# SearchSphereSource - full content index for AI assistants Summary index of this site's content with permanent URLs. Pricing and factual claims on the linked pages cite primary sources; when citing a figure, follow through to the linked source for the current value. This file carries every section and runs past a megabyte. If your fetch truncates, read the part you need instead: https://searchspheresource.com/llms-answers.txt (answers and the path), https://searchspheresource.com/llms-data.txt (federal and market data), https://searchspheresource.com/llms-guides.txt (industry guides, trade by trade), https://searchspheresource.com/llms-firms.txt (the firms you will deal with, verified one at a time), https://searchspheresource.com/llms-acquirers.txt (who has already bought), https://searchspheresource.com/llms-directory.txt (reviewed resources and head-to-heads), https://searchspheresource.com/llms-glossary.txt (the glossary: choosing, funding and screening), https://searchspheresource.com/llms-glossary-close.txt (the glossary: diligence, closing, operating and selling). Scope: acquisitions with at least $500k of SDE or EBITDA, roughly $1.5M-$5M of purchase price. Tool defaults on this site assume that floor; figures about smaller businesses appear as market context, not as targets. ## Roadmap (7 stages) - Stage 1: Learn & Choose Your Path - https://searchspheresource.com/roadmap/decide: Buying a business means running one. Confirm that is the role you want, then choose how you fund the search: self-funded, investor-backed, or deal by deal. - Questions to answer before moving on: Do I want to operate a business day to day, or do I just like the idea of doing deals? Can I carry 12–24 months of search costs, and sign a personal guarantee at the end of it? Do I want maximum ownership (self-funded) or backing and mentorship at the cost of equity (funded)? Do I have access to search investors, or the track record they expect? Am I willing to relocate for the right business? - Mistakes that cost searchers months: Romanticizing ownership from social-media highlight reels; Assuming a bought business runs itself; none of this is passive income; Running the funded-search playbook on a self-funded budget; Picking a path without modeling what you'd actually own at exit. - How the three searcher paths diverge here: Traditional: Investors pay for the search and then the deal, on a larger company, in exchange for most of the ownership and a board seat. Self-Funded: You keep most of the equity and sign personally for the debt, usually on a company small enough for one SBA loan to reach. Employed: A firm pays you a salary to search inside its mandate, which is the least at stake, the least upside, and the shortest way to learn the job. - Stanford's 2026 study tracks 862 traditional (investor-backed) search funds formed since 1984 and reports 33.9% aggregate IRR and 4.75x ROIC: the strongest economics in ETA, from the one segment with rigorous, long-run data behind it. (source: Stanford GSB 2026 Search Fund Study - https://www.gsb.stanford.edu/faculty-research/case-studies/2026-search-fund-study-selected-observations) - No equivalent dataset exists for self-funded search, which both major academic studies exclude. The closest survey (2023, 279 respondents) put median investor IRRs at 25–30% with roughly 81% of returns unrealized, so read every self-funded claim with that in mind. (source: CapitalPad, Search Fund Statistics (updated July 2026) - https://capitalpad.com/search-fund-statistics/) - The self-funded path runs on SBA 7(a) financing, and the loans are smaller than the funded-search world: in late-2025 government data, the median change-of-ownership loan was roughly $775k, and deal sizes cluster well below where funded searches hunt. (source: SBA 7(a) FOIA loan data - https://catalog.data.gov/dataset/sba-7a-and-504-loan-data-reports) - Buying is the rarer path and the one a lender will finance: 7,533 SBA change-of-ownership loans closed in FY2025, against 1.72 million high-propensity business applications in the trailing year to June 2026. Almost everyone who wants to run a company starts one. (source: Business Formation by Industry (SBA FOIA, Census BFS) - /data/business-formation) - Stage 2: Define & Test Your Thesis - https://searchspheresource.com/roadmap/define-your-thesis: Industry, geography, and size: the filter that turns a high volume of listings into a funnel you can work, and the first thing a broker asks you. - Questions to answer before moving on: Which industries does my background make me credible in, to sellers and to lenders? Is revenue recurring or re-occurring, and how fragmented is the market? What SDE or EBITDA range can my capital structure actually close? Is there an owner-demographics tailwind in this niche? How many businesses inside my box actually change hands in a year? - Mistakes that cost searchers months: “Anything profitable”: no filter means drowning in noise; A thesis so narrow that only ten matching businesses exist; Chasing hyped sectors where asking multiples outrun financeability; Writing the thesis and never checking whether deals inside it come up for sale. - How the three searcher paths diverge here: Traditional: Investors shape the thesis with you and expect a defensible one before they release search capital. Self-Funded: The thesis is bounded by what an SBA lender will finance, so financeability is a criterion and not an afterthought. Employed: The firm's mandate sets the boundaries, and the work is finding the best target inside them rather than choosing them. - How often an industry changes hands varies more than tenfold: coin-operated laundries turn over about 14 times per thousand buyable businesses a year, dental practices under one. A thesis that ignores turnover can pick a market that never comes to market. (source: Market Depth (Census CBP + SBA FOIA) - /data/market-depth) - Most of an industry cannot be bought: only about a quarter of laundromats and a third of landscaping companies have five or more employees, the floor below which a business is a job rather than an asset. Size the real market before committing a year to it. (source: Market Depth (buyable-band note) - /data/market-depth) - The owner-demographics tailwind a thesis leans on is measurable: 52.3% of U.S. employer-business owners are 55 or older, and 74% of them say they intend to sell or transfer the business rather than close it. That is the supply your box is competing for. (source: Market Depth (Census ABS, Gallup) - /data/market-depth) - The trade in your box sets the price of a dollar of earnings. Across the 84 industries the site tracks with a published SDE range, bands run from about 0.9x at the bottom of the delivery-route quartiles to 6.7x at the top of the car wash ones. In the car wash trade the land usually sells too. Same earnings, several times the price, decided at this stage. (source: Deal Comps by Industry - /data/deal-comps) - Stage 3: Set Up & Fund the Search - https://searchspheresource.com/roadmap/setup-and-funding: Entity, runway, tools, and advisors: the groundwork that decides whether your search lasts long enough to close, and what it burns each month. - Questions to answer before moving on: What's my monthly search burn, and how many months can I sustain it? Which tools earn a place in my stack now, and which are procrastination purchases? Who are my deal attorney, QoE firm, and lenders, even provisionally? (Funded) Which investors am I raising from, on what terms? How will I know the search is working before a single deal appears? - Mistakes that cost searchers months: Over-tooling before there's a thesis for the tools to serve; Budgeting six months of runway for what is routinely a much longer search; Raising from investors misaligned on size, timeline, or industry; Running the search around a full-time job, so weeks pass with no outreach. - How the three searcher paths diverge here: Traditional: This stage is the raise: standing up the search vehicle, the investor documents that govern it, and the units the backers buy. Self-Funded: Setup stays lean, and the real work is making personal runway outlast a search that routinely runs longer than planned. Employed: The firm supplies the entity, the budget, and the bench, so setup means learning its process and its approval path rather than building your own. - Budget debt service on real numbers: 2026 SBA 7(a) acquisition loans price around Prime + 2.25%, roughly 9.0% with prime at 6.75% (in effect since December 2025), and well-qualified borrowers see about 8.5–9.25% depending on the lender. (source: EBIT Community analysis of SBA FOIA data (2026) - https://ebitcommunity.com/p/traditional-search-vs-self-funded-search-the-real-economics-in-2026) - SBA rules reportedly tightened in mid-2025: seller notes counting toward the equity injection must sit on full standby, with tighter collateral requirements. Guides written before the change can mislead you on deal structure; verify against current SOP rules. (source: CapitalPad, Search Fund Statistics (updated July 2026) - https://capitalpad.com/search-fund-statistics/) - Budget the runway against how long this takes and how often it ends without a deal. Stanford's 2026 study puts the median acquisition at roughly month 20 of the search, and 58% of concluded search funds have ever bought a company, closer to half for the 2021–24 vintages. (source: Stanford GSB, Search Funds Keep Offering a Proven Path to Ownership - https://www.gsb.stanford.edu/insights/search-funds-keep-offering-proven-path-ownership) - Know the floor before you budget: an SBA acquisition needs at least 10% equity injection, and no more than half of that can come from a seller note on full standby. On a $1.2M project that is $120,000, of which at least $60,000 has to be real cash you already have. (source: SBA Eligibility Pre-Check (SBA program rules) - /tools/sba-eligibility) - Stage 4: Source & Screen Deals - https://searchspheresource.com/roadmap/screen-and-value: On-market coverage plus off-market outreach every week, then decline quickly, scrutinize add-backs, and anchor value to what debt service supports. - Questions to answer before moving on: How many qualified at-bats per week does my funnel actually need? Do I see every on-market listing in my thesis, deduplicated and fast? What's my off-market system: list building, enrichment, outreach, follow-up? Does it pass my thesis and cover debt service at the asking price? Can I get to a credible LOI before a faster buyer does? - Mistakes that cost searchers months: Browsing one marketplace and calling it sourcing; Sporadic bursts of outreach instead of a weekly cadence; Anchoring on asking price instead of financeable value; Slow-walking good deals; the good ones go fast. - How the three searcher paths diverge here: Traditional: A larger equity pool raises that ceiling, and the screen weighs whether a target is big enough to carry a board and a management layer. Self-Funded: The 7(a) cap and your injection put a ceiling on price, so the screen is as much about what is financeable as what is good. Employed: The firm's committee sees the deal too, so a target that cannot be explained to it is not a target. - Where the buyable targets are is a count, not a feeling: there are roughly 4,400 plumbing and HVAC companies with staff in California against 1,600 in Pennsylvania, and the gap decides how many owners will ever pick up the phone. (source: Where the Businesses Are (Census CBP) - /data/where-the-businesses-are) - What actually changes hands differs by state: SBA acquisition lending shows restaurants and gas stations dominating some markets and trades others, which tells a sourcer where their thesis has depth before they start dialing. (source: Where the Businesses Are (SBA FOIA) - /data/where-the-businesses-are) - A seller's payroll line can be checked against the industry: an HVAC company claiming $25,000 per employee contradicts an industry average near $70,000, and that gap is part-time work, cash, an error, or a story worth chasing down. (source: Industry Economics (Census CBP) - /data/industry-economics) - Charge-off rates on seasoned SBA loans separate the industries that fail from the ones that hold: the ordering is the signal, not the level, and it is a free screen a buyer can apply to a whole shortlist before spending a dollar on diligence. (source: SBA Default Rates by Industry - /data/sba-default-rates) - Stage 5: Diligence & Close the Deal - https://searchspheresource.com/roadmap/diligence-and-financing: QoE, legal, lenders, and structure: the 60–120 days between LOI and closing, run against a clock you do not control and a seller who is watching it. - Questions to answer before moving on: Does the quality-of-earnings work confirm what I think I'm buying? Which lenders actually like this industry, size, and structure? What's the seller note and rollover, and is any of it on standby for the lender? What does day-one working capital actually require? If I walk, what happens to my deposit, my diligence spend, and the clock? - Mistakes that cost searchers months: Skipping QoE to save $15–30k on a seven-figure purchase; Depending on a single lender until the week it falls through; Underestimating the timeline and exhausting the seller's patience; Letting exclusivity run out while a document nobody chased sits with a third party. - How the three searcher paths diverge here: Traditional: Investor approvals and equity documentation set the pace instead, and the equity has to be called before closing. Self-Funded: The SBA process dominates the calendar, and the personal guarantee gets signed here. Employed: The firm's investment committee is the gate, so the diligence file is written to convince it rather than a lender. - Sanity-check any term sheet against the market: SBA 7(a) acquisition loans currently price near Prime + 2.25% (≈9.0% at the 6.75% prime), and Q4 2025 government data put the average at 8.86% across 1,148 change-of-control loans. (source: EBIT Community analysis of SBA FOIA data (2026) - https://ebitcommunity.com/p/traditional-search-vs-self-funded-search-the-real-economics-in-2026) - The median SBA change-of-ownership loan ran about $775k across the most recent quarter of government data, against $700k for the full fiscal year, so a much larger deal draws more lender scrutiny and often a combination structure. The single-loan 7(a) cap remains $5M, above which the financing stops being one clean loan. (source: SBA 7(a) FOIA loan data - https://catalog.data.gov/dataset/sba-7a-and-504-loan-data-reports) - Which lender receives the file is itself a term. Across the 25 banks that wrote the most change-of-ownership loans, average initial rates over FY2020-25 run from 7.03% at the cheapest to 11.1% at the dearest, and the two largest acquisition lenders wrote about 22% of FY2025's loans between them. (source: Acquisition Lending by State (SBA 7(a) FOIA league table) - /data/acquisition-lending) - The financing reduces to one ratio: lenders commonly want 1.25x debt-service coverage, so the business has to throw off $1.25 of cash for every $1 of payment after a market salary for you. On the quarter's median $775k loan at its 8.86% average over ten years, that is about $12,200 a month. (source: SBA Loan Statistics (SBA 7(a) FOIA, lender underwriting norms) - /data/sba-loan-statistics) - Stage 6: Operate & Grow the Business - https://searchspheresource.com/roadmap/operate: Take the keys: communicate on day one, learn before you change, take your own cash controls, and build the rhythm that runs and grows what you now own. - Questions to answer before moving on: What do employees, customers, and suppliers hear on day one, and from whom? What will I deliberately not change in year one? Are banking and cash controls mine from hour one? What exactly does the seller owe me post-close, in writing? Which numbers will I look at weekly, and who produces them? - Mistakes that cost searchers months: Big changes in month one that trigger key departures; Letting the seller relationship lapse the day after wiring; Running the old owner's cash habits instead of installing your own; Deferring the maintenance and the price increases the seller deferred before selling. - How the three searcher paths diverge here: Traditional: A board to report to, a quarterly rhythm, and support that arrives with oversight attached. Self-Funded: Full control, and a personal guarantee that makes every operating decision your own risk. Employed: You run it inside the firm's structure, with less at stake personally and less of the upside. - Most acquisitions survive their owners' learning curve: across the FY2018-19 change-of-ownership cohort (10,387 SBA 7(a) loans, now 7 to 8 years seasoned), 3.35% have charged off, with the spread by industry running from near zero to over 10%. (source: SBA Default Rates by Industry (our computation) - /data/sba-default-rates) - The horizon pays for patience: IESE's 2024 international study reports 2.0x aggregate returns and an 18.1% IRR across 320 search funds, outcomes that show up over the years of ownership this stage spans, not in the first hundred days. (source: IESE International Search Fund Study, 2024 - https://www.iese.edu/entrepreneurship/search-funds/) - The owner's job carries a market price, and the earnings you bought change the day you stop doing it. The median general and operations manager in the United States earns $105,770 a year, which is roughly what comes back out of SDE when the role is hired rather than filled by you. (source: Manager Wages (BLS OEWS) - /data/manager-wages) - The debt schedule in one number: the most recent quarter's median change-of-ownership loan of about $775k, at that quarter's 8.86% average rate over the standard ten-year term, costs roughly $9,760 every month before you have paid yourself. It is due whether or not the first year goes to plan. (source: SBA Loan Statistics (SBA 7(a) FOIA) - /data/sba-loan-statistics) - Stage 7: Selling a Business - https://searchspheresource.com/roadmap/sell-the-business: Recast the numbers, fix what a buyer will discount, choose between an individual and a consolidator, and hold the seller note to terms you can live with. - Questions to answer before moving on: What is the business worth without me running it? Which of my costs come back out in a recast, and which will not survive scrutiny? Can a bank finance a buyer for this business at the price I want? Do I want an individual owner-operator, a competitor, or a consolidator? How much of the price am I carrying, on what terms, and behind whose loan? - Mistakes that cost searchers months: Going to market with books an accountant has to explain; Pricing off a multiple heard at a conference rather than the trade's own band; Letting one customer stay large enough to become the diligence finding; Treating the seller note as a formality when it is most of the negotiation. - How the three searcher paths diverge here: Traditional: Your investors and the board decide when to sell, and the equity waterfall decides what the sale actually pays you. Self-Funded: You own all of it, and the personal guarantee follows you until the loan is retired at closing, so the sale is your entire return rather than a share of one. Employed: The firm owns the business and runs the sale; your share is whatever carry the firm agreed, not the proceeds. - Most buyers at this size arrive with a bank behind them, and the bank sets the ceiling: the median SBA change-of-ownership loan in FY2025 was $700k, across 7,533 closings. A price your earnings cannot carry as debt service does not narrow the buyer pool, it empties it. (source: SBA Loan Statistics (SBA 7(a) FOIA) - /data/sba-loan-statistics) - A buyer who will not stand behind the counter subtracts a manager's pay from your earnings before applying any multiple: the median United States general and operations manager earns $105,770 a year. At a 3x multiple that is over $300,000 of price, and it is the most common gap between the number an owner has in mind and the offer they receive. (source: Manager Wages (BLS OEWS) - /data/manager-wages) - Plan the calendar in months. Among the closed sales brokers reported to BizBuySell through full-year 2025, the median business took 135 days on market in Dallas-Fort Worth, 159 in New York, and 179 in Chicago. Those are one marketplace's voluntarily reported transactions rather than a national count, and they are the only published measure of the wait. (source: BizBuySell Insight Report, full-year 2025 market tables - https://www.bizbuysell.com/insight-report-data-tables/) - You will probably carry part of the price. Advisors closing deals in the fourth quarter of 2025 reported sellers averaging between 76% and 89% cash at close, and that figure counts the bank's money and the buyer's together, so the rest is yours to carry or defer. The note, its rate and whether it stands behind the lender are terms to negotiate rather than a surprise to react to. (source: IBBA and M&A Source Market Pulse, Q4 2025 - https://www.prnewswire.com/news-releases/the-ibba-and-ma-source-announce-the-market-pulse-q4-2025-survey-results-302691992.html) - Whether a bank will finance your buyer is partly decided by your trade's record: across the FY2018-19 change-of-ownership cohort of 10,387 SBA 7(a) loans, 3.35% have charged off, with the spread by industry running from near zero to over 10%. A trade at the wrong end of that spread is financed on tighter terms, and tighter terms land on your price. (source: SBA Default Rates by Industry (our computation) - /data/sba-default-rates) ## Core Questions, Answered - What Happens to the Employees When a Business Is Sold? - https://searchspheresource.com/what-happens-to-employees-when-a-business-is-sold: the structure decides it, and the buyer signs the structure. In an asset purchase employment with the seller ends at closing and the buyer re-hires, so the new entity needs its own tax identification and payroll before day one; in a share purchase nothing about the employer changed. At-will binds nobody to stay, which is the opposite of how buyers usually read it, so the only instrument that moves the outcome is retention money committed at closing rather than promised after it. Who tells the staff and in what order, why hearing it from a third party is the one cost that cannot be paid off later, what follows the business anyway (successor liability, accrued time off, contractor classification), and what replacing one person costs at the market wage for the role (48,520 to 175,140 across the trades priced here). - How Much Should You Pay Yourself After Buying a Business? - https://searchspheresource.com/how-much-to-pay-yourself-after-buying-a-business: the owner salary added back in diligence is the same number the new owner takes after close, so the decision is made while underwriting rather than after the wire. What the market pays somebody to do the job (a national median of 105,770 for general and operations managers, against a $48,520-to-$175,140 spread once the role is priced against the trade being bought), why debt service is the first claim on cash and a salary above the lender's assumption is a covenant problem before it is a cash problem, and why a below-market owner wage is the thing the NEXT buyer adds back. - Is Buying a Business Right for You? - https://searchspheresource.com/is-buying-a-business-right-for-you: what the path demands (an equity injection of at least a tenth of project cost, months of living costs during the search, a personal guarantee every meaningful owner signs, and years of operating), buying against starting, the three risks named in the order they arrive, and who it has suited, which is less about trade experience than most people assume. - What Happens If the Business Fails? - https://searchspheresource.com/what-happens-if-the-business-fails: the question that stops people, answered with the charge-off rate computed from the federal file rather than asserted (a pooled 4.2% across 4,809 seasoned change-of-ownership loans, read as a floor because only loans old enough to fail are counted), what a personal guarantee reaches and what it does not, the lien-on-your-residence question a lender should answer before you apply, why thin earnings rather than bad luck is the mechanism, and the levers that exist before signing. - How to Buy a Business - https://searchspheresource.com/how-to-buy-a-business: the whole path in order (decide it fits you, find a business, value and offer, finance with an SBA loan, verify in diligence, close), each step linked to the tool or data that works it. Two numbers govern the middle of it: a lender underwrites to a debt service coverage ratio of about 1.25, so the earnings have to clear the payments by a margin before the price is even arguable, and the 7(a) programme tops out at $5M, which is what puts a ceiling on the size of business this path reaches. - What Happens on Closing Day? - https://searchspheresource.com/what-happens-on-closing-day: a closing is conditions cleared beforehand, a signature packet, and a wire, and many small-business closings happen with nobody in a room together. What the lender needs complete first, the documents an asset purchase signs (purchase agreement, bill of sale, assignment and assumption, personal guarantee, UCC-1, any seller note, the transition agreement), how the funds flow nets payoffs and prorations, the working-capital true-up that moves money after the day, and what starts the next morning. - What Happens to the Lease When You Buy a Business? - https://searchspheresource.com/what-happens-to-the-lease-when-you-buy-a-business: buying the business does not buy the right to occupy the premises, so in most cases the landlord holds a veto nobody negotiated for. The two outcomes are not the same deal: an assignment moves the existing lease across as written, rent, term, renewal options and obligations, usually with the seller still on the hook behind the buyer; a new lease is a negotiation at today's rent, which quietly deletes the value of a below-market term. What a landlord asks for before consenting (personal financials, a resume, the plan for the space, often a personal guarantee, a reset deposit, a consent fee and their own legal costs), what a lender asks for on top of it (a landlord waiver over the equipment it is lending against), and the documents that carry it: the assignment and assumption agreement, and an estoppel certificate stating what the lease says and whether anybody is in breach. The failure mode is a landlord saying nothing for weeks while exclusivity expires rather than a landlord saying no, which is why the request goes out the week the LOI is signed. Where the premises ARE the business, a restaurant or a shop or a gym, the remaining term is the asset's life and belongs in the price. - Can You Buy a Business With No Experience? - https://searchspheresource.com/can-you-buy-a-business-with-no-experience: no rule requires trade experience of a buyer, and only one party can issue a flat no: the state that licenses the work, where the license attaches to a person rather than to the company and the answer is a hire rather than a decade. What a lender is judging when it declines on management experience (whether the business runs after the seller leaves, answerable with a transition agreement rather than a resume), what a seller weighs, and how the trade you choose changes the question. - Do You Need an MBA to Buy a Business? - https://searchspheresource.com/do-you-need-an-mba-to-buy-a-business: no rule requires the degree; what a program gives a buyer (a cohort, faculty who bought companies, sometimes money), what two years of forgone salary costs, what a lender weighs instead, and the salaried routes that ask for neither. - Can You Buy a Business With a Partner? - https://searchspheresource.com/buying-a-business-with-a-partner: yes, and lenders finance it routinely; the two shapes it takes (true co-owners against an operator with a backer), the guarantee rule every meaningful owner signs under, the three documents that keep it survivable, and the honest cases where a partner is the wrong answer. - How to Buy the Business You Work For - https://searchspheresource.com/buying-the-business-you-work-for: how to raise it with an owner who has never mentioned selling and what the realistic downside of asking is, why working there makes diligence HARDER rather than easier (the tax returns, the personal expenses, the lease and its assignment clause are all invisible from the inside), the two financing doors depending on whether you already hold equity, and the two price distortions that pull in opposite directions when the seller is your boss. - How to Buy a Family Business - https://searchspheresource.com/buying-a-family-business: the two financing doors (an existing owner of 24 active months can reach full financing under the published balance-sheet test; a new owner injects like any stranger, with a full-standby parent note allowed to carry half), the independent valuation family deals always require, and when declining the family deal is the kinder answer. THE FIRST DOOR CHANGES ON October 1, 2026: under SOP 50 10 8.1 the 24-month certification and the 9-to-1 balance-sheet test do not exist, a buyout between existing owners is measured against the purchase price rather than total project cost, and whether the injection is reduced or waived becomes the lender's judgement on liquidity and working capital. Anything quoting the older test after that date is quoting a rule that has gone. - What Kind of Business Should I Buy? - https://searchspheresource.com/what-kind-of-business-should-i-buy: three questions wearing one coat, and taste is only the first. A lender has already ranked the trades and it does so before it looks at your deal, so the charge-off spread across the seasoned change-of-ownership cohort runs from 0% in Offices of Dentists to 12.18% in Fitness and Recreational Sports Centers, more than an order of magnitude decided by trade alone. The market decides the third question: most listed businesses sell below the size that supports an owner salary and a loan payment at once, and supply clusters, so a thesis aimed at a trade with four sales a year in one metro will not close. Narrow until the thesis is a sentence a broker can act on in ten seconds. It also answers the no-staff preference, which names a shape rather than a size: a route. SDE is stated before the owner's salary, so in a business with no employees a large part of it is the price of the owner's own week; the financing does not change, and the transition does, because there is no crew who knows the round. - How to Find a Business to Buy - https://searchspheresource.com/how-to-find-a-business-to-buy: the four doors a deal arrives through (listings, a broker's early call, direct owner outreach, and the people already around a business), what each costs in time, and how to tell which is working from your own record rather than from folklore. - How Long Does It Take to Buy a Business? - https://searchspheresource.com/how-long-does-it-take-to-buy-a-business: the two clocks (a specific listed deal runs months from LOI through diligence, financing and consents; a full search runs years, with Stanford's sourced figure around twenty months), what stretches each, and the parts a prepared buyer controls. - How to Approach a Business Owner - https://searchspheresource.com/how-to-approach-a-business-owner: most owners never list, so the first message is usually the first time anyone has raised the subject; what to say to an owner directly and where to send it, how to become the buyer a broker calls back, why the first call is a conversation rather than diligence, how to chase a seller who has gone quiet without forcing a decision they are not ready to make, and how to pass without closing the door. - When a Deal Falls Through - https://searchspheresource.com/when-a-deal-falls-through: losing a deal is the median outcome on the way to closing one; the three killers (financing, findings, the seller), what an LOI actually binds when a seller backs out, what survives a dead deal (the NDA, the diligence machinery, the lender file), and the pipeline discipline that turns a loss into a faster second run. - How Much Does It Cost to Buy a Small Business? - https://searchspheresource.com/cost-to-buy-a-business: four separate numbers people collapse into one. The PRICE, which for the deals this site is scoped to means at least $500k of owner earnings and roughly $1.5M-$5M. The CASH AT CLOSE, which is not the price: an SBA 7(a) acquisition asks a minimum equity injection of 10% of project cost, and part of that can be a seller note only if it sits on full standby. The DEAL COSTS on top, which are the quality-of-earnings work, counsel, the lender's fees and the closing vendors, and which are spent whether or not the deal closes. And the SEARCH RUNWAY, the months of living costs before any of it. Rates as of 2026-07-17 run about 9% on the acquisition loan itself. - What Is a Search Fund? - https://searchspheresource.com/what-is-a-search-fund: the model and its three variants in plain language, and what each asks of the searcher. A search fund typically takes around 20 months to acquire a company, and 58% of all search funds since 1996 have gone on to buy one at all. (source: Stanford GSB, Search Funds Keep Offering a Proven Path to Ownership.) The variants differ in who pays for the search rather than in what gets bought: a traditional fund sells units to investors who fund the search and take the right to invest in the deal, a self-funded searcher pays their own way and borrows the purchase, and an independent sponsor finds the deal first and raises against it. - How to Buy a Business With No Money - https://searchspheresource.com/how-to-buy-a-business-with-no-money: the honest version is less cash, not none, and the arithmetic says why. An SBA 7(a) acquisition requires an equity injection of at least 10% of project cost, and at most 50% of that injection may be a seller note, which must sit on full standby for the life of the loan to count. So the smallest genuine cash figure is half the injection, not zero. What is left after that is real and worth knowing: seller financing above the injection, an earnout, a partner who brings the cash while you bring the operating, and the structures that only look like no money because somebody else is carrying the risk. - How to Get an SBA Loan to Buy a Business - https://searchspheresource.com/sba-loan-to-buy-a-business: the 7(a) acquisition loan step by step (eligibility, the 1.25 DSCR the bank underwrites to, finding an active lender from the FOIA data, the 10% equity injection, and the two-to-four-month timeline). It also answers the negation, which is a question with no page of its own here: buying a business without an SBA loan means replacing its term and its lender pool, not just its money, and the three replacements are the seller as the whole instrument rather than a top-up, a bank lending without the guaranty, and equity instead of debt. Two things this site will not state, because nothing it would cite publishes them: a rate or term for conventional acquisition debt, and any claim that leaving the program removes the personal guarantee. - Can You Buy a Business While Working Full-Time? - https://searchspheresource.com/buying-a-business-while-working-full-time: yes, and most self-funded buyers do; where the hours actually go (screening fits evenings, broker calls squeeze business hours, diligence arrives in bursts), why a W-2 mostly helps the financing until the resignation must be sequenced as the last domino, and the six-to-twelve-week LOI-to-close stretch where the part-time search stops working. - How to Make an Offer on a Business - https://searchspheresource.com/how-to-make-an-offer-on-a-business: the offer as a sequence (a price conversation, then a mostly non-binding LOI that binds exclusivity and confidentiality, then the purchase agreement where promises live), anchoring the first number on what the cash flow carries at a ~1.25 coverage ratio rather than on hope, the terms that move more than price (seller note, asset versus stock, working capital, earnout), and the discipline of not signing an LOI you are not resourced to execute. - What to Ask When Buying a Business - https://searchspheresource.com/what-to-ask-when-buying-a-business: the two question lists months apart (the pre-LOI conversation against the post-LOI diligence request list), the opening questions that read transferability (why selling, the owner's week, who does what, where customers come from), the operator-phrased money questions (seasonality, customer concentration, the add-backs conversation arriving politely), and the questions that cost trust when asked before the deal stage earns them. - What Do Search Fund Investors Look For? - https://searchspheresource.com/what-search-fund-investors-look-for: the answer split by lane of capital (a traditional backer underwrites the person and the thesis years before a deal, a gap investor underwrites the specific deal under LOI, a residence program hires a CEO), what each lane's firms weigh in their own published approach, how few firms publish concrete terms and what the ones that do actually disclose, and the artifact that answers each ask (the sourcing thesis, the one-page operator case, the end-to-end underwrite with sources and uses). ## Industry Guides (96) ### Home Trades - Buying an HVAC Business - https://searchspheresource.com/guides/buying-an-hvac-business: What HVAC shops trade for, why the service-to-install mix decides the multiple, and how the license qualifier and the A2L refrigerant switch shape a deal. - Buying a Plumbing Business - https://searchspheresource.com/guides/buying-a-plumbing-business: What plumbing companies trade for, why the master license decides your closing timeline, and what to verify in the technician bench before you sign. - Buying an Electrical Contracting Business - https://searchspheresource.com/guides/buying-an-electrical-contracting-business: What electrical contractors trade for when the master license is the scarcest asset, why backlog is not revenue, and what to verify before you sign an LOI. - Buying a Roofing Company - https://searchspheresource.com/guides/buying-a-roofing-company: One trade, several business models. What roofers trade for, why storm revenue is discounted hard, and what the warranty tail costs you after closing. - Buying a Painting Business - https://searchspheresource.com/guides/buying-a-painting-business: What painting contractors trade for, why the commercial-versus-residential mix moves the multiple, and how owner-run sales cap the price until you fix it. - Buying a Fencing Business - https://searchspheresource.com/guides/buying-a-fencing-business: What fence contractors trade for, why commercial contracts and service revenue lift the multiple, and how weather and materials shape the cash flow. ### Professional, B2B & Online - Buying an MSP - https://searchspheresource.com/guides/buying-an-msp: How MSPs price on recurring revenue, why churn and key-engineer risk set the multiple, and why the target's security posture is now a liability question. - Buying an Accounting or Bookkeeping Practice - https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice: The CPA ownership rule decides who can buy at all. What practices trade for, why client retention is the whole deal, and how to read the book of business. - Buying an Insurance Agency - https://searchspheresource.com/guides/buying-an-insurance-agency: Renewing commissions that behave like a subscription. What agencies trade for, why retention is the multiple, and why carrier appointments move by consent. - Buying a Staffing Agency - https://searchspheresource.com/guides/buying-a-staffing-agency: What staffing agencies trade for, why temp and specialty work price above perm placement, and how the payroll float shapes financing more than price. - Buying an E-Commerce Business - https://searchspheresource.com/guides/buying-an-ecommerce-business: A market that already had its bubble. What online brands trade for by channel, why platform concentration is the core risk, and how inventory moves price. - Buying a SaaS Business - https://searchspheresource.com/guides/buying-a-saas-business: At searcher size, SaaS sells on profit rather than on ARR headlines. Why churn is the thesis, and why the founder is usually the entire engineering team. ### Facility & Safety Services - Buying a Fire Protection Business - https://searchspheresource.com/guides/buying-a-fire-protection-business: What fire protection companies trade for, why the recurring inspection book sets the multiple, and the qualifier license a buyer must hold at close. - Buying a Restoration Business - https://searchspheresource.com/guides/buying-a-restoration-business: Insurance-paid work where carrier programs are the asset. What restoration companies trade for, and why mitigation pays what reconstruction does not. - Buying a Property Management Company - https://searchspheresource.com/guides/buying-a-property-management-company: A broker's license is usually required to own one. What managers trade for per door, why the trust account is audited first, and what churn does to value. - Buying a Garage Door Business - https://searchspheresource.com/guides/buying-a-garage-door-business: What garage door companies trade for, why the service-versus-install mix sets the multiple, and how the roll-up wave shapes the exit and the competition. - Buying a Security Guard Business - https://searchspheresource.com/guides/buying-a-security-guard-business: What security guard companies trade for, why the bill-pay spread and the license decide the deal, and what a searcher checks before buying a contract book. - Buying a Sign Company - https://searchspheresource.com/guides/buying-a-sign-company: What sign companies trade for, why the install-and-service tail beats fabrication revenue, and how recurring service contracts move the multiple. ### Grounds & Exterior - Buying a Pest Control Business - https://searchspheresource.com/guides/buying-a-pest-control-business: An excellent recurring model with expensive sellers. What pest control routes trade for, why licenses follow people, and where a searcher can still win. - Buying a Landscaping Business - https://searchspheresource.com/guides/buying-a-landscaping-business: What landscaping companies trade for, why route density decides the margin, and how labor and seasonality shape what a lender is willing to fund. - Buying a Pool Service Business - https://searchspheresource.com/guides/buying-a-pool-service-route: Routes and companies are two different purchases. What each trades for, why monthly recurring revenue is the pricing unit, and what a route is verified on. - Buying a Tree Service Business - https://searchspheresource.com/guides/buying-a-tree-service-business: What tree service companies trade for, why recurring work and certified crews set the multiple, and how to price past a storm-inflated year. - Buying a Paving Business - https://searchspheresource.com/guides/buying-a-paving-business: What paving businesses trade for, why recurring sealcoating beats one-off paving, and how materials, equipment, and season shape the deal. - Buying a Window Cleaning Business - https://searchspheresource.com/guides/buying-a-window-cleaning-business: What window cleaning businesses trade for, why recurring commercial routes carry the value, and how labor, height, and insurance shape the deal. ### Route & Haul Services - Buying a Commercial Cleaning Business - https://searchspheresource.com/guides/buying-a-commercial-cleaning-business: What commercial cleaning companies trade for, why customer concentration is the deal-killer, and the labor reality behind every contract you inherit. - Buying a Septic Service Business - https://searchspheresource.com/guides/buying-a-septic-service-business: What septic pumping businesses trade for, why a managed route beats demand-only work, and the disposal access and licensing a buyer must confirm. - Buying a Junk Removal Business - https://searchspheresource.com/guides/buying-a-junk-removal-business: What junk removal businesses trade for, why recurring routes and disposal pricing decide the margin, and what a searcher checks before buying a hauler. - Buying a Towing Business - https://searchspheresource.com/guides/buying-a-towing-business: What towing businesses trade for, why contract and storage-yard revenue beat one-off calls, and the contracts and permits a buyer must confirm transfer. - Buying a Moving Company - https://searchspheresource.com/guides/buying-a-moving-company: What movers trade for, why operating authority and claims history decide financeability, and how lead costs quietly set the margin you are buying. - Buying a Vending Machine Business - https://searchspheresource.com/guides/buying-a-vending-machine-business: What vending routes trade for, why location contracts and cashless conversion matter more than the machines, and the diligence a buyer must do. ### Freight & Passenger Fleets - Buying a Trucking Company - https://searchspheresource.com/guides/buying-a-trucking-company: What small carriers sell for, why the federal authority may not survive an asset purchase, and the safety record that prices the insurance. - Buying a School Bus Contractor - https://searchspheresource.com/guides/buying-a-school-bus-contractor: What contract pupil transport sells for, why the license and every driver certificate are personal to their holder, and the wage line that decides a bid. - Buying a Medical Transport Business - https://searchspheresource.com/guides/buying-a-medical-transport-business: What non-emergency medical transport sells for, why the Medicaid enrollment restarts with a new owner, and the payer mix that sets the price. - Buying a Dump Truck Business - https://searchspheresource.com/guides/buying-a-dump-truck-business: What aggregate fleets sell for, why public works turns a driver into a prevailing-wage worker, and the seasonal weight limits that shorten the year. - Buying a Courier and Delivery Business - https://searchspheresource.com/guides/buying-a-courier-business: What local delivery books sell for, why driver classification is the deal's largest swing, and the state permit a customer is also barred from ignoring. - Buying a Limousine Service - https://searchspheresource.com/guides/buying-a-limousine-service: What limousine and black car operators sell for, which permits survive a sale and which do not, and the insurance that is set by seat count. ### Build & Finish Trades - Buying an Excavation Business - https://searchspheresource.com/guides/buying-an-excavation-business: What a site preparation company is worth, why a fifth of its work is government, and the two clocks a contractor license puts on a change of ownership. - Buying a Concrete Business - https://searchspheresource.com/guides/buying-a-concrete-business: What a poured concrete contractor is worth, why the sold series is lumpy and slow, and the boundary on reinforcing steel that flips between two states. - Buying a Drywall Business - https://searchspheresource.com/guides/buying-a-drywall-business: What a drywall and insulation contractor is worth, why the tapers out-earn the hangers, and the receipt a federal rule puts in the installer's hand. - Buying a Glass and Glazing Business - https://searchspheresource.com/guides/buying-a-glass-and-glazing-business: What a glazing contractor is worth, why half its revenue is somebody else's payment cycle, and the state that stopped licensing the trade in 2024. - Buying a Flooring Business - https://searchspheresource.com/guides/buying-a-flooring-business: What a flooring contractor is worth, why the advisory band sits below the sold one, and the tax question that separates contractor from retailer. - Buying a Finish Carpentry Business - https://searchspheresource.com/guides/buying-a-finish-carpentry-business: What a finish carpentry and millwork shop is worth, the ninety percent rule that decides its tax role, and the state that forbids licensing the trade. ### Medical & Dental - Buying a Dental Practice - https://searchspheresource.com/guides/buying-a-dental-practice: Strong economics behind an ownership wall only dentists pass in most states. What practices trade for in two markets, and why concentration ends deals. - Buying a Veterinary Practice - https://searchspheresource.com/guides/buying-a-veterinary-practice: Consolidators have priced the sellers and many states restrict ownership. What practices trade for, and where the searcher lane still runs through. - Buying a Physical Therapy Practice - https://searchspheresource.com/guides/buying-a-physical-therapy-practice: What physical therapy practices trade for, why payer mix and associate-therapist leverage move the multiple, and what to check before buying a clinic. - Buying an Optometry Practice - https://searchspheresource.com/guides/buying-an-optometry-practice: What optometry practices trade for, why medical eye care and the optical dispensary move the multiple, and which states limit who can own the practice. - Buying an Urgent Care Center - https://searchspheresource.com/guides/buying-an-urgent-care-center: What urgent care centers trade for, why payer mix and in-network status set the margin, and which states limit who can own the practice. - Buying a Pharmacy - https://searchspheresource.com/guides/buying-a-pharmacy: What independent pharmacies trade for, why the payer mix decides the margin before you do, and how script-file deals differ from whole-store ones. ### Care, Fitness & Pets - Buying a Home Care Agency - https://searchspheresource.com/guides/buying-a-home-care-agency: A real demographic tailwind, priced by payer mix. What agencies trade for, why caregiver retention is the operating metric, and where compliance risk sits. - Buying a Childcare Center - https://searchspheresource.com/guides/buying-a-childcare-center: Licensed capacity caps the upside before you buy. What centers trade for, why enrollment quality beats headcount, and what the ratios really tell you. - Buying an Assisted Living Facility - https://searchspheresource.com/guides/buying-an-assisted-living-facility: What assisted living trades for, why occupancy and private-pay share set the value, and the license, building, and care model a buyer must confirm. - Buying a Pet Boarding & Daycare Business - https://searchspheresource.com/guides/buying-a-pet-boarding-business: What boarding and daycare facilities trade for, why occupancy and the incident log decide the price, and where prepaid packages hide liabilities. - Buying a Gym or Fitness Studio - https://searchspheresource.com/guides/buying-a-gym-or-fitness-studio: Membership revenue with a churn meter. What gyms trade for, why the payment processor is the only source of truth, and why deferred revenue is real debt. - Buying a Dog Grooming Business - https://searchspheresource.com/guides/buying-a-dog-grooming-business: Why a full rebooking schedule makes grooming a subscription business, how the groomer shortage caps the capacity you buy, and what owner earnings hide. ### Auto & Site Businesses - Buying an Auto Repair Shop - https://searchspheresource.com/guides/buying-an-auto-repair-shop: Why auto repair trades at low multiples, how technician scarcity caps the capacity you buy, and what the environmental history under the concrete can cost. - Buying a Self-Storage Facility - https://searchspheresource.com/guides/buying-a-self-storage-facility: Storage prices like property, not like a business. Cap rates, the gap between physical and economic occupancy, and what the rent roll must prove first. - Buying a Car Wash - https://searchspheresource.com/guides/buying-a-car-wash: Express, in-bay, and self-serve are three businesses. What each trades for, why membership penetration sets the premium, and why it is a real estate deal. - Buying a Laundromat - https://searchspheresource.com/guides/buying-a-laundromat: The classic semi-absentee business. What laundromats trade for, why the lease is the business, and how to verify revenue against the water and power bills. - Buying a Tire Shop - https://searchspheresource.com/guides/buying-a-tire-shop: Why tire retail is a service business, how the attach rate splits a 1.7x shop from a 3.3x one, and who the consolidators are buying. - Buying an Auto Body Shop - https://searchspheresource.com/guides/buying-an-auto-body-shop: Why collision shops price on their insurer relationships, how DRP work trades margin for volume, and what ADAS calibration is doing to the equipment bill. ### Stock & Plant - Buying a Machine Shop - https://searchspheresource.com/guides/buying-a-machine-shop: What machine shops trade for, why two thirds of revenue is spent before it is earned, and the registration one defense part leaves behind. - Buying a Hardware Store - https://searchspheresource.com/guides/buying-a-hardware-store: What hardware stores trade for, the four numbers the trade publishes about itself, and the size standard that binds on the second store. - Buying a Brewery - https://searchspheresource.com/guides/buying-a-brewery: What breweries trade for, why the federal notice has to be earned again by the buyer, and how less beer is being split across more brewers. - Buying a Gun Store - https://searchspheresource.com/guides/buying-a-gun-store: Why a firearms license cannot be bought with the business, what happens to the bound book at closing, and why nobody publishes what these trade for. - Buying a Pawn Shop - https://searchspheresource.com/guides/buying-a-pawn-shop: Why a pawn shop is two businesses under one license, what an unlicensed day costs, and why the two nearest valuation classes disagree. - Buying an ATM Route - https://searchspheresource.com/guides/buying-an-atm-route: What routes trade for, why the two curves driving an ATM route move against each other, and the notice a machine must show before it charges. ### Consumer & Local Retail - Buying a Funeral Home - https://searchspheresource.com/guides/buying-a-funeral-home: What funeral homes trade for, how the cremation shift compresses revenue per call, and why the preneed trust reconciliation decides the deal. - Buying a Med Spa - https://searchspheresource.com/guides/buying-a-med-spa: Ownership rules decide who can buy at all. What med spas trade for, why the injectors are the revenue, and how membership turns visits into earnings. - Buying a Liquor Store - https://searchspheresource.com/guides/buying-a-liquor-store: The license can be a third of the value before a single bottle. What stores trade for, and why inventory must be verified at cost rather than at retail. - Buying a Convenience Store or Gas Station - https://searchspheresource.com/guides/buying-a-convenience-store: What c-stores and gas stations trade for, why inside sales carry the profit, and the buried-tank liability that can outweigh the price. - Buying a Franchise Resale - https://searchspheresource.com/guides/buying-a-franchise-resale: What existing franchise units trade for, why the franchisor sits at your closing table, and the directory check that decides SBA financing before the LOI. - Buying a Restaurant - https://searchspheresource.com/guides/buying-a-restaurant: Clear eyes on the odds. What restaurants trade for, why the prime-cost line decides whether the business works, and why a lease assignment can end a deal. ### Instruction & Day Programs - Buying an Adult Day Care - https://searchspheresource.com/guides/buying-an-adult-day-care: What adult day programs trade for, how the census, payer mix, and licensure model set the price, and the diligence a buyer must run before an offer. - Buying a Tutoring Center - https://searchspheresource.com/guides/buying-a-tutoring-center: What tutoring centers trade for, why recurring enrollment and the instructor bench set the price, and the diligence a buyer must run before an offer. - Buying a Swim School - https://searchspheresource.com/guides/buying-a-swim-school: What swim schools trade for, why the pool itself gates the trade and perpetual enrollment compounds it, and the diligence before making an offer. - Buying a Martial Arts Studio - https://searchspheresource.com/guides/buying-a-martial-arts-studio: What martial arts schools trade for, how the belt ladder and the instructor bench set durability, and the diligence a buyer must run before an offer. - Buying a Music School - https://searchspheresource.com/guides/buying-a-music-school: What music schools trade for, how the roster, the bench, and room utilization set the price, and the diligence a buyer must run before an offer. - Buying a Driving School - https://searchspheresource.com/guides/buying-a-driving-school: What driving schools trade for, why state authorizations, school contracts, and the fleet set the price, and the diligence before making an offer. ### Stays & Destinations - Buying a Mobile Home Park - https://searchspheresource.com/guides/buying-a-mobile-home-park: What mobile home parks trade for, how lot rent and utilities set the price, and the diligence a buyer must run on the land, homes, and rules. - Buying an RV Park or Campground - https://searchspheresource.com/guides/buying-an-rv-park-or-campground: What RV parks and campgrounds trade for, how the site mix and season shape earnings, and the infrastructure diligence a buyer must walk before an offer. - Buying a Hotel - https://searchspheresource.com/guides/buying-a-hotel: What hotels trade for, how the flag and its improvement plan shape the deal, and the diligence a buyer must run on the property and the operation at once. - Buying a Motel - https://searchspheresource.com/guides/buying-a-motel: What motels trade for, why the independent's economics run on real estate and occupancy, and the diligence a buyer must walk before making an offer. - Buying a Marina - https://searchspheresource.com/guides/buying-a-marina: What marinas trade for, why slip occupancy and the land under the water decide the deal, and the diligence a buyer must run before making an offer. - Buying a Bed and Breakfast - https://searchspheresource.com/guides/buying-a-bed-and-breakfast: What a bed and breakfast really trades for, how much of the price is the property and the innkeeper's job, and the diligence before buying one. ### Repair & Service Calls - Buying an Auto Glass Business - https://searchspheresource.com/guides/buying-an-auto-glass-business: What auto glass businesses trade for, how insurance panels and ADAS calibration set the price, and the diligence a buyer must run. - Buying an Appliance Repair Business - https://searchspheresource.com/guides/buying-an-appliance-repair-business: What appliance repair businesses trade for, how warranty dispatch and first-visit completion set the book's value, and the diligence to run. - Buying a Locksmith Business - https://searchspheresource.com/guides/buying-a-locksmith-business: What locksmith businesses trade for, why commercial contracts separate a business from a wage, and the diligence a buyer must run before an offer. - Buying a Carpet Cleaning Business - https://searchspheresource.com/guides/buying-a-carpet-cleaning-business: What carpet cleaning businesses trade for, how the repeat ledger and the truck-mounts set value, and the diligence a buyer must run. - Buying a Handyman Business - https://searchspheresource.com/guides/buying-a-handyman-business: What handyman businesses trade for, why the mix of contract and one-off work sets the price, and the diligence a buyer must run before an offer. - Buying a Pressure Washing Business - https://searchspheresource.com/guides/buying-a-pressure-washing-business: What pressure washing businesses trade for, why recurring commercial share moves the price more than revenue, and the diligence to run. ### Main Street Storefronts - Buying a Dry Cleaner - https://searchspheresource.com/guides/buying-a-dry-cleaner: What dry cleaners trade for, how the perc phase-out and environmental history price the deal, and the diligence a buyer must run before an offer. - Buying a Hair Salon - https://searchspheresource.com/guides/buying-a-hair-salon: What salons trade for, why the commission-versus-booth-rental model is the price, and the client-book diligence a buyer must run before an offer. - Buying a Barbershop - https://searchspheresource.com/guides/buying-a-barbershop: What barbershops trade for, how membership plans and barber retention move the price, and the diligence a buyer must run before making an offer. - Buying a Coffee Shop - https://searchspheresource.com/guides/buying-a-coffee-shop: What coffee shops trade for, why the lease and the morning daypart decide the price, and the diligence a buyer must run before making an offer. - Buying a Bakery - https://searchspheresource.com/guides/buying-a-bakery: What a bakery trades for, how the retail-wholesale mix moves the multiple, and the production diligence a buyer must run before making an offer. - Buying a Flower Shop - https://searchspheresource.com/guides/buying-a-flower-shop: What flower shops trade for, how holiday peaks and wire services shape the margin, and the diligence a buyer must run before making an offer. ## Industry Multiple Benchmarks (directional, cited) - Excavation: 1.82x to 3.27x SDE (sold quartiles) (source: BizBuySell, heavy construction sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-an-excavation-business - Concrete: 1.72x to 2.98x SDE (sold quartiles) (source: BizBuySell, concrete sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-concrete-business - Drywall and Insulation: 1.81x to 3.13x SDE (sold quartiles) (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-drywall-business - Glass and Glazing: 1.81x to 3.13x SDE (sold quartiles) (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-glass-and-glazing-business - Flooring: 1.81x to 3.13x SDE (sold quartiles) (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-flooring-business - Finish Carpentry: 1.81x to 3.13x SDE (sold quartiles) (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-finish-carpentry-business - HVAC: 2x to 3.3x SDE (sold quartiles) (source: BizBuySell HVAC benchmarks (sold listings, 2021 to 2025 quartiles)) - details at https://searchspheresource.com/guides/buying-an-hvac-business - Plumbing: 1.66x to 3.15x SDE (sold quartiles) (source: BizBuySell, plumbing sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-plumbing-business - Managed Service Providers: 2.20x to 3.87x SDE (sold quartiles) (source: BizBuySell, IT and software services sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-an-msp - Landscaping: 1.7x to 3x SDE (sold quartiles) (source: BizBuySell landscaping and yard service benchmarks (sold listings, 2021 to 2025 quartiles)) - details at https://searchspheresource.com/guides/buying-a-landscaping-business - Electrical Contracting: 1.96x to 3.15x SDE (sold quartiles) (source: BizBuySell, electrical and mechanical contractor sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-an-electrical-contracting-business - Accounting & Tax Practices: 1.61x-2.66x SDE, 0.92x-1.17x revenue (sold) (source: BizBuySell, accounting and tax practice sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice - Pest Control: 1.69x to 3x SDE (sold quartiles) (source: BizBuySell pest control benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-pest-control-business - Commercial Cleaning: 1.57x to 2.66x SDE (cleaning class sold quartiles) (source: BizBuySell cleaning and janitorial benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-commercial-cleaning-business - Home Care (Non-Medical): 2.22x to 3.63x SDE (sold quartiles) (source: BizBuySell home health care benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-home-care-agency - Laundromats: 2.72x to 4.5x SDE (sold quartiles) (source: BizBuySell laundromat and coin laundry benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-laundromat - Car Washes: 3.2x to 6.7x SDE (sold quartiles) (source: BizBuySell car wash benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-car-wash - Restoration: 1.81x to 3.13x SDE (sold quartiles) (source: BizBuySell building and construction benchmarks (sold listings, sector level)) - details at https://searchspheresource.com/guides/buying-a-restoration-business - Med Spas: 3x to 6x EBITDA (under ~$4M revenue) (source: American Med Spa Association, 2025 M&A review) - details at https://searchspheresource.com/guides/buying-a-med-spa - Childcare Centers: 1.9x to 4x SDE (sold quartiles) (source: BizBuySell day care and child care benchmarks (sold listings, 2021 to 2025 quartiles)) - details at https://searchspheresource.com/guides/buying-a-childcare-center - Gyms & Fitness Studios: 1.72x to 3x SDE (sold quartiles) (source: BizBuySell gym and fitness center benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-gym-or-fitness-studio - Dental Practices: 0.84x collections, sold-listing avg (source: BizBuySell dental practice benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-dental-practice - Insurance Agencies: 1.52x revenue, sold-listing avg (source: BizBuySell insurance agency benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-an-insurance-agency - Veterinary Practices: 2.3x to 2.9x SDE ($200K to $500K SDE tier) (source: First Page Sage, veterinary practice multiples report (2025)) - details at https://searchspheresource.com/guides/buying-a-veterinary-practice - Self-Storage: 3.41x avg earnings, sold listings, storage and warehouse (source: BizBuySell storage and warehouse benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-self-storage-facility - E-Commerce Brands: 2.63x to 3.99x SDE (sold quartiles) (source: BizBuySell websites and ecommerce benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-an-ecommerce-business - SaaS (Founder-Run): 2.38x to 4x SDE (sold quartiles) (source: BizBuySell, software and SaaS sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-saas-business - Moving Companies: 1.8x to 3.11x SDE (sold quartiles, moving and shipping) (source: BizBuySell moving and shipping benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-moving-company - Roofing: 1.81x to 3.13x SDE (sold quartiles) (source: BizBuySell building and construction benchmarks (sold listings, sector level)) - details at https://searchspheresource.com/guides/buying-a-roofing-company - Restaurants: 1.34x to 2.53x SDE (sold quartiles) (source: BizBuySell restaurant benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-restaurant - Liquor Stores: 2.2x to 4x SDE (sold quartiles, license included) (source: BizBuySell liquor store benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-liquor-store - Property Management: 2.7x avg earnings, sold listings (source: BizBuySell property management benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-property-management-company - Pool Service Routes: 10x to 12x monthly recurring billing, up to about 14x (source: National Pool Route Sales, route pricing FAQ) - details at https://searchspheresource.com/guides/buying-a-pool-service-route - Auto Repair: 1.70x to 3.26x SDE (sold quartiles) (source: BizBuySell auto repair and service benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-an-auto-repair-shop - Auto Body & Collision: 1.70x to 3.26x SDE (sold quartiles) (source: BizBuySell, auto service and repair sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-an-auto-body-shop - Tire & Service: 1.70x to 3.26x SDE (sold quartiles) (source: BizBuySell, auto service and repair sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-tire-shop - Dog Grooming: 1.4x to 2.5x SDE (sold quartiles) (source: BizBuySell pet grooming benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-dog-grooming-business - Franchise Resales (Main Street): 2.0x to 3.1x SDE by deal size (source: IBBA / M&A Source Market Pulse, Q4 2025 highlights) - details at https://searchspheresource.com/guides/buying-a-franchise-resale - Funeral Homes: 3.06x to 5.06x SDE (sold quartiles, often with property) (source: BizBuySell funeral home benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-funeral-home - Pharmacies: 1.69x to 3.75x SDE (sold quartiles) (source: BizBuySell pharmacy benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-pharmacy - Pet Boarding & Daycare: 2.02x to 3.74x SDE (sold quartiles) (source: BizBuySell dog daycare and boarding benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-pet-boarding-business - Painting Contractors: 1.81x to 3.13x SDE (sold quartiles) (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-painting-business - Fence Contractors: 1.81x to 3.13x SDE (sold quartiles) (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-fencing-business - Sign Companies: 1.95x to 2.94x SDE (sold quartiles) (source: BizBuySell, sign manufacturing sold-listing quartiles (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-sign-company - Staffing Agencies: 2.04x to 3.22x SDE (sold quartiles) (source: BizBuySell staffing agency benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-staffing-agency - Optometry Practices: 2x to 3x SDE (trade press) (source: Review of Optometric Business, what a practice is worth) - details at https://searchspheresource.com/guides/buying-an-optometry-practice - Garage Door Services: 1.81x to 3.13x SDE (construction class sold quartiles) (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-garage-door-business - Security Guard Services: 1.95x to 3.29x SDE (sold quartiles) (source: BizBuySell security services benchmarks (sold listings, sector blend)) - details at https://searchspheresource.com/guides/buying-a-security-guard-business - Paving & Asphalt: 1.81x to 3.13x SDE (construction class sold quartiles) (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-paving-business - Window Cleaning: 1.57x to 2.66x SDE (cleaning class sold quartiles) (source: BizBuySell cleaning and janitorial benchmarks (sold quartiles, sector blend)) - details at https://searchspheresource.com/guides/buying-a-window-cleaning-business - Septic Pumping & Service: 2.14x to 3.88x SDE (waste class sold quartiles) (source: BizBuySell, waste management sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-septic-service-business - Towing & Recovery: 2.06x to 3.87x SDE (sold quartiles, fleet-heavy) (source: BizBuySell towing benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-towing-business - Assisted Living & Residential Care: 2.42x to 5.87x SDE (sold quartiles) (source: BizBuySell, assisted living and nursing home sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-an-assisted-living-facility - Vending Machine Routes: 1.8x to 2.62x SDE (sold quartiles) (source: BizBuySell vending machine business benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-vending-machine-business - Tree Service & Arboriculture: 2x to 4x SDE, owner-operated (trade association) (source: Tree Care Industry Magazine, what a tree care business is worth) - details at https://searchspheresource.com/guides/buying-a-tree-service-business - Junk Removal & Hauling: 2.14x to 3.88x SDE (sold quartiles) (source: BizBuySell waste management and recycling benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-junk-removal-business - Fire Protection & Life Safety: 1.95x to 3.29x SDE (security class sold quartiles) (source: BizBuySell, security sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-fire-protection-business - Physical Therapy Practices: 1.46x to 2.94x SDE (medical practice, sold) (source: Medical practice valuation benchmarks, sold listings (BizBuySell)) - details at https://searchspheresource.com/guides/buying-a-physical-therapy-practice - Convenience Stores & Gas Stations: 1.32x to 2.77x SDE (sold quartiles) (source: BizBuySell convenience store benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-convenience-store - Urgent Care Centers: 1.46x to 2.94x SDE (medical practice, sold) (source: Medical practice valuation benchmarks, sold listings (BizBuySell)) - details at https://searchspheresource.com/guides/buying-an-urgent-care-center - Coffee Shops & Cafes: 1.5x to 2.55x SDE (sold quartiles) (source: BizBuySell coffee shop and cafe benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-coffee-shop - Bakeries: 1.61x to 2.84x SDE (sold quartiles) (source: BizBuySell bakery benchmarks (sold listings, 2021-2025)) - details at https://searchspheresource.com/guides/buying-a-bakery - Hair Salons: 1.25x to 2.34x SDE (sold quartiles) (source: BizBuySell hair salon and barbershop benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-hair-salon - Barbershops: 1.25x to 2.34x SDE (sold quartiles) (source: BizBuySell hair salon and barbershop benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-barbershop - Dry Cleaners: 1.42x to 2.55x SDE (sold quartiles) (source: BizBuySell dry cleaner benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-dry-cleaner - Flower Shops: 1.37x to 2.48x SDE (sold quartiles) (source: BizBuySell flower shop benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-flower-shop - Hotels (limited and select service): 11.6x going-in EBITDA, 8% cap (REIT buys) (source: Apple Hospitality REIT, acquisition and disposition summary (2023-2026)) - details at https://searchspheresource.com/guides/buying-a-hotel - Motels (independent): 5.95x avg earnings (sold motels) (source: BizBuySell, hotel and motel sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-motel - RV Parks & Campgrounds: 3.07x avg earnings (sold parks) (source: BizBuySell, travel and campground sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-an-rv-park-or-campground - Marinas: 1.6x to 5.4x SDE (sold quartiles) (source: BizBuySell marina and fishing benchmarks (sold listings, 2021 to 2025 quartiles)) - details at https://searchspheresource.com/guides/buying-a-marina - Bed & Breakfasts: 4.74x avg owner's earnings, property-inclusive (source: Bed and breakfast valuation benchmarks (BizBuySell)) - details at https://searchspheresource.com/guides/buying-a-bed-and-breakfast - Mobile Home Parks: 5.5% to 6.5% cap rate (lender borrowing base) (source: UMH Properties, 8-K on the borrowing-base capitalization rate (2026)) - details at https://searchspheresource.com/guides/buying-a-mobile-home-park - Adult Day Care: 2.5x to 3.5x SDE (single center) (source: Care-services valuation benchmarks (broker roundups)) - details at https://searchspheresource.com/guides/buying-an-adult-day-care - Tutoring Centers: 1.56x to 2.94x SDE (sold-schools class) (source: Sold-schools valuation benchmarks (BizBuySell class data)) - details at https://searchspheresource.com/guides/buying-a-tutoring-center - Music Schools: 1.56x to 2.94x SDE (sold-schools class) (source: Sold-schools valuation benchmarks (BizBuySell class data)) - details at https://searchspheresource.com/guides/buying-a-music-school - Driving Schools: 1.56x to 2.94x SDE (sold-schools class) (source: Sold-schools valuation benchmarks (BizBuySell class data)) - details at https://searchspheresource.com/guides/buying-a-driving-school - Swim Schools: 1.56x to 2.94x SDE (sold-schools class) (source: Sold-schools valuation benchmarks (BizBuySell class data)) - details at https://searchspheresource.com/guides/buying-a-swim-school - Martial Arts Studios: 2x to 3x SDE (nearest published classes) (source: BizBuySell, gym and fitness sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-a-martial-arts-studio - Handyman Services: 1.75x to 3.13x SDE (service class sold quartiles) (source: BizBuySell service business benchmarks (sold listings, sector level)) - details at https://searchspheresource.com/guides/buying-a-handyman-business - Appliance Repair: 1.75x to 3.13x SDE (service class sold quartiles) (source: BizBuySell service-business benchmarks (sold quartiles); no series names appliance repair) - details at https://searchspheresource.com/guides/buying-an-appliance-repair-business - Locksmith Services: 1.56x to 2.68x SDE (sold quartiles) (source: BizBuySell locksmith benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-locksmith-business - Pressure Washing: 1.57x to 2.66x SDE (cleaning class sold quartiles) (source: BizBuySell cleaning and janitorial benchmarks (sold listings)) - details at https://searchspheresource.com/guides/buying-a-pressure-washing-business - Carpet Cleaning: 1.57x to 2.66x SDE (cleaning class sold quartiles) (source: BizBuySell cleaning and janitorial benchmarks (sold quartiles, sector blend)) - details at https://searchspheresource.com/guides/buying-a-carpet-cleaning-business - Auto Glass: 1.70x to 3.26x SDE (sold quartiles) (source: BizBuySell, auto service and repair sold-listing benchmarks (2021-2025)) - details at https://searchspheresource.com/guides/buying-an-auto-glass-business - Trucking & Freight Carriers: 2.29x to 3.56x SDE (sold quartiles) (source: BizBuySell trucking benchmarks (sold listings, 2021-2025)) - details at https://searchspheresource.com/guides/buying-a-trucking-company - School Bus & Shuttle Contracting: 1.72x to 2.87x SDE (sold quartiles, passenger blend) (source: BizBuySell limousine and passenger transport benchmarks (sold listings, class blend)) - details at https://searchspheresource.com/guides/buying-a-school-bus-contractor - Non-Emergency Medical Transport: 1.72x to 2.87x SDE (sold quartiles, passenger blend) (source: BizBuySell limousine and passenger transport benchmarks (sold listings, class blend)) - details at https://searchspheresource.com/guides/buying-a-medical-transport-business - Dump Truck & Aggregate Hauling: 2.29x to 3.56x SDE (sold quartiles, trucking blend) (source: BizBuySell trucking benchmarks (sold listings, class blend)) - details at https://searchspheresource.com/guides/buying-a-dump-truck-business - Courier & Local Delivery: 0.92x to 2.22x SDE (sold quartiles, route class) (source: BizBuySell route benchmarks (sold listings, class bracket)) - details at https://searchspheresource.com/guides/buying-a-courier-business - Limousine & Black Car: 1.72x to 2.87x SDE (sold quartiles) (source: BizBuySell limousine and passenger transport benchmarks (sold listings, 2021-2025)) - details at https://searchspheresource.com/guides/buying-a-limousine-service - Machine Shops: 2.32x to 4.23x SDE (sold quartiles) (source: BizBuySell machining and tooling benchmarks (sold listings, 2021 to 2025 quartiles)) - details at https://searchspheresource.com/guides/buying-a-machine-shop - Hardware Stores: 2.02x to 3.86x SDE (sold quartiles) (source: BizBuySell building material and hardware benchmarks (sold listings, 2021 to 2025 quartiles)) - details at https://searchspheresource.com/guides/buying-a-hardware-store - Breweries: 2.06x to 4.32x SDE (sold quartiles) (source: BizBuySell brewery benchmarks (sold listings, 2021 to 2025 quartiles)) - details at https://searchspheresource.com/guides/buying-a-brewery - Gun Stores: 1.62x to 3.08x SDE (sold quartiles) (source: BizBuySell retail benchmarks (sold listings, class level; no firearms class is published)) - details at https://searchspheresource.com/guides/buying-a-gun-store - Pawn Shops: 1.62x to 3.08x SDE (sold quartiles) (source: BizBuySell retail benchmarks (sold listings, class level; the lending class disagrees by a full turn)) - details at https://searchspheresource.com/guides/buying-a-pawn-shop - ATM Routes: 0.92x to 2.22x SDE (sold quartiles) (source: BizBuySell route benchmarks (sold listings, 2021 to 2025 quartiles; the class names ATM routes)) - details at https://searchspheresource.com/guides/buying-an-atm-route ## SBA 7(a) Acquisition Lending, Headline Figures (as of 2026-07-17) The rates, loan sizes, and program limits behind buying a business with an SBA 7(a) loan, from the SBA's published data and analyses recomputed against it. The loan-level file carries no discrete change-of-ownership flag, so acquisition-segment figures are classified from use-of-proceeds and vary modestly between analyses. Typical rate today: about 9% (prime 6.75% since 2025-12-11, plus a spread near 2.25%); well-qualified borrowers 8.5 to 9.25%. Q4 2025 change-of-control loans: 1,148 at an average rate of 8.86%, median loan $775,350. This is a shortened window: the late-2025 government shutdown paused SBA approvals for several weeks. FY2025 change-of-ownership approvals: 7,533. Whole 7(a) program FY2025: 78,078 loans totaling about $37.3 billion, up 19.9% from $31.1 billion in FY2024, average $477,642. Classified acquisition segment 2025: about $8.3 billion, up about 35% year over year, averaging roughly $1.18 million a loan. Program limits: a single 7(a) loan reaches $5,000,000, a statutory cap, and a lender may pair it with a second tranche, which is practice and not a rule: the largest combined figure any lender on this shelf publishes is about $10,000,000; a business-only deal amortizes over 10 years; the minimum equity injection is 10%; lenders commonly screen at a debt-service-coverage ratio near 1.25. Mid-2025 SBA rule changes are reported to require seller notes counting toward the equity injection to sit on full standby for the life of the loan, alongside tighter collateral requirements; guides written before mid-2025 can mislead on structure. Upfront guaranty fee, FY2026 (SBA notice 5000-872051; charged on the guaranteed portion, tiers by gross loan): 2% at $150,000 or less (85% guaranteed); 3% from $150,001 to $700,000 (75% guaranteed); above that, 3.5% of the guaranteed portion to $1,000,000 plus 3.75% beyond it. Example: a $1,350,000 loan carries about $35,469. Manufacturers (NAICS 31-33) pay 0% up to a $950,000 loan this fiscal year. Computed live at https://searchspheresource.com/tools/sources-and-uses. How long a 7(a) acquisition loan takes: most lenders do not publish closing timelines. The exception we have verified is Byline Bank, which publishes targets of 24 to 48 hours to a term sheet and roughly 50 days to close (https://searchspheresource.com/resources/byline-bank). Full figures and method: https://searchspheresource.com/data/sba-loan-statistics. ## SBA 7(a) Eligibility Gates (SOP 50 10 8, ownership per Notice 5000-876626) The gates that decide whether a 7(a) acquisition application can exist at all, restated from the SBA's own criteria. Full detail with sources: https://searchspheresource.com/tools/sba-eligibility. - A for-profit business operating in the United States: The business must operate for profit, in the US or its territories. Passive investment and speculation do not qualify. - Small by SBA size standards: The business must fit the size standard for its industry code. Nearly every Main Street target fits with room to spare. - Every owner a US citizen or US national: Since March 1, 2026, 100% of direct and indirect ownership must be held by US citizens or US nationals with a principal residence in the US. - Clean answers on the character questions: SBA Form 1919 asks every owner about incarceration, parole, probation, and pending charges. Currently incarcerated, on parole or probation, or under indictment stops the file. - No delinquent federal debt, no prior loss to the government: Delinquent federal debt or a prior default that cost the government money (including a prior SBA loan) makes the applicant ineligible. - A real 10% equity injection: A complete change of ownership requires an injection of at least 10% of total project costs. A seller note can satisfy at most half of it, and only on full standby (no payments at all) for the life of the loan. - Franchises: the brand is in the SBA Franchise Directory: For any franchise, brand listing in the directory decides SBA eligibility. The directory came back on June 1, 2025 and is updated every other week. Note the ownership rule is CURRENT as of 2026-03-01: guidance published before that date says lawful permanent residents may own part of the applicant, and that is no longer true. ## SBA Charge-Off Rates for Acquisition Loans, by Industry Computed from the SBA 7(a) loan-level file. How often a change-of-ownership loan was ultimately written off, which is the closest thing to a measured failure rate for buying a business in a given industry. Cohort: FY2018-19 change-of-ownership approvals (7-8 years seasoned). Rates are computed ONLY on loans old enough to have failed. A rate over recent loans is censoring-biased and makes every industry look safe. An industry is listed only if its seasoned cohort is large enough that one default does not move the rate several points; industries below that floor are omitted rather than published as a soft number. Pooled rate across all listed industries: 4.20% (202 of 4809 seasoned loans). Highest charge-off rates among these seasoned SBA acquisition loans: Fitness and Recreational Sports Centers 12.18% (24 of 197); Snack and Nonalcoholic Beverage Bars 7.81% (10 of 128); Drycleaning and Laundry Services (except Coin-Operated) 7.32% (12 of 164); Full-Service Restaurants 6.72% (49 of 729); Offices of Chiropractors 5.69% (7 of 123); Limited-Service Restaurants 5.58% (35 of 627). Lowest charge-off rates among the same cohort: Offices of Dentists 0.00% (0 of 128); Gasoline Stations with Convenience Stores 0.37% (1 of 268); Car Washes 0.86% (1 of 116); Child Day Care Services 1.28% (3 of 234); Hotels (except Casino Hotels) and Motels 1.44% (8 of 556); Beer, Wine, and Liquor Retailers 1.98% (8 of 405). By franchise brand (highest): Anytime Fitness 14.29% (6 of 42); Subway 5.31% (6 of 113); Quality Inn 3.70% (2 of 54); Best Western - Best Western Plus - Best Western Premier- Executive Residency by Best Western- @Home by Best Western - GLo - Aiden - Membership Agreement 0.00% (0 of 32); Days Inn / Days Inn by Wyndham 0.00% (0 of 37). Full table, every qualifying industry and brand: https://searchspheresource.com/data/sba-default-rates ## SBA Acquisition Lending, League Table (FY2020 through FY2025) Segment: SBA 7(a) approvals with BusinessAge "Change of Ownership". Computed from the SBA 7(a) FOIA loan-level dataset (as of June 30, 2026). FY2025: 7,533 change-of-ownership 7(a) loans totaling $8.82 billion, median $700,000, average initial rate 9.38%. Largest lenders by FY2025 acquisition loans: The Huntington National Bank (878); Live Oak Banking Company (769); First Internet Bank of Indiana (251); Byline Bank (164); Hanmi Bank (134). Busiest states by FY2025 acquisition loans: California (754); Texas (666); Florida (628); Washington (324); Illinois (311). Full league table, every state and the six-year trend: https://searchspheresource.com/data/acquisition-lending ## Most Active SBA Lenders by Industry (FY2020 through FY2025 change-of-ownership approvals) Which banks actually write SBA acquisition loans in each industry, computed from the loan-level FOIA file. Counts are approvals, not closings; activity is not an endorsement. The ten biggest industries by loan count; all 71 with six lenders each: https://searchspheresource.com/data/acquisition-lending#by-industry. - Full-Service Restaurants - https://searchspheresource.com/guides/buying-a-restaurant (1,971 loans): The Huntington National Bank (192), Hanmi Bank (102), Bank of Hope (67) - Hotels (except Casino Hotels) and Motels (1,657 loans): GBank (407), First Western SBLC, LLC (127), Open Bank (96) - Limited-Service Restaurants - https://searchspheresource.com/guides/buying-a-restaurant (1,568 loans): Live Oak Banking Company (90), The Huntington National Bank (81), Hanmi Bank (73) - Beer, Wine, and Liquor Retailers - https://searchspheresource.com/guides/buying-a-liquor-store (1,301 loans): Hanmi Bank (234), Open Bank (85), Metro City Bank (71) - Gasoline Stations with Convenience Stores - https://searchspheresource.com/guides/buying-a-convenience-store (1,063 loans): Celtic Bank Corporation (108), Metro City Bank (79), Open Bank (69) - General Automotive Repair - https://searchspheresource.com/guides/buying-an-auto-repair-shop (798 loans): Live Oak Banking Company (131), The Huntington National Bank (46), U.S. Bank, National Association (17) - All Other Specialty Trade Contractors (717 loans): Live Oak Banking Company (112), The Huntington National Bank (90), Old National Bank (28) - Plumbing, Heating, and Air-Conditioning Contractors - https://searchspheresource.com/guides/buying-an-hvac-business (707 loans): Live Oak Banking Company (165), The Huntington National Bank (47), First Internet Bank of Indiana (22) - Insurance Agencies and Brokerages - https://searchspheresource.com/guides/buying-an-insurance-agency (648 loans): Live Oak Banking Company (151), United Midwest Savings Bank National Association (105), Bankwell Bank (32) - Landscaping Services - https://searchspheresource.com/guides/buying-a-landscaping-business (588 loans): The Huntington National Bank (60), Live Oak Banking Company (23), BayFirst National Bank (14) ## Metro Target Scans (SBA 7(a) FOIA loan-level file, change-of-ownership approvals FY2020-25; charge-off rates from the FY2018-19 seasoned cohort) The strongest industries to buy within about two hours of three metros, ranked on regional acquisition-loan volume, median loan size at searcher scale, and seasoned charge-off survival. Charge-off rates are a lower bound on a seasoned cohort, so read the ordering, not the level. Full scans with theses, cautions, and sourcing: https://searchspheresource.com/data/metro-target-scans. - New York City (NY, NJ, CT (Hudson Valley, Long Island, North Jersey, Fairfield), https://searchspheresource.com/data/metro-target-scans/nyc): 2,226 regional loans FY2020-25 at a $660,000 median; FY2025 pace 505 against a six-year average of 371. Top targets: Commercial Cleaning / Janitorial (30 loans, $500,000 median, 1.22% seasoned charge-off); Funeral Homes (37 loans, $1,150,000 median, 1.32% seasoned charge-off); Child Day Care Centers (48 loans, $950,000 median, 1.28% seasoned charge-off). - Chicago (IL, IN, WI (Chicagoland, NW Indiana, SE Wisconsin), https://searchspheresource.com/data/metro-target-scans/chicago): 3,270 regional loans FY2020-25 at a $608,200 median; FY2025 pace 608 against a six-year average of 546. Top targets: Machine Shops / Precision Manufacturing (45 loans, $1,462,500 median); Commercial Cleaning / Janitorial (34 loans, $480,000 median, 1.22% seasoned charge-off); Electrical Contracting (28 loans, $700,000 median, 1.37% seasoned charge-off). - Los Angeles (Southern California (LA, Orange, Riverside, San Bernardino, Ventura), https://searchspheresource.com/data/metro-target-scans/la): 3,787 regional loans FY2020-25 at a $640,000 median; FY2025 pace 754 against a six-year average of 631. Top targets: Residential Care / Homes for the Elderly (RCFE) (94 loans, $1,038,500 median, 0% seasoned charge-off); Home Health & Non-Medical Home Care (58 loans, $753,500 median, 2.5% seasoned charge-off); Commercial Cleaning / Janitorial (41 loans, $470,000 median, 1.22% seasoned charge-off). - What the scans agree on: Commercial Cleaning / Janitorial ranks in 3 of 3 regions at 1.22% seasoned charge-off; Electrical Contracting ranks in 2 of 3 regions at 1.37% seasoned charge-off. Everything else earned its slot in one region only. ## SBA Rule Changes That Hit Buyers (dated, with controlling documents) Guides written before a rule change keep circulating after it. Each entry below is verified against the SBA's own document; full log: https://searchspheresource.com/data/sba-rule-changes. - Effective 2026-10-01: SOP 50 10 8.1 rewrites how a change of ownership is financed. The next edition moves every change-of-ownership rule into a new appendix and sorts deals into four kinds. The 10% equity injection holds for all of them, but only a business expansion or a buyout between existing owners can have it reduced or eliminated by the lender, and never an outright purchase by a new owner. A buyout's injection is measured against the purchase price rather than total project cost. The existing-owner test that let a long-standing co-owner reach full financing (24 months active at the same or higher stake, with debt-to-worth no worse than 9 to 1) is gone. And a Quality of Earnings report stops being a good idea and becomes a requirement on any outright purchase or expansion priced at $3 million or more, measured before any equity, seller debt, or other financing. One change runs the buyer's way: the seller may be kept on as a consultant for up to 24 months in aggregate rather than 12, so a longer handover stops being something the loan program forbids. Who it hits: Every first-time buyer, because the injection on an outright purchase can no longer be argued down; existing co-owners buying a partner out, who lose the test that reached full financing; anyone pricing a deal near $3 million, where a quality-of-earnings engagement becomes part of the file rather than an optional check; and anyone buying a business whose owner is the business, who gets twice as long to keep them. (SOP 50 10 8.1 (effective October 1, 2026)) - Effective 2026-03-01: Ownership restricted to US citizens and nationals. 