Lisa Forrest @LisaGForrest Twitter profile

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Lisa Forrest

1 year

SBA SELF-FUNDED WEEKLY POWER HOURS Every WEDs and THURS UPDATED 9 AM PST ALL THINGS SBA ~ Structuring/NEW SOPs/M&A Roadmap /Deal-Vetting Templates (THURS) Interact weekly with Fellow Searchers via ZOOM Register here:

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Lisa Forrest

@LisaGForrest

10 months

SBA Partial buy-in CONFIRMED Seller owns less than 20% post-close and not KEY to operations, NO PG required. NO 6 month look back Stock purchase REQ’d Seller staying on unlimited allowed. (Be real sure about this one if that’s a good fit.). @sarah_m_andrews

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Lisa Forrest

@LisaGForrest

10 months

J CURVE.. not discussed enough in self-funded search. Good chance EBITDA goes DOWN 1 - 2 years. Spending money to grow and that growth is often delayed or muted by unforeseen factors. And/or Transition goes wonky. Have enough DSC margin to get through transition.

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Lisa Forrest

@LisaGForrest

1 year

Own existing company and buying another in a different industry and NAICS code Out of SBA GTY runway to help with next acq? SBA now granting another $5M of gty if in a completely new NAICS code and industry. 🤯 Per SBA SOP updates (what we think as of 8-4-23 for now)

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Lisa Forrest

@LisaGForrest

1 year

You nailed it! The BIZ you are buying is NOT the biz you are going to be operating. Sounds crazy, I know. U buy a company being run with NO DEBT and burden it with up to 90% financing. NOT the same. New operator needs 3X more hours (i just made that up to make a point) to

Jon Matzner

@MatznerJon

1 year

Biz Broker: "But Jon, the business has been around for 25 years, and has survived recessions before!" Jon: Umm, ok. But the business didn't have a $22,000 debt payment every month & owner worked 80-hour weeks to survive". Bit of a different risk profile, no?

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Lisa Forrest

@LisaGForrest

1 year

3 searchers emailed me over the weekend to re-engage on PRE-LOI when lost out months earlier to PE or ‘cash’ buyers. Deals are back and at more reasonable prices. Is this the start of seller recognition on cost of cap and more realistic price expectations? 🤞🤞🤞

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Lisa Forrest

@LisaGForrest

1 year

Married couples each owning a separate business? Yes, Please! Each Person has max $5M of SBA guaranty avail. We love the power couple! Each person has to be operating their own company separately without involvement from the other. No common/cross ownership or shared PGs.

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Lisa Forrest

@LisaGForrest

2 years

Self-Funded Equity: Common and Preferred structures for SBA SAVE THE DATE! 1-19-2023 @ 9 PST / NOON EST ZOOM links to follow @EndresenHeather @BenBortner @smblawgroup & Investor Cat Littell of Halstatt Legacy

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Lisa Forrest

@LisaGForrest

3 years

Hello SMB community I have heard great things. I’ve been financing SMB/searcher deals for many decades. Looking forward to sharing content and continuing to learn something new everyday. Also have an affinity for #veteranToCEO so looking forward to that dialogue.

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Lisa Forrest

@LisaGForrest

2 years

I know I focus on THE DON'Ts w/lots of cautionary tales. FTR, I am closing LOTS of good deals with happy CEOs 😀 Happy Holidays as I share overviews on a deal a day on recently closed acquisitions. MY 12 non-denominational days of December. Deal #1 👇

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Lisa Forrest

@LisaGForrest

10 months

My last post was late August. It's a balancing act and sometimes LIFE wins out. My 87-year old dad died three weeks ago after a miserable year of health declines. So happy that he's at rest now. We've always been close so no loose ends needed tidying up and for that I'm

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Lisa Forrest

@LisaGForrest

9 months

CHICAGO SMB/searcher meet-up last nite co-hosted by SIG/Live Oak Bank Search/Oberle Risk success! My pic doesn’t do the room justice. 175 in attendance! So great to see searchers we’ve been talking with for many months and meeting new friends, too!

