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Happy Wednesday!
Yesterday I walked through how to identify, evaluate, and make an offer on your first acquisition.
Today picks up right where that left off, with what actually happens once a seller says yes.
Taggart bought a $2.3M Porsche racing engineering company while keeping his full-time W2 job.
“I learned in the program that if you have that relationship solidified with the seller, it just makes the whole process so much easier. There were uncomfortable conversations that needed to be had about ratios and purchase price, but that relationship being solidified very early on really allowed us to work through the deal structure.”
He used lessons from the program to navigate difficult negotiations and close his dream deal.
👉 Want proven frameworks for navigating seller relationships and closing deals? Book a call with our team here.
Verify everything before you commit
Once your offer is accepted, you typically have 30-60 days to confirm that what the seller told you is accurate.
This is due diligence, and it’s where deals either hold up or fall apart.
Review three years of financials in detail.
Understand the management structure and meet key employees and check customer contracts for concentration risk and renewal terms.
If something doesn’t match what was originally represented, that’s not necessarily a dealbreaker, but it is grounds to renegotiate price or terms before moving forward.
Get your financing locked in
Once diligence wraps up, you’ll work with your SBA lender to finalize the loan package.
Expect a fair amount of paperwork and document requests during this stage - that’s standard for SBA-backed deals.
A common structure looks something like 85% SBA financing, 10% seller note, and 5% from you or an investor, though the exact mix varies by deal.
Your attorney will draft the purchase agreement based on the terms in your original LOI.
(Inside Acquisition Ace, members get support navigating the financing and closing process - including access to attorneys and lenders who specialize in this exact kind of deal. If you want to acquire your first business faster with help from the Acquisition Ace community, book a call with our team here.)
Get to the finish line
From start to finish, SBA-financed acquisitions typically take 60-90 days to close.
A good rule of thumb is to schedule your closing roughly 30-45 days after due diligence is complete, giving your lender enough runway to finalize everything.
On closing day, funds transfer, documents get signed, and ownership officially changes hands.
This process works
But it only works if you follow it all the way through, methodically, one step at a time.
Most people who don’t succeed at this fail because they skip steps, get discouraged after a few rejected offers, or give up before reaching the deal that was going to work.
If you take the process seriously and stay consistent, this is absolutely achievable, and it’s exactly what we help people do inside the Acquisition Ace community, with 2,000+ members taking action to acquire their first businesses.
👉 Book a call with my team here to see if it’s a good fit for you.
 | Onward, Ben Kelly PS: Check out our latest YouTube video. We reveal how one entrepreneur built a multi-million dollar pool company from scratch with no industry experience. |