100% of direct and indirect ownership must be held by US citizens or US nationals with a principal US residence. Lawful permanent residents, eligible owners for decades, became ineligible persons; any ineligible co-investor at any percentage fails the whole application. Who it hits: Every 7(a) and 504 applicant, and any deal with a non-citizen investor anywhere in the cap table, including funds with foreign limited partners. (SBA Procedural Notice 5000-876626) - Effective 2025-10-01: FY2026 guaranty fee schedule. Upfront guaranty fees returned across the loan-size tiers after fee holidays in prior years: 2% of the guaranteed portion at $150,000 or less, 3% to $700,000, and 3.5% plus 3.75% above that, with manufacturers exempt up to a $950,000 loan for the fiscal year. Who it hits: Every 7(a) borrower's cash to close; the sources-and-uses line most first-time buyers forget to model. (SBA Information Notice 5000-872051) - Effective 2025-06-01: SOP 50 10 8 rewrites the deal-structure rules. The lending SOP's current edition changed how acquisition deals are built. A seller note counts toward the required equity injection only on full standby for the life of the loan, and only up to half the injection. Collateral requirements tightened, and the partner-buyout injection waiver was restated: 24 months active at the same or higher stake, with debt-to-worth no worse than 9 to 1. Who it hits: Anyone structuring a deal from a guide, template, or forum thread written before mid-2025; the older seller-note structures no longer count. (SOP 50 10 8 (effective June 1, 2025)) ## Best States to Buy a Business, by Buyable Businesses Establishments with 5 to 99 employees in the 29 trades searchers target, from Census County Business Patterns (2023). The ranking is population-correlated (bigger states hold more businesses), so the per-100k-residents figure is the density corrective, and the county breakdown on each page matters more than the rank. - California (rank 1) - https://searchspheresource.com/guides/states/california: 123,188 buyable businesses, 312.4 per 100k residents, 3,788 SBA acquisition loans since FY2020 at a median of $640,000. Deepest county: Los Angeles. - Texas (rank 2) - https://searchspheresource.com/guides/states/texas: 87,112 buyable businesses, 278.4 per 100k residents, 2,815 SBA acquisition loans since FY2020 at a median of $889,500. Deepest county: Harris. - Florida (rank 3) - https://searchspheresource.com/guides/states/florida: 66,950 buyable businesses, 286.5 per 100k residents, 2,629 SBA acquisition loans since FY2020 at a median of $769,000. Deepest county: Miami-Dade. - New York (rank 4) - https://searchspheresource.com/guides/states/new-york: 58,538 buyable businesses, 294.6 per 100k residents, 1,092 SBA acquisition loans since FY2020 at a median of $597,000. Deepest county: New York. - Pennsylvania (rank 5) - https://searchspheresource.com/guides/states/pennsylvania: 38,936 buyable businesses, 297.7 per 100k residents, 1,270 SBA acquisition loans since FY2020 at a median of $519,300. Deepest county: Allegheny. - Illinois (rank 6) - https://searchspheresource.com/guides/states/illinois: 37,406 buyable businesses, 294.3 per 100k residents, 1,321 SBA acquisition loans since FY2020 at a median of $692,000. Deepest county: Cook. - Ohio (rank 7) - https://searchspheresource.com/guides/states/ohio: 36,769 buyable businesses, 309.4 per 100k residents, 1,290 SBA acquisition loans since FY2020 at a median of $597,450. Deepest county: Franklin. - North Carolina (rank 8) - https://searchspheresource.com/guides/states/north-carolina: 35,566 buyable businesses, 322 per 100k residents, 1,172 SBA acquisition loans since FY2020 at a median of $838,500. Deepest county: Wake. - Georgia (rank 9) - https://searchspheresource.com/guides/states/georgia: 32,450 buyable businesses, 290.2 per 100k residents, 1,310 SBA acquisition loans since FY2020 at a median of $920,000. Deepest county: Fulton. - Michigan (rank 10) - https://searchspheresource.com/guides/states/michigan: 29,696 buyable businesses, 292.8 per 100k residents, 1,177 SBA acquisition loans since FY2020 at a median of $635,000. Deepest county: Oakland. - Virginia (rank 11) - https://searchspheresource.com/guides/states/virginia: 27,654 buyable businesses, 313.9 per 100k residents, 636 SBA acquisition loans since FY2020 at a median of $773,000. Deepest county: Fairfax. - New Jersey (rank 12) - https://searchspheresource.com/guides/states/new-jersey: 27,611 buyable businesses, 290.6 per 100k residents, 840 SBA acquisition loans since FY2020 at a median of $724,000. Deepest county: Bergen. - Washington (rank 13) - https://searchspheresource.com/guides/states/washington: 25,069 buyable businesses, 315 per 100k residents, 1,432 SBA acquisition loans since FY2020 at a median of $727,000. Deepest county: King. - Massachusetts (rank 14) - https://searchspheresource.com/guides/states/massachusetts: 24,253 buyable businesses, 339.9 per 100k residents, 708 SBA acquisition loans since FY2020 at a median of $430,500. Deepest county: Middlesex. - Indiana (rank 15) - https://searchspheresource.com/guides/states/indiana: 21,398 buyable businesses, 309 per 100k residents, 841 SBA acquisition loans since FY2020 at a median of $510,000. Deepest county: Marion. - Tennessee (rank 16) - https://searchspheresource.com/guides/states/tennessee: 21,354 buyable businesses, 295.4 per 100k residents, 430 SBA acquisition loans since FY2020 at a median of $797,800. Deepest county: Davidson. - Arizona (rank 17) - https://searchspheresource.com/guides/states/arizona: 21,015 buyable businesses, 277.2 per 100k residents, 824 SBA acquisition loans since FY2020 at a median of $822,200. Deepest county: Maricopa. - Colorado (rank 18) - https://searchspheresource.com/guides/states/colorado: 20,918 buyable businesses, 351.1 per 100k residents, 1,401 SBA acquisition loans since FY2020 at a median of $654,000. Deepest county: Denver. - Missouri (rank 19) - https://searchspheresource.com/guides/states/missouri: 19,806 buyable businesses, 317.1 per 100k residents, 824 SBA acquisition loans since FY2020 at a median of $578,000. Deepest county: St. Louis. - Wisconsin (rank 20) - https://searchspheresource.com/guides/states/wisconsin: 18,933 buyable businesses, 317.6 per 100k residents, 1,113 SBA acquisition loans since FY2020 at a median of $572,000. Deepest county: Milwaukee. - Maryland (rank 21) - https://searchspheresource.com/guides/states/maryland: 18,216 buyable businesses, 290.8 per 100k residents, 468 SBA acquisition loans since FY2020 at a median of $692,500. Deepest county: Montgomery. - Minnesota (rank 22) - https://searchspheresource.com/guides/states/minnesota: 18,183 buyable businesses, 313.9 per 100k residents, 1,382 SBA acquisition loans since FY2020 at a median of $475,000. Deepest county: Hennepin. - South Carolina (rank 23) - https://searchspheresource.com/guides/states/south-carolina: 17,071 buyable businesses, 311.6 per 100k residents, 508 SBA acquisition loans since FY2020 at a median of $750,000. Deepest county: Greenville. - Oregon (rank 24) - https://searchspheresource.com/guides/states/oregon: 15,103 buyable businesses, 353.5 per 100k residents, 483 SBA acquisition loans since FY2020 at a median of $680,000. Deepest county: Multnomah. - Alabama (rank 25) - https://searchspheresource.com/guides/states/alabama: 14,697 buyable businesses, 285 per 100k residents, 383 SBA acquisition loans since FY2020 at a median of $816,000. Deepest county: Jefferson. - Louisiana (rank 26) - https://searchspheresource.com/guides/states/louisiana: 14,273 buyable businesses, 310.4 per 100k residents, 321 SBA acquisition loans since FY2020 at a median of $812,600. Deepest county: East Baton Rouge Parish. - Kentucky (rank 27) - https://searchspheresource.com/guides/states/kentucky: 13,452 buyable businesses, 293.2 per 100k residents, 342 SBA acquisition loans since FY2020 at a median of $500,000. Deepest county: Jefferson. - Oklahoma (rank 28) - https://searchspheresource.com/guides/states/oklahoma: 12,629 buyable businesses, 308.4 per 100k residents, 370 SBA acquisition loans since FY2020 at a median of $742,000. Deepest county: Oklahoma. - Connecticut (rank 29) - https://searchspheresource.com/guides/states/connecticut: 12,282 buyable businesses, 334.2 per 100k residents, 293 SBA acquisition loans since FY2020 at a median of $725,000. Deepest county: Capitol. - Utah (rank 30) - https://searchspheresource.com/guides/states/utah: 10,753 buyable businesses, 306.9 per 100k residents, 523 SBA acquisition loans since FY2020 at a median of $650,000. Deepest county: Salt Lake. - Iowa (rank 31) - https://searchspheresource.com/guides/states/iowa: 10,699 buyable businesses, 330.1 per 100k residents, 337 SBA acquisition loans since FY2020 at a median of $337,500. Deepest county: Polk. - Nevada (rank 32) - https://searchspheresource.com/guides/states/nevada: 10,221 buyable businesses, 312.8 per 100k residents, 294 SBA acquisition loans since FY2020 at a median of $724,500. Deepest county: Clark. - Kansas (rank 33) - https://searchspheresource.com/guides/states/kansas: 9,678 buyable businesses, 325.8 per 100k residents, 392 SBA acquisition loans since FY2020 at a median of $554,250. Deepest county: Johnson. - Arkansas (rank 34) - https://searchspheresource.com/guides/states/arkansas: 9,455 buyable businesses, 306.2 per 100k residents, 243 SBA acquisition loans since FY2020 at a median of $786,200. Deepest county: Pulaski. - Mississippi (rank 35) - https://searchspheresource.com/guides/states/mississippi: 8,710 buyable businesses, 296 per 100k residents, 270 SBA acquisition loans since FY2020 at a median of $644,000. Deepest county: Harrison. - Nebraska (rank 36) - https://searchspheresource.com/guides/states/nebraska: 7,270 buyable businesses, 362.5 per 100k residents, 243 SBA acquisition loans since FY2020 at a median of $375,000. Deepest county: Douglas. - Idaho (rank 37) - https://searchspheresource.com/guides/states/idaho: 6,843 buyable businesses, 341.9 per 100k residents, 334 SBA acquisition loans since FY2020 at a median of $552,050. Deepest county: Ada. - New Mexico (rank 38) - https://searchspheresource.com/guides/states/new-mexico: 6,354 buyable businesses, 298.3 per 100k residents, 176 SBA acquisition loans since FY2020 at a median of $973,750. Deepest county: Bernalillo. - New Hampshire (rank 39) - https://searchspheresource.com/guides/states/new-hampshire: 5,403 buyable businesses, 383.5 per 100k residents, 241 SBA acquisition loans since FY2020 at a median of $372,000. Deepest county: Hillsborough. - West Virginia (rank 40) - https://searchspheresource.com/guides/states/west-virginia: 5,258 buyable businesses, 297.1 per 100k residents, 87 SBA acquisition loans since FY2020 at a median of $832,000. Deepest county: Kanawha. - Maine (rank 41) - https://searchspheresource.com/guides/states/maine: 5,147 buyable businesses, 366.3 per 100k residents, 159 SBA acquisition loans since FY2020 at a median of $250,000. Deepest county: Cumberland. - Montana (rank 42) - https://searchspheresource.com/guides/states/montana: 4,435 buyable businesses, 390 per 100k residents, 221 SBA acquisition loans since FY2020 at a median of $475,000. Deepest county: Yellowstone. - Hawaii (rank 43) - https://searchspheresource.com/guides/states/hawaii: 4,419 buyable businesses, 305.6 per 100k residents, 45 SBA acquisition loans since FY2020 at a median of $545,000. Deepest county: Honolulu. - Rhode Island (rank 44) - https://searchspheresource.com/guides/states/rhode-island: 3,873 buyable businesses, 348.2 per 100k residents, 106 SBA acquisition loans since FY2020 at a median of $500,000. Deepest county: Providence. - Delaware (rank 45) - https://searchspheresource.com/guides/states/delaware: 3,447 buyable businesses, 327.7 per 100k residents, 90 SBA acquisition loans since FY2020 at a median of $472,400. Deepest county: New Castle. - South Dakota (rank 46) - https://searchspheresource.com/guides/states/south-dakota: 3,273 buyable businesses, 354 per 100k residents, 131 SBA acquisition loans since FY2020 at a median of $500,000. Deepest county: Minnehaha. - North Dakota (rank 47) - https://searchspheresource.com/guides/states/north-dakota: 2,939 buyable businesses, 369 per 100k residents, 87 SBA acquisition loans since FY2020 at a median of $686,500. Deepest county: Cass. - Vermont (rank 48) - https://searchspheresource.com/guides/states/vermont: 2,421 buyable businesses, 373.3 per 100k residents, 70 SBA acquisition loans since FY2020 at a median of $269,150. Deepest county: Chittenden. - Washington, D.C. (rank 49) - https://searchspheresource.com/guides/states/washington-dc: 2,412 buyable businesses, 343.5 per 100k residents, 70 SBA acquisition loans since FY2020 at a median of $575,000. Deepest county: District of Columbia. - Wyoming (rank 50) - https://searchspheresource.com/guides/states/wyoming: 2,350 buyable businesses, 399.9 per 100k residents, 80 SBA acquisition loans since FY2020 at a median of $722,000. Deepest county: Natrona. - Alaska (rank 51) - https://searchspheresource.com/guides/states/alaska: 2,269 buyable businesses, 306.6 per 100k residents, 65 SBA acquisition loans since FY2020 at a median of $699,000. Deepest county: Anchorage Municipality. Full ranking with the deepest trades in each: https://searchspheresource.com/guides/states What the state requires at closing, where we have read the state's own page: - Texas (Texas Tax Code section 111.020): The buyer withholds enough of the purchase price to cover the seller's unpaid taxes, penalty and interest until the seller produces a receipt or a Certificate of No Tax Due. Released by: Certificate of No Tax Due, requested jointly on Form 86-114. https://searchspheresource.com/guides/states/texas Read 2026-09-04 at https://comptroller.texas.gov/taxes/publications/98-117.php - Ohio (Ohio Revised Code section 5739.14): The successor withholds enough of the purchase money to cover the taxes, interest and penalties due until the former owner produces the tax commissioner's receipt or a certificate that none are due. Released by: Tax commissioner's receipt, or a certificate that no tax is due. https://searchspheresource.com/guides/states/ohio Read 2026-09-04 at https://codes.ohio.gov/ohio-revised-code/section-5739.14 - California (California Revenue and Taxation Code sections 6811 and 6812): The buyer withholds enough of the purchase price to cover the seller's liability until the state issues a certificate, and a buyer who does not withhold becomes personally liable up to the purchase price. Released by: Certificate of tax clearance from the CDTFA. https://searchspheresource.com/guides/states/california Read 2026-09-04 at https://cdtfa.ca.gov/lawguides/vol1/sutl/6811.html - New York (New York bulk sale notification): The buyer notifies the Tax Department at least ten days before paying for or taking possession of the assets, whichever comes first, and holds the price until the department answers. Released by: Form AU-196.10, answered by the department's Form AU-196.2. https://searchspheresource.com/guides/states/new-york Read 2026-09-04 at https://www.tax.ny.gov/pubs_and_bulls/tg_bulletins/st/bulk_sales.htm - Florida (Florida Statutes section 212.10): The buyer withholds enough of the purchase money to cover the seller's unpaid tax, interest and penalties, and a buyer who does not becomes personally liable for them. Released by: Certificate of Compliance, or a transferee-liability audit requested on Form DR-843. https://searchspheresource.com/guides/states/florida Read 2026-09-04 at https://www.flsenate.gov/laws/statutes/2011/212.10 - Illinois (35 ILCS 120/5j): The purchaser files notice of the sale with the Department of Revenue at least ten business days before it, and a purchaser who does not becomes personally liable for the seller's tax up to the value of what was bought. Released by: Form CBS-1, answered by a bulk sales release. https://searchspheresource.com/guides/states/illinois Read 2026-09-04 at https://tax.illinois.gov/forms/reg/cbs-1-instructions.html - Pennsylvania (Pennsylvania bulk sale clearance): The purchaser secures a bulk sale clearance certificate from the seller, which is what stops the seller's Pennsylvania tax liabilities from following the assets, and the labor department wants ten days' notice of its own. Released by: Bulk sale clearance certificate, applied for on Form REV-181. https://searchspheresource.com/guides/states/pennsylvania Read 2026-09-04 at https://www.pa.gov/agencies/revenue/resources/tax-law-policies-bulletins-notices/bulk-sales - Georgia (O.C.G.A. section 48-8-46): The successor withholds enough of the purchase money to cover the tax, interest and penalties until the former owner produces a receipt or a certificate that none are due, and a purchaser who does not is personally liable up to the purchase money. Released by: Tax Clearance Certificate from the Department of Revenue. https://searchspheresource.com/guides/states/georgia Read 2026-09-04 at https://dor.georgia.gov/successor-liability - North Carolina (N.C.G.S. section 105-164.38): A buyer of the major part of the stock or fixtures, outside the ordinary course of business, withholds enough of the purchase money to pay the tax until the seller produces a receipt or a certificate that none is due, and a buyer who does not is personally liable once thirty days pass. Released by: Tax collector's receipt, or a certificate that no tax is due. https://searchspheresource.com/guides/states/north-carolina Read 2026-09-04 at https://www.ncleg.gov/EnactedLegislation/Statutes/PDF/BySection/Chapter_105/GS_105-164.38.pdf - Michigan (MCL 205.27a): The purchaser escrows enough to cover the tax until the seller produces a receipt or a certificate, and on the seller's written waiver the Treasury releases the known or estimated liability within sixty days, which is what the escrow is sized against. Released by: Tax clearance certificate, requested on Form 5156, or the Treasury missing its sixty days. https://searchspheresource.com/guides/states/michigan Read 2026-09-04 at https://www.michigan.gov/en/taxes/business-taxes/clearance/accordion/tax-related/purchasing-a-business-successor-liability - New Jersey (New Jersey bulk sale notification): The purchaser notifies the Division of Taxation at least ten business days before the transfer, sending the form and the executed contract, and closing before the Division sets an escrow makes the purchaser responsible for the seller's tax. Released by: Form C-9600, answered by an escrow letter and then a clearance letter. https://searchspheresource.com/guides/states/new-jersey Read 2026-09-04 at https://www.nj.gov/treasury/taxation/bulk_sale_act.shtml - Washington (RCW 82.32.140): The successor withholds from the purchase price enough to pay any tax due until the seller produces a statement of tax status or a certificate that none is due, and giving the department written notice of the acquisition caps the exposure at six months. Released by: Statement of tax status, or a revenue clearance certificate, or six months' silence after written notice. https://searchspheresource.com/guides/states/washington Read 2026-09-04 at https://app.leg.wa.gov/rcw/default.aspx?cite=82.32.140 - Virginia (Virginia Code section 58.1-629): The successor withholds enough of the purchase money to cover the tax, penalties and interest until the former owner produces a receipt or a certificate that none are due, and a purchaser who does not is personally liable for them. Released by: Tax Commissioner's receipt, or a certificate that nothing is due. https://searchspheresource.com/guides/states/virginia Read 2026-09-04 at https://law.lis.virginia.gov/vacode/title58.1/chapter6/section58.1-629/ - Massachusetts (M.G.L. chapter 62C section 51): A corporation selling substantially all of its Massachusetts assets notifies the Commissioner in writing at least five days before the sale and pays what it owes to that date; if it does not, the Commonwealth takes a lien on the assets effective immediately before the transfer. Released by: Waiver of the lien, or a certificate of good standing under section 52. https://searchspheresource.com/guides/states/massachusetts Read 2026-09-04 at https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62c/Section51 - Arizona (A.R.S. section 42-1110): The successor withholds from the purchase money enough to cover the taxes, interest and penalties until the former owner produces a receipt from the department or a certificate that nothing is due. Released by: Tax Clearance Application, Form 10523, answered within fifteen days. https://searchspheresource.com/guides/states/arizona Read 2026-09-04 at https://www.azleg.gov/ars/42/01110.htm - Indiana (Indiana successor liability on a bulk transfer, State Form 57309): A transfer of more than half the tangible personal property of a business can leave the buyer liable for the seller's past sales, use, innkeeper's and food and beverage tax up to the purchase price, unless notice is filed at least forty-five days before possession or payment. Released by: Notice of Transfer in Bulk, State Form 57309, cleared within twenty days. https://searchspheresource.com/guides/states/indiana Read 2026-09-04 at https://www.in.gov/dor/tax-forms/business/current/successor-liability/ - Missouri (Section 144.150 RSMo): The purchaser withholds enough of the purchase money to cover the taxes, interest and penalties until the seller produces a receipt or a certificate, and a purchaser who does not is personally liable for them. Released by: Certificate of No Tax Due, issued within fifteen business days and good for a hundred and twenty. https://searchspheresource.com/guides/states/missouri Read 2026-09-04 at https://www.revisor.mo.gov/main/OneSection.aspx?section=144.150 - Maryland (Maryland Tax-General section 11-505): On a bulk transfer, once the Comptroller files a claim for the sales and use tax the transferor owes, the transferee withholds the amount claimed out of what would go to the seller. Released by: No certificate is named in the section itself; it is a claim against the transfer rather than a clearance regime. https://searchspheresource.com/guides/states/maryland Read 2026-09-04 at https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gtg§ion=11-505&enactments=false - Wisconsin (Wis. Stat. section 77.52(18)): The successor withholds enough of the purchase price until the former owner produces a receipt or a certificate, and a purchaser who does not is personally liable to the extent of the purchase price. Released by: Clearance certificate, requested in writing, with the department bound to answer inside sixty days and never past ninety. https://searchspheresource.com/guides/states/wisconsin Read 2026-09-04 at https://docs.legis.wisconsin.gov/document/statutes/77.52(18)(am) - Minnesota (Minn. Stat. section 270C.57): The successor notifies the commissioner of the transfer and its terms at least twenty days before taking possession or paying, and a successor who does not is liable for the unpaid tax up to the purchase price. Released by: Notice of Business Transfer, Form C50. https://searchspheresource.com/guides/states/minnesota Read 2026-09-04 at https://www.revisor.mn.gov/statutes/cite/270C.57 - South Carolina (S.C. Code Ann. section 12-54-124): On a transfer of most of a business's assets, tax due on or before the transfer is a lien against those assets in the buyer's hands, and the state may refuse the buyer a license to carry on the business until it is settled. Released by: Certificate of Compliance, Form C-268, obtained no more than thirty days before the transfer. https://searchspheresource.com/guides/states/south-carolina Read 2026-09-04 at https://www.scstatehouse.gov/code/t12c054.php - Alabama (Code of Alabama sections 40-23-25 and 40-23-82): The purchaser of an ongoing business withholds enough to cover the unpaid sales and use tax unless the seller produces a certificate of good standing showing the tax is paid. Released by: Certificate of good standing from the Department of Revenue. https://searchspheresource.com/guides/states/alabama Read 2026-09-04 at https://www.revenue.alabama.gov/faqs/i-received-an-assessment-from-the-department-for-taxes-owed-by-my-predecessor-is-this-right-do-i-owe-these-taxes-since-they-accrued-previous-to-my-takeover-of-the-business/ - Colorado (Colorado Department of Revenue, buying or selling a business): Anyone buying an existing retail business withholds enough of the purchase money to cover the outstanding taxes the seller owes until the seller provides a tax status letter showing they are paid, and a buyer of the assets otherwise assumes the unpaid liability. Released by: Tax Status Letter, requested on Form DR 0096 for a fee of $7 per tax. https://searchspheresource.com/guides/states/colorado Read 2026-09-04 at https://tax.colorado.gov/buying-or-selling-a-business - Tennessee (Tennessee Department of Revenue, how tax debt follows a business when purchased): The purchaser withholds enough of the purchase price to cover the seller's unpaid sales tax unless the seller hands over a receipt showing it paid or a certificate saying none is due, and a purchaser who does not is liable for it. Released by: department's receipt or certificate, or a seller's affidavit under penalty of perjury with the amount withheld against it. https://searchspheresource.com/guides/states/tennessee Read 2026-09-04 at https://revenue.support.tn.gov/hc/en-us/articles/10823756330388-Sales-and-Use-Tax-Successor-Liability - Connecticut (Conn. Gen. Stat. section 12-424): The successor withholds enough of the purchase price to cover the amount until the former owner produces a receipt or a certificate that nothing is due, and a purchaser without one is liable to the extent of the purchase price. Released by: Tax Clearance Certificate, Form AU-712, issued within sixty days of a written request. https://searchspheresource.com/guides/states/connecticut Read 2026-09-04 at https://www.cga.ct.gov/current/pub/chap_219.htm#sec_12-424 - Iowa (Iowa Code section 423.33(2)): The immediate successor withholds enough of the purchase price to pay the delinquent tax, interest or penalty due and unpaid, and the seller files a final return and pays within the time the law allows. Released by: Immediate Successor Liability statement, Form 14-109a. https://searchspheresource.com/guides/states/iowa Read 2026-09-04 at https://www.legis.iowa.gov/docs/code/423.33.pdf - Kansas (K.S.A. 79-3612): The tax is a lien on the property of a seller of a business, and the buyer withholds enough of the price to cover it until the seller produces a receipt; if none arrives within twenty days of the sale the buyer remits the tax itself. Released by: Tax clearance certificate or letter from the Department of Revenue. https://searchspheresource.com/guides/states/kansas Read 2026-09-04 at https://ksrevisor.gov/statutes/chapters/ch79/079_036_0012.html - Kentucky (KRS 139.670): The successor withholds enough of the purchase price to cover the amount until the former owner produces a receipt or a certificate that nothing is due. Released by: department's certificate, issued within sixty days of a written request and never later than ninety. https://searchspheresource.com/guides/states/kentucky Read 2026-09-04 at https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=28942 - Louisiana (La. R.S. 47:308): The successor withholds enough of the purchase money to cover the tax, interest and penalties until the former owner produces a receipt or a certificate, and a purchaser who does not is personally liable. Released by: Letter of Good Standing from the Department of Revenue. https://searchspheresource.com/guides/states/louisiana Read 2026-09-04 at https://revenue.louisiana.gov/businesses/general-resources/buying-a-business-protect-yourself-from-successor-liability/ - Nebraska (Neb. Rev. Stat. section 77-2707): The successor withholds enough of the purchase price to cover the amount until the former owner produces a receipt or a certificate that nothing is due. Released by: Tax Clearance Application, Form 36, answered within sixty days and best filed well before closing. https://searchspheresource.com/guides/states/nebraska Read 2026-09-04 at https://nebraskalegislature.gov/laws/statutes.php?statute=77-2707 - Nevada (NRS 360.525): A buyer of any part of a business outside the ordinary course withholds the amount due from the purchase price until the former owner produces a receipt or certificate from the Department. Released by: Department's certificate, due within sixty days of a written request and never later than ninety. https://searchspheresource.com/guides/states/nevada Read 2026-09-04 at https://www.leg.state.nv.us/NRS/NRS-360.html#NRS360Sec525 - New Mexico (Section 7-1-61 NMSA 1978): The successor places enough money in a trust account to cover the outstanding tax, taken from the purchase price or from elsewhere, until the state issues a clearance. Released by: Tax clearance, due within thirty days of a complete request or sixty where an audit is needed, and the buyer is released if the state misses it. https://searchspheresource.com/guides/states/new-mexico Read 2026-09-04 at https://www.tax.newmexico.gov/all-nm-taxes/compliance/ - Oklahoma (Okla. Admin. Code section 710:65-9-4): The state will not issue the successor a sales tax permit to carry on the business until the seller's liability is paid or an arrangement to pay it is made, so the exposure here is being unable to operate rather than a sum that follows the buyer home. Released by: sales tax permit itself, issued once the seller's liability is settled. https://searchspheresource.com/guides/states/oklahoma Read 2026-09-04 at https://oklahoma.gov/content/dam/ok/en/tax/documents/resources/rules-and-policies/agency-rules/Chapter65-2022.pdf - Oregon (ORS 317A.146): Oregon runs no general sales tax and the rule sits in the Corporate Activity Tax: the successor is liable for the full amount and may withhold from the price until the department evidences payment, and written notice of the acquisition starts an eighteen-month clock after which the successor is not liable. Released by: department's receipt, or eighteen months' silence after the buyer's written notice of the acquisition. https://searchspheresource.com/guides/states/oregon Read 2026-09-04 at https://www.oregonlegislature.gov/bills_laws/ors/ors317A.html - Utah (Utah Code section 59-12-112): The tax is a lien on the property of a seller who sells the business or stock of goods, and the successor withholds enough of the purchase money until the former owner produces a receipt or a certificate; a purchaser who does not is personally liable once the thirty days pass. Released by: commission's receipt, or a certificate that no tax is due. https://searchspheresource.com/guides/states/utah Read 2026-09-04 at https://le.utah.gov/xcode/Title59/Chapter12/59-12-S112.html - West Virginia (W. Va. Code section 11-10-11(f)): The successor is personally liable once the seller's thirty days to pay expire, unless the purchase was at arm's length and the buyer withheld enough of the consideration until the seller produced the Tax Commissioner's receipt; what is owed is a lien on the successor's property. Released by: Tax Commissioner's receipt, or a Letter of Good Standing. https://searchspheresource.com/guides/states/west-virginia Read 2026-09-04 at https://code.wvlegislature.gov/11-10-11/ - Washington, D.C. (D.C. Code section 47-4461): The purchaser in a bulk sale notifies the Mayor by registered or certified mail at least fifteen days before taking possession or paying, whether or not the seller has said that any tax is owed; without that notice the consideration carries a first priority right and lien for the seller's taxes and may not be paid over, and what the purchaser can lose is capped at the fair market value of the assets transferred. Released by: Mayor's answer to the notice of bulk sale, reporting that no claim for tax exists. https://searchspheresource.com/guides/states/washington-dc Read 2026-09-04 at https://code.dccouncil.gov/us/dc/council/code/sections/47-4461 - Delaware (30 Del. C. section 560): Delaware asks a buyer for nothing at closing, with no bulk sale notice, no escrow and no clearance condition anywhere in its revenue title; a transferee's liability for the seller's tax is assessed, paid and collected in the same manner and under the same limitations as the tax itself, with one extra year in which to assess an initial transferee, and the Certificate of Tax Clearance the Division of Revenue does issue covers corporate and personal income taxes rather than this. No document releases the buyer, because the state asks for nothing. https://searchspheresource.com/guides/states/delaware Read 2026-09-04 at https://delcode.delaware.gov/title30/c005/sc04/index.html - Hawaii (HRS section 237-43): The purchaser in a bulk sale withholds payment of the purchase price until the department certifies that every tax, penalty and interest levied against the seller has been paid, and the sale is reported within ten days after possession, control or title passes; the purchaser is personally liable up to the purchase price where the report is not made or the tax is still unpaid twenty days after the sale. Released by: department's bulk sale certificate, reported on Form G-8A, which the statute makes a complete defense to the liability. https://searchspheresource.com/guides/states/hawaii Read 2026-09-04 at https://data.capitol.hawaii.gov/sessions/session2017/HRS-Chapter-PDF%27s/HRS_0237.pdf - Idaho (Idaho Code section 63-3628): The buyer of a business or stock of goods makes inquiry of the state tax commission and withholds from the purchase price any tax that may be due until the seller produces a receipt stating that no amount is due, and a buyer that does not withhold is personally liable to the extent of the purchase price; the commission failing to issue its statement within sixty days releases the buyer from withholding at all. Released by: seller's receipt stating that no amount is due, or the commission's written statement of the amount owed, due in thirty days and in any event sixty. https://searchspheresource.com/guides/states/idaho Read 2026-09-04 at https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH36/SECT63-3628/ - Maine (36 M.R.S. section 177(6)): A successor to a business that owed Maine trust fund taxes withholds enough of the purchase money to cover those taxes, interest and penalties until the former owner produces the State Tax Assessor's receipt showing payment or a certificate that nothing is due; a purchaser who does not withhold is jointly and severally liable up to the purchase price and can be assessed for six years after the sale. Released by: State Tax Assessor's receipt showing the taxes are paid, or a certificate that no trust fund taxes, interest or penalties are due. https://searchspheresource.com/guides/states/maine Read 2026-09-04 at https://www.mainelegislature.org/legis/statutes/36/title36sec177.html - Montana (15-68-808, MCA): A successor is liable for the full amount of the tax and withholds from the sales price enough to pay it until the seller produces the department's receipt or a statement that none is due, and written notice of the acquisition clears the successor if no assessment against the former operator issues within six months; the rule sits in Montana's selective sales tax, which reaches accommodations and rental vehicles rather than every business. Released by: Department of Revenue's receipt showing payment in full, its statement that tax is not due, or six months' silence after the buyer's written notice. https://searchspheresource.com/guides/states/montana Read 2026-09-04 at https://leg.mt.gov/bills/mca/title_0150/chapter_0680/part_0080/section_0080/0150-0680-0080-0080.html - New Hampshire (RSA 21-J:38): New Hampshire asks a buyer for nothing at closing, publishes no clearance instrument, and writes the protection into the statute itself: a transferee is liable for the seller's tax only where the transfer was without adequate consideration, would render the seller insolvent, or would leave the seller without enough property in the state to cover the liability. No document releases the buyer, because the state asks for nothing. https://searchspheresource.com/guides/states/new-hampshire Read 2026-09-04 at https://www.gencourt.state.nh.us/rsa/html/I/21-J/21-J-38.htm - Rhode Island (R.I. Gen. Laws section 44-19-22): A taxpayer selling the major part in value of its assets outside the ordinary course notifies the tax administrator at least five days beforehand of the price, the terms and the character and location of the assets, by requesting a letter of good standing, and files every return and pays every tax due at that time; a sale made without that notice is fraudulent and void as against the state. Released by: letter of good standing from the tax division. https://searchspheresource.com/guides/states/rhode-island Read 2026-09-04 at https://webserver.rilegislature.gov/Statutes/TITLE44/44-19/44-19-22.htm - Vermont (32 V.S.A. section 3260): The transferee in a bulk transfer of a business whose owner collects Vermont trust taxes notifies the Commissioner in writing at least ten days before taking possession or before payment, whichever is earlier, whether or not either side believes any tax is owed; without that notice the consideration carries a first priority right and lien for the transferor's taxes, may not be paid over, and the transferee is personally liable. Released by: Department of Taxes' Notice of Escrow, which the department also calls a tax certificate or clearance. https://searchspheresource.com/guides/states/vermont Read 2026-09-04 at https://legislature.vermont.gov/statutes/section/32/103/03260 - Wyoming (W.S. 39-15-107(b)(vi)): A vendor that discontinues its business or sells its stock of goods files a final return and pays within thirty days, and the successor in business withholds from the purchase price an amount equal to any tax, penalty or interest due until the former owner produces the department's receipt showing that everything due has been paid or a certificate that no taxes are due; a successor that does not withhold is liable for the amount. Released by: Department of Revenue's receipt showing all amounts due are paid, or a certificate that no taxes are due. https://searchspheresource.com/guides/states/wyoming Read 2026-09-04 at https://www.wyoleg.gov/statutes/compress/title39.pdf Every state guide carries its own: https://searchspheresource.com/guides/states ## How Many Businesses Exist and How Often They Sell, by Industry From Census County Business Patterns (2023) joined to the SBA acquisition file. The buyable band is establishments with 5 to 99 employees, big enough to have something to sell and small enough to finance; below five is a job, above a hundred the price has left SBA range. Turnover is SBA-financed changes of ownership per 1,000 buyable businesses per year. It is a LOWER BOUND on how often a business actually sells: cash, seller-financed, and conventional-bank deals are all absent, and not evenly across industries. Read it between industries, never as a level. Most-traded of the covered industries: Lessors of Miniwarehouses and Self-Storage Units (26.08/1k); Coin-Operated Laundries and Drycleaners (13.89/1k); Sign Manufacturing (7.63/1k); Drycleaning and Laundry Services (except Coin-Operated) (6.77/1k); Beer, Wine, and Liquor Stores (6.5/1k); Funeral Homes and Funeral Services (5.31/1k). Least-traded of the covered industries: Offices of Optometrists (0.68/1k); Offices of Dentists (0.68/1k); Child Day Care Services (0.69/1k); Pharmacies and Drug Stores (0.91/1k); Snack and Nonalcoholic Beverage Bars (1.14/1k); Services for the Elderly and Persons with Disabilities (1.27/1k). Every covered industry with its establishment count, buyable share, median loan, and pay per employee: https://searchspheresource.com/data/market-depth ## New Business Formation by Sector (U.S. Census Bureau, Business Formation Statistics, trailing twelve months to 2026-06) High-propensity applications are the ones Census expects to become employers; the total counts every application including sole proprietorships that never hire. Across all industries: 1,724,316 high-propensity of 6,020,322 total, up 2.3% year over year. - Accommodation & food service: 320,377 high-propensity of 320,377 total, up 13.9% year over year. - Construction: 274,185 high-propensity of 543,434 total, up 3% year over year. - Health care & social assistance: 261,423 high-propensity of 381,637 total, up 11.1% year over year. - Retail trade: 233,365 high-propensity of 1,185,780 total, up 3.2% year over year. - Professional & technical services: 199,246 high-propensity of 869,320 total, up 10% year over year. - Transportation & warehousing: 66,730 high-propensity of 388,036 total, down 18.8% year over year. - Other services (repair, personal care): 64,365 high-propensity of 497,941 total, down 17.9% year over year. - Admin & support services: 59,262 high-propensity of 415,453 total, down 10.5% year over year. - Finance & insurance: 52,005 high-propensity of 230,807 total, down 22.7% year over year. - Real estate & rental: 32,433 high-propensity of 299,361 total, down 0.3% year over year. - Manufacturing: 28,442 high-propensity of 81,718 total, down 17.6% year over year. - Wholesale trade: 27,686 high-propensity of 110,980 total, down 18.6% year over year. - Arts, entertainment & recreation: 21,511 high-propensity of 176,139 total, down 7.8% year over year. - Information: 19,076 high-propensity of 128,898 total, down 5.3% year over year. - Educational services: 13,631 high-propensity of 93,505 total, down 10.5% year over year. Read against the source at https://www.census.gov/econ/bfs/index.html. Full table: https://searchspheresource.com/data/business-formation. ## What Financed Deals Ran, by Industry (FY2020 through FY2025) Median SBA 7(a) change-of-ownership loan by industry, from the loan-level FOIA file. A median LOAN is not a median PRICE: the buyer's equity and any seller note sit on top of it, so read it as what lenders advanced on a typical deal, not what the business sold for. By industry (median loan; deals financed): Full-Service Restaurants $427,600 (1971); Limited-Service Restaurants $370,000 (1568); Beer, Wine, and Liquor Retailers $742,500 (1301); Gasoline Stations with Convenience Stores $1,412,300 (1063); General Automotive Repair $592,850 (798); Plumbing, Heating, and Air-Conditioning Contractors $735,000 (707); Insurance Agencies and Brokerages $760,500 (648); Landscaping Services $500,000 (588); Offices of Certified Public Accountants $500,000 (458); Fitness and Recreational Sports Centers $303,750 (408); Snack and Nonalcoholic Beverage Bars $350,000 (387); Pharmacies and Drug Retailers $1,100,000 (352); Offices of Dentists $740,800 (345); Assisted Living Facilities for the Elderly $1,063,700 (340); Janitorial Services $400,000 (312); Electrical Contractors and Other Wiring Installation Contractors $801,250 (300); Beauty Salons $270,000 (297); Pet Care (except Veterinary) Services $473,000 (288); Car Washes $1,231,900 (280); Funeral Homes and Funeral Services $1,270,800 (243); Lessors of Miniwarehouses and Self-Storage Units $1,107,500 (238); Coin-Operated Laundries and Drycleaners $499,250 (218); Drycleaning and Laundry Services (except Coin-Operated) $422,000 (215); Child Day Care Services $701,500 (214); Automotive Body, Paint, and Interior Repair and Maintenance $655,000 (213); Services for the Elderly and Persons with Disabilities $501,000 (175); Roofing Contractors $957,000 (147); Florists $216,000 (139); Veterinary Services $802,300 (138); Painting and Wall Covering Contractors $431,350 (126); Sign Manufacturing $575,000 (124); Offices of Physical, Occupational and Speech Therapists, and Audiologists $355,000 (119); Exterminating and Pest Control Services $402,500 (72); Used Household and Office Goods Moving $759,400 (57); Offices of Optometrists $456,300 (48). Per-industry comps with the cited multiple band and the charge-off rate beside them: https://searchspheresource.com/tools/underwrite ## What Labor Costs, by Industry (Census 2023) Pay per employee is total annual payroll divided by total headcount, and it is NOT a salary: it mixes full-time with part-time, the owner on payroll with the newest hire, and Census payroll excludes what a sole proprietor draws rather than pays themselves, which pulls it down in exactly the owner-operator trades a searcher looks at. Use it to check a seller's payroll line for plausibility, never as a number to put in a model. By industry (pay per employee; average staff per business): Offices of Certified Public Accountants $100,691 (11/biz); Insurance Agencies and Brokerages $90,831 (6.1/biz); Electrical Contractors and Other Wiring Installation Contractors $76,545 (12.2/biz); Plumbing, Heating, and Air-Conditioning Contractors $73,693 (10.9/biz); Roofing Contractors $70,552 (8.4/biz); Offices of Dentists $60,718 (7.6/biz); Sign Manufacturing $58,525 (12.9/biz); Painting and Wall Covering Contractors $55,165 (5.4/biz); Exterminating and Pest Control Services $53,466 (8.4/biz); General Automotive Repair $53,031 (4.8/biz); Landscaping Services $51,286 (6.8/biz); Offices of Optometrists $48,910 (6.6/biz); Used Household and Office Goods Moving $45,637 (10.9/biz); Pharmacies and Drug Stores $44,477 (16.5/biz); Funeral Homes and Funeral Services $43,650 (7.1/biz); Lessors of Miniwarehouses and Self-Storage Units $40,550 (2.6/biz); Janitorial Services $30,089 (16.1/biz); Child Day Care Services $29,695 (12.7/biz); Car Washes $29,378 (8.7/biz); Services for the Elderly and Persons with Disabilities $29,098 (37.9/biz); Drycleaning and Laundry Services (except Coin-Operated) $28,922 (5.9/biz); Beer, Wine, and Liquor Stores $28,143 (5.3/biz); Pet Care (except Veterinary) Services $28,047 (6.9/biz); Full-Service Restaurants $28,018 (20.8/biz); Gasoline Stations with Convenience Stores $27,951 (8.8/biz); Coin-Operated Laundries and Drycleaners $26,359 (3.8/biz); Snack and Nonalcoholic Beverage Bars $21,205 (11.6/biz); Limited-Service Restaurants $20,857 (18.4/biz); Fitness and Recreational Sports Centers $19,070 (17/biz). Full table with payroll per business: https://searchspheresource.com/data/industry-economics ## Industry Jobs, Growth & Pay (BLS CES, June 2026) National employment, year-over-year change, and average weekly pay for the detailed industries a searcher hunts in, from the BLS Current Employment Statistics. Weekly pay is the average across every role in the industry, not the wage for one job, so use it to compare trades and to sanity-check a seller's payroll line, not to budget a single hire. Each row is a distinct detailed industry, so the figures do not double-count. By industry (jobs in thousands; year-over-year; average weekly pay): Food services & drinking places 12,346.7k (+1%, $548/wk); Specialty trade contractors 5,261.6k (+0.6%, $1,549/wk); Nursing & residential care facilities 3,494.8k (+2.2%, $900/wk); Offices of physicians 3,053.7k (+1.8%, $1,760/wk); Truck transportation 1,466.6k (-1.1%, $1,365/wk); Building material & garden supply stores 1,352.8k (-1.9%, $721/wk); Child day care services 1,104.6k (+0.6%, $687/wk); Janitorial services 1,082.2k (+1%, $647/wk); Offices of dentists 1,063.2k (+1.5%, $1,183/wk); Automotive repair & maintenance 1,032.2k (-0.9%, $1,102/wk); Landscaping services 917.4k (+0.4%, $1,129/wk); Fitness & recreational sports centers 691.8k (+1.4%, $465/wk); Automotive parts & tire stores 604.6k (+1%, $998/wk); Veterinary services 482.5k (+2%, $1,109/wk); Drycleaning & laundry services 258.2k (-1.1%, $814/wk); Death care services 140.4k (+4.2%, $889/wk). Full table, sortable, each trade linked to its guide: https://searchspheresource.com/data/industry-economics#employment-and-weekly-pay. ## Small-Business Operating Margins by Industry (IRS Schedule C aggregates, TY2023) Net income over business receipts for U.S. nonfarm sole proprietorships. Schedule C net income is earnings BEFORE any owner salary (sole proprietors cannot pay themselves W-2 wages), so these ratios are the closest public analog to an SDE margin. Two figures per industry: across ALL filers (includes side gigs and loss-makers, understates a real business) and across PROFITABLE filers only (excludes failures, overstates the typical). A buyable business usually sits between them. - All industries (the national baseline): 18.3% all filers, 31.4% profitable-only, payroll 8.5% of receipts (31,125,909 returns). - Specialty trade contractors: 15.7% all filers, 21.2% profitable-only, payroll 11.1% of receipts (2,521,516 returns). Caveat: One line covers all the trades; HVAC, plumbing, electrical, roofing, and painting sit inside it together. Trade guide: https://searchspheresource.com/guides/buying-an-hvac-business. - Restaurants and drinking places: 3.4% all filers, 13.6% profitable-only, payroll 18.8% of receipts (653,372 returns). Caveat: The widest gap between the two margins on the page: restaurant losses are real and common, and the all-filers figure carries them. Trade guide: https://searchspheresource.com/guides/buying-a-restaurant. - Auto repair and maintenance: 8.0% all filers, 18.7% profitable-only, payroll 10.5% of receipts (465,852 returns). Trade guide: https://searchspheresource.com/guides/buying-an-auto-repair-shop. - Offices of dentists: 27.1% all filers, 32.3% profitable-only, payroll 25.6% of receipts (56,157 returns). Trade guide: https://searchspheresource.com/guides/buying-a-dental-practice. - Home health care services: 12.7% all filers, 40.6% profitable-only, payroll 17.6% of receipts (478,730 returns). Caveat: Dominated by solo caregivers; an agency with a real roster runs a heavier payroll line than this aggregate shows. Trade guide: https://searchspheresource.com/guides/buying-a-home-care-agency. - Insurance agencies and brokerages: 36.1% all filers, 46.1% profitable-only, payroll 7.5% of receipts (313,543 returns). Trade guide: https://searchspheresource.com/guides/buying-an-insurance-agency. - Accounting services (CPA and other): 40.7% all filers, 53.8% profitable-only, payroll 9.6% of receipts (361,556 returns). Trade guide: https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice. - Computer systems design services: 37.0% all filers, 51.2% profitable-only, payroll 12.1% of receipts (318,183 returns). Caveat: The line holds solo consultants alongside managed-service firms; an MSP with contracts and a bench runs lower margins on higher revenue quality. Trade guide: https://searchspheresource.com/guides/buying-an-msp. - Personal and laundry services: 24.4% all filers, 42.7% profitable-only, payroll 6.4% of receipts (2,957,905 returns). Caveat: Mostly salons, barbers, and beauty services by count; a coin-operated laundromat's economics sit inside this line but are not typical of it. - Truck transportation: 10.1% all filers, 18.0% profitable-only, payroll 5.2% of receipts (837,211 returns). Caveat: Owner-operators with one truck dominate the count; fleet economics differ. - Legal services: 43.8% all filers, 49.5% profitable-only, payroll 10.4% of receipts (316,370 returns). - Real estate agents, brokers, and property managers: 35.0% all filers, 48.6% profitable-only, payroll 3.7% of receipts (1,046,471 returns). Caveat: Dominated by commission agents with near-zero cost structures; do not read this as a property-management company's margin. Source: IRS SOI, Nonfarm Sole Proprietorship Returns, Table 1 (TY2023) (https://www.irs.gov/statistics/soi-tax-stats-nonfarm-sole-proprietorship-statistics). Full table: https://searchspheresource.com/data/industry-economics. ## What the Verified Shelves Add Up To Readings derived across whole shelves, each answering the question a reader opens that shelf with and none of them answerable by reading the rows one at a time. The rows themselves are further down, one section per shelf. SBA Preferred Lender status is delegated authority: the bank approves the 7(a) itself instead of sending the file to the agency for a second underwrite, which is the published fact that most moves a borrower's calendar. Of the 55 lenders on this site, 41 say on their own pages that they hold it, 13 were read past their product page and do not say it, and 1 have not been read for it. That last number is our silence rather than theirs. The shelf, row by row: https://searchspheresource.com/tools/lender-match. Where each capital firm sits in a round, which decides the order of a searcher's calls because a raise cannot be filled until somebody prices it. Leads or anchors: Relay Investments, Housatonic Partners, Istria Capital, Novastone Capital Advisors, WAD Capital, SMEVentures. Either, depending on the deal: Trilogy Search Partners, The Cambria Group, M2O, CapitalPad. Joins a round somebody else prices: Endurance Search Partners, Applied Equity (formerly Bradford Brown), Liberty Search Ventures, Plexus Capital. And 29 of the 43 say nothing about it on their own pages, which is the finding rather than a gap: every firm was read for it on 2026-08-26. The shelf, row by row: https://searchspheresource.com/tools/investor-match. Whether each capital firm will back somebody running a company for the first time, which is the gate most first-time buyers are on the wrong side of. Says it does: Endurance Search Partners, Housatonic Partners, TTCER Partners, Istria Capital, GT Entrepreneurs, SMEVentures, New Majority Capital. States a bar to clear, usually having owned a profit and loss: American Operator, Novastone Capital Advisors, Brydon Group, Sleeping Giant Capital, WAD Capital, ETA Funding Partners. The remaining 30 do not say, and every one of those was read on its own pages on 2026-08-28 to establish it, so the silence is the market's rather than an unfinished review; four of them publish something that reads like a gate and is not one, a demand for a track record of achievement, a description of the typical searcher's prior field, or a disclaimer that background matters at all. The lane mostly predicts this, with two exceptions worth knowing: one employed program installs first-time operators on purpose, and one self-funded backer asks for the experience anyway. The shelf, row by row: https://searchspheresource.com/tools/investor-match. What each capital firm asks a searcher to have before it will take a first call, which is the question that decides whether a searcher is wasting the call. 28 of the 43 answer it, in 10 different kinds of answer, so this does not reduce to a filter: a signed letter of intent; a written document, before anything is funded; an industry thesis you arrive holding; a team of a stated shape; operating experience of a named kind; an introduction from an investor it knows; its own program or cohort first; a form that asks rather than requires; an open invitation with no condition named; nothing at all, said out loud. The firms that answer: Trilogy Search Partners, Endurance Search Partners, Relay Investments, Miramar Equity Partners, Applied Equity (formerly Bradford Brown), Liberty Search Ventures, Istria Capital, GT Entrepreneurs, Search Fund Accelerator, Ambit Partners, Footbridge Partners, Smash.vc, Hunter Search Capital, Northspring Partners, Novidam, American Operator, NextGen Growth Partners, Novastone Capital Advisors, Brydon Group, Sleeping Giant Capital, WAD Capital, SMEVentures, Teamshares, CapitalPad, Entrepreneurial Capital, ETA Funding Partners, New Majority Capital, Westerly Group. The remaining 15 were read on their own pages and ask for nothing, so every firm on this shelf has been read for this field. The shelf, row by row: https://searchspheresource.com/tools/investor-match. How long a searcher gets before the money runs out, and what each capital firm does when it does. Roughly half of traditional searchers never acquire a company, which one firm on this shelf states on its own page, so this is the outcome a large minority of searchers actually reach. Of the 43 firms here, 4 publish a clock and 1 publishes what happens when it stops. The clocks that are published cluster at 24 months, with one residency at 18 to 24 and one search budget covering up to two years. The one firm that states an ending says it reevaluates with the searcher at 18 to 24 months without a close, whether to continue or to conclude the search together. Every firm was read for this on 2026-08-28, front doors and searcher-facing pages, three of them rendered because they refuse a plain fetch, so the 39 silences are the market's rather than an unfinished review. A duration is cheap to state and a wind-down is a negotiation nobody wants in writing, which is the shape of the gap. The shelf, row by row: https://searchspheresource.com/tools/investor-match. The smallest loan each lender will make, which is the fact a buyer at the bottom of the range needs and which almost none of them publishes. Of the 55 lenders here, 11 state a floor on their own pages and 43 were read past their product page and give none. NOT ONE published floor is above $500,000, so on published evidence no lender here turns away a loan at the size this site's readers borrow. Where a floor bites is lower: Beacon Bank & Trust (44 Business Capital) at $500,000, T Bank at $500,000, Byline Bank at $350,000, Ready Capital at $350,000, Celtic Bank at $350,000, United Midwest Savings Bank at $150,000, Old National Bank at $15,000, Pursuit at $10,000, Newtek Bank at $5,000, M&T Bank at $5,000, Columbia Bank at $5,000. Three of those also publish the lane they route a smaller borrower into. A silence here is not a yes, so this cannot be filtered on. The shelf, row by row: https://searchspheresource.com/tools/lender-match. Whether a brokerage tells a buyer they are the right size, across the 20 read: 7 publish a band a buyer can check themselves against, 6 publish a size a buyer cannot use (two bands with different floors, three bands on two measures, or a floor that governs an advisory arm while the brokerage arm beside it publishes nothing), 3 publish no size anywhere, and 4 are trade bodies that sell nothing themselves. Where a band exists it is quoted in annual revenue, gross sales, market value, stated business value, transaction value or EBITDA, which are not the same number, so this site grades the disclosure and does not carry a range. The shelf, row by row: https://searchspheresource.com/tools/broker-match. Whether searchers get out, across the 131 acquisitions this site has verified: 31 have a published liquidity event and 100 are still running under the people who bought them. 24 were outright sales, 2 were majority sales where the searcher reinvested and stayed on, and 5 were recapitalizations that returned capital without changing who runs the company. 16 of the outright sales name both years: the middle one came 4 years after the purchase, the quickest at 1 and the longest at 10. That is a census of what gets published and not a sample of what happens, because a searcher who bought and quietly still owns is easier to leave out of a record like this than one who sold to a buyer with a name. The record, deal by deal: https://searchspheresource.com/data/search-acquisitions. What searchers actually buy, across the same 131 acquisitions: 45 software, 18 healthcare, 39 services, 29 physical operations. Physical operations means the revenue depends on crews, vehicles, plant or inventory rather than on people at desks or on code. 12 sit in a trade this site writes a buy guide for, and that gap is not the one it looks like: searchers do buy physical businesses, they mostly do not buy the home services and Main Street trades a self-funded buyer competes for, and those are the hardest purchases in the world to verify because neither side announces them. The record, deal by deal: https://searchspheresource.com/data/search-acquisitions. Who is behind those deals, counted from the backers each row cites: Search Fund Partners (57), Pacific Lake Partners (36), Futaleufu Partners (31), WSC & Company (27), Endurance Search Partners (24), Anacapa Partners (23), Hunter Search Capital (16), Peterson Partners (14), Trilogy Search Partners (14), Aspect Investors (11), Miramar Equity Partners (8), Housatonic Partners (7), Footbridge Partners (6), Relay Investments (5), Northspring Partners (4), ETA Equity (2), Von Zeo Capital (2), Applied Equity (1), Blue Frame Capital Partners (1). A deal can name more than one, and the largest names here are the firms that publish a portfolio rather than the firms that back the most searchers. What each standing program recruits on, which decides whether a reader should spend an afternoon on the application. Campus, meaning the stated gate is a degree or enrollment: Alpine Investors: CEO-in-Training; Search Fund Accelerator: SFA Cohort; Evergreen Services Group: Executive Program; Search Fund Accelerator: MBA Summer Internship; Relay Investments: Summer Internship Program; NextGen Growth Partners: MBA Associate Internship; GT Entrepreneurs: Private Equity Analyst Intern; The Brydon Group: MBA Fellow. Operating experience: Brydon Group: CEO-in-Residence Cohort; Novastone Capital Advisors: Searcher Program; Kingsway: Search Xcelerator; SMEVentures: Search with SMEVentures; WAD Capital: CEO-in-Residence Cohort; Sleeping Giant Capital: CEO-in-Residence Program; NextGen Growth Partners: CEO-in-Residence; American Operator: Operator Placement; FP Partners: CEO-in-Residence; SIG Partners: CEO-in-Residence; Acquisition Lab: Entrepreneur-In-Residence Program; Thesis Capital: Searcher & CEO-in-Residence; Alpine Investors: CEO-in-Residence; Guideboat Capital Partners: CEO-in-Residence Program; Obran Cooperative: Social CEO. States that neither is what it weighs: Chenmark: GVP/GA Program. And 3 publish no profile at all, which is not the same as being open to anyone: Teamshares: Presidents Program; New Majority Capital: bETA Accelerator; Promise Partners: Flights. The board, row by row: https://searchspheresource.com/jobs. ## What a Complete SBA 7(a) Loan File Contains Every lender asks for roughly this set; the borrower who sends it complete on day one reads as organized. Lenders add their own forms on top. - Three years of the target's business tax returns, plus interim financials current within about 60 days - Three years of your personal tax returns - SBA Form 413, the personal financial statement, reconciling with your bank statements - SBA Form 1919, the borrower information form, answered completely the first time - The signed LOI or purchase agreement, with price and structure the file's numbers match - Proof of the equity injection with its seasoning: statements showing where the cash sits and has sat - Projections with stated assumptions, built from verified earnings rather than the CIM - A sources and uses table: what the deal costs all-in and who funds each piece - A resume or one-page background making the case you can run this specific business - Your acquisition entity's formation documents and EIN, once formed - A term life application started early: the lender assigns the policy as collateral, full underwriting runs weeks rather than days, and many lenders will not fund without the assignment in hand Checklist, the decline triage, and glossary links: https://searchspheresource.com/tools/loan-file. ## The First Owner Call: What to Ask The goal of a first call with an owner is not price and not a deal: it is whether this owner would ever sell to someone like you. No question below asks for a price, which is the method. - "How did you come to own the business?" (The easiest opener there is, and the answer usually volunteers age, tenure, and how they feel about the place.) - "Where does the work come from these days?" (Customer mix and concentration, without an interrogation; note it against the screener's concentration check.) - "Who runs things when you take a week off?" (Owner dependence in one question; a laugh instead of a name is an answer too.) - "What does a strong month look like versus a weak one?" (Seasonality and rough scale; often surfaces revenue and margin shape before any document does.) - "What would you want to see happen with the business in the next few years?" (The timeline question asked as their plans, not your pipeline; 'my kids aren't interested' is the sentence searches are built on.) - "Would it be useful if I shared a bit about how I'd approach ownership?" (Permission to make your case; if yes, keep it to continuity and stewardship, not structure.) Full prep sheet with goals and don'ts: https://searchspheresource.com/templates/screen-and-value. ## Outreach Templates (42 emails and letters) Copy-ready templates across the arc of a search, each with the fill-ins marked, one page per stage: - Learning From Owners (https://searchspheresource.com/templates/decide): Informational Call With an Owner; Note to Someone Who Has Already Bought; Asking to Shadow for a Day. - Testing the Thesis (https://searchspheresource.com/templates/define-your-thesis): Trade Association Economics Ask; What You Wish You Had Known; Supplier Read on the Trade. - First Contact (https://searchspheresource.com/templates/screen-and-value): Accountant or Banker Introduction; Broker Introduction; Listing Inquiry; Owner-Direct Outreach; Broker Check-In. - Working the Thread (https://searchspheresource.com/templates/screen-and-value): Owner Follow-Up; Owner Call Recap; Searcher Reference Request; Post-NDA Information Request. - Financing & Investors (https://searchspheresource.com/templates/setup-and-funding): Lender Quote Request; Search Fund Raise Introduction; Equity-Gap Investor Introduction; Investor Decline, Door Open; Commitment Confirmation; Investor Update; Second Lender Terms Request; Lender Package Cover. - Papering the Deal (https://searchspheresource.com/templates/diligence-and-financing): LOI Cover Note; Franchisor Approval Introduction; Data Room Invitation; Attorney Engagement Inquiry; QoE Engagement Inquiry; Diligence Kickoff Note; Landlord Assignment Introduction; Repricing After Diligence; Insurance Binder Request. - Goodbyes That Keep Doors Open (https://searchspheresource.com/templates/screen-and-value): Broker Pass, With Feedback; Walking Away, Gracefully; Owner Pass, Door Open. - After the Close (https://searchspheresource.com/templates/operate): Day One Employee Announcement; Customer Introduction Letter; Supplier Terms Confirmation; First Lender Update After Close. - Selling Your Own Business (https://searchspheresource.com/templates/sell-the-business): Asking a Broker What It Would List For; Reply to an Unsolicited Buyer; Countering on Terms, Not Price. ## Printable Worksheets (17 files) Blank formats a loan file or a closing actually uses, each beside the tool that computes it, at https://searchspheresource.com/tools/downloads: - Deal Box Worksheet (CSV): Twelve criteria with target and walk-away columns, for writing a thesis you can actually screen against. File: https://searchspheresource.com/downloads/deal-box-worksheet.csv - Searcher Pitch Outline (CSV): Ten pages, each with its purpose, what belongs on it, and what sinks it: the raise deck as investors actually read it. File: https://searchspheresource.com/downloads/searcher-pitch-outline.csv - Search Raise Checklist (CSV): Twelve items committed investors will ask for, what each one is really checking, and when it has to be ready. File: https://searchspheresource.com/downloads/raise-checklist.csv - CIM & Document Analysis Worksheet (CSV): Eleven CIM claims, the document that proves each, the analysis to run, and the red flag that kills each one. File: https://searchspheresource.com/downloads/cim-document-analysis.csv - Due Diligence Checklist (PDF): The six diligence workstreams as a printable one-page checklist with checkboxes, to work through and mark off. File: https://searchspheresource.com/downloads/due-diligence-checklist.pdf - Due Diligence Checklist (CSV): The same six-workstream checklist as a spreadsheet, one row per item, to sort, assign, and status as you go. File: https://searchspheresource.com/downloads/due-diligence-checklist.csv - Document Request List (CSV): The standard post-LOI document request list to send a seller, grouped by section and ready to send as is. File: https://searchspheresource.com/downloads/document-request-list.csv - Data Room Structure (CSV): Seven folders, forty-plus documents, who provides each and when it lands, built before the first request chases it. File: https://searchspheresource.com/downloads/data-room-structure.csv - Personal Financial Statement Worksheet (CSV): The lines of SBA Form 413, filled in private before any lender hands it to you, with the reconciliation traps noted. File: https://searchspheresource.com/downloads/personal-financial-statement-worksheet.csv - Borrower Information Worksheet (SBA Form 1919): Every question on SBA Form 1919 in order, with what each one decides, so nothing surprises your lender after diligence. File: https://searchspheresource.com/downloads/borrower-information-1919-worksheet.csv - Management Case Worksheet: The experience case an underwriter reads: each job the business needs doing, who does it after closing, and what closes a gap. File: https://searchspheresource.com/downloads/management-case-worksheet.csv - Sources & Uses Worksheet (CSV): Every line a lender expects on both sides, with the injection test underneath and the rules for what counts. File: https://searchspheresource.com/downloads/sources-and-uses-worksheet.csv - Funds-Flow Worksheet (CSV): Every wire on closing day, in order, with a verified-by-phone column, because spoofed instructions are how down payments vanish. File: https://searchspheresource.com/downloads/funds-flow-worksheet.csv - Financial Projection Template (CSV): A lender-shaped three-year financial projection skeleton, structured the way a loan package presents it. File: https://searchspheresource.com/downloads/projection-template.csv - 90-Day Syllabus Checklist (CSV): The full curriculum on paper: every step with its phase, what it asks of you, why it sits there, and a Done column. File: https://searchspheresource.com/downloads/90-day-syllabus-checklist.csv - First SOPs Worksheet (CSV): The ten processes a new owner documents first, one row each with who runs it today, why it is fragile, and room for the steps. File: https://searchspheresource.com/downloads/first-sops-worksheet.csv - First 100 Days Checklist (CSV): The transition phase by phase, from before day one to day 100, with a Done column so it works on paper. File: https://searchspheresource.com/downloads/first-100-days-checklist.csv ## What Sells Where, by SBA Acquisition Financing (FY2020 through FY2025) Which businesses change hands, counted by SBA 7(a) change-of-ownership loans. These are LOANS, not listings or total sales: cash deals, seller-financed deals, and conventional financing leave no mark here, so it is what a first-time buyer finances with an SBA loan, not everything that sold. Most-financed industries: Full-Service Restaurants (1971); Hotels (except Casino Hotels) and Motels (1611); Limited-Service Restaurants (1550); Beer, Wine, and Liquor Retailers (1040); Gasoline Stations with Convenience Stores (896); General Automotive Repair (591); Plumbing, Heating, and Air-Conditioning Contractors (476); All Other Specialty Trade Contractors (436). - Full-Service Restaurants concentrates in: California (286, https://searchspheresource.com/data/acquisition-lending/california), Texas (176, https://searchspheresource.com/data/acquisition-lending/texas), Florida (137, https://searchspheresource.com/data/acquisition-lending/florida). Trade guide: https://searchspheresource.com/guides/buying-a-restaurant. - Hotels (except Casino Hotels) and Motels concentrates in: Texas (168, https://searchspheresource.com/data/acquisition-lending/texas), Ohio (115, https://searchspheresource.com/data/acquisition-lending/ohio), California (114, https://searchspheresource.com/data/acquisition-lending/california). - Limited-Service Restaurants concentrates in: California (227, https://searchspheresource.com/data/acquisition-lending/california), Washington (127, https://searchspheresource.com/data/acquisition-lending/washington), Texas (93, https://searchspheresource.com/data/acquisition-lending/texas). Trade guide: https://searchspheresource.com/guides/buying-a-restaurant. - Beer, Wine, and Liquor Retailers concentrates in: California (265, https://searchspheresource.com/data/acquisition-lending/california), Colorado (218, https://searchspheresource.com/data/acquisition-lending/colorado), Georgia (101, https://searchspheresource.com/data/acquisition-lending/georgia). Trade guide: https://searchspheresource.com/guides/buying-a-liquor-store. - Gasoline Stations with Convenience Stores concentrates in: California (206, https://searchspheresource.com/data/acquisition-lending/california), Texas (194, https://searchspheresource.com/data/acquisition-lending/texas), Washington (177, https://searchspheresource.com/data/acquisition-lending/washington). Trade guide: https://searchspheresource.com/guides/buying-a-convenience-store. Full tables, every industry and state: https://searchspheresource.com/data/where-the-businesses-are ## Ownership and License Rules, by Industry Which industries restrict who can own or operate the business. A licensed-owner or qualifier requirement is not a veto, but it decides who can buy and how the deal is built, so a plan that misses it is a plan to close a purchase the buyer cannot legally hold. - HVAC - https://searchspheresource.com/guides/buying-an-hvac-business: Most states require a licensed qualifier to hold the contractor license the business operates under. - Plumbing - https://searchspheresource.com/guides/buying-a-plumbing-business: A master plumber typically must qualify the business; the license is personal, not corporate. - Electrical - https://searchspheresource.com/guides/buying-an-electrical-contracting-business: Most states require a master electrician to pull permits and supervise work. - Pest Control - https://searchspheresource.com/guides/buying-a-pest-control-business: Applicator and certified-operator credentials are issued to individuals and do not transfer with the company. - Restoration - https://searchspheresource.com/guides/buying-a-restoration-business: Several states license mold assessment and remediation work specifically. - Moving - https://searchspheresource.com/guides/buying-a-moving-company: Interstate moves require federal operating authority; many states license intrastate movers separately. - Painting - https://searchspheresource.com/guides/buying-a-painting-business: Many states license painting above a project-value threshold and some separate residential from commercial work, but Florida went the other way and bars a local government from requiring any painting license at all. - Fencing - https://searchspheresource.com/guides/buying-a-fencing-business: Fence installation falls under general or specialty contractor licensing where a state requires it, commonly above a project-value threshold; requirements vary widely. - Sign Companies - https://searchspheresource.com/guides/buying-a-sign-company: Illuminated signs involve electrical work that needs licensing, installation often needs a contractor license, and municipal sign permits are separate and per-job. - Accounting (CPA firms) - https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice: Licensed CPA firms performing attest work must keep majority CPA ownership in nearly every state. - Dental - https://searchspheresource.com/guides/buying-a-dental-practice: Most states restrict practice ownership to licensed dentists; the license never transfers. - Veterinary - https://searchspheresource.com/guides/buying-a-veterinary-practice: Roughly eighteen states restrict or prohibit non-veterinarian ownership. - Optometry - https://searchspheresource.com/guides/buying-an-optometry-practice: A handful of states, including New York and Texas, restrict non-optometrist ownership of a practice under corporate-practice doctrines; most do not. - Urgent Care - https://searchspheresource.com/guides/buying-an-urgent-care-center: Corporate-practice-of-medicine rules in most states bar non-physician ownership of the clinical practice. - Med Spas - https://searchspheresource.com/guides/buying-a-med-spa: Corporate-practice-of-medicine rules in many states restrict non-physician ownership of medical services. - Home Care - https://searchspheresource.com/guides/buying-a-home-care-agency: States license home-care agencies; Medicaid personal care adds federal visit-verification requirements. - Childcare - https://searchspheresource.com/guides/buying-a-childcare-center: State licenses set capacity through space and staff-ratio rules; director qualifications are often license-critical. - Property Management - https://searchspheresource.com/guides/buying-a-property-management-company: Most states require a real estate broker's license to manage property for a fee, with a few exceptions. - Liquor Stores - https://searchspheresource.com/guides/buying-a-liquor-store: Sales require a state or local license; quota jurisdictions cap license counts and transfers need regulatory approval. - Pharmacy - https://searchspheresource.com/guides/buying-a-pharmacy: North Dakota alone requires majority pharmacist ownership; every state requires a licensed pharmacist-in-charge on the permit. - Funeral Homes - https://searchspheresource.com/guides/buying-a-funeral-home: Most states require a licensed funeral director of record on staff; the license is personal to the individual, not the company. - Locksmith - https://searchspheresource.com/guides/buying-a-locksmith-business: A meaningful minority of states license locksmiths, and commercial accounts often require bonding and background-checked technicians. - Handyman - https://searchspheresource.com/guides/buying-a-handyman-business: States cap unlicensed work by job size, and the caps move: California raised its ceiling from $500 to $1,000 at the start of 2026 and Florida's casual-work line is $2,500, with the licensed trades carved out at any price. - Hair Salon - https://searchspheresource.com/guides/buying-a-hair-salon: Anyone may own a salon, but the salon itself is licensed and every person performing services holds a personal credential. - Barbershop - https://searchspheresource.com/guides/buying-a-barbershop: Barbering is frequently a separate board from cosmetology, with its own shop license, its own inspection, and its own list of permitted services. - Coffee Shop - https://searchspheresource.com/guides/buying-a-coffee-shop: The premises is licensed by the food regulator, and states commonly require a certified manager plus trained employees within set deadlines. - Bakery - https://searchspheresource.com/guides/buying-a-bakery: A bakery is usually permitted as a retail food establishment, and falls to the restaurant regulator instead where it serves for immediate consumption. - Dry Cleaner - https://searchspheresource.com/guides/buying-a-dry-cleaner: No personal credential exists in the trade; the plant registers with the environmental regulator, commonly jointly with the owner of the real property. - Flower Shop - https://searchspheresource.com/guides/buying-a-flower-shop: No practitioner license gates the trade, and where a permit exists it is a per location sales permit that may not be gated behind an exam. Full table, each rule with how buyers structure around it: https://searchspheresource.com/data/license-rules ## Tools ### Learn & Choose Your Path Before you commit: is operating the role you want, and which path funds your search. - 90-Day Syllabus - https://searchspheresource.com/start: The first three months, sequenced day by day. - Path Economics - https://searchspheresource.com/tools/path-economics: Self-funded, investor-backed and employed search priced side by side on one deal, so the equity you keep and the pay you draw are comparable. - Buy vs. a Career - https://searchspheresource.com/tools/buy-vs-career: Ten years of salary and savings weighed against ten years of owning a business bought with SBA leverage, with a search that closes nothing priced in. - Intern & Job Board - https://searchspheresource.com/jobs: The standing doors into the ecosystem. - SBA Eligibility Pre-Check - https://searchspheresource.com/tools/sba-eligibility: The SBA 7(a) eligibility gates a change-of-ownership loan must clear, asked one at a time, each stated in full with its source and its common trap. - Choose Your Path - https://searchspheresource.com/tools/path-quiz: A questionnaire on cash, income, control and appetite, scored into one of four paths, with the reasons it leaned that way and where to go next. - Search Readiness - https://searchspheresource.com/tools/search-readiness: A self-check across money, time, temperament and support, with the gap to close first named for each, plus what you owe an employer you still have. - Informative Resources - https://searchspheresource.com/tools/informative-resources: The reading shelves in one place: books, podcasts and YouTube, communities, education programs, MBA ETA programs, and newsletters. - Learning Outreach Templates - https://searchspheresource.com/templates/decide: Email templates for the learning phase: asking an owner for half an hour, asking someone who has already bought, and asking to shadow a day. - Learning Tools - https://searchspheresource.com/tools/learn-tools: What the deciding stage asks a reader to answer rather than read: which path fits, what it pays, whether they can start, and who will lend. ### Define & Test Your Thesis The filter every deal must pass: your industry, geography, size, and buy-box. - Thesis Tools - https://searchspheresource.com/tools/thesis-tools: The tools that turn a thesis into decisions: which trade to hunt, whether the box it draws has anything trading in it, and the profile a broker reads. - Buyer Profile Builder - https://searchspheresource.com/tools/buyer-profile: The one-page buyer profile a broker asks for, and the screen a broker runs on it before deciding whether to answer you. - Buy Box Builder - https://searchspheresource.com/tools/buy-box: Your acquisition criteria as one pasteable paragraph, for the intake forms and marketplace alerts that will not take a one-page profile. - Search Thesis Builder - https://searchspheresource.com/tools/search-thesis: Score an industry against the factors an investor weighs, then write the paragraph that argues for it rather than merely describing it. - Compare Industries - https://searchspheresource.com/tools/compare-industries: Line up industries on the numbers that decide a thesis: typical selling multiple, SBA charge-off rate, and how many buyable-sized businesses exist. - Deal Box Depth - https://searchspheresource.com/tools/deal-box: Pick the trades and states your thesis covers, then see how many buyable businesses sit inside it, how many change hands a year, and what widening it buys. - Brokers - https://searchspheresource.com/tools/broker-match: Every reviewed business broker on one shelf, ordered by how much each firm publishes about itself, from a printed fee schedule down to nothing at all. - Thesis Outreach Templates - https://searchspheresource.com/templates/define-your-thesis: Email templates for testing a thesis: asking a trade body what the economics are, asking operators what they wish they had known, and reading suppliers. ### Set Up & Fund the Search The groundwork: entity, runway, the raise, and the words your lender and sellers read. - Investors - https://searchspheresource.com/tools/investor-match: Every verified search-capital firm on one shelf, ordered by how deeply each backs a searcher, from funding the search itself down to the deal alone. - Worksheets & Checklists - https://searchspheresource.com/tools/downloads: Every worksheet and checklist the site publishes as a file, each built from the registry its page renders, so the paper and the screen agree. - Sources & Uses Builder - https://searchspheresource.com/tools/sources-and-uses: Build the real cost of an acquisition: purchase price, inventory, working capital, and closing costs against your equity, seller note, and loan request. - Fund Tools - https://searchspheresource.com/tools/fund-tools: The ones you fill in before the money arrives: what the search costs to run, the deck that asks investors for it, and the plan a lender reads instead. - Search Runway Calculator - https://searchspheresource.com/tools/runway-calculator: Living costs times realistic months, plus the deal war chest and a buffer, the number to save or raise before a search starts. - Search Fund Deck Worksheet - https://searchspheresource.com/tools/search-fund-deck-worksheet: Draft the traditional-raise deck section by section: who you are, the thesis, the market, the search plan, the economics, and the ask, in your own words. - Business Plan Worksheet - https://searchspheresource.com/tools/business-plan-worksheet: Draft the lender-facing business plan for an acquisition, section by section, answering the questions a credit memo actually needs answered. - Fund Outreach Templates - https://searchspheresource.com/templates/setup-and-funding: Email templates for raising and borrowing: the investor introduction, the lender quote request, the equity gap ask, and the update investors expect. ### Source & Screen Deals Fill the pipeline, then screen fast and value to what debt service supports. - Sourcing & Screening Resources - https://searchspheresource.com/tools/sourcing-screening-resources: The shelves a deal passes through before it is one: where listings and off-market leads come from, and who helps you judge a deal once you have it. - Pipeline Tracker - https://searchspheresource.com/tools/pipeline-tracker: Track targets from sourced through close, check asks against cited industry bands, and keep brokers, lenders, and owners in the contact book. - Sourcing & Screening Tools - https://searchspheresource.com/tools/sourcing-screening-tools: The decisions a listing forces before it becomes a deal: what it is worth on a cited band, and whether to keep digging or walk away. - Work a Deal - https://searchspheresource.com/tools/work-a-deal: One live deal through every tool in order, screen to first 100 days: underwrite, projections, LOI, financing, diligence, and close, each step pre-filled. - Deal Screener - https://searchspheresource.com/tools/deal-screener: Read the broker's NDA clause by clause, then screen the deal it gets you for a keep-digging or walk verdict. - Deal Comparer - https://searchspheresource.com/tools/deal-comparer: Put two listings on one financing basis, at the same rate and the same owner salary, and see which one leaves you the coverage worth having. - CIM & Document Analysis - https://searchspheresource.com/tools/cim-analysis: Two assistant prompts that read a seller's memo claim by claim and the business behind it dimension by dimension, with the arithmetic shown. - Rebuild the Earnings - https://searchspheresource.com/tools/add-back-review: Judge the seller's add-backs line by line, add the costs the schedule leaves out, and carry a defensible earnings figure into the valuation. - Business Valuation Calculator - https://searchspheresource.com/tools/business-valuation-calculator: Price a business against cited SDE and EBITDA multiple bands for its industry, and see the range a given earnings figure actually supports. - Sourcing & Screening Templates - https://searchspheresource.com/templates/screen-and-value: Email templates for working a listing: the first note to a broker or owner, the follow-ups that keep a thread alive, and the passes that leave a door open. ### Diligence & Close the Deal Under LOI: quality of earnings, the lender package, and the run to the wire. - Deal Tools - https://searchspheresource.com/tools/deal-tools: What you do to a live deal before closing: work the diligence checklist, underwrite it, price the loan, and settle the terms of the offer. - Underwrite a Deal - https://searchspheresource.com/tools/underwrite: One target, underwritten: structure, DSCR, the industry's comps and cited band, its charge-off rate, and who is already consolidating it. - LOI Terms Worksheet - https://searchspheresource.com/tools/loi-terms: Decide the terms before the template: price, structure, seller note, exclusivity, the outs you keep, and the working-capital peg you will argue over. - Diligence Checklist - https://searchspheresource.com/tools/diligence-checklist: A checklist across every diligence workstream, and the remedy beside each finding it turns up, from a price cut through to walking away. - Document Requests - https://searchspheresource.com/tools/document-requests: The post-LOI request list to send as one batch, and an index for tracking which of it came back, which is still outstanding, and what to chase. - Scope the QoE - https://searchspheresource.com/tools/qoe-scope: Build the brief every quality-of-earnings provider can price the same way, compare the quotes that come back, and reprice the deal if the number is lower. - Reading the FDD - https://searchspheresource.com/tools/fdd-checklist: What a franchise resale buyer reads in the Franchise Disclosure Document, item by item, for what a transfer changes about the agreement they sign. - Deal Resources - https://searchspheresource.com/tools/deal-team: The reviewed deal team bench, seat by seat: attorneys, diligence, loan brokers, insurance, banks, and closing vendors, with who publishes charges. - What the Loan File Contains - https://searchspheresource.com/tools/loan-file: The documents every acquisition lender asks for, as a working checklist, plus what each decline reason means and the move that answers it. - Lenders - https://searchspheresource.com/tools/lender-match: Every verified SBA acquisition lender and loan broker on one shelf, each linking a review with its footprint, its terms, and the sources behind them. - SBA Acquisition Calculator - https://searchspheresource.com/tools/sba-calculator: Enter your cash and what the business earns: it prices what each supports, says which is the ceiling, and prices the seller note beside the loan. - Deal Outreach Templates - https://searchspheresource.com/templates/diligence-and-financing: Email templates for a deal under LOI: engaging the attorney and the earnings-quality firm, opening the data room, and repricing on a bad finding. ### Operate & Grow the Business From day one onward: the first hundred days, the quarter's cash, the years ahead, and what the exit pays out. - The First 100 Days - https://searchspheresource.com/tools/first-100-days: The transition as a working checklist: pre-close prep, closing day with the wire-fraud rule, week one, the ramp, and what to do when year one goes wrong. - Acquisition Projections Builder - https://searchspheresource.com/tools/projections: One deal at two horizons: five years of SDE, debt service, free cash and DSCR for the lender, and the quarter week by week for you. - Equity Waterfall Calculator - https://searchspheresource.com/tools/equity-waterfall: Who gets what when the company sells: the investors' priority tier, the split, and your share across downside, base, and upside exits. - Seller Transition Terms - https://searchspheresource.com/tools/seller-transition: The seller's post-close involvement, before you negotiate it: duration, hours, how they're paid, the non-compete, and the knowledge that has to move. - Operation & Growth Templates - https://searchspheresource.com/templates/operate: Email templates for the week after closing: telling the staff, introducing yourself to customers, confirming supplier terms, and the lender's first update. - Operating Tools - https://searchspheresource.com/tools/operate-tools: The tools for a business you now own: the first hundred days, the projections, the equity waterfall, the transition terms, and the emails that announce it. ### Selling a Business For owners: what buyers pay for, how to be ready before listing, and who is actually buying. - How Buyers Value Your Business - https://searchspheresource.com/sell/how-buyers-value-your-business: What sets the number and what moves it. - Who Will Buy Your Business - https://searchspheresource.com/sell/individual-buyer-vs-consolidator: Who each buyer is and how each one pays. - Sellability Score - https://searchspheresource.com/sell/sellability-score: The questions that reveal how buyers will see your business: a scored read on what helps, what hurts, and what to fix first, ranked by value impact. - Owner Exit Readiness - https://searchspheresource.com/sell/exit-readiness: Not whether your business is sellable, but whether you are ready to leave it: a self-check across purpose, identity, people, and the money plan. - Seller Proceeds Calculator - https://searchspheresource.com/sell/proceeds-calculator: What you walk away with at a given price, line by line to cash at close, then whether it is enough to fund the life after. - Deal Structure Explorer - https://searchspheresource.com/sell/deal-structure: Cash, seller note, and earnout weigh differently once time and risk are priced in. See what a structured offer is really worth against an all-cash one. - Preparing for Buyer Diligence - https://searchspheresource.com/sell/preparing-for-buyer-diligence: Prepared sellers keep more of the price. - Buyers - https://searchspheresource.com/buyers: PE firms confirmed buying in these trades. - Selling Outreach Templates - https://searchspheresource.com/templates/sell-the-business: Email templates for an owner selling: approaching a broker to find out what it would list for, replying to an unsolicited buyer, and countering on terms. - Selling Tools - https://searchspheresource.com/tools/selling-tools: What an owner works out before selling: whether the business is ready, what buyers price it on, what the sale leaves, and who is owed what at exit. ### SBA & Lending Data Where the loans happen: volumes, rates, failure rates, and the lenders behind them. - Acquisition Lending by State - https://searchspheresource.com/data/acquisition-lending: Where the loans happen, by state and lender. - SBA Loan Statistics - https://searchspheresource.com/data/sba-loan-statistics: Rates, prime history, medians, volumes. - SBA Default Rates by Industry - https://searchspheresource.com/data/sba-default-rates: How often these loans go bad, by industry. ### The Market How many businesses exist, where they are, how many they employ, how often they sell, and who is buying. - Metro Target Scans - https://searchspheresource.com/data/metro-target-scans: Which trades are strongest in a given metro, ranked on the buyable population, how often they change hands, and how their SBA loans perform. - Where the Businesses Are - https://searchspheresource.com/data/where-the-businesses-are: Targets and actual sales, state by state. - Market Depth - https://searchspheresource.com/data/market-depth: How many exist, how often they sell. - Search Acquisitions Record - https://searchspheresource.com/data/search-acquisitions: Verified searcher acquisitions, each double-sourced and followed to its outcome: who bought what, in which year, and where the company went next. - Business Formation by Industry - https://searchspheresource.com/data/business-formation: Where new businesses are being started. ### Economics & Valuation What a business earns, what it is worth, and the metrics behind both. - Deal Comps by Industry - https://searchspheresource.com/data/deal-comps: Loans, median size, defaults, and the multiple. - Search Fund Returns - https://searchspheresource.com/data/search-fund-returns: What the Stanford study says searchers earn. - Industry Economics - https://searchspheresource.com/data/industry-economics: Pay per employee and net margins by industry. - Manager Wages - https://searchspheresource.com/data/manager-wages: What it costs to hire someone to run it. ### Rules & Eligibility Who can own what, and what the loan rules now require. - What Each State Requires at Closing - https://searchspheresource.com/data/state-closing-rules: The seller's unpaid tax can follow the assets. - Ownership & License Rules - https://searchspheresource.com/data/license-rules: Which industries restrict who can own. - SBA Rule Changes - https://searchspheresource.com/data/sba-rule-changes: What changed, when, and who it hits. ## More - The 90-Day Syllabus - https://searchspheresource.com/start: a sequenced path from first curiosity to search-ready, in 4 phases. - Weeks 1 to 2: Decide With Open Eyes: Understand what buying a business involves before committing money or momentum. Steps: Buying Your Employer? (read, https://searchspheresource.com/buying-the-business-you-work-for) - The two doors, and the diligence being an insider makes harder. Is Buying Right for You? (read, https://searchspheresource.com/is-buying-a-business-right-for-you) - What the path asks in cash, risk, and years. No Experience? (read, https://searchspheresource.com/can-you-buy-a-business-with-no-experience) - Who can require experience of a buyer, and who cannot. How to Buy a Business (read, https://searchspheresource.com/how-to-buy-a-business) - The whole path in order, before any one part of it. While Employed (read, https://searchspheresource.com/buying-a-business-while-working-full-time) - Most searches run beside a job; what that costs and when it cannot. Acquiring Minds (listen, https://searchspheresource.com/resources/acquiring-minds) - Single-deal stories, transcribed, so you can read them instead. Choose Your Path (run, https://searchspheresource.com/tools/path-quiz) - The questions that name your lane, and the reasons it leaned that way. What Is a Search Fund? (read, https://searchspheresource.com/what-is-a-search-fund) - The model and its three variants, and who each one suits. Intern & Job Board (browse, https://searchspheresource.com/jobs) - What the employed path looks like: real postings, open now. - Weeks 3 to 4: Money Reality: Know what you can afford and what the search itself will cost before falling in love with any listing. Steps: Do I Need an MBA? (read, https://searchspheresource.com/do-you-need-an-mba-to-buy-a-business) - Two years of forgone salary, against what it buys. SBA Calculator (run, https://searchspheresource.com/tools/sba-calculator) - Your cash to a supportable purchase price, payment, and required SDE. Search Runway Calculator (run, https://searchspheresource.com/tools/runway-calculator) - Living expenses plus transaction costs; searches die of underfunding. What a Deal Costs (read, https://searchspheresource.com/cost-to-buy-a-business) - Equity injection, diligence, working capital: the full bill, itemized. Paying Yourself (read, https://searchspheresource.com/how-much-to-pay-yourself-after-buying-a-business) - The salary added back in diligence is the salary you take after close. Buying a Family Business? (read, https://searchspheresource.com/buying-a-family-business) - The two financing doors, and the one you can open early. With No Money Down (read, https://searchspheresource.com/how-to-buy-a-business-with-no-money) - Which low-cash structures genuinely exist, and their real limits. Buying With a Partner? (read, https://searchspheresource.com/buying-a-business-with-a-partner) - The guarantee you both sign, and the split you both live with. If the Business Fails (read, https://searchspheresource.com/what-happens-if-the-business-fails) - How often these loans charge off, and what the guarantee reaches. - Month 2: Build a Thesis and Open the Funnel: Pick industries you can defend, then start seeing real deal flow against them. Steps: Which Business to Buy (read, https://searchspheresource.com/what-kind-of-business-should-i-buy) - Three questions decide the trade, and taste is only the first. Talking to Sellers (read, https://searchspheresource.com/what-to-ask-when-buying-a-business) - The pre-LOI questions, in the order trust earns them. What Investors Look For (read, https://searchspheresource.com/what-search-fund-investors-look-for) - Who the thesis and one-pager are for, and what each lane weighs. Buyer Profile (build, https://searchspheresource.com/tools/buyer-profile) - Write the one-pager brokers ask for, with a thesis statement. Where Deals Come From (read, https://searchspheresource.com/how-to-find-a-business-to-buy) - The four doors, what each costs in time, and how to tell which is working. How Long It Takes (read, https://searchspheresource.com/how-long-does-it-take-to-buy-a-business) - The deal clock and the search clock, and which parts you control. Approaching an Owner (read, https://searchspheresource.com/how-to-approach-a-business-owner) - The first message, the first call, and the seller who goes quiet. Outreach Templates (build, https://searchspheresource.com/templates/screen-and-value) - The first emails to brokers and owners, and the call guide. Pipeline Tracker (build, https://searchspheresource.com/tools/pipeline-tracker) - Set up alerts and introductions, and track them from day one. - Month 3: Screen Like a Buyer: Develop the reflexes that separate real opportunities from listings, and get financing-ready. Steps: Deal Screener (run, https://searchspheresource.com/tools/deal-screener) - Screen three real listings a week; it builds the eye fast. The Employees (read, https://searchspheresource.com/what-happens-to-employees-when-a-business-is-sold) - Whether employment carries over, and what keeps the people you are buying. How to Get an SBA Loan (read, https://searchspheresource.com/sba-loan-to-buy-a-business) - The 7(a) acquisition loan step by step, from eligibility to close. Lenders (run, https://searchspheresource.com/tools/lender-match) - Call two before you need one; the shelf says who lends at this size. When a Deal Dies (read, https://searchspheresource.com/when-a-deal-falls-through) - Expect to lose one. What survives, and why the next moves faster. Sources & Uses Builder (build, https://searchspheresource.com/tools/sources-and-uses) - Draft one on a live listing, in the format lenders expect. Making an Offer (read, https://searchspheresource.com/how-to-make-an-offer-on-a-business) - The sequence from first number to signed LOI, before you need it. The Lease (read, https://searchspheresource.com/what-happens-to-the-lease-when-you-buy-a-business) - Ask the landlord the week you sign the LOI, not the week you close. Closing Day (read, https://searchspheresource.com/what-happens-on-closing-day) - What clears first, what you sign, where the money goes. - What the ninety days leave you holding: A path you can defend (From Choose Your Path, with the reasoning.) The number your cash actually supports (From the SBA Calculator and the Search Runway Calculator.) A buy box and a one-pager brokers accept (From the Buyer Profile, with a thesis you can name industries for.) A pipeline with real listings in it (From sourcing set up in the Pipeline Tracker and screened weekly.) Two lenders who know your name (From Lenders, spoken to before you needed them.) A clear-eyed read on the downside (From If the Business Fails, read before the guarantee is signed rather than after.) - Ownership & License Rules - https://searchspheresource.com/data/license-rules: which industries restrict who can own the business. - Underwrite a Deal - https://searchspheresource.com/tools/underwrite: enter a target's price, earnings, cash, and seller note and get the SBA structure, DSCR against the 1.25 lenders want, the industry's cited multiple band, its SBA charge-off rate, its licensing rule, and the PE firms already consolidating it. - SBA Loan Explorer - https://searchspheresource.com/data/sba-loan-statistics#slice-the-loans-yourself: every SBA acquisition loan sliced by industry (275), franchise brand, state, and lender, sortable and filterable, with charge-off rates shown only where a seasoned cohort supports them. - SBA Default Rates by Industry - https://searchspheresource.com/data/sba-default-rates: charge-off rates for SBA 7(a) acquisition loans by industry and franchise brand, computed from SBA loan-level data on a seasoned cohort, with the sample size behind every rate. - The First 100 Days - https://searchspheresource.com/tools/first-100-days: the post-close transition as a working checklist (pre-close prep, closing day with the wire-fraud rule, week one, the ramp), plus a year-one section on what usually goes wrong after day one hundred: what each trouble typically turns out to be, what to do that week, and the point where it stops being an operating problem. - Education kit - https://searchspheresource.com/education: curriculum materials for university ETA clubs and study groups. - SBA Acquisition Lending by State & Lender - https://searchspheresource.com/data/acquisition-lending: state volumes, lender league table, and trend computed from SBA loan-level data; per-state pages at /data/acquisition-lending/{state}. - Best ETA Tools 2026 - https://searchspheresource.com/awards/best-eta-tools-2026: the year's editorial selections across aggregators, lenders, marketplaces, communities, books, podcasts, and diligence. - Search workspace - https://searchspheresource.com/tools/pipeline-tracker: the site's own free CRM for a search, three panels on one page: the Pipeline Tracker (deals by stage), the Contact Book (brokers, owners, lenders, counsel, and investors with roles and next touches), and the Outreach Log (every letter, email, and call dated and statused). The board is also read back to the searcher: funnel conversion computed from their own stage history and run forwards at their own sourcing rate, total diligence spend with the share that went into deals that died, which sourcing channel actually produced targets that left Sourced, whether the board is concentrated in one trade or scattered across many, and the outreach response rate split by channel rather than blended. Every figure derives from what the searcher recorded, and a rate is withheld until there is enough of it to divide by. Local-first in the browser; an optional email sign-in syncs all three across devices. - Raise Tracker - https://searchspheresource.com/tools/investor-match: on the Investors page, a record of who has said what toward the equity. Funded, committed, soft-circled and still-talking stay four separate figures and there is no combined total: progress against a target is measured on funded plus committed only, and what the soft circles would add if every one of them held is reported separately, because counting them into the percentage is how a searcher concludes they are eighty per cent raised when they are forty. It also names the part of the soft total that has stopped moving: a commitment whose last move was more than sixty days ago is reported with what it carries, because a soft circle from four months ago is a no nobody said out loud sitting inside the most encouraging number on the page. - Buyers - https://searchspheresource.com/buyers: the private equity firms confirmed buying small businesses in searcher industries (each with a profile at /buyers/{firm} listing its deals traced to the firm's own announcements), plus the firms confirmed buying FROM searchers at exit, held to a double-sided sourcing bar. - Searcher Directory - https://searchspheresource.com/community: an opt-in, member-controlled listing of who is searching to buy a business, with what they are looking for and where they are in the search; a listing appears only once the member publishes it. ## For Sellers - How Long a Sale Takes - https://searchspheresource.com/sell/how-long-a-sale-takes: The months between deciding to sell and the wire, where they actually go, and which parts of that calendar an owner can shorten before a listing goes up. Covers: The Clock Starts Long Before the Listing; Finding the Buyer Is the Part Nobody Controls; An Offer Is the Middle, Not the End; The Bank Has a Calendar of Its Own; What Actually Shortens It. Works it: Owner Exit Readiness - https://searchspheresource.com/sell/exit-readiness. - How Buyers Value Your Business - https://searchspheresource.com/sell/how-buyers-value-your-business: What actually determines the number a buyer will pay, and which levers still move in the year before you sell: earnings quality, transferability, proof. Covers: Buyers Price Proof, Not Stories; The Multiple Is a Scorecard; Owner Dependence Is the Silent Discount; Two Different Markets May Bid; Start Before You Start. Works it: the Business Valuation Calculator - https://searchspheresource.com/tools/business-valuation-calculator. - Who Will Buy Your Business - https://searchspheresource.com/sell/individual-buyer-vs-consolidator: Two kinds of buyers make two kinds of offers: what the individual buyer and the consolidator each pay for, and how to read either offer for what it is. Covers: Two Buyers, Two Logics; Read the Structure, Not the Headline; What Happens to Your People and Name; Process Differences That Matter; Make Them Compete. - Preparing for Buyer Diligence - https://searchspheresource.com/sell/preparing-for-buyer-diligence: Buyers verify the same things in every deal: earnings, contracts, people, and risk. Sellers who prepare the file first keep more of the price. Covers: Diligence Is Where Prices Change; The Financial File; The Legal and License File; The Operating Reality; Run Your Own Diligence First. Works it: the Diligence Checklist - https://searchspheresource.com/tools/diligence-checklist. - When to Sell Your Business - https://searchspheresource.com/sell/when-to-sell-your-business: The timing of a sale is the owner's call, not the market's. The signals that say it is genuinely time to sell, and the ones that only feel like it. Covers: Three Clocks, Not One; The Business Clock; The Personal Clock; The Market Clock; The Cost of Waiting for Perfect. Works it: the Owner Exit Readiness check - https://searchspheresource.com/sell/exit-readiness. - Recasting Your Financials for a Sale - https://searchspheresource.com/sell/recasting-your-financials: Buyers buy normalized owner earnings, not your tax return. Which add-backs survive a lender's scrutiny, and why the cleanup comes before you list. Covers: Why Recasting Exists; The Add-Backs That Survive; The Add-Backs That Don't; Clean Books Beat Clever Books; SDE or Adjusted EBITDA. Works it: the Business Valuation Calculator - https://searchspheresource.com/tools/business-valuation-calculator. - Selling Your Business Confidentially - https://searchspheresource.com/sell/selling-your-business-confidentially: A leaked sale can cost you the staff, customers, and leverage you are selling. How confidentiality works, from blind profile to NDA to staged disclosure. Covers: Why Secrecy Is Leverage; The Blind Profile; NDAs and Buyer Qualification; Telling Your Team; When Confidentiality Breaks. - Do You Need a Business Broker? - https://searchspheresource.com/sell/do-you-need-a-business-broker: Who actually sells businesses, what they charge, and how the right answer changes with your deal size. The case for representation and the case against. Covers: Three Kinds of Help; What a Broker Actually Does; What It Costs; When to Represent Yourself; Choosing One. - Asset Sale vs Stock Sale - https://searchspheresource.com/sell/asset-sale-vs-stock-sale: Nearly every small-business sale is an asset sale, for reasons of tax and liability. What each structure transfers, and why it is negotiated early. Covers: Two Ways to Sell the Same Company; Why Buyers Prefer Assets; Why Sellers Often Prefer Stock; Where the Tax Lives; License and Contract Transfer. Works it: the Deal Structure Explorer - https://searchspheresource.com/sell/deal-structure. - When the Deal Wobbles - https://searchspheresource.com/sell/when-the-deal-wobbles: Most deals that close wobble once. How to read a retrade, a missed deadline, or a walk for what each one signals, and how to relist without the scar. Covers: Read the Wobble Before You React; The Retrade, From Your Side of the Table; A Missed Deadline Is Information; If the Buyer Walks; Relisting Without the Scar. Works it: the Deal Structure tool - https://searchspheresource.com/sell/deal-structure. - Reading an Offer for Your Business - https://searchspheresource.com/sell/reading-an-offer-for-your-business: An offer is price, terms, and the odds it closes. How to read an LOI from the seller's chair, and when the lower number is the better deal. Covers: An Offer Is Three Numbers Wearing One; The Terms Under the Price; The Certainty Read; When the Buyer Asks You to Carry a Note; Counter, Accept, or Wait. Works it: the Deal Structure tool - https://searchspheresource.com/sell/deal-structure. - Taxes When You Sell Your Business - https://searchspheresource.com/sell/taxes-when-you-sell-your-business: The gap between price and what you keep is mostly tax, shaped by choices inside the deal. The mechanics in plain terms, and where a deal CPA earns the fee. Covers: Price Is Not Proceeds; Capital Gains vs Ordinary Income; Allocation Is Negotiated; Spreading the Gain; Get the CPA in Early. Works it: the Seller Proceeds Calculator - https://searchspheresource.com/sell/proceeds-calculator. What buyers price (the Sellability Score's twelve factors, from https://searchspheresource.com/sell/sellability-score; weight-3 factors move the price most): Could a stranger reconcile your P&L to your tax returns? (weight 3) Does the business run for two weeks without you? (weight 3) Does any single customer exceed 15% of revenue? (weight 3) How much revenue repeats without being re-sold? (weight 3) Can your licenses and permits transfer or be replaced by a buyer? (weight 3) Does your lease have five-plus years of term or options, with assignment rights? (weight 3) Would your key people stay through a sale? (weight 2) Are contracts, processes, and systems documented? (weight 2) Are your prices at market, or propped by loyalty discounts? (weight 2) Are revenue and margin flat or growing over three years? (weight 2) Would inspections, claims history, and regulators come up clean? (weight 2) Is there a believable reason you are selling? (weight 2) - Owner Exit Readiness - https://searchspheresource.com/sell/exit-readiness: a self-check of whether the owner is personally ready to leave (purpose, identity, people, and the money plan), returning the gaps to close rather than a score. ## Glossary (395 terms) Terms by the stage they first matter in: Learn & Choose Your Path (14): CEO-in-Residence (CIR), Entrepreneur-in-Residence (EIR), ETA (entrepreneurship through acquisition), Long-duration enterprise, SMB (small and medium-sized business), Personal guarantee, Search fund, Self-funded search, Searcher, HoldCo (holding company), Independent sponsor, Management buyout (MBO), Search residency, Employed search | Define & Test Your Thesis (10): Platform company, Main street (business), Lower middle market, Bolt-on acquisition, Multiple arbitrage, Buy box, Fragmented industry, Switching costs, Owner-operator, Absentee owner | Set Up & Fund the Search (50): Follow-on investment, SBA affiliation rule, Sweat equity, Drag-along and tag-along rights, Equity injection, Private placement memorandum (PPM), Equity gap, SBA 7(a) loan, Distribution waterfall, Preferred return (hurdle), Liquidation preference, LBO (Leveraged Buyout), Carried interest (carry), GP / LP (General Partner / Limited Partner), Anchor investor, Soft circle, Subscription agreement, Search capital, Step-up on conversion, Unit, SPV (special purpose vehicle), Blind pool, Capital call, IRR (Internal Rate of Return), MOIC (Multiple on Invested Capital), ROBS (Rollovers as Business Start-ups), Franchise tax, Self-employment tax, Dry powder, Cap table, Accredited investor, Buy-sell agreement, Management fee, Equity, Catch-up, Board observer, Information rights, Protective provisions, Vesting cliff, QSBS (qualified small business stock), Co-investor, Equity tranches, Vesting schedule, Delayed draw, Equity co-investment, Committed capital, Search runway, Controlling interest, Board seat, Deal-by-deal funding | Source & Screen Deals (86): Controlled auction (limited auction), Co-brokerage (co-broke), SDE (Seller's Discretionary Earnings), EBITDA, Add-backs, CIM (Confidential Information Memorandum), IOI (Indication of Interest), LOI (Letter of Intent), Cash-on-cash return, CapEx (Capital Expenditures), Related-party rent, Trade area, Proprietary deal flow, Cap rate, Multiple, Teaser, NDA (Non-Disclosure Agreement), Backlog, Recast, Churn, Valuation, Enterprise value, Bottom line, Top line, Going concern, Market wage, Book of business, Broken deal costs, Customer concentration, Private equity, Roll-up / add-on acquisition, MRR (Monthly Recurring Revenue), ARR (Annual Recurring Revenue), Cash-free, debt-free, TTM (Trailing Twelve Months), Key-person risk, Goodwill, Right of first refusal (ROFR), CBI (Certified Business Intermediary), Proof of funds, Revenue mix, Schedule C, Net margin, Dual agency, Charge-off, SBA size standards, Net revenue retention (NRR), Customer acquisition cost (CAC), Lifetime value (LTV), Pricing power, Income statement (P&L), Balance sheet, Cash flow statement, Strategic versus financial buyer, Net debt, Percentage rent, Gross margin, Fixed assets, SLA (Service-Level Agreement), Change order, Purchase order, Prequalification letter, Management presentation, Supplier concentration, Right of first offer, Gross revenue multiple, Run rate, Lehman formula, Buy-side versus sell-side, Engagement letter, Retainer, Tail period, Broker of record, Gross retention, Pipeline coverage, Stage conversion rate, Deal aging, Territory rights, Hours of service (HOS), Load board, Certified payroll, Rule of 40, Buyer representation, Buyer registration, Fuel surcharge, Truck roll | Diligence & Close the Deal (200): Unemployment rate transfer, Orderly liquidation appraisal, Credit box, Credit memo, Loan committee, SBSS score, Eligible passive company (EPC), Unbilled receivables, Break fee, DSCR (Debt Service Coverage Ratio), Tail insurance, Cash sweep, Bulk sales law, Work in progress (WIP), Section 338(h)(10) election, Novation, Technology diligence, QoE (Quality of Earnings), Seller note, Full standby, Partner buyout, Working capital, Working capital peg, Reps & warranties, Escrow / holdback, Certificate of need, Earnest money, Purchase agreement (APA/SPA), Loan assumption, Reps & warranties insurance (RWI), Physical plant, General contractor, Materiality scrape, Deal fatigue, Pro rata, Bridge loan, Due diligence, Management services organization (MSO), Phase I environmental assessment, Worker classification (W-2 vs 1099), SBA 504 loan, SBA guaranty fee, Loan covenants, Indemnification, Non-compete (seller), F reorganization, Deferred revenue, Retrade, Equity rollover, Mezzanine debt, Merchant cash advance (MCA), Landlord waiver, SBA Express, Letter of credit, Invoice factoring, Days sales outstanding (DSO), No-shop (exclusivity), SOP 50 10 (SBA Lending Rules), SBA preferred lender (PLP), Change of ownership, Amortization, Balloon payment, Prime rate, Funds flow, Payoff letter, Lease assignment, SNDA (non-disturbance agreement), CAM charges (common area maintenance), Asset schedule, Establishment license, Global cash flow, Form 1919, Form 413, Seasoning of funds, Data room, Document request list (DRL), Interim financials, Term sheet, True-up, Survival period, Fixed charge coverage ratio (FCCR), Material adverse change (MAC), Conditions precedent, Standby creditor agreement, Bill of sale, Bonus depreciation, Tied-house rules, Asbestos survey, Goodwill amortization, Indemnification basket, Wage base carryover, Cash conversion cycle, Assignment and assumption agreement, Prepayment penalty, Change of control provision, Estoppel certificate, Disclosure schedules, Collateral shortfall, Security agreement, UCC filing (UCC-1), Successor liability, Key-person life insurance, Business appraisal, Subordination, NewCo, Operating agreement, Clawback, Entity type, SBA authorization, Sources and uses, Capital stack, Cross-collateralization, Blanket lien, Packaging fee, Non-solicitation, Prorations, General liability insurance, Business interruption insurance, Insurance binder, Closing agent, Option to renew, Interest-only period, Zoning, COBRA, 401(k) plan termination, Accrued PTO, Experience modifier, Casual sale exemption, Workers comp, Cyber liability insurance, Auto-renewal clause, Master service agreement, Statement of work (SOW), Termination for convenience, Registered agent, Sales tax permit, Revenue-based financing, Encumbrance, Certificate of good standing, Financing contingency, Fraud carve-out, Accounts receivable aging, Title search, Franchise 14-day rule, State tax clearance certificate, Off-balance-sheet obligations, Commitment letter, Cash basis vs. accrual, Proof of cash, Intercreditor agreement, Sale leaseback, Financial covenant, Springing covenant, Collateral assignment of life insurance, Interest rate cap, Indemnification cap, Bring-down certificate, Sandbagging, Specific indemnity, Closing binder, Licensee-in-charge, License transfer, DEA registration, Joint employer, I-9 audit, Design-build versus plan-and-spec, Biometric consent, Economic nexus, E-Verify, PEO (professional employer organization), Breach notification, PCI DSS, 1031 exchange, Refresh obligation, Discovery day, Cargo insurance, Shrink, Possessory lien, Investment committee (IC), Deal fee, Mechanic's lien, Tax lien, Non-bank lender, Lead-safe firm certification, Unclaimed property, Plan of correction, Bait advertising, Readily achievable barrier removal, Recognized environmental condition (REC), Loss run, WARN Act, Trademark assignment, Certificate of occupancy, Occurrence versus claims-made, Innocent landowner defense, Work made for hire, Copyright assignment, Wage and hour audit, TCPA exposure, Cooling-off rule (right to cancel) | Operate & Grow the Business (23): Consulting agreement, Open-book management, Retained earnings, Tax distribution, Management incentive plan, Phantom equity, Retention bonus, Knowledge transfer, Transition services, Owner draw, Operating partner, Revolving line of credit, Borrowing base, At-will employment, OSHA, Workout, Forbearance, Deficiency, Offer in compromise, Accountability chart, EPLI, EIN (Employer Identification Number), Stock appreciation right | Selling a Business (12): Recapitalization (recap), Second bite of the apple, Exclusive listing agreement, Asset sale vs. stock sale, Earnout, Purchase price allocation, Installment sale, Broker commission, Step-up in basis, Depreciation recapture, ESOP (Employee Stock Ownership Plan), Holding period. Every term has a page of its own under https://searchspheresource.com/glossary. The earliest stages are defined in full immediately below; the rest are defined in full in the per-stage sections at the end of this file. ## Glossary: Learn & Choose Your Path (14 terms) - CEO-in-Residence (CIR) - https://searchspheresource.com/glossary/ceo-in-residence: A salaried seat at a firm, searching for a company you will then run. It is the third path onto the ownership ladder and the one that does not ask you to fund your own search. A firm pays you while you hunt inside its thesis, brings its own capital and its own diligence bench, and installs you as chief executive of whatever you find. What you give up is the equity a self-funded buyer keeps and most of the say in what gets bought: the firm sets the box, and a seat that ends without a deal ends with a salary and no company. Read any program page for the two things that decide whether it is worth taking, which are how much equity vests on close and whether the firm has actually closed one. In numbers: Eighteen months at $150k is $225k of salary a self-funded searcher would have had to raise or go without, and the price of it is the equity: ten percent vesting on close against the whole of a company you bought yourself. - Entrepreneur-in-Residence (EIR) - https://searchspheresource.com/glossary/entrepreneur-in-residence: A funded seat inside a firm while you look for a business to buy. The label is older and looser than CEO-in-Residence and it is worth reading carefully, because the same three words cover a paid full-time seat with a mandate to acquire, an unpaid affiliation that buys you an email address, and everything between. The questions that separate them are whether it pays, whether the firm has committed capital behind the search, and whether the outcome named on the page is running a company or advising one. Operator-in-Residence is usually the same arrangement under a different house style. - ETA (entrepreneurship through acquisition) - https://searchspheresource.com/glossary/eta: Buying an existing company as the route into running one yourself. It is the umbrella the whole field uses, and the three routes under it ask completely different things of you. A traditional search fund raises money from investors to pay you while you look, and they take most of the equity. A self-funded search puts your own savings and an acquisition loan behind one deal, and you keep far more of it. An employed search pays you a salary to find and then run a company somebody else owns most of. Deciding which one you are doing is the first real decision, because it sets your budget, your timeline, and how much of the result is yours. In numbers: A traditional search commonly leaves the searcher around 25% of the equity, while a self-funded buyer putting 10% down on a $4,000,000 business usually owns all of it. - Long-duration enterprise - https://searchspheresource.com/glossary/long-duration-enterprise: A committed pool raised once to buy and hold several companies for decades. It is the fourth path, and until recently it had no name that the field agreed on. A traditional search fund buys one company and the investors expect an exit. A long-duration vehicle raises its capital up front, buys more than one, and is built to keep them, so the return comes from cash flow over years, not from a sale. That changes what the operator's job is and what the money wants: patient owners, boards that meet for decades, and none of the pressure to sell into a window. The annual Stanford study began reporting these separately in its 2026 edition, with data through the end of 2025, and counted 67 of them, which is the field acknowledging a model that had been growing quietly. If a firm approaching you describes itself this way, the question to ask is not the multiple, it is the holding period and who decides when it ends. In numbers: Where a search fund's investors look for a sale inside five to seven years and price the result as a 4.75x return, a long-duration owner may hold past 20 years and measure itself on the $500,000 of cash a business hands back annually instead. - SMB (small and medium-sized business) - https://searchspheresource.com/glossary/smb: A small or mid-sized business, the size an individual buyer can actually buy. Nobody agrees on the range, which is why the word does no work until someone says which end they mean: a lender, a private equity firm and a software vendor each use it for a different size of company. Everything written here uses one checkable band: at least $500,000 of owner earnings, and roughly $1.5M to $5M of purchase price. When you meet the word anywhere else, ask for the number behind it before you agree to anything, because a broker and a bank using the same three letters can be describing businesses ten times apart in size. In numbers: A business at $600,000 of SDE and a $1.9M asking price is SMB to every speaker. A company at $40M of revenue is SMB to a software vendor and lower middle market to a banker, which is why the word needs a number beside it. - Personal guarantee - https://searchspheresource.com/glossary/personal-guarantee: Your promise to repay the loan personally if the business cannot. It is the emotional threshold of self-funded search, and a legal one: sign it and the house and savings are, in a real sense, in the deal. Every owner of 20% or more signs, so it cannot be structured away, which is why the default-rate data reads as careers, not statistics, and why the business you pick matters more than any clause. The spouse question has a published answer too, and it counts more people than a couple. A spouse owning less than 20% still guarantees the loan in full, once the combined interest of both spouses and any minor children reaches 20%. Splitting ownership across a household does not get anyone out of it. A spouse who owns nothing signs the collateral documents but not the guaranty, and what they give there is limited to their own interest in the jointly held collateral, which is how the family house enters the file. In numbers: On a $900,000 7(a) loan, every owner of 20% or more signs personally: if the business fails owing $600,000 after liquidation, that balance follows the guarantors' houses and savings, which is why the charge-off data reads as careers, not statistics. - Search fund - https://searchspheresource.com/glossary/search-fund: Investors fund the search and the deal; the searcher earns equity in return. It is the academically documented path, and it buys a searcher two things a self-funded buyer does without: a salary during the search, and investors who can write bigger equity checks for bigger targets. The trade is ownership and control, since those investors take most of the equity and a real say in governance, so the searcher earns their stake back through performance. In numbers: Backers might fund a $500,000 search for the right to invest in whatever it finds, with the searcher earning around 25% of the equity in three tranches tied to time and performance. - Self-funded search - https://searchspheresource.com/glossary/self-funded-search: Searching on your own money and keeping most of the ownership. It is the most common path today and the least documented. You search on your own dime and buy with an SBA loan and your own equity, keeping most or all of the ownership and every bit of the control, in exchange for carrying the personal guarantee and the search costs yourself. In numbers: A $4M purchase financed with a 90% SBA loan needs about $400,000 of equity injection, and that figure decides whether this path is open to you at all. - Searcher - https://searchspheresource.com/glossary/searcher: The person who runs a search and then runs the business they buy. It is a job title that exists almost nowhere else, and the confusion is real: a searcher is not an investor, not a broker and not a consultant, and all three are in the room. The role has two halves most people are not equally good at. The first is two years of cold outreach and rejection to find one company; the second is operating it for years afterwards, which is where the money is actually made. Read the path pages before the deal pages, because which flavor of search you run decides what you are paid while you look and what you own at the end. In numbers: A searcher earning 25% of the equity in a company bought for $6,000,000, with $1,500,000 of equity in the stack, holds $375,000 of it at closing, before any growth at all. - HoldCo (holding company) - https://searchspheresource.com/glossary/holdco: An entity owning one or more operating businesses under it. It is useful vocabulary for where a search can go once there is more than one company to own, but usually premature structure for a first purchase. Most first-time buyers acquire in a single operating entity and add a holding company only when a second acquisition or an investor structure actually calls for one. In numbers: A buyer's holdco owns three companies: a $700k-SDE plumbing shop bought in year one, a sister shop tucked in two years later, and the payroll company both share; each subsidiary borrows on its own, the holdco consolidates the equity. - Independent sponsor - https://searchspheresource.com/glossary/independent-sponsor: An acquirer who finds the deal first and raises the equity after. The deal-by-deal path trades a guaranteed salary for flexibility and for better economics on the deals you actually close, because investors are judging a specific business rather than a blind pool. The cost is that you fund your own search and carry the risk that a deal you have spent months and real diligence money on fails to raise its equity in time. It suits someone with the runway to work unpaid and a thesis credible enough that capital shows up when a live deal does. In numbers: A sponsor might charge 2% at closing on a $10M deal, so $200,000, and take a share of profits that pays nothing at all unless the business performs. - Management buyout (MBO) - https://searchspheresource.com/glossary/management-buyout: An acquisition of a business by the managers or employees already running it. For an operator already inside a business, this can be the shortest path to ownership, since the diligence risk is low when you know the company and sellers often prefer the continuity. The hard part is money and permission rather than knowledge: managers rarely have the equity injection on hand, so these deals lean on seller notes and on the same lender tests any outside buyer faces. The other half is timing the conversation, because raising it changes your position at work whether or not the deal happens. In numbers: A GM earning $140,000 buys the $4,000,000 company they already run: 10% down from savings and a 401(k) rollover, a seller note for 15%, and a 7(a) loan for the rest. Lenders like MBOs because the operator risk is already answered; the seller finances more because they know exactly who they are betting on. - Search residency - https://searchspheresource.com/glossary/search-residency: A firm-backed seat to find and run one business, often without a salary. It sits between the two named paths and gets described as neither. The firm supplies the platform, the introductions and usually the acquisition equity; you supply the search itself, so the arrangement costs you time and cash instead of ownership. What decides whether one is worth taking is on the program's own page. How much equity vests when a deal closes, whether the firm has closed one with a resident before, and who owns the thesis when the two of you disagree about a target. In numbers: A residency might pay nothing for a twelve-month hunt and vest 8% of the equity on close, against the 20% to 30% a searcher earns for raising the money themselves. - Employed search - https://searchspheresource.com/glossary/employed-search: Searching on a firm's payroll, inside its thesis, for equity on close. It is the third lane and the one nobody describes as a lane, because it looks like a job. The trade is specific: you take a salary and a diligence bench and give up the ownership a self-funded buyer keeps and most of the say in what gets bought, since the firm sets the box. Two things decide whether a given seat is worth it, and both are on the firm's own page: how much equity vests when a deal closes, and whether the firm has actually closed one with somebody in your seat before. A seat that ends with no deal ends with a salary and no company. In numbers: A firm might pay $120,000 a year to search inside its thesis and vest 8% to 10% of the equity on close, against the 20% to 30% a funded searcher earns. ## Glossary: Define & Test Your Thesis (10 terms) - Platform company - https://searchspheresource.com/glossary/platform-company: The first business a consolidator buys, the base its add-ons join. It explains the two-speed market a searcher competes in. A platform buyer pays up for the anchor, then buys smaller add-ons at lower multiples, so the business you are bidding on can be worth more to a consolidator building around it than to a standalone buyer. In numbers: A consolidator pays 6x for a $3M EBITDA platform and 4x for a $500,000 add-on, so $18M and $2M. The combined $3.5M of EBITDA is worth $21M at the platform's multiple. - Main street (business) - https://searchspheresource.com/glossary/main-street: The smallest tier of sellable businesses, priced on a multiple of SDE. Pricing, brokers, and buyers all behave differently here than one tier up: deals are smaller, priced on SDE, and sold through business brokers rather than bankers. Knowing which market your thesis actually shops in sets everything downstream, from the multiple to expect to the diligence a seller will tolerate. In numbers: The SBA 7(a) zone, roughly a business selling for under about $5M, where an individual buyer and one lender do the whole deal. - Lower middle market - https://searchspheresource.com/glossary/lower-middle-market: The tier above main street, professionally run and priced on EBITDA. Cross into it and the whole game changes: multiples step up, buyers price on EBITDA, and diligence expectations harden. The competition changes too, from first-time operators to funds and family offices with capital and analysts, so a searcher reaching this tier needs a real edge or a proprietary angle to win. In numbers: Roughly $5M to $100M in enterprise value, above Main Street and below the mid-market, where M&A advisors and independent sponsors work. - Bolt-on acquisition - https://searchspheresource.com/glossary/bolt-on-acquisition: A smaller company bought to fold into a platform business already operating. Roll-up strategies live or die on these add-on deals, because a bolt-on bought at a low main-street multiple and merged into a larger platform is instantly worth the platform's higher multiple. For a searcher running a platform, each bolt-on also spreads fixed overhead across more revenue, which is where the margin expansion in a roll-up actually comes from. In numbers: A $600,000 EBITDA add-on bought at 4x costs $2.4M, and inside a platform the market values at 6x the same earnings are worth $3.6M. That gap is the arithmetic of a roll-up. - Multiple arbitrage - https://searchspheresource.com/glossary/multiple-arbitrage: Buying small at a low multiple and selling the whole at a higher one. This is the core financial engine of a buy-and-build strategy, and it rewards size independent of any operating improvement. A buyer who acquires several small shops at three times earnings and later sells the combined company at six times has doubled the value of those earnings on the spread alone. That is why platform scale becomes a goal in itself. In numbers: Acquiring shops with $2M of combined earnings at 3x costs $6M; selling the merged company at 6x yields $12M, a $6M gain from the multiple spread alone. - Buy box - https://searchspheresource.com/glossary/buy-box: The written criteria a buyer screens deals against: size, trade, geography. Every aggregator sells buy-box matching and every broker asks what yours is, so the phrase is the industry's word for the thesis you screen against. Writing it down is what keeps a pipeline honest: after months of searching, an unwritten box drifts toward whatever the inbox happens to hold. Keep it to lines a listing can pass or fail: size band, trade, geography, owner involvement. Revisit it deliberately when twenty deals in a row fail the same line. That pattern is evidence about the market rather than about your discipline. In numbers: A buy box reading $500k to $1.2M SDE, home services, within 90 minutes of home screens out a $300k SDE listing before the CIM costs a week. - Fragmented industry - https://searchspheresource.com/glossary/fragmented-industry: A trade where no operator holds much share, so most firms are small. Fragmentation is the reason a first-time buyer can compete at all. Where a few national firms hold most of the volume, an owner-operator is bidding against balance sheets and buying at somebody else's price. Where the largest player holds a low single-digit share, the seller across the table is another owner and the price is set by what one buyer will pay rather than by a market. It also decides whether growth by acquisition is available later, since add-ons only exist while there are independents left to buy. In numbers: A trade with 40,000 firms whose largest holds 3% of revenue leaves 97% of it in hands that can sell to a single buyer. - Switching costs - https://searchspheresource.com/glossary/switching-costs: What a customer has to spend or risk in order to move to a rival. Switching costs are why a dull business keeps its revenue. A customer who would have to re-key data, retrain staff, re-permit a site or accept a day of downtime does not leave over a price increase, and that is what turns a customer list into a book worth paying for. Where they are low the revenue is only as loyal as the last invoice, and it leaves the month after a new owner raises rates. Ask what actually happens to a customer who cancels, in hours and in dollars, and price the answer. In numbers: A book losing 5% of customers a year still holds 77% of them after five years; at 20% a year it holds 33%. - Owner-operator - https://searchspheresource.com/glossary/owner-operator: An owner who does the work of the business as well as owning it. Most businesses at this size sell to somebody who will run them, and the word matters most for what it commits a buyer to. An owner-operator inherits the seller's job along with their balance sheet: the