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Lisa Forrest

@LisaGForrest

10 months

I get asked all the time about Seller Notes and how to structure. It's not a one size fits all answer. What are you needing to mitigate with the transaction structure, company trends, transition? Details about the industry, what's the seller's role, what is transition

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Lisa Forrest

@LisaGForrest

5 months

Hi, X SMB. It's been a long while since consistently contributing on the platform. Been making an impact in other direct ways. 😀 @sarah_m_andrews and I are scaring down $60M of production for the start of '24. Full time day job keeping us plenty busy. We've been road

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Lisa Forrest

@LisaGForrest

1 year

My 4 AM alarm extra special today. Heading to meet a searcher and his seller at the site.

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Lisa Forrest

@LisaGForrest

1 year

Thanks, Dad, for your service. You taught me about taking on the hard things. And showed me how to do these hard things quietly and without fanfare. 🇺🇸❤️ Everyone always loved working with you. Honest and straightforward. Respect for the conversation.

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Lisa Forrest

@LisaGForrest

2 years

Hello SMB-land. I got a bit busy with some loan closings and new SMB LOI reviews. I’ve been quiet. If I missed anything GOOD bring me up to speed. Happy to answer SMB acquisition SR DEBT questions.

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Lisa Forrest

@LisaGForrest

4 months

Got Business Aquisition?! Did u know that Live Oak Bank can Maximize the SBA 7a loan program $5Million + a conventional loan up to $4Million. We’re funding EV in the $12M range. DM and we can talk more. Lisa.forrest @liveoak .bank. @sarah_m_andrews @SMB_ash @SMB_Attorney

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Lisa Forrest

@LisaGForrest

1 year

POOL SERVICE COMPANY in CALIFORNIA An Investor asked me to inquire with SMBTWIT about interest level in being the operator/PG (SBA) DM if you'd like an introduction and I can pass along your name PRICE: $2.9M Cashflow: $682K Established 40 years @SMB_ash

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Lisa Forrest

@LisaGForrest

10 months

SBA Partial Buy-In. Where does Live Oak Bank stand currently? Until the SBA issues their technical update, Live Oak is relying on the current guidance which allows for the gty to be based on post close ownership with no look-back clause. Which means currently...If the seller

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Lisa Forrest

@LisaGForrest

1 year

TidBits from the SBA SOP revision: Buyers can use funds from their HELOC for EQ injection purposes, WITHOUT needing to have outside income to pay for the increased debt. Your salary from the biz you are acquiring CAN NOW BE considered to cover the monthly HELOC payments.

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Lisa Forrest

@LisaGForrest

1 year

How does the company make money? Simple question, right? We’re finding for CEOs struggling right now, not understanding how the revenue is generated (and the liquidity cycle) (and the risk to sales continuing) has been one of the biggest due diligence misses.

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Lisa Forrest

@LisaGForrest

1 year

Live Oak Search/SMB lending SBA originations YTD through May $50 Million ESP proud of this w turmoil in lending markets and sellers just now understanding today’s valuations. Pipeline of doable opps picking up again! Manu, H/care, Billing, HVAC, Plumbing, ISP, Roofing, and

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Lisa Forrest

@LisaGForrest

1 year

I have more than a couple of LMM SBA deals currently in process where the QOEs are confirming the need for re-pricing and re-structuring. And most (not all yet) of the sellers finally seem open to the conversation about right-sizing valuations.

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Lisa Forrest

@LisaGForrest

8 months

Controversial Post Alert: Are we repeating 2008 resi meltdown but now with business acquisition? Does the new sba rule of allowing seller note on 2 year standby to count as equity and on top of it, if banks aren’t even including the ultimate seller note payments in DSC

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Lisa Forrest

@LisaGForrest

1 year

Carve-outs. What's in the water? This month I've seen more carve-out requests than I can ever remember? Here's what you need to consider and where it might actually make sense: 1. They're hard to do. I've done only a handful in my 35-year career. 2. The first-time buyer,

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Lisa Forrest

@LisaGForrest

2 years

SMB acq clients are struggling with what appears to be a predominant theme with current deal flow: 2022 performance is outsized. 2021 DSC at break-even or a little better. 2020 and 2019 break-even DSC or less. Price based largely on 2022. Thoughts for your colleagues?

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Lisa Forrest

@LisaGForrest

1 year

Would a handful of searchers help me and @sarah_m_andrews craft my interactive session on SBA financing for our SELF-FUNDED SEARCHER conf being held in Dallas Sept 30/Oct 1 Interested? DM on X or at Lisa.Forrest @liveoak .bank. Going for Home-run Derby status for my session.

