut down on many issues most searchers encounter! Check out the links in the comments for the full episode and let us know what you wish you would've done differently on your transaction. #SBA #ETA

What is one of the most important tools you can use when structuring the purchase of a business? Seller carry notes! In the latest episode of the #ETA series Jared W Johnson discusses seller carry notes and how they typically work! Make sure you watch all the way to the end to hear about how they relate to the new SBA rules!

Expectations should always be properly set at the beginning of a transaction. If you're failing to be honest with the other party, or shall I say brutally honest, the transaction will never go smoothly. Save yourself from having difficult conversations or even the possibility of losing a transaction in the future by setting real expectations from the beginning, even if it's not what the other party would like to hear. #SMB #Honest #ETA #SBA