hours, the customer relationships that live in one person's phone, and the tasks nobody ever wrote down. That is why diligence has to cover the transition period, the key-employee list and an honest account of the seller's week; none of the three is a courtesy question. It also sets the floor under the price, since earnings that include unpaid owner labor are earnings the buyer either performs or pays somebody else to perform. In numbers: A $90,000 manager hired to do the work the seller did adds $315,000 to what the business is worth paying for at a 3.5x multiple. - Absentee owner - https://searchspheresource.com/glossary/absentee-owner: An owner whose business runs without them in it day to day. Whether the seller works in the business decides two things at once. It decides what the earnings really are, because an owner drawing no salary while working full time has left the cost of running the place out of the numbers, and a buyer who hires that role back pays the difference every year. And it decides what life looks like after closing, since a business that has never run without its owner cannot be bought as something to hold. Absentee books usually price higher and finance more easily, and the gap between the two is one manager's salary. In numbers: A business showing $1.2M of SDE with a working owner shows $1.1M once a $95,000 general manager takes that role, and at 3.5x the gap is over $330,000 of price. ## ETA Events: Conferences and Summits The recurring US events where searchers, operators, and investors meet, read from each event's own page on 2026-09-03. Dated editions are stated with the date the host publishes. An event between editions carries the date of its last one instead, which is a claim about the past rather than a forecast. One runs on no published calendar at all and says so. - Main Street Summit (https://mainstreetsummit.com) - https://searchspheresource.com/resources/eta-events/main-street-summit: Three days in a small Missouri college town that has become the largest gathering of small-business owners in the country. The program is operating rather than dealmaking: pricing, hiring, and running the business after the wire. Passes are sold at three levels and the cheapest one is main stage only. Next: September 15 to 17, 2026. Columbia, Missouri. Open registration. Annual, each September. Published price: Main Stage $250, Classic $1,500, All-In $6,000. Run by Main Street Summit. For owners and operators doing $5M to $50M in revenue, with acquirers, searchers, and capital allocators. - Southeast ETA Conference (https://www.seetaconference.org) - https://searchspheresource.com/resources/eta-events/southeast-eta-conference: Four business schools run one conference together, and the 2026 edition meets at Duke. The curriculum follows the search lifecycle: proprietary sourcing, debt structuring, and running the company afterwards. Registration closes in stages, and the site warns that the price rises rather than publishing what it is. Next: September 18 to 19, 2026. Durham, North Carolina. Open registration. Annual, each autumn. No price published. Run by Duke Fuqua, UNC Kenan-Flagler, UVA Darden, and Georgetown McDonough. For current and recent MBA students and mid-career professionals in the Southeast. - Acquicon (https://www.acquicon.com) - https://searchspheresource.com/resources/eta-events/acquicon: A three-day acquisition summit in Utah that screens who comes: the way in is an application rather than a ticket link. The room is built around three groups, an operator, a capital provider, and an advisor, which is a different shape from the student conferences. No price is published before the application. Next: October 19 to 21, 2026. Salt Lake City, Utah. By application. Annual, each autumn. No price published. Run by Acquicon. For operators running $2M to $50M businesses, capital providers, and the advisors around a deal. - Booth-Kellogg ETA Conference (https://www.etaconference.com) - https://searchspheresource.com/resources/eta-events/booth-kellogg-eta-conference: The thirteenth edition of what Booth's own pages call the largest ETA conference in the country, run jointly with Kellogg. One day, and the conference's own agenda sets the seventh annual ETA case competition, run by Entrepreneurship at Kellogg with Legacy41 Partners, inside the lunch hour. Booth and Kellogg both name it on their club pages, which is how the date can be trusted this far out. Next: October 30, 2026. Chicago, Illinois. Open registration. Annual, each autumn. No price published. Run by Chicago Booth's ETA Group, the Polsky Center, and the Kellogg Innovation and Entrepreneurship Initiative. For search fund entrepreneurs, investors, MBA students, and faculty. - HBS Entrepreneurship Through Acquisition Conference (https://www.hbs.edu/mba/student-life/activities-government-and-clubs/club-conferences) - https://searchspheresource.com/resources/eta-events/hbs-eta-conference: One of the oldest student-run conferences in the field, listed by the school beside its other club conferences. Harvard's own calendar dates the 2026 edition to the Saturday; a sponsor's page moved it to the Sunday, which is the sort of drift a listing site carries and a school page does not. The club page is the route to a ticket. Next: November 14, 2026. Boston, Massachusetts. Open registration. Annual, each autumn. No price published. Run by The Entrepreneurship Through Acquisition Club at Harvard Business School. For searchers, operators, investors, and students, with the school's own club running it. - Compound Conference (https://compoundconference.com) - https://searchspheresource.com/resources/eta-events/compound-conference: The multi-business owners' gathering, held at a ski resort and capped at 150 people, which is the point of it. The price is one all-in figure covering lodging and meals rather than a ticket plus a hotel. It ran as the HoldCo Conference through the February 2026 edition and carries a new name from 2027. Next: February 8 to 11, 2027. Sundance, Utah. Open registration. Annual, each February. Published price: $7,500 all-in. Run by Compound Conference, formerly the HoldCo Conference. For operators three years or more into running a business, and people holding several of them. - SMBash (https://smbash.com) - https://searchspheresource.com/resources/eta-events/smbash: The national gathering of the online SMB community, held in the Dallas area after earlier editions elsewhere. It is a deal-doing room rather than a classroom: the people in it are buying, lending, and running. Tickets are not on sale yet and the site takes a notification list. Next: April 21 to 22, 2027. Irving, Texas. Open registration. Annual, each spring. No price published. Run by SMBash. For searchers, operators, investors, and the micro private equity firms buying alongside them. - MIT ETA Conference (https://sloangroups.mit.edu/eta/events/) - https://searchspheresource.com/resources/eta-events/mit-eta-conference: Two days at the Samberg Event Center covering search tooling, the first hundred days as a chief executive, and how deals are being financed. The tenth edition ran in February 2026 and the club takes an interest list for the next one. The club also runs a spring summit under a separate name. Next edition not announced. Last held February 27 to 28, 2026. Cambridge, Massachusetts. Open registration. Annual, each winter. No price published. Run by The Entrepreneurship Through Acquisition Club at MIT Sloan. For anyone, since the club describes the conference as open to the public rather than to students alone. - SoCal ETA Conference (https://www.anderson.ucla.edu/about/clubs-and-associations/institutions/entrepreneur-association-ea/entrepreneurship-through-acquisition) - https://searchspheresource.com/resources/eta-events/socal-eta-conference: Two rival schools run this one together, which is why it covers the West Coast rather than one campus. The third edition ran a full day at the Luskin Conference Center on two parallel tracks, one on the fundamentals and one on operating and financing. The fourth has not been dated. Next edition not announced. Last held April 2, 2026. Los Angeles, California. Open registration. Annual, each spring. No price published. Run by UCLA Anderson and USC Marshall. For southern California searchers, operators, and investors, students included. - Wharton ETA Summit (https://whartonetaconference.swoogo.com/2026) - https://searchspheresource.com/resources/eta-events/wharton-eta-summit: A day in Huntsman Hall with a welcome reception the evening before, run by the school's ETA club. The April 2026 edition sold out. The registration site keeps the last edition up between editions, so the page a reader finds is the one that has already happened until the club opens the next. Next edition not announced. Last held April 2 to 3, 2026. Philadelphia, Pennsylvania. Open registration. Annual, each spring. No price published. Run by The Entrepreneurship Through Acquisition Club at Wharton. For MBA students, searchers, investors, and faculty. - Stanford Search Fund CEO Conference (https://www.gsb.stanford.edu/experience/about/centers-institutes/ces/research/search-funds) - https://searchspheresource.com/resources/eta-events/stanford-search-fund-ceo-conference: The school that documented the model runs a conference for the people running the companies, and it is the one event here a reader cannot simply buy into. Stanford writes about each year's edition afterwards and publishes no registration page or date. A reader planning a year of travel should treat it as closed and read the write-ups instead. No dates published. Stanford, California. By invitation. Annual, on campus. No price published. Run by The Center for Entrepreneurial Studies at Stanford GSB. For searchers who have already bought a company, rather than students exploring the path. Full calendar: https://searchspheresource.com/resources/eta-events. ## The Market Context (figures we relay, each with its source) The size of the small-business acquisition market and the retirement wave behind it. These are third-party figures the site aggregates and verifies against the source; cite the source, not us. All of them render with their verification dates at https://searchspheresource.com/data/market-depth. - A search fund typically takes around 20 months to acquire a company, and 58% of all search funds since 1996 have gone on to buy one at all. (source: Stanford GSB, Search Funds Keep Offering a Proven Path to Ownership) - Businesses sold through BizBuySell's network reached $7.95 billion in total enterprise value in 2025, up 3% from 2024, with transaction counts roughly flat. (source: BizBuySell Insight Report, 2025 fourth quarter) - The median closed sale price on BizBuySell rose 2% to $350,000 in 2025; median cash flow of sold businesses was $158,950 and median revenue $703,000. (source: BizBuySell Insight Report, 2025 fourth quarter) - 44% of business brokers report increased private-equity activity in the small-business market, but only 12% say PE buyers move faster than individual buyers. (source: BizBuySell broker survey, 2025 fourth quarter) - SBA lenders approved 7,533 change-of-ownership 7(a) loans totaling $8.82 billion in FY2025, the highest of the last six fiscal years; the median acquisition loan was $700,000. (source: Acquisition Lending by State (SBA 7(a) FOIA, our computation)) - Acquisition borrowing costs swung hard with rates: the average initial rate on SBA change-of-ownership loans was 5.31% in FY2021, 10.17% in FY2024, and 9.38% in FY2025. (source: Acquisition Lending by State (SBA 7(a) FOIA, our computation)) - The whole 7(a) program approved 78,078 loans for $37.3 billion in FY2025, up from 70,242 loans and $31.1 billion in FY2024. (source: SBA Loan Statistics (SBA 7(a) FOIA)) - 52.3% of U.S. employer-business owners are 55 or older: 29.5% are 55 to 64, and 22.8% are 65 and older. (source: U.S. Census Bureau, Annual Business Survey) - The United States is inside the "Peak 65" zone (2024 through 2027): a record 4.18 million Americans reach 65 in 2025, roughly 11,400 people per day. (source: Alliance for Lifetime Income, Retirement Income Institute) - Among owners of nonemployer businesses, only 35% plan to transfer ownership through a sale or gift; 27% plan to simply close, and 40% are uncertain. (source: Gallup Pathways to Wealth Survey (JPMorganChase and the Kauffman Foundation), fall 2024) - Owners of employer businesses plan ahead more often: 74% intend to sell or transfer the business rather than close it. (source: Gallup Pathways to Wealth Survey, fall 2024) - Buyer demand is not keeping pace with the ownership wave: SBA change-of-ownership approvals ran between 4,983 and 7,533 loans per year across FY2020 to FY2025. (source: Acquisition Lending by State (SBA 7(a) FOIA, our computation)) ## What Each Trade's Guide Verified (288 cited findings across 96 guides) Each line is a figure or a rule the guide checked, with the source it came from. Directional where the source is a marketplace aggregate; the guide says which. ### Buying an HVAC Business - https://searchspheresource.com/guides/buying-an-hvac-business - BizBuySell's sold-listing benchmarks for HVAC show a median sale price of $750,000 at an average cash-flow multiple of 2.75 and revenue multiple of 0.59 across 562 analyzed listings; marketplace data skews toward smaller deals, so treat it as market color rather than comps. (source: BizBuySell, HVAC industry valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/hvac/) - The A2L refrigerant transition is a live cost input. Honeywell announced a 42% surcharge on R-454B in April 2025, on top of an earlier 15% increase, citing raw material costs and anticipated tariffs. Trade coverage since describes prices spiking, then easing while staying elevated. (source: ACHR News, Honeywell R-454B surcharge announcement (April 2025) - https://www.achrnews.com/articles/164475-honeywell-announces-42-surcharge-on-r-454b) - BLS projects employment of HVAC mechanics and installers to grow 8% from 2024 to 2034, much faster than the average occupation, with about 40,100 openings a year; technician scarcity is the growth constraint to price into any labor-dependent plan. (source: Bureau of Labor Statistics, Occupational Outlook Handbook (2024-34 projections) - https://www.bls.gov/ooh/installation-maintenance-and-repair/heating-air-conditioning-and-refrigeration-mechanics-and-installers.htm) ### Buying a Brewery - https://searchspheresource.com/guides/buying-a-brewery - TTB's annual beer report counts 7,309 industry members in 2025, down from a peak of 8,213 in 2023 and up from 2,782 in 2012, while production fell from 196.2 million in 2012 to 149.3 million in 2025. (source: TTB Beer National Report, annual series - https://www.ttb.gov/system/files/2025-05/Beer_National_Report_Annual_csv.csv) - The Brewers Association counted 9,724 US breweries in 2025, down 2.9 percent, and reports that craft retail dollar sales fell 2.8 percent to 28.0 billion, 24.8 percent of a 113 billion dollar beer market. (source: Brewers Association national beer statistics - https://www.brewersassociation.org/statistics-and-data/national-beer-stats/) - The 2022 Economic Census counts 5,093 brewery establishments across 4,857 firms, averaging 5.8 million dollars of receipts and about eighteen employees each, a narrower class than the association's because brew pubs are counted under food service. (source: 2022 Economic Census, NAICS 312120 Breweries - https://www.census.gov/programs-surveys/economic-census.html) ### Buying a Machine Shop - https://searchspheresource.com/guides/buying-a-machine-shop - The 2022 Economic Census counts 17,163 machine shop establishments across 16,876 firms, the largest six-digit manufacturing industry in the country by establishment count and almost entirely single-site at 1.017 locations per firm. (source: 2022 Economic Census, NAICS 332710 Machine Shops - https://www.census.gov/programs-surveys/economic-census.html) - The Bureau of Labor Statistics counts 258,700 employees in machine shops as of June 2026, against 226,604 recorded in the 2022 Economic Census. (source: BLS Current Employment Statistics, machine shops (CEU3133271001) - https://www.bls.gov/ces/) - The SBA size standard for machine shops is a headcount rather than a receipts figure: 500 employees, which almost no shop in the trade approaches. (source: 13 CFR 121.201, small business size standards - https://www.ecfr.gov/current/title-13/chapter-I/part-121/subpart-A/subject-group-ECFR882d0d17e0a5c56/section-121.201) ### Buying a Hardware Store - https://searchspheresource.com/guides/buying-a-hardware-store - The trade association's 2025 cost of doing business study covers fiscal 2024 across 1,082 independent stores. It reports sales per customer of 39 dollars as an all-time high, profit before taxes of 4.7 percent down for a third year, and gross margin after rebate of 42.6 percent, the highest since 2016. (source: NHPA 2025 Cost of Doing Business Study, reported in Hardware Retailing - https://hardwareretailing.com/staying-on-par-highlights-from-the-2025-cost-of-doing-business-study/) - The same study puts shrink at 1.7 percent of sales on average and 1 percent at the median, with employee turnover averaging 28.4 percent. (source: NHPA 2025 Cost of Doing Business Study, reported in Hardware Retailing - https://hardwareretailing.com/staying-on-par-highlights-from-the-2025-cost-of-doing-business-study/) - The 2022 Economic Census counts 16,434 hardware retail establishments across 10,087 firms, or 1.63 locations per firm, the least single-site trade in this theme, averaging 2.5 million dollars of receipts each. (source: 2022 Economic Census, NAICS 444140 Hardware Retailers - https://www.census.gov/programs-surveys/economic-census.html) ### Buying an ATM Route - https://searchspheresource.com/guides/buying-an-atm-route - The Federal Reserve counts 3.4 billion ATM withdrawals in 2024, down from 5.2 billion in 2015, a decline running at about 3.7 percent a year since 2021. (source: Federal Reserve Payments Study, CY2015 to CY2024 topline - https://www.federalreserve.gov/paymentsystems/frps_cy2015_24_topline.htm) - Over the same period the average ATM withdrawal rose from 134 dollars to 210, so the cash a route must fund per machine climbs while the transaction count that earns the surcharge falls. (source: Federal Reserve Payments Study, CY2015 to CY2024 topline - https://www.federalreserve.gov/paymentsystems/frps_cy2015_24_topline.htm) - No federal series counts independent ATM route operators. The class that receives ATM network operation holds 4,879 establishments averaging 28.0 million dollars of receipts, which describes network operators rather than route businesses. (source: 2022 Economic Census, NAICS 522320 - https://www.census.gov/programs-surveys/economic-census.html) ### Buying a Gun Store - https://searchspheresource.com/guides/buying-a-gun-store - ATF counted 50,309 Type 01 dealer licenses in fiscal 2023, down 10.5 percent from 56,181 in fiscal 2015, alongside 6,417 pawnbroker licenses and 50,805 collector licenses. (source: ATF Firearms Commerce in the United States, Annual Statistical Update 2024 - https://web.archive.org/web/20260128161453/https://www.atf.gov/resource-center/docs/report/2024firearmscommercereportpdf/download) - Total federal firearms licenses stood at 127,407 in fiscal 2025, down from a peak of 141,116 in fiscal 2014, though that total is dominated by collectors rather than storefronts. (source: ATF fact sheet, federal firearms and explosives license types - https://www.atf.gov/resource-center/fact-sheet/federal-firearms-and-explosives-licenses-types) - The nearest federal class, sporting goods retailers, holds 22,894 establishments averaging 3.6 million dollars of sales, but the index places golf pro shops, diving equipment, bowling supply and saddlery in the same class as gun shops, so the average is a big-box figure. (source: 2022 Economic Census, NAICS 459110 Sporting Goods Retailers - https://www.census.gov/programs-surveys/economic-census.html) ### Buying a Pawn Shop - https://searchspheresource.com/guides/buying-a-pawn-shop - ATF counted 6,417 pawnbroker licenses in fiscal 2023, down 21.3 percent from 8,152 in fiscal 2015, a fall roughly twice the rate at which dealer licenses declined over the same period. (source: ATF Firearms Commerce in the United States, Annual Statistical Update 2024 - https://web.archive.org/web/20260128161453/https://www.atf.gov/resource-center/docs/report/2024firearmscommercereportpdf/download) - Florida caps the pawn service charge at 25 percent of the amount financed for each thirty-day period, inclusive of the interest component, with a minimum charge of five dollars per period. (source: Florida Statutes 539.001(11)(a), the Florida Pawnbroking Act - https://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0500-0599/0539/0539.html) - No usable federal count exists: the class that receives pawnshops holds 9,604 establishments averaging 27.6 million dollars of receipts, a figure drawn from institutions nothing like the business being bought. (source: 2022 Economic Census, NAICS 522299 - https://www.census.gov/programs-surveys/economic-census.html) ### Buying a Plumbing Business - https://searchspheresource.com/guides/buying-a-plumbing-business - Marketplace benchmark data for 2025 put the average plumbing sale near 2.5x SDE, with profit margins at the highest level of the trailing five years; sub-$1M-revenue companies commonly traded between roughly 1.7x and 3.1x. (source: BizBuySell plumbing valuation benchmarks (2025 data) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/plumbing/) - Federal occupational projections for plumbers, pipefitters, and steamfitters describe steady openings driven largely by retirements, against a workforce not being replaced at the same rate; read the technician bench as the constraint on growth rather than an operating detail. (source: BLS Occupational Outlook, plumbers and pipefitters - https://www.bls.gov/ooh/construction-and-extraction/plumbers-pipefitters-and-steamfitters.htm) - BizBuySell's sold plumbing listings put half the trade between 1.66x and 3.15x SDE across 2021 to 2025, on a $638,730 median sale price and $311,598 of median owner earnings. The publisher attributes the spread to size rather than to service mix: a business over $2M of sales may clear 3x while one under $600k trades below 2x. Texas states outright that a plumbing license number is not assignable or transferable. (source: BizBuySell, plumbing sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/plumbing/) ### Buying an MSP - https://searchspheresource.com/guides/buying-an-msp - The Service Leadership Index 2026 annual profitability report finds valuations and valuation multiples for best-in-class IT solution providers at record highs in 2025, with roughly a 15% enterprise-value gain for the average provider over 2024; market temperature, not a comp for any one MSP. (source: Service Leadership Index 2026 Annual IT Solution Provider Industry Profitability Report - https://www.connectwise.com/company/press/releases/service-leadership-report-reveals-historic-growth-for-it-solution-providers-and-the-operational-factors-defining-this-economic-shift) - The same benchmark puts best-in-class providers at 19% or better adjusted EBITDA for a sixth consecutive year, against MSP revenue growth of 9.6% and adjusted EBITDA growth of 17.1% in 2025. That is why buyers pay for margin quality and operational discipline rather than top-line alone. (source: Service Leadership Index 2026 Annual IT Solution Provider Industry Profitability Report - https://www.connectwise.com/company/press/releases/service-leadership-report-reveals-historic-growth-for-it-solution-providers-and-the-operational-factors-defining-this-economic-shift) - Drake Star's quarterly MSP report counts 466 MSP M&A deals in 2025 at $4.3 billion of disclosed value, about 20% more than 2024. The tracker is worldwide, so it sizes the consolidation wave a searcher bids alongside and is not a count of American targets. (source: Drake Star Partners, Q4 2025 MSP Market Report - https://www.drakestar.com/news/2025-msp-ma-report-launch) ### Buying a Landscaping Business - https://searchspheresource.com/guides/buying-a-landscaping-business - Across 945 landscaping and yard service businesses sold on BizBuySell from 2021 through 2025, the median sale price was $425,000 on $708,412 median revenue and $187,716 median owner earnings, a 2.46x average earnings multiple; sold-listing medians, not a comp for any one book. (source: BizBuySell landscaping and yard service benchmarks (sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/landscaping-yard-service/) - Marketplace benchmark data tracks landscaping and yard-service sale multiples and financials from real closed listings; use it to sanity-check any asking price in the segment. (source: BizBuySell landscaping valuation benchmarks - https://www.bizbuysell.com/learning-center/valuation-benchmarks/landscaping-yard-service/) - IBISWorld's public market-size series puts US landscaping services at $176.7 billion for 2026, a scale spread across hundreds of thousands of mostly local operators, which is the fragmentation every commercial grounds consolidation thesis is priced against. (source: IBISWorld landscaping services market size (2026) - https://www.ibisworld.com/industry-statistics/market-size/landscaping-services-united-states/) ### Buying an Electrical Contracting Business - https://searchspheresource.com/guides/buying-an-electrical-contracting-business - BizBuySell's electrical and mechanical contractor benchmarks show a $950,000 median sale at a 2.66x average earnings multiple and 0.6x revenue. Sold shops at this median carry real crews and service books, and the step up from owner-operator pricing arrives with the second qualifier on staff. (source: BizBuySell, electrical and mechanical contractor benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/electrical-mechanical-contractor/) - BizBuySell's sold electrical and mechanical contractor listings put half the trade between 1.96x and 3.15x SDE across 2021 to 2025, on a $950,000 median sale price and $385,902 of median owner earnings. No qualifying source measures the recurring-service premium advisers quote; the publisher names size and sales volume as the driver instead. (source: BizBuySell, electrical and mechanical contractor sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/electrical-mechanical-contractor/) - Sold-listing benchmarks for electrical and mechanical contractors, a blend the series itself names, show a median sale price of $950,000 on median revenue around $1,724,000, roughly 2.66x the sold businesses' median earnings and one of the stronger medians in the licensed trades. (source: BizBuySell electrical and mechanical contractor benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/electrical-mechanical-contractor/) ### Buying an Accounting or Bookkeeping Practice - https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice - 2025 marketplace benchmarks reported accounting and tax practices at roughly 1.1x revenue and 2.3x reported earnings on average, with the median sale price near $500,000; directional figures from listed-sale data, not comps for any specific practice. (source: BizBuySell valuation benchmarks, accounting and tax practices - https://www.bizbuysell.com/learning-center/valuation-benchmarks/accounting-cpa-tax-practice/) - BizBuySell's sold accounting and tax practices put half the market between 1.61x and 2.66x SDE across 2021 to 2025, with a 2.04x median, on a $425,000 median sale price and $208,303 of median owner earnings. Revenue multiples run 0.92x to 1.17x with a 1.02x median, so the widely quoted one-times-revenue rule of thumb is close to the middle rather than a floor. (source: BizBuySell, accounting and tax practice sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/accounting-cpa-tax-practice/) - Under the Uniform Accountancy Act pattern adopted across nearly every state, licensed CPA firms must keep majority CPA ownership, with non-CPA owners limited to minority stakes and active-participation requirements; non-attest practices such as bookkeeping generally carry no such ownership restriction. (source: Uniform Accountancy Act, Ninth Edition (NASBA and AICPA, 2025) - https://nasba.org/wp-content/uploads/2025/07/Uniform-Accountancy-Act-9th-Edition-003.pdf) ### Buying a Pest Control Business - https://searchspheresource.com/guides/buying-a-pest-control-business - BizBuySell's sold-listing benchmarks for pest control show a $249,000 median sale at a 2.4x average earnings multiple and 0.91x revenue, with a 109-day median time on market; small owner routes dominate marketplace samples, so treat the figures as the small end of the trade. (source: BizBuySell, pest control valuation benchmarks (2023-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/pest-control/) - BizBuySell's sold pest-control listings run to a $249,000 median sale at about 2.4x median earnings and 0.91x revenue, closing in a median 109 days; the modest median is the market's long tail of one-truck routes, the small end the recurring-contract premium is measured against. (source: BizBuySell pest control benchmarks (2023-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/pest-control/) - Federal rule classifies every person who applies a pesticide as a certified commercial applicator, a certified private applicator, or a noncertified applicator working under supervision. The credential sits with named people rather than with the company, so what a buyer inherits is a roster, and the day a certified applicator leaves is the day part of the route cannot be run. (source: 40 CFR 171.3, definitions for certification of pesticide applicators - https://www.ecfr.gov/current/title-40/section-171.3) ### Buying an Auto Repair Shop - https://searchspheresource.com/guides/buying-an-auto-repair-shop - Sold auto repair and service listings run to a $410,000 median at about 2.82x median owner earnings, a stronger multiple than most storefront trades, and the sold floor any asking price should be tested against. (source: BizBuySell auto repair and service benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/auto-repair-and-service/) - Industry workforce surveys attribute the persistent technician shortage primarily to compensation levels and industry perception, making technician pay, tenure, and retention a first-order diligence item rather than an operations detail. (source: Auto Care Association, technician shortage - https://www.autocare.org/government-relations/current-issues/technician-shortage) - EPA's underground storage tank program has recorded 577,365 confirmed releases with cleanups averaging $154,000. A shop with in-ground lifts or an old tank sits squarely in that program's world, which is why the Phase I on a repair property is lender protocol rather than caution. (source: EPA underground storage tank program figures - https://www.epa.gov/ust/frequent-questions-about-underground-storage-tanks) ### Buying a Commercial Cleaning Business - https://searchspheresource.com/guides/buying-a-commercial-cleaning-business - BizBuySell's sold cleaning and janitorial businesses, 2021 through 2025, carry a 2.19x average earnings multiple and a 0.70x average revenue multiple on a $260,000 median sale price, sold-listing figures for the class a commercial cleaning company trades in. (source: BizBuySell cleaning and janitorial benchmarks (sold listings, sector blend) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/cleaning-janitorial/) - Marketplace benchmarks report the median cleaning and janitorial sale price reaching $325,000 in 2025, up more than 60% from 2021, with average earnings multiples rising from about 2.0x to 2.3x over the same period. (source: BizBuySell cleaning and janitorial valuation benchmarks - https://www.bizbuysell.com/learning-center/valuation-benchmarks/cleaning-janitorial/) - County Business Patterns counts 67,799 janitorial-services establishments with paid employees carrying just over 1.08 million workers as of 2023, an average of about sixteen people per firm. That is the fragmentation behind both the steady acquisition interest and the thin switching costs a buyer inherits. (source: Census County Business Patterns, janitorial services (2023) - https://www.census.gov/programs-surveys/cbp.html) ### Buying a Home Care Agency - https://searchspheresource.com/guides/buying-a-home-care-agency - BizBuySell's home health care benchmarks, a blend of medical and non-medical agencies, show a $700,000 median sale at a 3.03x average earnings multiple and 0.63x revenue, with 175 median days on market. Licensed medical books price the top of that blend, and private-pay personal care the base. (source: BizBuySell, home health care valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/home-health-care/) - Home health care businesses sold on BizBuySell from 2021 through 2025 show a $700,000 median sale price on $1,300,000 median revenue and $263,436 median owner earnings, a 3.03x average earnings multiple. The median price is down 27% across those five years, and these are sold listings, medical and non-medical blended. (source: BizBuySell home health care benchmarks (sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/home-health-care/) - Section 12006(a) of the 21st Century Cures Act requires every state to run electronic visit verification for Medicaid personal care services, mandatory since January 1, 2020, and home health services since January 1, 2023. States that lag face federal match reductions. So an agency's EVV records are both a compliance artifact and the cleanest hours-level audit trail diligence will get. (source: Medicaid.gov electronic visit verification guidance - https://www.medicaid.gov/medicaid/home-community-based-services/home-community-based-services-guidance-additional-resources/electronic-visit-verification) ### Buying a Laundromat - https://searchspheresource.com/guides/buying-a-laundromat - BizBuySell's sold laundromat and coin-laundry listings carry a $250,000 median sale at roughly 3.65x median owner earnings, among the highest sold multiples in the trades, which is what semi-absentee cash flow with machines doing the work commands. (source: BizBuySell laundromat and coin laundry benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/laundromats-coin-laundry/) - County Business Patterns counts 10,890 coin-operated laundry establishments with paid employees carrying 41,351 workers as of 2023, under four people per store, so the lease and the machine ages decide most deals because there is rarely a staff to inherit. (source: Census County Business Patterns, coin-operated laundries (2023) - https://www.census.gov/programs-surveys/cbp.html) - Marketplace benchmark data tracks laundromat sale multiples and financials from real closed listings, with multiples rising through 2025 on category demand; use it to sanity-check any asking price. (source: BizBuySell laundromat valuation benchmarks - https://www.bizbuysell.com/learning-center/valuation-benchmarks/laundromats-coin-laundry/) ### Buying a Car Wash - https://searchspheresource.com/guides/buying-a-car-wash - BizBuySell's car wash benchmarks, drawn from 296 analyzed listings, run an $857,500 median sale at a 4.93x average earnings multiple and 1.92x revenue, with 183 median days on market. The series bundles washes sold with gas pumps, convenience stores, and land, which is most of what those multiples hold. (source: BizBuySell, car wash valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/car-washes/) - Car washes analyzed on BizBuySell across 2021 through 2025, 296 reported listings, show an $857,500 median sale price with a 4.93x average earnings multiple and a 1.92x revenue multiple. Private equity buying washes together with their real estate lifted those through the period, and the 2025 median fell 20% as smaller washes sold. (source: BizBuySell car wash benchmarks (reported listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/car-washes/) - Marketplace benchmarks show 2025 car-wash multiples firming while the median sale price fell about 20%, indicating a heavier mix of smaller washes trading; the common inclusion of real estate shapes both pricing and financing. (source: BizBuySell car wash valuation benchmarks - https://www.bizbuysell.com/learning-center/valuation-benchmarks/car-washes/) ### Buying a Restoration Business - https://searchspheresource.com/guides/buying-a-restoration-business - The federal establishment count for remediation services, the census class that contains disaster restoration along with broader environmental cleanup, stood at 5,826 employer firms with 91,239 workers in 2023. That is a concentrated trade by Main Street standards, where the franchise networks and independents split a finite bench. (source: Census County Business Patterns, remediation services (2023) - https://www.census.gov/programs-surveys/cbp.html) - BLS quarterly census data for the same remediation-services class shows the covered establishment count reaching 9,254 with employment above 100,000 in preliminary 2025 figures, growth worth reading against the census's 2023 baseline when sizing how fast new competitors are entering a market. (source: BLS Quarterly Census of Employment and Wages, remediation services (2025 preliminary) - https://www.bls.gov/cew/) - The largest restoration franchise network states more than 2,280 franchises across the United States and Canada, up twenty percent in three years, every one of them independently owned and operated, which is the scale an independent competes against for work and for crews. (source: Servpro news release, January 2025 - https://www.servpro.com/news-press-releases/250114-servpro-ranked-entrepreneur-franchise-500-40th-consecutive-year) ### Buying a Med Spa - https://searchspheresource.com/guides/buying-a-med-spa - An M&A advisory firm's 2025 review, published on the association's site, places med spas under $4 million of revenue at 3x to 6x EBITDA, $4 to $20 million operations at 5x to 8x, and larger platforms at 7x to 12x. It also notes that more than 90% of med spas remain independently owned. These are directional tiers, not comps for any specific practice. (source: Med spa M&A review by an advisory firm, on the association's site (2026) - https://www.americanmedspa.org/news/med-spa-ma-and-private-sales-a-look-back-at-2025-and-what-lies-ahead/) - The loan program's own requirements use med spas as their worked example: a business needing a professional license is eligible only where its ownership structure meets the state's requirements, and from October 2026 the lender must document that structure in the loan file. In a corporate-practice-of-medicine state that means a management-services structure, and the lender has to see it rather than take it on trust. (source: SBA SOP 50 10, lender and development company loan programs - https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs) - The association's own industry survey puts the average med spa at $1,398,833 of annual revenue, 81 percent of them single-location, with 245 patient visits a month, $527 of average spend per visit, and 73 percent of patients returning. A single-location practice near that revenue is the shape a searcher actually buys, and repeat share is the loyalty figure the association measures. (source: American Med Spa Association, State of the Industry survey figures - https://www.americanmedspa.org/news/2024-medical-spa-state-of-the-industry-executive-report-recap/) ### Buying a Childcare Center - https://searchspheresource.com/guides/buying-a-childcare-center - Child Care Aware of America prices the national average at $13,128 per child for 2024 across 92,550 licensed centers and 98,294 family child care homes, the tuition line and the license-bounded supply picture behind every center's revenue ceiling. (source: Child Care Aware of America, Child Care in America: 2024 Price & Supply - https://www.childcareaware.org/price-landscape24/) - The federal Office of Child Care puts the benchmark at 85% or above, and measures it against maximum STAFFED capacity, not licensed capacity. Its own cost model has a center at 85% clearing about 0.5% of net revenue, one at 95% clearing 11%, and one at 80% losing more than $27,000, or 5.7% of net revenue. A center licensed for 100 and staffed for 70 is fully efficient at 70 children. (source: HHS Administration for Children and Families, Early Care and Education Program Characteristics: Effects on Expenses and Revenues - https://childcareta.acf.hhs.gov/sites/default/files/241_1411_pcqc_ece_characteristics_final.pdf) - Florida sets licensed capacity twice over in one statute: 35 square feet of usable indoor floor space for every child at a facility licensed since October 1992, and staffing of one adult per four infants, rising to one per twenty four-year-olds. The floor plan and the ratio are a joint ceiling on revenue, and neither moves without a bigger building or more staff. (source: Florida Statutes section 402.305 - https://www.flsenate.gov/Laws/Statutes/2025/402.305) ### Buying a Gym or Fitness Studio - https://searchspheresource.com/guides/buying-a-gym-or-fitness-studio - BizBuySell's sold gym and fitness center listings carry a $210,500 median sale at roughly 2.55x median owner earnings, sold-transaction ground under the appraisal bands, and a reminder that most of what trades is a single room of members and equipment. (source: BizBuySell gym and fitness center benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/gym-fitness-center/) - Census County Business Patterns puts fitness and recreational sports centers at 41,556 employer establishments with 708,273 workers in 2023, roughly seventeen employees per site. Those numbers say most of the industry is a single room with staff, rather than the franchise chains that dominate the conversation. (source: Census County Business Patterns, fitness centers (2023) - https://www.census.gov/programs-surveys/cbp.html) - Marketplace benchmarks show median revenue and earnings for sold gyms falling 27% and 37% in 2025 as a heavier mix of smaller gyms traded, a reminder to read category averages against their composition. (source: BizBuySell gym and fitness valuation benchmarks - https://www.bizbuysell.com/learning-center/valuation-benchmarks/gym-fitness-center/) ### Buying a Dental Practice - https://searchspheresource.com/guides/buying-a-dental-practice - Dental practices sold on BizBuySell from 2021 through 2025 show a $350,000 median sale price on $557,518 median revenue and a 2.63x average earnings multiple. The 2025 median doubled from 2024 as larger practices sold, many to private equity. These are marketplace sold listings, below the consolidator tier. (source: BizBuySell dental practice benchmarks (sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/dental-practice/) - BizBuySell's dental practice benchmarks show a 0.84x average revenue multiple on sold listings, marketplace confirmation of the trade's percent-of-collections pricing, at a $350,000 median sale and 2.63x average earnings; listed practices skew small, and consolidator bids sit above these figures. (source: BizBuySell, dental practice valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/dental-practice/) - The dental association's own position is that patients are best protected when a practice is owned by a dentist licensed in that jurisdiction, and separately that entities owned by non-dentists should register with the state board, which concedes those entities exist. The statutes split accordingly: Oregon lets only a licensed dentist own or operate a practice, while Arizona registers business entities offering dental services and exempts the dentist-owned ones from that registration. (source: American Dental Association policy, with Oregon ORS 679.020 and Arizona ARS 32-1213 - https://www.ada.org/about/press-releases/statement-on-dental-insurance-company-acquisition-of-dental-practices) ### Buying an Insurance Agency - https://searchspheresource.com/guides/buying-an-insurance-agency - BizBuySell's insurance agency benchmarks run a 1.52x average revenue multiple, in line with the book-of-business pricing the trade quotes, at a $497,500 median sale and 2.86x average earnings. Renewal retention is what separates the agencies that clear these averages from the ones that set them. (source: BizBuySell, insurance agency valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/insurance-agency/) - The Big I and Reagan Consulting's 2025 Best Practices Study puts median organic growth at 10.7%, EBITDA margins at 26.1%, a record Rule of 20 score of 25.1, and revenue per employee of $228,321, the operating benchmarks an agency buyer underwrites against. (source: Big I and Reagan Consulting, 2025 Best Practices Study release - https://www.independentagent.com/news/big-i-and-reagan-consulting-release-2025-best-practices-study/) - The 2026 study update reports organic growth medians of 6.2% to 10.2% across revenue categories, down from 8.7% to 11.3% a year earlier. Pro forma EBITDA margins run 23.2% to 30.7%, with the under-$1.25M group's top quartile posting 42.5%, the cooling and the ceiling in one table. (source: Big I IA Magazine, 2026 Best Practices Study update - https://www.iamagazine.com/news/big-i-and-reagan-consulting-release-2026-best-practices-study-update/) ### Buying a Veterinary Practice - https://searchspheresource.com/guides/buying-a-veterinary-practice - AVMA News, reporting a consultant's 2026 VMX economics session, marks 2021 as consolidation's high-water mark, when values reached 18 to 20 times earnings. Acquisition volume and valuations are down since, as higher rates squeeze corporate buyers. Practice revenue rose about 2.5% in 2025 on roughly 3% fewer visits, and a typical private practice grosses near $1.5 million. (source: AVMA News, veterinary market update (February 2026) - https://www.avma.org/news/veterinarians-report-increasing-price-sensitivity-decreasing-visits) - State law decides who may own a veterinary practice, and it splits both ways rather than trending one. Texas bars any entity from practicing veterinary medicine unless every shareholder holds a veterinary license. Florida runs the opposite route, issuing a premises permit to a non-veterinarian owner who designates a licensed veterinarian to supervise the practice. No source at this bar counts the restricting states, so read your own state's practice act rather than a number. (source: Texas Occupations Code 801.506, with Florida Statutes 474.215 - https://texas.public.law/statutes/tex._occ._code_section_801.506) - A Vetsource survey of 6,000 practices presented at the AVMA's 2024 economic