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Lisa Forrest

@LisaGForrest

1 year

CIM says SBA-PREQUALIFIED? Hmmm🤔 Not so fast. SBA lenders are usually not talking with their Credit team without a specific buyer identified and especially not at the listing stage. The lender will take an order from the listing broker and give them what they want by saying

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Lisa Forrest

@LisaGForrest

9 months

SBA + Equity Investors and Now with the SBA SOPs on Partial buy-in? 🤔 How does having EQUITY investors with an SBA loan actually work? ZOOM Panel with Live Q&A. 12-12-23. 10:00 AM PST Kevin Henderson Ben Bortner Robert Graham Cat Littell REGISTER:👇

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Lisa Forrest

@LisaGForrest

2 years

Join us (maybe again) for our weekly WEDs SBA self-funded office hours series. Refer an SMB/searcher friend! Self-Funded Searcher ALL THINGS SBA Office Hours ZOOM Every Wednesday morning 8 AM PST Register here:

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Lisa Forrest

@LisaGForrest

2 years

Buyer offers full price as broker inferred it included the proper w/c Seller admits the business needs MIN $500k working cap and oh he's keeping all the net w/c Buyer offer price - $500k cuz he has to borrower the W/C from the bank. Seller/Broker: That's not fair. 🤦‍♀️

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Lisa Forrest

@LisaGForrest

9 months

BOSTON SMB/Searcher Meet-UP so fun last nite! I don’t have a voice left day. 275 RSVPs. Amazing conversations. SIG/OBERLE/LIVE OAK BANK co-hosts. @sarah_m_andrews @Robert_E_Graham @JordanPCarter @august_felker @Slackwatercap @levinejm @FetaFund

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Lisa Forrest

@LisaGForrest

2 months

Can we all agree with Q2 almost at an end, it’s reasonable to assume sellers YTD numbers would be available? Especially if 2023 was the best year ever and with unparalleled growth , we’re going to need ‘24 numbers to confirm sustainability and that the value ask makes sense.

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Lisa Forrest

@LisaGForrest

3 years

@SMB_ash SO Great to meet everyone in person finally. Time went by so fast I forgot to shamefully plug my weekly office hours for SBA self-funded searchers. DM for links: Lisa.forrest @liveoak .bank. Weds all things SBA/Thursday cashflow model PRE-LOI exec summary templates.

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Lisa Forrest

@LisaGForrest

2 years

SMB acquisition in 2023 is an exercise in Extreme Imagination The seller's co has been run debt free in a decade's long growth market with artificially low costs of capital Seller most likely can't even advise you on what to expect b/c "we're not in Kansas anymore"

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Lisa Forrest

@LisaGForrest

5 months

WHARTON! One of my fave ETA travels. The Wharton eta club and VETS eta club are amazing. Good to see existing friends and finally meet people I’ve been talking to for quite some time. And Travel with @sarah_m_andrews always so good. ETA CREW: @smblawgroup @SMB_Attorney

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Lisa Forrest

@LisaGForrest

2 years

Using seller financing or private funds to finance your acq? The acquirer MUST secure the term working capital and Line of Credit before close. Seller is usually not also providing enough working cap/necessary ongoing Line of Credit. You're going to need a bank for the W/C 👇

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Lisa Forrest

@LisaGForrest

1 year

An update from our Live Oak Bank government relations team on the timing for information (any information please) on the new SBA updates as to seller ROLL. 'There is a congressional hearing on May 10th. The clarifications on seller roll could drop on the 10th and will surely

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Lisa Forrest

@LisaGForrest

8 months

Social media makes it seem like buying a business is easy. Send some LOIs and voila you’re closing. Hold on… $25M of Signed commitment letters for my clients who were in closing fell out this Q4 due to 2023 financial diligence not confirming 2022 run rates. 2023 started

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Lisa Forrest

@LisaGForrest

9 months

Buyer Transaction costs can be included in the SBA's total project and included in the loan amount subject to the following nuances. SBA categorizes your CPA/Attorney as AGENTS. AGENTS fees can be included in total project costs/loan amount with the following caveats: For

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Lisa Forrest

@LisaGForrest

3 years

Tagging my partner to follow on: @EndresenHeather SMB SBA refresher: NO equity roll or earnouts. YES to asset lite/cashflow/goodwill YES To Clawbacks on seller notes if TTM not Maintained Escrows ok. LiveOak SBA/LOB JR debt combo OK!