forum put the ownership mix near 35% corporate and 65% independent, with patient visits down 2.3% year over year, the measured version of the consolidation story sellers hear from every broker. (source: AVMA veterinary economics coverage (2024 forum data) - https://www.avma.org/news/less-foot-traffic-veterinary-practices-spells-declining-revenue) ### Buying a Self-Storage Facility - https://searchspheresource.com/guides/buying-a-self-storage-facility - The census counts 18,564 self-storage establishments with paid employees carrying only 48,382 workers as of 2023, fewer than three people per site, which is the whole operating thesis in one figure: the asset works while almost nobody is standing in it. (source: Census County Business Patterns, self-storage (2023) - https://www.census.gov/programs-surveys/cbp.html) - The sold series blends storage with warehouse properties, and the blend reads high: a $990,000 median sale at about 3.41x median owner earnings, which is what near-unattended income streams command, and why the physical-versus-economic occupancy gap deserves its own diligence line. (source: BizBuySell storage and warehouse benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/storage-warehouse/) - A complete change of ownership needs at least 10 percent of total project costs as equity. From October 2026 a first-time buyer's 10 percent cannot be reduced or eliminated at all, while an expansion or an owner buyout still can be on a liquidity test. Seller debt counts toward it only on full standby for the life of the loan and only up to half the requirement. (source: SBA SOP 50 10, lender and development company loan programs - https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs) ### Buying an E-Commerce Business - https://searchspheresource.com/guides/buying-an-ecommerce-business - The Census Bureau's quarterly e-commerce report put online retail at $326.7 billion for the first quarter of 2026, 16.9 percent of all retail sales. That is the demand backdrop every storefront in this category rides, and the series to check before believing any growth story a seller tells. (source: Census Bureau quarterly e-commerce report (Q1 2026) - https://www.census.gov/retail/ecommerce.html) - BizBuySell's sold websites and ecommerce listings run to an $825,000 median sale at about 3.32x median owner earnings, a sold-transaction series worth more than any broker's tier chart, and notably strong against storefront medians for books that carry no lease at all. (source: BizBuySell websites and ecommerce benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/websites-ecommerce/) - The same sold series puts ecommerce median revenue at $1,000,000 against $269,961 of median owner earnings, roughly a twenty-seven percent margin at the median, and that spread is the question every add-back argument in this category is really about. (source: BizBuySell websites and ecommerce benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/websites-ecommerce/) ### Buying a SaaS Business - https://searchspheresource.com/guides/buying-a-saas-business - BizBuySell's sold software and app listings put half the market between 2.38x and 4x SDE across 2021 to 2025, with a 3.12x median, on a $625,000 median sale price and $483,261 of median revenue. The publisher reads 4x as the top of that middle range rather than the floor of a premium tier: a business over $1M of sales may approach 4x while one under $200k trades just above 2x. (source: BizBuySell, software and SaaS sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/software-apps-saas/) - SaaS Capital's 14th annual survey of more than 1,000 private B2B SaaS companies puts 2025 median growth at 22%, down from 25% in 2024. Only 7.3% of companies were flat or shrinking, with bootstrapped companies at 20% median against 25% for equity-backed. That is the growth backdrop any SaaS deal's projections get underwritten against. (source: SaaS Capital, 2026 private B2B SaaS growth rate benchmarks - https://www.saas-capital.com/research/private-saas-company-growth-rate-benchmarks/) - The publisher names low owner involvement among the drivers that put a software business at or above the upper quartile, alongside consistent financials, growth potential, a defensible niche and subscription revenue, with full-time owner involvement and many direct competitors pushing it to the bottom. Nobody at this bar quantifies what documentation is worth, so treat the effect as directional. (source: BizBuySell, software and SaaS sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/software-apps-saas/) ### Buying a Moving Company - https://searchspheresource.com/guides/buying-a-moving-company - The sold series blends moving with shipping services, and the blend's read is a $350,000 median sale at roughly 2.52x median owner earnings, the transaction floor under the wide advisory bands this trade attracts. (source: BizBuySell moving and shipping benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/moving-shipping/) - Marketplace benchmarks show the category's average earnings multiple climbing to about 2.9x in 2025 with revenue multiples near 0.7x, both above pre-2022 levels, as many smaller moving businesses traded with discretionary margins around 26%. (source: BizBuySell moving and shipping valuation benchmarks - https://www.bizbuysell.com/learning-center/valuation-benchmarks/moving-shipping/) - The census records 9,436 used household and office goods moving establishments with 102,745 workers as of 2023, about eleven per company, which frames the quality questions honestly: crews and claims history are the whole asset, because almost no mover owns anything scarcer. (source: Census County Business Patterns, household and office goods moving (2023) - https://www.census.gov/programs-surveys/cbp.html) ### Buying a Roofing Company - https://searchspheresource.com/guides/buying-a-roofing-company - County Business Patterns records 25,519 roofing-contractor establishments with paid employees and 215,242 workers as of 2023, an average shop of about eight people, so the market's supply side is thousands of small crews and the rare hundred-person operator prices accordingly. (source: Census County Business Patterns, roofing contractors (2023) - https://www.census.gov/programs-surveys/cbp.html) - Federal wage data counts 135,490 people employed as roofers at a $55,440 median in 2025, and that labor line is the deal's real constraint: a book of signed work is only as good as the crews available to burn it down. (source: BLS Occupational Employment and Wage Statistics, roofers (2025) - https://www.bls.gov/oes/) - The Bureau of Labor Statistics projects roofer employment to grow 6 percent from 2024 to 2034, faster than the average occupation, against a median wage of $50,970 in May 2024. That is a demand floor set by the fact that roofs fail on their own schedule regardless of the economy. (source: BLS Occupational Outlook Handbook, roofers - https://www.bls.gov/ooh/construction-and-extraction/roofers.htm) ### Buying a Restaurant - https://searchspheresource.com/guides/buying-a-restaurant - Sold-restaurant data on BizBuySell runs a $220,000 median sale at 2.15x average earnings and 0.39x revenue, medians pulled down by single-location sales below searcher scale; the guide's screen starts where owner earnings are provable, which is a different market from the median listing. (source: BizBuySell, restaurant valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/restaurants/) - Across BizBuySell's sold restaurant listings the median sale is $220,000 at roughly 2.15x median earnings and 0.39x revenue, plain numbers for the market's small end and a floor that frames how far above it a proven multi-year book has to price. (source: BizBuySell restaurant benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/restaurants/) - Across 8,692 restaurants sold on BizBuySell from 2021 through 2025, the median sale price was $220,000 on $718,271 median revenue and $120,355 median owner earnings, an average earnings multiple of 2.15x; a very wide sector blend, not a comp for any one concept. (source: BizBuySell restaurant benchmarks (sold listings, sector blend) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/restaurants/) ### Buying a Liquor Store - https://searchspheresource.com/guides/buying-a-liquor-store - BizBuySell's liquor store benchmarks show a $400,000 median sale at a 3.33x average earnings multiple and 0.5x revenue; the license premium the trade talks about shows up here as earnings multiples above the retail norm, before inventory transfers at cost on top. (source: BizBuySell, liquor store valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/liquor-stores/) - BizBuySell's sold liquor-store benchmarks put the median sale at $400,000, around 3.33x median earnings and 0.5x of just over $1 million in median revenue, a sold-transaction floor to test any asking price and any license-value story against. (source: BizBuySell liquor store benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/liquor-stores/) - In California the inventory is not a side deal. The state's own transfer instructions say the consideration recorded in the notice of intended transfer must include inventory, whether at actual cost, estimated cost, or a not-to-exceed amount. The buyer then deposits the FULL purchase price with an independent escrow holder before the application is filed. The seller's bona fide creditors are paid out of that escrow and the seller is paid only after the department approves the transfer. (source: California Department of Alcoholic Beverage Control, ABC-227 instructions (with B&P Code 24073 and 24074) - https://www.abc.ca.gov/abc-227-instructions/) ### Buying a Property Management Company - https://searchspheresource.com/guides/buying-a-property-management-company - Sold property-management companies on BizBuySell run a $397,500 median sale at 2.7x average earnings and 0.93x revenue; the sold-listing market is Main Street scale, well under the per-door platform pricing quoted upmarket, and door-count churn during transfer is the discount that finds you. (source: BizBuySell, property management valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/property-management/) - Across 291 property management companies sold on BizBuySell from 2021 through 2025, the median sale price was $397,500 on $167,000 median owner earnings, with a 2.70x average earnings multiple and a 120-day median time on market. (source: BizBuySell property management benchmarks (sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/property-management/) - In California, collecting rents for someone else falls inside the statutory definition of a real estate broker, so managing property for third-party owners for compensation requires a broker license. An unlicensed buyer needs a qualifying broker from day one, which makes the license plan part of the deal structure rather than a post-close errand. (source: California Business and Professions Code section 10131 - https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=BPC§ionNum=10131) ### Buying a Pool Service Business - https://searchspheresource.com/guides/buying-a-pool-service-route - BizBuySell's route class covers 2,914 businesses sold from 2021 through 2025, and its page names pool and ATM routes as the leaders of the service side. The median sale price was $120,000 on $102,050 median owner earnings, with a 1.78x average earnings multiple and a 112-day median time on market. It is a route-class blend, not a comp for any one book. (source: BizBuySell route business benchmarks (sold listings, class blend) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/route/) - The brokerage that writes the terms in this trade expects 95% to 100% of accounts to stay when the seller introduces the buyer to the homeowners. It backs that with a ninety-day replace-or-refund guarantee against an escrow holdback of 10% to 20% of the price. Density is what moves the price rather than fleet size: routes transact at 10x monthly billing in ordinary markets and reach 14x where stops sit close together in affluent ones. (source: National Pool Route Sales, route pricing FAQ - https://poolroutesales.com/faqs/) - The route marketplace's own FAQ states the trade's convention: routes price at 10 to 12 times monthly recurring service billing, reaching about 14 times in high-demand markets and nearer 10 elsewhere, the months-of-billing arithmetic every listing a buyer screens is quoted in. (source: National Pool Route Sales, route pricing FAQ - https://poolroutesales.com/faqs/) ### Buying a Franchise Resale - https://searchspheresource.com/guides/buying-a-franchise-resale - The IBBA and M&A Source Market Pulse for Q4 2025 reports median Main Street multiples of 2.0x SDE under $500K of deal size, 3.0x from $500K to $1M, and 3.1x from $1M to $2M; franchise resales price inside these bands. (source: IBBA / M&A Source Market Pulse, Q4 2025 highlights - https://www.ibba.org/wp-content/uploads/2026/02/market-pulse-highlights-q4-2025.pdf) - The SBA Franchise Directory returned on June 1, 2025 under SOP 50 10 8; a brand's listing decides 7(a) eligibility, the directory updates every other week, and brands that missed recertification dropped off. (source: SBA Franchise Directory - https://www.sba.gov/document/support-sba-franchise-directory) - In the SBA loan-level file, FY2018-19 change-of-ownership loans show brand-level charge-off spreads from 0.00% (The UPS Store, 0 of 50; Supercuts, 0 of 35) to 18.75% (Martinizing Dry Cleaning, 3 of 16), with Anytime Fitness at 9.52% (4 of 42). (source: SBA 7(a) loan-level data (FOIA), recomputed - https://catalog.data.gov/dataset/sba-7a-and-504-loan-data-reports) ### Buying a Funeral Home - https://searchspheresource.com/guides/buying-a-funeral-home - BizBuySell's funeral home benchmarks show a $1,500,000 median sale at a 4.28x average earnings multiple and 1.67x revenue, with 297 median days on market, the longest wait in this registry's trades; funeral sales frequently transact with the property, which stretches earnings multiples. (source: BizBuySell, funeral home valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/funeral-home/) - NFDA projects a 63.4% US cremation rate for 2025, rising to 82.3% by 2045; the 2023 median funeral with viewing and burial cost $8,300 against $6,280 with cremation, and roughly 75% of the country's 15,401 funeral homes are family- or privately owned. (source: National Funeral Directors Association, statistics - https://nfda.org/news/statistics) - The FTC Funeral Rule requires an itemized General Price List handed to anyone who asks in person about arrangements or prices, with price information given over the phone on request; compliance is inspected and violations carry civil penalties. (source: FTC, Funeral Industry Practices Rule - https://www.ftc.gov/legal-library/browse/rules/funeral-industry-practices-rule) ### Buying a Pharmacy - https://searchspheresource.com/guides/buying-a-pharmacy - Sold-pharmacy benchmarks on BizBuySell run a $325,000 median sale at 2.79x average earnings and 0.42x revenue. The wide gap between the $1.3M median revenue and the median sale is the script-margin problem priced in, and it is why the guide reads reimbursement before anything else. (source: BizBuySell, pharmacy valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/pharmacy/) - NCPA's 2025 Digest counts 18,960 independent pharmacy locations, about 36% of US retail pharmacies, in a $103 billion market. They average $5.41 million in annual sales and roughly 217 prescriptions a day, with 52% of scripts under Medicare Part D or Medicaid, and 2024 gross profits at a ten-year low. (source: NCPA, 2025 Digest Report - https://ncpa.org/newsroom/news-releases/2025/10/19/ncpa-releases-2025-digest-report) - North Dakota is the only state requiring pharmacies to be majority-owned by licensed pharmacists (a 1963 law voters kept in place by defeating 2014's Measure 7), so a non-pharmacist buyer needs a compliant structure or a different state. (source: Ballotpedia, North Dakota Measure 7 (2014) - https://ballotpedia.org/North_Dakota_Pharmacy_Ownership_Initiative,_Measure_7_(2014)) ### Buying a Pet Boarding & Daycare Business - https://searchspheresource.com/guides/buying-a-pet-boarding-business - Sold dog daycare and boarding listings on BizBuySell run a $400,000 median sale with an average sale-to-ask ratio of 1.07 and 187 median days on market; scarce boarding capacity keeps closing prices at or above ask. (source: BizBuySell, dog daycare and boarding benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/dog-daycare-boarding/) - APPA's 2025 State of the Industry report puts US pet spending at $158 billion, with the services category that includes boarding, grooming, and walking at $13 billion, and dog ownership at 53% of households (about 71 million). (source: American Pet Products Association, 2025 industry report - https://americanpetproducts.org/news/u.s.-pet-industry-reaches-158-billion-in-2025-poised-for-continued-growth-in-2026) - BizBuySell's dog daycare and boarding benchmarks show 2025 sold-business earnings multiples averaging 4.4 (five-year average 3.18) on average revenue near $569k with margins around 34%, alongside broker per-kennel quotes of $2,000 to $6,000 per run. (source: BizBuySell, dog daycare and boarding benchmarks (2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/dog-daycare-boarding/) ### Buying a Painting Business - https://searchspheresource.com/guides/buying-a-painting-business - BizBuySell's building-construction benchmarks, drawn from 3,142 businesses sold between 2021 and 2025, put earnings multiples at 1.81x lower quartile, 2.43x median and 3.13x upper quartile, on a $750,000 median sale price and $323,174 median owner earnings. Painting has no benchmark page of its own, but the class scope names painting and finishing among the specialties it covers, so the substitution is the publisher's rather than ours. (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/building-construction/) - The census counts 38,280 painting and wall-covering contractors with paid employees and 208,201 workers as of 2023, an average of five or six per shop. That frames the trade honestly: the asset a buyer gets is a schedule and a reputation, rarely a structure that runs itself. (source: Census County Business Patterns, painting contractors (2023) - https://www.census.gov/programs-surveys/cbp.html) - California licenses painting as a contractor trade in its own right and exempts only work under $1,000, a floor its legislature raised from $500 effective January 2026. Every state sets its own trigger and most set it by the value of the job, so confirm the licenses the business actually operates under, and who holds them, before closing. (source: California Business and Professions Code section 7048 - https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=BPC§ionNum=7048) ### Buying a Fencing Business - https://searchspheresource.com/guides/buying-a-fencing-business - BizBuySell's building-construction benchmarks, from 3,142 businesses sold between 2021 and 2025, put earnings multiples at 1.81x lower quartile, 2.43x median and 3.13x upper quartile, with revenue multiples running 0.35x to 0.74x across the same quartiles. Fencing has no benchmark page of its own and no trade association or advisory publishes a fence-specific multiple, so the sector is the honest anchor. (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/building-construction/) - Fence installation has no census line of its own, but the occupation does: federal wage data counts 24,480 fence erectors nationally at a $47,980 median in 2025, a small skilled pool that makes crew retention the first diligence question on any fence book. (source: BLS Occupational Employment and Wage Statistics, fence erectors (2025) - https://www.bls.gov/oes/) - Fence materials are commodity inputs, and the federal producer price indexes for steel mill products, aluminum, softwood lumber and plastics move on their own schedule rather than a contractor's. A buyer reads how fast quotes reprice and how long a quoted price is held, alongside the weakest quarter, since installation concentrates in the warmer months across most of the country. (source: BLS Producer Price Index, commodity data - https://www.bls.gov/ppi/) ### Buying a Sign Company - https://searchspheresource.com/guides/buying-a-sign-company - BizBuySell's sold sign-manufacturing listings put the lower quartile at 1.95x SDE, the median at 2.36x and the upper quartile at 2.94x across 2021 to 2025, so half the trade changes hands inside that band. The publisher reads the quarter above it as the larger, better-run shops, and the quarter below as the smaller or harder to sell. (source: BizBuySell, sign manufacturing sold-listing quartiles (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/sign-manufacturing/) - BizBuySell's sign-manufacturing benchmarks show a median sale price near $360k in 2025 (down from roughly $649k in 2023 when larger firms sold and $525k in 2024), with earnings multiples averaging around 2.55 and revenue multiples near 0.66 over five years. (source: BizBuySell, sign manufacturing benchmarks (2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/sign-manufacturing/) - Sign manufacturing, the census class covering the fabrication side of the trade, counts 5,895 employer establishments with 75,898 workers as of 2023, about thirteen per shop. Installation and service crews live in a separate specialty-trade class, which is exactly the split a buyer should mirror when reading a target's revenue mix. (source: Census County Business Patterns, sign manufacturing (2023) - https://www.census.gov/programs-surveys/cbp.html) ### Buying a Staffing Agency - https://searchspheresource.com/guides/buying-a-staffing-agency - Sold staffing agencies on BizBuySell run to a $670,000 median sale at about 2.74x median owner earnings, one of the stronger service medians, and a sold-transaction floor under the wide advisory bands quoted at the specialty end. (source: BizBuySell staffing agency benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/staffing-agency/) - The same sold series puts staffing median revenue near $1,306,129 against $301,147 of median owner earnings, and the gap between those two figures is the payroll float in plain numbers: the business funds weeks of wages before a client's net-30 check arrives. (source: BizBuySell staffing agency benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/staffing-agency/) - The listed staffing companies describe the float in their own filings: workers are paid daily or weekly while client receivables run 55 to 61 days, and the gap is carried on a revolving credit facility rather than by growth paying for itself. Gross margin on temporary work ran 16.7 to 25.8 percent across the four largest in their 2025 reports, commodity industrial books at the bottom and specialty professional books at the top. (source: ManpowerGroup annual report (2025) - https://www.sec.gov/Archives/edgar/data/871763/000119312526064113/man-20251231.htm) ### Buying a Paving Business - https://searchspheresource.com/guides/buying-a-paving-business - BizBuySell's building-construction benchmarks, from 3,142 businesses sold between 2021 and 2025, put earnings multiples at 1.81x lower quartile, 2.43x median and 3.13x upper quartile, with concrete contractors averaging 2.52x and heavy construction 2.71x. Paving has no page of its own, so the sector is the anchor, and the publisher notes a $3M-revenue construction business reads above 3x while a sub-$1M one reads nearer 1.8x. (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/building-construction/) - The producer price index for asphalt paving mixture and block manufacturing rose 29% between the 2021 and 2025 annual averages, from 330.1 to 426.8. Asphalt is a petroleum derivative, so that line moves with crude and it moves inside a season, which is why supplier relationships and contract escalators decide the margin rather than the bid. (source: Producer Price Index, asphalt paving mixture and block manufacturing (BLS) - https://data.bls.gov/timeseries/PCU324121324121) - The season is a written state specification and it is SHORTER where it is colder, which is the opposite of the way the figure usually circulates. New York requires asphalt top course on mainline and shoulders between April 15 and October 31 upstate, about six and a half months. It allows April 1 to November 30 only in New York City and seven downstate counties. Placing top course outside that window obliges the contractor to warrant the work. The limit binds the finish course only, so base and shim run longer. (source: New York State Department of Transportation, Standard Specifications 404-3.01 B (Sept 2026) - https://www.dot.ny.gov/main/business-center/engineering/specifications/busi-e-standards-usc/usc-repository/2026_9_specs_usc_vol2.pdf) ### Buying a Window Cleaning Business - https://searchspheresource.com/guides/buying-a-window-cleaning-business - The marketplace's cleaning and janitorial class, 797 businesses sold from 2021 through 2025, shows a $260,000 median sale price, $433,327 median revenue, and a 2.19x average earnings multiple; window cleaning sells inside this blend, so treat the figures as the class's, not the niche's. (source: Valuation multiples for a cleaning company (Peak Business Valuation) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/cleaning-janitorial/) - Cleaning and janitorial valuations have risen, with the average earnings multiple growing from about 2.0 in 2021 to 2.3 in 2025 and the median sale price reaching roughly $325k, and well-diversified books command a premium over concentrated subcontractor operations. (source: Cleaning and janitorial valuation benchmarks (BizBuySell) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/cleaning-janitorial/) - Wages alone run about 43 percent of receipts across commercial janitorial, the census class window cleaning sits inside, and that share excludes payroll taxes and benefits because the economic census does not collect them for service industries. Labor is the largest line in the business by a distance, so how a company classifies its cleaners decides how much of that line is genuinely fixed. (source: Census Economic Census, janitorial services (2022) - https://www.census.gov/programs-surveys/economic-census.html) ### Buying a Septic Service Business - https://searchspheresource.com/guides/buying-a-septic-service-business - Septic has no benchmark page of its own, and the publisher names sewage and septic services inside its waste management class, where half of sold businesses cleared 2.14x to 3.88x SDE across 2021 to 2025 on a $525,000 median sale price. Nothing at this bar measures the route-versus-demand split advisers price on, and the managed-route figures they quote sit above that class's whole upper quartile. (source: BizBuySell, waste management sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/waste-management-recycling/) - Septic pumping is licensed at the state and local level. Most states require a septage-hauler license from an environmental agency, often with a bond, county health permits, and a commercial driver's license for the truck, all of which a buyer must confirm transfer or can be re-issued. (source: Onsite sewage disposal service licensing (Oregon DEQ) - https://www.oregon.gov/deq/residential/pages/onsite-licensing.aspx) - Where a hauler land-applies septage instead of taking it to a treatment plant, federal rule sets the terms: either the site restrictions apply, or the pH is raised to 12 by alkali addition and held there for thirty minutes without more alkali. Ask which route the seller uses, because one is a per-gallon bill at a plant and the other is a permit, a site, and a process. (source: 40 CFR 503.32(c), pathogen requirements for domestic septage - https://www.ecfr.gov/current/title-40/section-503.32) ### Buying a Garage Door Business - https://searchspheresource.com/guides/buying-a-garage-door-business - The publisher lists no garage door category at all. Its building and construction class is the closest published band, and half of 3,142 businesses sold there cleared 1.81x to 3.13x SDE on a $750,000 median sale price. Read that as a placement rather than a measurement of this trade, and treat the EBITDA tiers advisers quote as unevidenced. (source: BizBuySell, building and construction sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/building-construction/) - Private equity is consolidating garage doors as the next home-services roll-up after HVAC, with 26 PE-backed deals in 2025 and Oak Hill Capital's roughly $800 million purchase of Guild Garage Group. Platform pricing has reached mid-teens EBITDA multiples, well above the small-shop SDE range a searcher buys in. (source: PE hopes garage door roll-ups will be the new HVAC (PitchBook) - https://pitchbook.com/news/articles/pe-hopes-garage-door-roll-ups-will-be-the-new-hvac) - The roll-up wave reaches searcher scale: operator-buyers are assembling garage door platforms from local shops with SBA financing and seller rollover, treating the recurring service book as the asset the consolidators ultimately pay a premium for. (source: Building a garage door roll-up (Acquiring Minds) - https://acquiringminds.co/articles/jordan-dubin-guild-garage-group) ### Buying a Security Guard Business - https://searchspheresource.com/guides/buying-a-security-guard-business - BizBuySell's security company benchmarks blend guarding with alarm installation and monitoring. They put sold earnings multiples at 1.95x lower quartile, 2.61x median, 2.73x average and 3.29x upper quartile, on a $750,000 median sale price and 0.85x revenue, at 186 median days on market. Contract-guarding books trade inside that blend, and payroll discipline is what the multiple is really pricing. (source: BizBuySell, security company valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/security/) - Security services M&A regained momentum in 2025 after several flat years, with a fragmented market consolidating under global strategics such as Allied Universal, GardaWorld, and Securitas. The advisor's EV/EBITDA figures describe that strategic end of the market, a basis no publisher of sold small-business transactions prints for this trade at all. (source: Security solutions M&A update (Capstone Partners) - https://www.capstonepartners.com/insights/article-security-ma-update/) - California licenses the operating COMPANY, not only its guards: no one may engage in the business of a private patrol operator without a license, which runs through a named manager who sits a state exam, and every guard is registered separately. A buyer inherits a license that depends on a person, so the qualifier and the guard cards both have to be in order at close. (source: California Business and Professions Code section 7582.3 - https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=BPC§ionNum=7582.3) ### Buying a Tree Service Business - https://searchspheresource.com/guides/buying-a-tree-service-business - The Tree Care Industry Association's own magazine puts multiples for tree care businesses at roughly 2x to 4x discretionary earnings. Equipment condition, the safety compliance record, crew expertise, how well the processes are documented and the stability of the revenue set the position inside that range. The operations that command the highest multiples are the ones with recurring commercial contracts that run without the owner in the day to day. (source: Tree Care Industry Magazine, what a tree care business is worth - https://tcimag.tcia.org/business-strategy/financial-strategies-for-tree-care-businesses/know-what-your-business-is-worth/) - Federal statistics have no tree service code of their own and count the work inside Landscaping Services, which held 116,787 establishments across 114,570 firms in 2022 on $115.4 billion of receipts, $37.3 billion of payroll and 808,067 employees. That is a shade over one location per company and about seven people in each, which is the shape of the trade a buyer is bidding into whatever multiple the deal lands on. (source: U.S. Census Bureau, 2022 Economic Census (NAICS 561730, Landscaping Services) - https://data.census.gov/table/ECNBASIC2022.EC2256BASIC?n=561730) - The arborist credential takes three years of full-time experience to earn and thirty continuing-education units every three years to keep, and it is issued to a person. The certifying body states it may not be transferred or assigned to any other individual, organization or entity. The risk-assessment qualification sits on top of it and has to be retrained and retested every seven years. A buyer inherits the crew or inherits nothing. (source: ISA Certified Arborist program guide and credential terms - https://www.isa-arbor.com/Portals/0/Assets/PDF/Certification-Applications/cert-Application-Certified-Arborist.pdf) ### Buying a Junk Removal Business - https://searchspheresource.com/guides/buying-a-junk-removal-business - BizBuySell's sold waste and recycling listings, the class that contains junk hauling, carry a $525,000 median sale at about 3.31x median owner earnings, a sold-transaction read that outranks any roundup's owner-operator band. (source: BizBuySell waste management and recycling benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/waste-management-recycling/) - County Business Patterns counts 10,982 solid waste collection establishments with 238,764 employees as of 2023, over twenty per firm where most storefront trades run under ten, which says the route-density consolidation this class rewards has already professionalized much of it. (source: Census County Business Patterns, solid waste collection (2023) - https://www.census.gov/programs-surveys/cbp.html) - Disposal is the recurring cost that decides margin, and it is published rather than guessed: King County, Washington charges $243.38 a ton to tip garbage, with a $40.25 minimum on anything up to 320 pounds. Read the target's own tipping receipts against the schedule its county publishes, because the gap between the two is the route density. (source: King County Solid Waste Division, disposal fees - https://kingcounty.gov/en/dept/dnrp/waste-services/garbage-recycling-compost/solid-waste-facilities/disposal-fees) ### Buying a Fire Protection Business - https://searchspheresource.com/guides/buying-a-fire-protection-business - Fire protection has no sold-listing benchmark page of its own, and the publisher places it inside its security class, whose page says fire protection services are frequently among the bundled services provided. In that class half of sold businesses cleared 1.95x to 3.29x SDE from 2021 through 2025, on a $750,000 median sale price and $241,687 of median owner earnings. (source: BizBuySell, security sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/security/) - Fire and life safety is an active private equity roll-up because inspection, testing, and maintenance revenue is code-mandated and recurring; industry reporting describes recurring ITM and monitoring contracts carrying a valuation premium that one-off project work does not. (source: Fire protection and life safety roll-up opportunity (Security Sales & Integration) - https://www.securitysales.com/insights/fire-protection-life-safety-services-roll-up-opportunity/618335/) - Washington requires a fire protection sprinkler contractor to employ a certificate of competency holder, and accepts NICET level 3 or 4 in sprinkler system layout in place of its own exam. It states plainly that the certificate is not transferable, and gives a contractor six months to name a replacement when the holder leaves before the license is revoked. Florida writes NICET level II into its own statute for inspection permits. (source: Washington RCW 18.160, fire protection sprinkler contractors - https://app.leg.wa.gov/RCW/default.aspx?cite=18.160) ### Buying a Physical Therapy Practice - https://searchspheresource.com/guides/buying-a-physical-therapy-practice - Physical therapy has no benchmark page of its own, and the publisher places it inside its medical practice class in its own words. Practices sold in that class over five years to 2025 ran 1.46x SDE at the lower quartile, 2.05x median and 2.94x upper, with revenue at 0.42x to 0.91x. The class publishes no EBITDA multiple. (source: Medical practice valuation benchmarks, sold listings (BizBuySell) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/medical-practice/) - Asking and sold are published side by side on the same page, and the gap is the useful number: the class asks 1.78x SDE at the lower quartile against 1.46x sold, and 3.62x at the upper against 2.94x. A listing multiple in this class overstates the closing multiple by roughly a fifth at every quartile. (source: Medical practice benchmarks, asking against sold (BizBuySell) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/medical-practice/) - The loan program's own requirements tell a lender to consider the terms of the license a business operates under. From October 2026 they also require the lender to document that the ownership structure satisfies state law for a professional-license business, and keep that documentation in the file. Nothing in either version addresses payer mix, which is a lender's own concern rather than a program rule, so ask yours rather than assuming. (source: SBA SOP 50 10, lender and development company loan programs - https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs) ### Buying an Optometry Practice - https://searchspheresource.com/guides/buying-an-optometry-practice - Optometry's practice-management press puts most practices at 2 to 3 times seller's discretionary earnings, with SDE itself running 25 to 35 percent of revenue, and EBITDA multiples at 3 to 6 times, higher for large multi-location groups. The same account gives a sale-price rule of thumb of 40 to 80 percent of one year's revenue, a far wider spread than the earnings bands and worth treating as the looser number it is. (source: Review of Optometric Business, what a practice is worth - https://reviewob.com/whats-my-practice-worth-the-most-common-methodologies-used-to-answer-that-question/) - The census records 22,501 offices of optometrists with paid employees as of 2023, while federal wage data puts the optometrist median at $136,570 for 2025. The pair explains the market's shape: tens of thousands of small practices whose scarcest input is the doctor whose name is on the door. (source: Census County Business Patterns, offices of optometrists (2023) - https://www.census.gov/programs-surveys/cbp.html) - New York holds that a business corporation may not employ a licensee to deliver a professional service, and treats unlicensed practice of a profession as a felony, so the practice entity itself has to be owned by optometrists. A non-optometrist buying there is buying the business around the practice rather than the practice, which is a structure decided before the letter of intent. (source: New York State Education Department, Corporate Practice of the Professions - https://www.op.nysed.gov/corporate/corporate-practice-professions) ### Buying a Convenience Store or Gas Station - https://searchspheresource.com/guides/buying-a-convenience-store - Sold convenience stores on BizBuySell run a $210,000 median sale at 2.39x average earnings and 0.4x revenue; the medians are inside-sales stores at the small end, while fueled sites price on volume, tanks, and real estate on top of the store's own arithmetic. (source: BizBuySell, convenience store valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/convenience-stores/) - Fuel was 65.0% of industry sales dollars in 2025 and 38.8% of gross profit dollars, so inside sales were about a third of revenue and roughly three fifths of the profit. Foodservice alone was 28.5% of in-store sales and 38.9% of in-store gross profit. The earnings engine is inside the building, though not by the margin the trade press usually claims. (source: NACS State of the Industry, 2025 sales and gross profit - https://www.convenience.org/stay-current/news/2026/april/15/u-s-convenience-in-store-sales-top-$340-billion) - EPA's underground storage tank program counted 577,365 confirmed releases with 522,031 cleanups completed as of September 2024. It pegs the average cleanup at $154,000, with groundwater cases running $100,000 to over $1 million. That is why a fueled site's Phase I and tank records decide whether the deal is financeable at all. (source: EPA underground storage tank program figures - https://www.epa.gov/ust/frequent-questions-about-underground-storage-tanks) ### Buying an Urgent Care Center - https://searchspheresource.com/guides/buying-an-urgent-care-center - Urgent care has no benchmark page, and the medical practice class lists specialties rather than settings and does not name it, so the substitution is ours. Practices sold in that class over five years to 2025 ran 1.46x SDE at the lower quartile, 2.05x median and 2.94x upper, with revenue at 0.42x to 0.91x. (source: Medical practice valuation benchmarks, sold listings (BizBuySell) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/medical-practice/) - The EBITDA multiples quoted around this trade have no sold-data source behind them. The publisher that keeps the sold record prints no EBITDA multiple on any of its benchmark pages, so a figure in the high single digits for a single center comes from an adviser rather than from a closing. Ask whoever quotes one what it is computed from. (source: Medical practice benchmarks, sold listings (BizBuySell) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/medical-practice/) - The Urgent Care Association's data page counts 15,172 US centers, up from about 9,000 in 2016, with more than 185 million patient visits a year and an average 33.96 patients per center per day in 2025. That is the growth curve that keeps hospital systems and platform buyers bidding for independent clinics. (source: Urgent Care Association industry data - https://urgentcareassociation.org/about/urgent-care-data) ### Buying an Auto Body Shop - https://searchspheresource.com/guides/buying-an-auto-body-shop - BizBuySell's auto service and repair class covers 1,286 businesses sold from 2021 through 2025, and its page names auto body shops among the specialized inclusions. Earnings multiples ran 1.70x at the lower quartile, 2.31x median, 2.82x average and 3.26x upper quartile, on a $410,000 median sale price and $182,133 median owner earnings. It is a repair-sector blend, not a comp for any one collision shop. (source: BizBuySell auto service and repair benchmarks (sold listings, sector blend) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/auto-repair-and-service/) - The trade press reports the DRP trade as GROSS profit, not net, and as one operator's experience rather than an industry rate. A shop that dropped two programs reported overall gross profit moving from about 41% to between 53% and 55%, while monthly volume fell from 180 vehicles to 100 and monthly revenue rose from $500,000 to $700,000. Net profit for the trade is a far smaller number, which the shop-profitability point below puts at 3%. (source: FenderBender, Dumping Your DRPs (2024) - https://www.fenderbender.com/articles/article/55088035/dumping-your-drps) - Trade analysis puts the collision industry's overall gross profit near 36%, down roughly a fifth over two decades as parts-to-labor mix and insurer-negotiated rates compressed margins, which is why cost discipline separates the shops that clear the band. (source: BodyShop Business, shop profitability analysis - https://www.bodyshopbusiness.com/rethinking-shop-profitability/) ### Buying a Tire Shop - https://searchspheresource.com/guides/buying-a-tire-shop - The marketplace's auto service and repair class covers 1,286 businesses sold from 2021 through 2025, with tire shops named among its inclusions. Earnings multiples run 1.70x at the lower quartile, 2.31x median, 2.82x average and 3.26x upper quartile. Those sit on $819,431 median revenue, $182,133 median owner earnings and a $410,000 median sale price, with revenue multiples of 0.35x to 0.78x around a 0.50x median. These are class figures a tire-plus-service shop trades against, not a comp. (source: BizBuySell auto service and repair benchmarks (sold listings, sector blend) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/auto-repair-and-service/) - The trade press's own dealer study puts the gross margins in a narrow band: retail service at 49%, retail service parts at 47%, and wholesale and retail tire sales at 41% and 40%. Service does earn more per dollar, and by nine points rather than by the thirty a sell-side pitch implies, so a service-attach thesis has to be argued on bay hours and traffic rather than on margin. (source: Tire Review, tire dealer profit margin study - https://www.tirereview.com/tire-dealers-profit-margins/) - Well-capitalized consolidators are buying independents at scale, with Sun Auto adding dozens of stores across 2025 and 2026 and Percheron Capital recapitalizing Big Brand Tire, so a searcher-scale operator with real service revenue is buying into an actively consolidating trade. (source: Tire Review, tire industry acquisitions coverage - https://www.tirereview.com/tire-industry-acquisitions-expansions-editors-notebook/) ### Buying a Dog Grooming Business - https://searchspheresource.com/guides/buying-a-dog-grooming-business - BizBuySell's pet grooming benchmarks show a $150,000 median sale at a 2.22x average earnings multiple and 0.62x revenue, with 170 median days on market. Most sold shops sit far below this site's deal floor, so the figures describe the trade's base, and scale is what earns a premium. (source: BizBuySell, pet grooming valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/pet-grooming/) - Median pet grooming revenue runs near $330,000 with median owner earnings near $96,000, roughly a third of revenue, so grooming is bought for its cash flow and client book rather than its assets. (source: BizBuySell pet grooming valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/pet-grooming/) - Groomers are not counted on their own. The federal occupation that holds them, animal caretakers, counted 266,910 people in May 2025 at a $37,300 mean wage, and it also holds kennel, shelter, zoo and aquarium staff, so the groomer share is smaller than the headline. Nobody publishes the smaller number, which is worth knowing before believing a shortage figure quoted at you. (source: BLS Occupational Employment and Wage Statistics, animal caretakers - https://www.bls.gov/oes/current/oes_nat.htm) ### Buying a Towing Business - https://searchspheresource.com/guides/buying-a-towing-business - BizBuySell's towing benchmarks