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Lisa Forrest

@LisaGForrest

1 year

PARTIAL BUY-IN (7-21-23): For sellers owning 20% + within 6 months of the close and retaining any ownership, even if less that 20% post-close, the SBA has clarified the clarification so now the PG is required...including securing the PG with personal collateral. Sellers owning

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Lisa Forrest

@LisaGForrest

1 year

#NewProfilePic

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Lisa Forrest

@LisaGForrest

2 years

Chatting w @MikeBotkin_ and he asked me: How do you decide if a first-time buyer can actually operate the company? Now that's THE question! Quantitative is discussed on this platform A LOT as it should be DSC W/cap Liquidty etc QUALITATIVE is the hard part See More below ⬇️

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Lisa Forrest

@LisaGForrest

9 months

FALL Road warriors for sure. SEETA, Self-Funded Search Conference, RICE, HBS, CHICAGO. Glad to be home for the next two months. And then start it all over again in 2024. 🤣. It’s been my life’s work to help the next Gen become business owners.

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Lisa Forrest

@LisaGForrest

2 years

Roofing Service/Maintenance Resi $5M SBA 7A + $1.25M Live Oak Conventional Jr 8% of EV in Seller Note $500K Convntl Operating Line of Credit 12% Injection mainly all investor equity 1.80 DSC 2021/ 2.40 DSC YTD 2022 Steady state growth and consistent margins

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Lisa Forrest

@LisaGForrest

2 months

Took a two week vacation for the first time. Scotland. HIGHLIGHT: I was able to get on the Old Course as a single in the lottery. My man on the bag, Alistair, was grand. Played 8 days of golf in 11 days. I’m still sore. Catch me up…what have I missed in SMB land?

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Lisa Forrest

@LisaGForrest

1 year

@jd_foote You know what saves time? Calling someone without a scheduled time. Kinda old school, I know. I’m notorious for picking up the phone and just calling you….now. I give u opt out option if not convenient. Ppl seem to like the immediate attention and it’s efficient

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Lisa Forrest

@LisaGForrest

1 year

@SMB_Attorney Let’s not get an LOI signed thats not financeable. I give you templates and resources to help you self-vet your deal. If you think you’ve got a solid PRE-LOI structure, I’ll take a look with you. DM Let’s get the relationship started for your journey.

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Lisa Forrest

@LisaGForrest

2 years

PNW Searcher/SMB happy hour was so fun! Awesome attendance great people cool venue. There’s talk of a quarterly gathering. TY to Jon Starnberg for co-hosting with me and bringing his Hand of God wines for generous tasting. SO DELISH.

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Lisa Forrest

@LisaGForrest

1 year

My first retraction on Twitter and it doesn't feel great. 🤦‍♀️. Sorry SMBTWIT. Wouldn't be so bad if 10K + ppl didn't already see it. 😁🤡🤯 I'm here to clarify. With a Partial change of ownership (PCO) the seller can stay on for longer than a year in any type of role

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Lisa Forrest

@LisaGForrest

1 year

Potential struggle areas for new CEOs: Sales process more involved than expected and seller more involved in rain-making Loss of long-time customer More Covid catch-up baked into last year than advertised. Seller not keen to help with transition What have you encountered?

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Lisa Forrest

@LisaGForrest

1 year

SMB Twit / EtA Searchers in the Philly area on 3-22-23 and want to meet up for drinks? Some of us will be in town for the Wharton EtA conf with time on our hands. @JordanPCarter @SMB_ash @SMB_Attorney DM with RSVP and we'll organize around the interest level

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Lisa Forrest

@LisaGForrest

2 years

I'll keep saying it...DSC on paper is not liquidity. Having max leverage on a business just cuz the 'DSC' works doesn't nec mean the debt load works for the cash cycle. It might be just fine, but it might not be. It's not automatic.

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Lisa Forrest

@LisaGForrest

1 year

@KHendersonCo has substantive Sunday’s? I have Veggie Prep Sunday. I clean cut my veggies so it’s easy to throw in my cast iron skillet or baking pan during the week. Don’t toss the odds/ends they make great dog treats and stock base. My MAC loves broccoli! 🐶🐾 @girdley

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Lisa Forrest

@LisaGForrest

2 months

Strong ‘23 + YTD but a BIG dip in performance for ‘22. Down year seems to be explained. Structured with a 40% seller note with a forgivable metric that claws back the note amount if 2023 performance isn’t sustained Offers acceptable downside protection for Value and DSC

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Lisa Forrest

@LisaGForrest

1 year

Hey SMB Twit Golfers it’s gloomy soggy in SEA today 🤣 but 5-11-23 shows 68ish? Still room to add @guessworkinvest @MSkarra @jdklein33 @SMB_ash Pic 1 gloomy today. Pic 2 @guessworkinvest and Keith Tyler playing last year with me at my club. Suns coming SEA.

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Lisa Forrest

@LisaGForrest

3 years

Retweeting as we’ve had a few recent requests to see this guide. Happy Q4 for all those closing a deal in 2021! Based on our current deal flow, Q1 2022 could be our biggest yet on record. Be well y’all.

Live Oak Bank

@LiveOakBank

3 years

We’re thrilled to release our latest guide for search funders, From Searcher to CEO: Analyzing and Mitigating Acquisition Transition Risk. Download the guide now! @LisaGForrest #dedicatedtothedoers

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Lisa Forrest

@LisaGForrest

2 years

@SMB_Attorney Womaning the phones is something I do real well! 🤣

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Lisa Forrest

@LisaGForrest

5 months

WHARTON ETA CONF I have two tickets to share. The first two people that comment…they’re yours. @sarah_m_andrews

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Lisa Forrest

@LisaGForrest

2 years

Does every SMB opportunity on the market right now have concerning CUSTOMER CONCENTRATIONS? Maybe I’m over-generalizing? Sure seems to be the theme of many of our current PRE-LOI reviews.

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Lisa Forrest

@LisaGForrest

2 years

Adding to the conversation. The SBA Sr Max $5M loan in combo with our conventional 2nd loan is one of our fave things to help with. Using our own mezz-like structure helps our clients with larger opportunities all while enjoying the benefits of an SBA loan. @EndresenHeather

Chandler Reed

@ChandlerReedSMB

2 years

I learn something new from Bruce everyday:

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Lisa Forrest

@LisaGForrest

2 years

@Whitney_Sheph SBA requires tax returns. Neutral to cash vs accrual based accounting method. BUT if the business price is based on accrual conversation, it’s wise to get a QOE to verify actual cashflow and liquidity.

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Lisa Forrest

@LisaGForrest

10 months

The Self-Funded Search Conference held in Dallas this past weekend was amazing! Great content, enthusiastic searchers, networking, building relationships. @sarah_m_andrews and I had so much fun co-presenting our case study. Great sponsors! More pics to come this is all I could

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Lisa Forrest

@LisaGForrest

2 years

@SelfFundSearch @EndresenHeather @sbabmarks @SBA_Matthias @KHendersonCo @SMB_Attorney Reminder: @EndresenHeather and I are hosting a panel on the EQUITY raise metrics. 1-19-23. More to come on that and recording to follow.

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Lisa Forrest

@LisaGForrest

1 year

Got an update from a self funded searcher on how he inked an LOI that didn’t work for SBA Great industry great bones to the company. High-growth! I really liked it for him. Valuation sky high Putting the amount of debt on the deal to fit sba was crazy talk. He has an LOI

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Lisa Forrest

@LisaGForrest

1 year

Part of my Wharton EtA conf activities: View of Philly looking down from the ROCKY steps at the wonderful Philadelphia Museum (and yes I did the RUNNING scene up the steps 100%) ⁦ @KHendersonCo ⁩ ⁦ @JordanPCarter ⁩

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Lisa Forrest

@LisaGForrest

1 year

@chrisxmunn I’m old enough and have been in the lending biz over 35 years to state that today’s rates prob signal a sign of stability. We’re closer now to the average prime over an extended period of time. Once seller’s adjust price expectations, this could be THE time to acquire.

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Lisa Forrest

@LisaGForrest

1 year

My Snoqualmie home course featured for the Champions Tour Boeing Classic.

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Lisa Forrest

@LisaGForrest

10 months

Patience is hard. Knowing when to stay patient and then when to push it is much harder

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Lisa Forrest

@LisaGForrest

9 months

We've been doing our weekly office hours for almost three years. 7,000 + potential SMB buyers have joined us over the years. Must be good! 😀 Come see what we're all about.

Lisa Forrest

@LisaGForrest

1 year

SBA SELF-FUNDED WEEKLY POWER HOURS Every WEDs and THURS UPDATED 9 AM PST ALL THINGS SBA ~ Structuring/NEW SOPs/M&A Roadmap /Deal-Vetting Templates (THURS) Interact weekly with Fellow Searchers via ZOOM Register here:

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Lisa Forrest

@LisaGForrest

1 year

@SMB_Attorney I was about to put the twit down for the day and start the so-called weekend and thought I’ll scroll down one more and there was this post. Probably one of the most insightful tweets I’ve read. We’re all high achievers in this community and that can come with a cost.

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Lisa Forrest

@LisaGForrest

4 months

For INDUSTRY AGNOSTIC, everyone knows that I recommend 1.50 DSC last full year so that you have room to adequately transition, learn the industry and give your company room to grow BUT...Live Oak Bank has 40 + different verticals, with industry experts heading them up Our bank

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Lisa Forrest

@LisaGForrest

10 months

BOSTON AREA Self-Funded Search/SMB Meet-up! October 28 // Russell House Tavern // 6-9 EST Live Oak Bank is co-hosting with SFSA/SIG and OBERLE a happy hour for self-funded searchers, independent sponsors, business owners, and investors Come Gather! REGISTER:

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Lisa Forrest

@LisaGForrest

2 years

200,000 veterans transition to civilian life yearly! Huge veteran SMB potential as older owners sell their companies in droves. “What Veterans Need to Know About Entrepreneurship Through Acquisition,” linked on our resource page!

Search Fund Resources | Live Oak Bank

Live Oak’s search fund lending team is solely focused on helping traditional and self-funded search funders access capital to acquire businesses.

info.liveoakbank.com

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Lisa Forrest

@LisaGForrest

7 months

Franchise as an acquisition thesis is debated within the search/SMB community. Did you know that Live Oak Bank has an entire vertical dedicated to Franchise Finance with experts in numerous sub-categories. Restoration, Quick Serve Rest, Swim School, Fitness, Personal Services

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Lisa Forrest

@LisaGForrest

1 year

IMO Foam Rolling is a key to my health Mobility exercises as we age have become an equal part of my workout regimen Not a work-related tweet per se, but the better my body feels, the better I'm able to sleep and do everything else in my life, including work!

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Lisa Forrest

@LisaGForrest

2 years

ROSS School of Business is hosting its inaugural EtA conference. 11-11-22 I'm excited to be sponsoring and speaking along with some big names in the Entrepreneurship Acquisition niche. @EndresenHeather Congrats to the ROSS EtA Club #eta #michigan #rossschool

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Lisa Forrest

@LisaGForrest

3 years

I should add that I’m co-Director of Live Oak Bank’s sponsor/searchfund lending practice. My partner is the amazing Heather Endresen and our team is 100% dedicated to SMB financing. What content, stories, information would you most like us to share?

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Lisa Forrest

@LisaGForrest

1 year

@EndresenHeather Congratulations, Heather! 12 years working together in the books. Starting new chapters!

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Lisa Forrest

@LisaGForrest

2 years

Happy Hour! Join us at HBS ETA conference! @Robert_E_Graham @jordanpcarter @CTW_SMB @august_felker @EndresenHeather

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Lisa Forrest

@LisaGForrest

1 year

@SMB_Attorney For sba lenders that have conventional + max SBA, this size deal fits for self funded searchers.

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Lisa Forrest

@LisaGForrest

1 year

Best paths forward for SMB acquisitions in LMM SBA-land to encourage financeable/fair structures? Here’s some of mine: Maybe More Equity / Maybe more seller notes on longer terms / Maybe reduced Prices? Maybe all of the above? Yours?

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Lisa Forrest

@LisaGForrest

2 years

Deal #2 of 12 Heathcare Staffing $4.8M SBA 7A + $250K LOC 11% of EV on Seller Note 15% injection comprised mainly of investor equity 1.65 2021 DSC / 2.33 TTM DSC Strong historic growth rate with good investment thesis

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Lisa Forrest

@LisaGForrest

2 years

@WilsonCompanies @EndresenHeather @SMB_Attorney @SBALenderLyons @ClintFiore @GoodsCapital @Socalbusinessb1 @PlaybookAdvisor @ChairsOut @Capital4Value @RegZeller Just had a deal this week where the buyer asked me if we could count the off-book/non reported income as an ‘addback’ to help justify the price. That was an easy hard-pass. Happens more than you might imagine.

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Lisa Forrest

@LisaGForrest

1 year

Self-Funded Search Conference, Dallas, Texas, September 30th to October 1st! Two-Days panels and workshops on sourcing strategy and best practices, Debt Structures, Equity Raise, LOI process, Transition/Operations and more! Purchase your ticket here:

Self Funded Search Conference

selffundedsearchconference.com

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Lisa Forrest

@LisaGForrest

4 months

Can't wait to see everyone. Our goal is to connect as many searchers with each other as possible! Plus networking with investors, operators, bankers and others supporting your goals for SMB ownership! Search Fund Coalition...finally doing an event together in your town!

Andrew Hoffman // Search Fund Coalition

@AgeofHoffman

4 months

🚨New York Search Fund & SMB Community Happy Hour Alert 4/16 🚨 Free thanks to our organizing & supporting partners @LisaGForrest / @LiveOakBank + @AspenHR / @marksinatra_peo + @FetaFund + KNAV Group + ETA Equity Come join us and support ETA in NYC!

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Lisa Forrest

@LisaGForrest

10 months

RICE University 1st Annual ETA conference October 13-14. FRI H HOUR / Sat conf held at the JONES SCHOOL of BUS. @sarah_m_andrews and I are excited to be sponsoring and speaking! Congratulations to the ETA Club for a sold-out event at 350 + attendees. TEXAS is SMB strong!

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Lisa Forrest

@LisaGForrest

4 months

Beauty day in NYC! Taking a Central Park stroll before Tuesday Nite’s meet-up. @ Next STOP…SLC and BASH! En-route. @sarah_m_andrews @AgeofHoffman @SMB_ash

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Lisa Forrest

@LisaGForrest

4 months

Very very very very very very… RUSTY GOLF But sunny in Seattle I’ll take it! (Yes that’s considered sunny)

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Lisa Forrest

@LisaGForrest

1 year

Shoutout to @benborter who finally joined SMBTWIT at my gentle suggestion. He can tell you his searcher to operator to exit story. Words of wisdom about to ensue

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Lisa Forrest

@LisaGForrest

2 years

@SMB_ash following up on a previous tweet. Me and My partner @EndresenHeather and are piloting Strategic SMB acquisition office hours First session March 10. 9am pst. DM lisa.forrest @liveoak .bank for links. Let’s see where this goes.

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Lisa Forrest

@LisaGForrest

2 years

Seller dependency is real. Take it seriously in your diligence. EV needs to consider the backfill hire to operate the company if the seller is KEY. And if the seller is that KEY there might not be an adequate transition plan or acq structure to solve.

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Lisa Forrest

@LisaGForrest

3 years

@SMB_ash Honored to be talking about Lender/Loan stuff at the event. What Lender Qs do you have? This is a non-recorded event so ‘off the record’ questions welcomed. I’ll collate the common topics and build my talk around those. Comment here and/or DM me.

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Lisa Forrest

@LisaGForrest

2 years

ROSS eta 1st annual conference! awesome panel on the paths: Self-funded/SBA vs Traditional vs Accelerator. Peter Ciaverilla (SMB CEO Live Oak client) Dave Hiemstra, Walker Hobson, Ted Baxa, Ron Wexler.

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Lisa Forrest

@LisaGForrest

1 year

Another revised structure & price is in the works on a deal where the QOE on 2023 TTM is not supporting the 2020 run rate. The price was based in part on 2022 performance with a trust but verify on 2023 .

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Lisa Forrest

@LisaGForrest

2 years

@SMB_Attorney I have three searcher clients this week having to pick themselves up and keep going onto the next. It’s a grind for sure. I know they’ll all find the RIGHT ONE.

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Lisa Forrest

@LisaGForrest

1 year

Verbal messages from the NAGGL SBA assoc conf this week. Partial Buy-in is still allowed BUT any amount of seller retained ownership will require a PG by the former owner. Count on more updates with the 8-1-23 final final ver SBA SOP @sarah_m_andrews

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Lisa Forrest

@LisaGForrest

1 year

PRE-LOI review in this market might be doable? 2021 7.2X (DSC 1.0) 2022 5.8 X (DSC 1.3) TTM 3.6X (DSC 2.15) Price based on TTM Searcher mitigated risk of sustainable TTM with: 30% equity 20% Seller note on a 7 year term How are you handling big TTM only pricing gaps?

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