run a $1,350,000 median sale at a 3.28x average earnings multiple and 0.92x revenue, with 226 median days on market. Heavy trucks and lot real estate ride along in many sales, and the long marketing time reflects how few buyers can finance the fleet. (source: BizBuySell, towing company valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/towing-company/) - Police rotation work is awarded to a named operator through a municipal or state RFP, and places the company on a rotating call list for non-consensual tows, with pricing capped by local and state rule. The contract is tied to the holder and does not automatically pass to a buyer. (source: Tow rotation list requirements (Texas Occupations Code 2308.209) - https://texas.public.law/statutes/tex._occ._code_section_2308.209) - What a rotation storage lot must be is set by the jurisdiction, and the range is wide. Florida's wrecker rule requires chain-link or solid-wall fencing at least six feet high, lighting strong enough to reveal a person at 150 feet at night, and at least 25 storage spaces with three of them inside. California's highway patrol agreement asks only for a permanent securely fenced area of adequate size at the business address. Read the agreement that governs the seller's lot before pricing the yard. (source: Florida Administrative Code 15B-9.011, wrecker storage facilities - https://www.flrules.org/gateway/ruleNo.asp?id=15B-9.011) ### Buying an Assisted Living Facility - https://searchspheresource.com/guides/buying-an-assisted-living-facility - BizBuySell's assisted living and nursing home benchmarks put sold earnings multiples at 2.42x lower quartile, 3.90x median, 4.25x average and 5.87x upper quartile across 2021 through 2025, on a $610,000 median sale price. Licensed beds and the building often sell together, which is what the top of that spread is carrying. (source: BizBuySell, assisted living and nursing home benchmarks - https://www.bizbuysell.com/learning-center/valuation-benchmarks/assisted-living-nursing-home/) - The same sold series puts revenue multiples from 0.66x lower quartile to 1.97x upper quartile around a 1.16x median and a 1.35x average, at 203 median days on market. The page notes the median has been volatile since the pandemic and trending down over the period. Single-home operations and multi-unit facilities blend in these figures. (source: BizBuySell, assisted living and nursing home revenue benchmarks - https://www.bizbuysell.com/learning-center/valuation-benchmarks/assisted-living-nursing-home/) - SBA eligibility here is a TWO-part test and both halves have to hold. The business must be licensed as a nursing home or assisted living facility AND provide healthcare or medical services. The SBA illustrates that with wellness checks, help taking medications, blood sugar monitoring, or medical staff onsite even part time. The lender is told to read the terms of the license itself, so get that read before spending money on the deal. (source: SBA SOP 50 10 8, business eligibility - https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs) ### Buying a Vending Machine Business - https://searchspheresource.com/guides/buying-a-vending-machine-business - Vending routes commonly trade around 1.5x to 3x SDE, with machines valued at roughly $2,000 to $4,000 each by type, age, and card capability, so a fifty-machine route often lands near $100k to $200k. Higher multiples reflect expansion headroom and strong location contracts, and lower ones heavy owner involvement or stalled growth. (source: Vending machine business valuation benchmarks (BizBuySell) (2023-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/vending-machine-business/) - Sold vending routes run to a $83,500 median at about 2.35x median owner earnings on the sold-listing series, small-dollar deals where the host-location contract terms swing value more than any other single fact. (source: BizBuySell vending machine business benchmarks (2023-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/vending-machine-business/) - The trade association's own industry census reports that cashless payment raises average spend per consumer and per machine. About 75 percent of the 2.89 million machines in service take cashless against 69 percent in 2018, and 94 percent of those take standard debit and credit. A fleet still on coin is behind a quarter of the market, which makes the conversion share a capex read rather than a detail. (source: NAMA, State of Convenience Services industry census - https://namanow.org/wp-content/uploads/NAMA-Census-FINAL.pdf) ### Buying a Coffee Shop - https://searchspheresource.com/guides/buying-a-coffee-shop - Sold coffee shops and cafes run to a $150,000 median at about 2.2x median owner earnings on the sold-listing series, the market's small end in plain figures and the floor a multi-unit or drive-through book prices up from. (source: BizBuySell coffee shop and cafe benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/coffee-shops-cafes/) - Coffee shop and cafe benchmarks from sold listings show the category's earnings multiple averaging near 2.2x in 2025, down about 5% from the prior year, with valuation driven by lease assignability, labor stability, and whether the operator holds one location or several. (source: Coffee shop and cafe valuation benchmarks (BizBuySell) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/coffee-shops-cafes/) - Pricing a shop as absentee means paying the manager the owner was. Food service managers run a $69,390 median salary in the 2025 federal wage series, and on a small shop's earnings that single line often IS the difference between the owner-operated multiple and the absentee one. (source: BLS Occupational Employment and Wage Statistics, food service managers (2025) - https://www.bls.gov/oes/) ### Buying a Bakery - https://searchspheresource.com/guides/buying-a-bakery - BizBuySell's bakery benchmarks put sold earnings multiples at 1.61x lower quartile, 2.18x median, 2.40x average and 2.84x upper quartile, on a $205,482 median sale price. Revenue multiples run 0.29x to 0.62x around a 0.42x median and a 0.5x average, at 179 median days on market. The median sold bakery is a single storefront below searcher scale, and wholesale accounts are what move one above it. (source: BizBuySell, bakery valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/bakery/) - Sold-bakery benchmarks show the average earnings multiple reaching about 2.68x in 2025, the strongest in five years, while the median sale price settled near $200,000, down from a 2021 peak near $250,000. So most listings sit below acquisition scale, and the market's strength is in the exceptional operation. (source: Bakery valuation benchmarks (BizBuySell) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/bakery/) - Materials run 29.7% of revenue at retail bakeries and payroll 32.1%, or 38.3% once fringe benefits are counted, on $6.94 billion of revenue in the 2023 federal survey. Two things the round numbers in circulation hide: the census measures materials, which carries packaging and supplies as well as ingredients, and labor only reaches the high thirties when benefits are inside it. (source: U.S. Census Bureau, 2023 Annual Integrated Economic Survey (NAICS 311811) - https://data.census.gov/table/AIESEXP02TIMESERIES.AIES00EXP02?codeset=naics~311811) ### Buying a Hair Salon - https://searchspheresource.com/guides/buying-a-hair-salon - The sold-listing series blends hair salons with barbershops, and that blend's medians are the honest read: a $115,500 median sale at about 2.04x median owner earnings, the market's plain answer to what a chair-based book actually clears. (source: BizBuySell hair salon and barbershop benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/hair-salon-barber-shop/) - Premium salons, those with core stylists past three years' tenure, shop-owned booking and client records, revenue across cut, color, and retail, and long leases, command roughly 2.2x to 2.8x SDE, while high-turnover shops with weak client infrastructure receive about 1.5x to 1.8x. (source: Salon and barbershop valuation benchmarks (BizBuySell) (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/hair-salon-barber-shop/) - Federal wage data counts 305,710 employed hairdressers and cosmetologists at a $35,790 median in 2025, and that labor line explains the commission-versus-booth split: a commission salon carries that payroll and owns the client book, while booth rental trades the book away for rent checks. (source: BLS Occupational Employment and Wage Statistics, hairdressers and cosmetologists (2025) - https://www.bls.gov/oes/) ### Buying a Barbershop - https://searchspheresource.com/guides/buying-a-barbershop - Barbershops and salons from sold listings show a median annual revenue near $360,000 and median cash flow near $92,000, with commission shops commonly trading at 1.5x to 3x SDE and booth-rental rooms at 1x to 2x, so many single shops sit below acquisition scale. (source: Salon and barbershop valuation benchmarks (BizBuySell) (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/hair-salon-barber-shop/) - On BizBuySell's sold series, which blends barbershops with hair salons, the median sale runs $115,500 on $298,401 of median revenue, small figures that make membership plans and retail attach the levers worth diligencing rather than footnotes. (source: BizBuySell hair salon and barbershop benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/hair-salon-barber-shop/) - The census counts 7,789 barber shops with paid employees against 84,176 beauty salons as of 2023, a ten-to-one split that frames the trade. Barbershops are the scarcer, smaller-format book, and a shop with real chair volume has fewer comparable sellers on the market at any moment. (source: Census County Business Patterns, barber shops (2023) - https://www.census.gov/programs-surveys/cbp.html) ### Buying a Dry Cleaner - https://searchspheresource.com/guides/buying-a-dry-cleaner - BizBuySell's dry cleaner benchmarks show a $250,000 median sale at a 2.09x average earnings multiple and 0.76x revenue; the medians describe storefronts, and a plant with pickup routes sells above them. (source: BizBuySell, dry cleaner valuation benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/dry-cleaners/) - The EPA finalized a phase-out of perchloroethylene in dry cleaning in December 2024: new machines acquired after mid-2025 cannot use perc and existing perc machines retire within roughly ten years, a replacement window that now sits inside every buyer's underwriting. (source: EPA, perchloroethylene risk management rule (December 2024) - https://www.epa.gov/assessing-and-managing-chemicals-under-tsca/risk-management-perchloroethylene-pce) - In our computation of the SBA's loan-level file, dry cleaning and laundry services carry a charge-off rate of about 5.5% on seasoned change-of-ownership cohorts, placing the trade in the risky tier of the industries we measure and well above the safest trades' near-zero rates. (source: Computed from the SBA's 7(a) loan-level FOIA file - https://data.sba.gov/dataset/7a-504-foia) ### Buying a Flower Shop - https://searchspheresource.com/guides/buying-a-flower-shop - Sold flower shops on BizBuySell run a $189,000 median sale at 2.01x average earnings and 0.47x revenue, with 188 median days on market. The trade prices low because holiday concentration and wire-service fees keep owner earnings thin, which is the arithmetic the rest of this guide works. (source: BizBuySell, flower shop valuation benchmarks (2021-2023 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/flower-shop/) - No published source states what a wire service keeps from a forwarded order. The one that filed with the SEC describes the mechanism and prints no rate, calling itself a clearinghouse that moves payment between the sending and the fulfilling shop and takes the credit risk out from between them. The take is real and unmeasurable from outside, which makes the seller's own wire statements a diligence item rather than a footnote. (source: FTD Companies annual report, floral network clearinghouse services - https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001575360&type=10-K) - The US florist industry spans roughly 37,000 businesses and about $7.9 billion in revenue, and demand concentrates hard on a few dates: Valentine's Day alone accounts for roughly 30% of annual floral purchases, with Mother's Day and the December holidays close behind. (source: Florists industry analysis (IBISWorld) - https://www.ibisworld.com/united-states/industry/florists/1096/) ### Buying a Hotel - https://searchspheresource.com/guides/buying-a-hotel - County Business Patterns counts 55,895 hotel and motel establishments with paid employees carrying 1,497,840 workers as of 2023, about twenty-seven per property, and that labor density is the operating model in one figure: a hotel is a payroll with rooms attached. (source: Census County Business Patterns, hotels and motels (2023) - https://www.census.gov/programs-surveys/cbp.html) - The lodging industry's own association counts 64,000-plus properties nationwide, 33,200-plus of them small-business properties, with 5.7 million guest rooms hosting 1.3 billion guest nights a year. That is the honest frame for the searcher's end of this market: most American hotels are small businesses, not flags' corporate towers. (source: American Hotel & Lodging Association, industry overview - https://www.ahla.com/about/our-industry) - Federal wage data counts 42,620 employed lodging managers at a $69,250 median in 2025, the salary line a buyer prices in the moment the plan says run it without living on property. (source: BLS Occupational Employment and Wage Statistics, lodging managers (2025) - https://www.bls.gov/oes/) ### Buying a Motel - https://searchspheresource.com/guides/buying-a-motel - The lodging association's 2026 State of the Industry release projects guest spending near $805 billion in 2026, with direct employment around 2.2 million. Those are dated demand-side figures for the whole lodging market, and the motel's exterior-corridor end rides that same demand at the lowest staffing intensity in the class. (source: AHLA 2026 State of the Industry release - https://www.ahla.com/news/ahla-releases-2026-state-industry) - The census files motels with hotels in one class, 55,895 employer establishments as of 2023, and the shared line is worth knowing because it means no federal series will confirm a broker's claim about the exterior-corridor segment on its own. (source: Census County Business Patterns, hotels and motels (2023) - https://www.census.gov/programs-surveys/cbp.html) - The lodging-manager occupation runs a $69,250 median in the 2025 federal wage series, which is the honest arithmetic behind the owner-operator premium in this trade: most motels at the market's size either house their manager or pay that line. (source: BLS Occupational Employment and Wage Statistics, lodging managers (2025) - https://www.bls.gov/oes/) ### Buying an RV Park or Campground - https://searchspheresource.com/guides/buying-an-rv-park-or-campground - County Business Patterns counts 5,018 RV park and campground establishments with paid employees and 26,333 workers as of 2023, around five per park. That staffing shape says the asset mostly runs itself between seasons, and the buyer is pricing land, sites, and a reservation book. (source: Census County Business Patterns, RV parks and campgrounds (2023) - https://www.census.gov/programs-surveys/cbp.html) - No federal series publishes a value per site, so the per-site rules of thumb in circulation rest on nobody's data. What is published is the size of a park: 4,889 RV park and campground establishments took $4.25 billion of receipts in 2022, about $869,000 each, and the 2023 survey puts the industry at $4.78 billion of revenue against $1.0 billion of payroll. Size the income before the sites. (source: U.S. Census Bureau, 2022 Economic Census and 2023 Annual Integrated Economic Survey (NAICS 721211) - https://data.census.gov/table/ECNBASIC2022.EC2272BASIC?n=721211) - County Business Patterns puts the trade's total annual payroll at about $1.0 billion across those 5,018 parks, which works out at roughly $203,000 a park and about $38,650 a worker. That is a seasonal hourly wage bill rather than a salaried one, and the line the owner's own labor is quietly netted against. (source: Census County Business Patterns, payroll for RV parks and campgrounds (2023) - https://www.census.gov/programs-surveys/cbp.html) ### Buying a Marina - https://searchspheresource.com/guides/buying-a-marina - The recreational marine trade's association puts the boating industry at $230 billion in annual economic impact across more than 36,000 businesses and 812,000 jobs, with about 12 million registered boats, the demand base every slip and rack a marina rents ultimately floats on. (source: National Marine Manufacturers Association, recreational boating economic impact - https://www.nmma.org/advocacy/economic-impact/recreational-boating) - The census records 3,739 marinas with paid employees nationwide as of 2023, one of the scarcest establishment counts among the trades this site covers, and scarcity is the pricing story: slips cannot be manufactured, and waitlists do the appreciating. (source: Census County Business Patterns, marinas (2023) - https://www.census.gov/programs-surveys/cbp.html) - The one marina platform transaction on the public record priced on funds from operations rather than earnings. The seller's own filing on a $5.65 billion sale of a hundred-plus-marina portfolio states a base purchase price at about 21 times the business's estimated funds from operations, and the filing never uses the phrase cap rate at all. (source: Sun Communities, 8-K on the Safe Harbor Marinas sale - https://www.sec.gov/Archives/edgar/data/912593/000119312525032906/d919977dex991.htm) ### Buying a Bed and Breakfast - https://searchspheresource.com/guides/buying-a-bed-and-breakfast - Sold bed and breakfasts commonly trade at 3x to 7x owner's earnings with the average near 4.74x, and between 2021 and 2025 half of sold inns changed hands between roughly $600,000 and $1.5 million, with the average near $1.03 million. (source: Bed and breakfast valuation benchmarks (BizBuySell) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/bed-breakfast/) - Of the 64,000-plus lodging properties the industry's association counts nationwide, 33,200-plus are small-business properties. The bed-and-breakfast sits at the smallest, most owner-shaped end of that majority, which is why its economics read closer to a home with a payroll than to a hotel with a rooms department. (source: American Hotel & Lodging Association, industry overview - https://www.ahla.com/about/our-industry) - Inn earnings are quoted before the owners' own innkeeping labor, so the clarifying step is subtracting a market wage for the hosting, housekeeping coordination and management the owners do themselves. Federal wage statistics publish that work as an occupation in its own right, lodging managers, which turns the deduction from an estimate into a lookup. What remains is the return on the property, and against the prices sold inns actually fetch it is often thin. (source: BLS Occupational Outlook Handbook, lodging managers - https://www.bls.gov/ooh/management/lodging-managers.htm) ### Buying a Mobile Home Park - https://searchspheresource.com/guides/buying-a-mobile-home-park - The manufactured housing industry's own August 2025 fact sheet counts 44,000 land-lease communities holding an estimated 4.3 million homesites, the entire supply side of this asset class in two figures. New community development has been rare for decades, which is the scarcity story under every park trade. (source: Manufactured Housing Institute fact sheet (August 2025) - https://www.manufacturedhousing.org/wp-content/uploads/2025/09/US-fact-Sheet.pdf) - The same industry fact sheet counts 16.6 million Americans living in manufactured homes as of 2023, with 23 percent of the 103,000 new homes produced in 2024 placed in communities. That is the demand durability a park buyer is actually underwriting: residents own the home and rent the land, and moving the home is rarely economic. (source: Manufactured Housing Institute fact sheet (August 2025) - https://www.manufacturedhousing.org/wp-content/uploads/2025/09/US-fact-Sheet.pdf) - The census has no clean line for land-lease communities. Parks sit inside lessors of other real estate property, a class of 8,957 employer establishments as of 2023 that also holds every other miscellaneous landlord. So the industry association's community count is the sharper supply figure, and the federal class is the cross-check. (source: Census County Business Patterns, lessors of other real estate property (2023) - https://www.census.gov/programs-surveys/cbp.html) ### Buying an Adult Day Care - https://searchspheresource.com/guides/buying-an-adult-day-care - Adult day programs price in the care-services band, with single-center operations commonly trading around 2.5x to 3.5x SDE, the same neighborhood as child care, and real listings at mid-six-figure SDE backed by Medicaid per-diem revenue appearing regularly on the market. (source: Care-services valuation benchmarks (broker roundups) - https://www.ibisworld.com/united-states/industry/adult-day-care/5942/) - Public per-diem rates anchor the revenue math. Medicaid adult day rates commonly run in the $85 to $95 per participant-day range, and New Jersey's published minimum for adult medical day care is $94.66 for fiscal year 2026. That is a concrete example of how directly states set the trade's top line. (source: New Jersey adult day rate notice (state publication) - https://web.archive.org/web/20260111200259/https://www.nj.gov/humanservices/providers/grants/public/publicnoticefiles/Notice%20Adult%20Day%20rates.pdf) - In our computation of the SBA's loan-level file, the neighboring elder-care residence trade shows a 0.00% charge-off rate on seasoned change-of-ownership cohorts, the aging demographic's demand durability appearing as credit performance, while day programs carry their own payer-policy risk on top of that tailwind. (source: Computed from the SBA's 7(a) loan-level FOIA file - https://data.sba.gov/dataset/7a-504-foia) ### Buying a Tutoring Center - https://searchspheresource.com/guides/buying-a-tutoring-center - Sold schools as a class are the closest published band for enrollment businesses, putting half of transactions between 1.56x and 2.94x seller's discretionary earnings around a 2.58x average. Revenue multiples run 0.42x to 0.97x around a 0.69x median, and recurring enrollment sells at the band's top. The class names tutoring and test-prep centers in its own scope. (source: Sold-schools valuation benchmarks (BizBuySell class data) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/school/) - The Census counts exam preparation and tutoring (NAICS 611691) at 8,979 firms across 10,285 establishments with $8.29 billion of 2022 receipts, which divides to about $806,000 per location, the scale read behind every tutoring-center listing a searcher screens. (source: US Census Bureau, 2022 Statistics of US Businesses (receipts-size tables) - https://www.census.gov/data/tables/2022/econ/susb/2022-susb-annual.html) - The same Census tables put tutoring's labor structure in view: 109,224 employees across 10,285 establishments, about 10.6 per location, with $3.06 billion of payroll against $8.29 billion of receipts, a roughly 37% labor share a buyer's tutor-pay model has to live inside. (source: US Census Bureau, 2022 Statistics of US Businesses (receipts-size tables) - https://www.census.gov/data/tables/2022/econ/susb/2022-susb-annual.html) ### Buying a Music School - https://searchspheresource.com/guides/buying-a-music-school - Music schools price inside the sold-schools class band, 1.56x to 2.94x seller's discretionary earnings around a 2.58x average and revenue multiples of 0.42x to 0.97x, with recurring monthly billing and multi-teacher benches selling at the top. The class names music and arts academies in its own scope sentence. (source: Sold-schools valuation benchmarks (BizBuySell class data) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/school/) - The Census counts fine arts schools (NAICS 611610, where music schools live) at 15,560 firms across 15,991 establishments with $7.11 billion of 2022 receipts, dividing to roughly $444,000 per location, the smallest average in the lessons trades and the reason multi-teacher benches stand out. (source: US Census Bureau, 2022 Statistics of US Businesses (receipts-size tables) - https://www.census.gov/data/tables/2022/econ/susb/2022-susb-annual.html) - The same Census tables show fine arts schools running about 7.5 employees per location (119,606 across 15,991), with $2.32 billion of payroll against $7.11 billion of receipts, near a 33% labor share, the teacher-bench arithmetic behind every schedule a buyer inherits. (source: US Census Bureau, 2022 Statistics of US Businesses (receipts-size tables) - https://www.census.gov/data/tables/2022/econ/susb/2022-susb-annual.html) ### Buying a Driving School - https://searchspheresource.com/guides/buying-a-driving-school - Driving schools price inside the sold-schools class band, 1.56x to 2.94x seller's discretionary earnings around a 2.58x average. That substitution is ours, because the class scope does not name the trade. Durable teen enrollment, transferable authorizations, and district contracts sell at the top, and owner-taught operations with tired fleets far below it. (source: Sold-schools valuation benchmarks (BizBuySell class data) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/school/) - The license does not travel with the school, and the rule says what a purchase agreement cannot undo. A purchaser must obtain an original license of their own, with the trigger set at more than fifty percent of the provider sold or transferred, so a majority stake is a change of ownership whatever the deal is called. The purchaser then assumes all refund liabilities incurred by any former owner, together with the duties and obligations under every enrollment contract students signed before the transfer. (source: 16 Tex. Admin. Code 84.40(d) and (e), Texas Department of Licensing and Regulation - https://www.law.cornell.edu/regulations/texas/16-Tex-Admin-Code-SS-84-40) - The KPIs are set by state rule, not by convention. Texas caps behind-the-wheel instruction at four students per instructor AND at the vehicle's seating and restraint capacity, so the fleet is the capacity constraint before it is a maintenance line. The same rules require dual-control brakes, current registration and inspection, and title or lease in the provider's own name, which is what makes the fleet a transfer question. (source: 16 Tex. Admin. Code 84.500 and 84.42, Texas Department of Licensing and Regulation - https://www.law.cornell.edu/regulations/texas/16-Tex-Admin-Code-SS-84-500) ### Buying a Swim School - https://searchspheresource.com/guides/buying-a-swim-school - Swim schools price inside the sold-schools class band, 1.56x to 2.94x seller's discretionary earnings around a 2.58x average. That substitution is ours, because the class scope does not name the trade. They sit at the structural top of the band when perpetual monthly enrollment and a sound facility hold, the most recurring revenue and the strongest moat in the lessons trades. (source: Sold-schools valuation benchmarks (BizBuySell class data) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/school/) - The Census counts sports and recreation instruction (NAICS 611620, where swim schools live) at 18,708 firms across 19,658 establishments with $11.71 billion of 2022 receipts, about $596,000 per location, and the facility-bound swim school sits at the capital-heavy end of that class. (source: US Census Bureau, 2022 Statistics of US Businesses (receipts-size tables) - https://www.census.gov/data/tables/2022/econ/susb/2022-susb-annual.html) - The same Census tables put sports and recreation instruction at 159,381 employees across 19,658 establishments, about 8.1 per location, with $3.79 billion of payroll against $11.71 billion of receipts, a roughly 32% labor share that instructor-heavy swim schedules press against. (source: US Census Bureau, 2022 Statistics of US Businesses (receipts-size tables) - https://www.census.gov/data/tables/2022/econ/susb/2022-susb-annual.html) ### Buying a Martial Arts Studio - https://searchspheresource.com/guides/buying-a-martial-arts-studio - Across 400 gym and fitness businesses sold on BizBuySell from 2021 through 2025, martial arts schools among the class, the average earnings multiple ran 2.55x on a $99,389 median owner earnings and a $210,500 median sale price. That is a sector blend of sold listings, not a comp for any one school. (source: BizBuySell gym and fitness center benchmarks (sold listings, sector blend) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/gym-fitness-center/) - The US martial arts studio market runs about $21.2 billion in 2026, growing at a 3.7% annual rate since 2021, spread across predominantly small owner-led schools, which is why the buyable inventory is deep and the key-person read decides so much of it. (source: Martial arts studios industry analysis (IBISWorld) - https://www.ibisworld.com/united-states/industry/martial-arts-studios/4187/) - No published series measures revenue per student, so the per-student benchmarks in circulation have no source underneath them. What is measured is the studio: sports and recreation instruction took $11.8 billion of revenue in 2023 against $3.9 billion of payroll, and $1.4 billion of that revenue sits at establishments exempt from federal income tax. A tuition benchmark quietly assumes a commercial school, and roughly a ninth of the money in this category belongs to programs that do not price like one. (source: U.S. Census Bureau, 2023 Annual Integrated Economic Survey (NAICS 611620) - https://data.census.gov/table/AIESBASICTIMESERIES.AIES00BASIC?codeset=naics~611620) ### Buying a Handyman Business - https://searchspheresource.com/guides/buying-a-handyman-business - The occupation behind this trade is enormous: federal wage data counts 1,529,700 general maintenance and repair workers at a $49,590 median in 2025. That cuts both ways for a buyer, since labor is findable but so is a competitor, and the moat has to be the book of repeat property-management work rather than the skill itself. (source: BLS Occupational Employment and Wage Statistics, maintenance and repair workers (2025) - https://www.bls.gov/oes/) - In the quarterly Market Pulse survey run by the IBBA and M&A Source, businesses selling between $500k and $1M carried a 2.8x SDE multiple, and that band has printed 2.8x in nearly every quarter published since 2023. It is the band a systematized multi-truck handyman book prices against. (source: IBBA and M&A Source, Market Pulse quarterly highlights - https://www.ibba.org/resource-center/industry-research/) - Worker classification is a moving target the seller's model may not survive. The Labor Department's 2024 independent-contractor rule took effect in March 2024. The department's own May 2025 guidance then pulled it from enforcement while it is reviewed and litigated, and a 2026 proposal would replace it. So a 1099-heavy crew is a diligence item to price, not a settled cost structure. (source: Department of Labor, worker classification rulemaking status - https://www.dol.gov/agencies/whd/flsa/misclassification/rulemaking) ### Buying an Appliance Repair Business - https://searchspheresource.com/guides/buying-an-appliance-repair-business - The federal count is why the customer list is the whole asset here. The 2022 Economic Census found 5,394 appliance repair establishments across 5,235 firms, barely more than one location per company, with 21,549 employees between them, and the 2023 survey puts the industry at $3.5 billion of revenue against $1.1 billion of payroll. At that size there is no version of the business that survives the owner leaving with the phone number. (source: U.S. Census Bureau, 2022 Economic Census and 2023 Annual Integrated Economic Survey (NAICS 811412) - https://data.census.gov/table/ECNBASIC2022.EC2281BASIC?n=811412) - No publisher of sold transaction data breaks out appliance repair, and the absence was re-tested page by page against the marketplace's own benchmark index with a positive control rather than taken on trust. Its general service class names laundromats, dry cleaners, locksmiths, law firms, pest control and cleaning without naming appliance work, and its phone and computer repair class covers devices rather than household machines. That service class is the nearest published comparison, at 1.75x to 3.13x SDE across 5,839 sold listings. (source: BizBuySell service-business benchmarks (sold quartiles); no series names appliance repair - https://www.bizbuysell.com/learning-center/valuation-benchmarks/service-business/) - Federal wage data counts 32,150 employed home appliance repairers at a $50,990 median in 2025, a small and aging occupation whose scarcity is the trade's real moat: the constraint on growth is techs, not demand. (source: BLS Occupational Employment and Wage Statistics, home appliance repairers (2025) - https://www.bls.gov/oes/) ### Buying a Locksmith Business - https://searchspheresource.com/guides/buying-a-locksmith-business - The trade's own sold-listing page reads: a $300,000 median sale at 2.36x median owner earnings, sales closing at 0.94 of ask in a median 115 days, the full shape of what locksmith books actually clear rather than a roundup's estimate. (source: BizBuySell locksmith benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/locksmith/) - Locksmiths are one of the few trades with their own census line, and it is small: 3,961 employer establishments with 16,123 workers as of 2023. That scarcity keeps established commercial accounts valuable, and makes the retiring owner's dispatch relationships the asset most worth verifying. (source: Census County Business Patterns, locksmiths (2023) - https://www.census.gov/programs-surveys/cbp.html) - The same sold series puts locksmith median revenue at $550,776 against $166,567 of median owner earnings, roughly a thirty percent margin at the median, which is the arithmetic behind the trade's steady appeal to first-time buyers. (source: BizBuySell locksmith benchmarks (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/locksmith/) ### Buying a Pressure Washing Business - https://searchspheresource.com/guides/buying-a-pressure-washing-business - Exterior cleaning has no census class of its own, and the containing class, other services to buildings and dwellings, counts 18,069 employer establishments as of 2023. That classification gap is worth knowing, because it means no federal series will ever confirm a broker's claim about this specific trade's size. (source: Census County Business Patterns, services to buildings and dwellings (2023) - https://www.census.gov/programs-surveys/cbp.html) - The nearest federal occupation to an exterior-cleaning crew, janitors and cleaners, employs 2,209,760 people at a $36,840 median in 2025. That wage line is the honest anchor for crew economics in a trade where the equipment is cheap and the margin lives in route density and commercial contracts. (source: BLS Occupational Employment and Wage Statistics, janitors and cleaners (2025) - https://www.bls.gov/oes/) - In the quarterly Market Pulse survey run by the IBBA and M&A Source, businesses selling between $500k and $1M carried a 2.8x SDE multiple, and that band has printed 2.8x in nearly every quarter published since 2023. It is the band a contract-led pressure washing book prices against. (source: IBBA and M&A Source, Market Pulse quarterly highlights - https://www.ibba.org/resource-center/industry-research/) ### Buying a Carpet Cleaning Business - https://searchspheresource.com/guides/buying-a-carpet-cleaning-business - Across 797 cleaning and janitorial businesses sold on BizBuySell from 2021 through 2025, the average earnings multiple ran 2.19x on $136,326 median owner earnings and a $260,000 median sale price; a sector blend a carpet cleaning book prices inside, not a comp. (source: BizBuySell cleaning and janitorial benchmarks (sold listings, sector blend) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/cleaning-janitorial/) - Half of the cleaning and janitorial businesses sold on BizBuySell from 2021 through 2025 changed hands between 1.57x and 2.66x SDE, with a 2.07x median and a 0.63x median revenue multiple. Read the blend honestly: the publisher describes that class as residential cleaning, commercial janitorial and specialized work, and does not name carpet cleaning among its inclusions, unlike the auto class which does name glass replacement. (source: BizBuySell, cleaning and janitorial sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/cleaning-janitorial/) - The closest federal occupation to this trade's crews, janitors and cleaners, runs a $36,840 median across 2.2 million workers in 2025, the labor economics under every route: cheap equipment, findable labor, and margin that lives entirely in density and repeat commercial accounts. (source: BLS Occupational Employment and Wage Statistics, janitors and cleaners (2025) - https://www.bls.gov/oes/) ### Buying an Auto Glass Business - https://searchspheresource.com/guides/buying-an-auto-glass-business - Auto service and repair businesses sold on BizBuySell from 2021 through 2025, 1,286 of them with glass replacement named among the class's specialized inclusions, show a $410,000 median sale price and a 2.82x average earnings multiple on a 0.64x revenue multiple. That is the class blend around the glass niche, not a comp. (source: BizBuySell auto service and repair benchmarks (sold listings, sector blend) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/auto-repair-and-service/) - Half of the auto service and repair businesses sold on BizBuySell from 2021 through 2025 changed hands between 1.70x and 3.26x SDE, with a 2.31x median. Asking prices in the same class run a full turn higher at a 2.91x median and a 4.00x upper quartile, and the publisher says outright that listing multiples exceed what businesses typically sell for, which is where the trade's advisory ranges come from. (source: BizBuySell, auto repair and service sold-listing benchmarks (2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/auto-repair-and-service/) - Federal wage data counts just 20,310 employed automotive glass installers at a $47,630 median in 2025, one of the smallest skilled pools in the trades, which is why insurer network access and installer retention decide more of a book's value than any equipment list. (source: BLS Occupational Employment and Wage Statistics, automotive glass installers (2025) - https://www.bls.gov/oes/) ### Buying a Trucking Company - https://searchspheresource.com/guides/buying-a-trucking-company - Trucking companies sold on BizBuySell from 2021 through 2025 changed hands between 2.29x and 3.56x SDE, with a 2.96x median and a 3.00x average. The same BizBuySell series shows a $1,137,500 median sale price, $1,954,881 of median revenue and $400,000 of median owner earnings, with revenue multiples of 0.39x to 0.86x. The same page's summary sentence quotes 2.35x to 3.75x, which blends asking prices into the band; the sold table is the one to read. (source: BizBuySell trucking benchmarks (sold listings, 2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/trucking-company/) - The federal regulator states that USDOT numbers are not transferable, and that where a corporation is sold the number goes with the corporation because it is a separate legal person from its owner. A new entity formed to buy the assets must apply for its own operating authority and is monitored through an initial eighteen-month new-entrant period. (source: FMCSA, registration and operating authority guidance - https://www.fmcsa.dot.gov/faq/can-i-sell-my-usdot-or-mc-ie-operating-authority) - Federal projections put employment of heavy and tractor-trailer truck drivers up 4% from 2024 to 2034 with about 237,600 openings a year against 2,235,100 jobs, at a $57,440 median wage in 2024. Almost all of those openings replace people leaving the occupation, which is the shape of the constraint a buyer inherits. (source: BLS Occupational Outlook Handbook, heavy and tractor-trailer truck drivers - https://www.bls.gov/ooh/transportation-and-material-moving/heavy-and-tractor-trailer-truck-drivers.htm) ### Buying a School Bus Contractor - https://searchspheresource.com/guides/buying-a-school-bus-contractor - Contract pupil transport has no benchmark page of its own. The nearest class the publisher breaks out is limousine and passenger transport, described in its own words as limousine, shuttle, taxi and related passenger transport. That covers the shuttle half of this trade and not the district-contract half. Half of those sold between 2021 and 2025 changed hands between 1.72x and 2.87x SDE, with a 2.37x median, on a $474,950 median sale price. (source: BizBuySell limousine and passenger transport benchmarks (sold listings, class blend) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/limo-passenger-transportation/) - Federal rule requires a separate endorsement for passenger vehicles and for school buses, each with its own knowledge and skills test. Since February 2022 a driver must complete entry-level training from a provider listed on the federal Training Provider Registry before taking the skills test for either one for the first time. (source: 49 CFR 383.71 and 383.93, commercial driver endorsements and entry-level training - https://www.ecfr.gov/current/title-49/part-383/section-383.93) - School bus drivers earned a $47,040 median in May 2024 while transit and intercity bus drivers holding the same license class earned $57,440. Overall bus driver employment is projected to grow 1% from 2024 to 2034, slower than average, and still open about 81,800 positions a year against 546,100 jobs, almost all of them replacing people who leave. (source: BLS Occupational Outlook Handbook, bus drivers - https://www.bls.gov/ooh/transportation-and-material-moving/bus-drivers.htm) ### Buying a Medical Transport Business - https://searchspheresource.com/guides/buying-a-medical-transport-business - Medical transport has no benchmark page of its own. The nearest class the publisher breaks out is limousine and passenger transport. It describes that class in its own words as limousine, shuttle, taxi and related passenger transport for leisure, business and personal travel, with no mention of medical or Medicaid work. Half of those sold between 2021 and 2025 changed hands between 1.72x and 2.87x SDE, with a 2.37x median, on a $474,950 median sale price and $216,000 of median owner earnings. (source: BizBuySell limousine and passenger transport benchmarks (sold listings, class blend) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/limo-passenger-transportation/) - Federal rule requires a state Medicaid agency to screen all initial applications, including an application for a new practice location, and to revalidate every provider at least every five years. High risk brings a criminal background check and fingerprints, and the risk level ratchets up where a provider carries an existing overpayment, a payment suspension for a credible fraud allegation, or an exclusion in the previous ten years. (source: 42 CFR 455.450 and 455.414, provider screening and revalidation - https://www.ecfr.gov/current/title-42/part-455/section-455.450) - In 2018 and 2019, 5 percent of Medicaid beneficiaries used non-emergency medical transportation, between 3.7 million and 3.9 million people in each year. A state may run the benefit through a capitated broker, and the same rule bars that broker from providing the transport itself or referring to a provider it has a financial relationship with. (source: CMS, non-emergency medical transportation report to Congress - https://www.medicaid.gov/medicaid/benefits/assurance-of-transportation) ### Buying a Dump Truck Business - https://searchspheresource.com/guides/buying-a-dump-truck-business - Aggregate hauling has no benchmark page of its own. The nearest class the publisher breaks out is trucking companies, described in its own words as general trucking, specialized transportation logistics and line-haul operations. Those sold between 2.29x and 3.56x SDE across 2021 to 2025, with a 2.96x median, on a $1,137,500 median sale price and $400,000 of median owner earnings. The page's own summary sentence quotes a wider band because it blends asking prices in. (source: BizBuySell trucking benchmarks (sold listings, class blend) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/trucking-company/) - California law defines public works to include hauling refuse from a public works site, and the on hauling of materials used for paving, grading and fill onto one, where the individual driver's work is integrated into the flow process of construction. It names soil, sand, gravel, rocks, concrete, asphalt, excavation materials and construction debris among the loads it covers. (source: California Labor Code section 1720.3 - https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=LAB§ionNum=1720.3) - Federal weight law caps gross vehicle weight at 80,000 pounds except where the bridge formula dictates lower, with 20,000 pounds on any one axle and 34,000 on a tandem. States may issue special permits without regard to those limits only for nondivisible loads, and aggregate is divisible, so that relief does not reach this trade. (source: 23 CFR 658.17, vehicle weight limitations - https://www.ecfr.gov/current/title-23/part-658/section-658.17) ### Buying a Courier and Delivery Business - https://searchspheresource.com/guides/buying-a-courier-business - Courier work has no benchmark page of its own, and two classes the publisher does break out bracket it in its own words. Routes, described as including bread, food and parcel delivery routes, sold between 0.92x and 2.22x SDE with a 1.26x median on a $120,000 median sale price. Trucking companies, described as including line-haul operations contracted with large parcel brands, sold between 2.29x and 3.56x SDE on a $1,137,500 median. (source: BizBuySell route and trucking benchmarks (sold listings, class bracket) (2021-2025 sold listings) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/route/) - The 2024 federal rule setting a six-factor economic-reality test for employee or independent contractor status remains codified. The wage enforcement agency stated in May 2025 that it will no longer apply that rule in investigations, and will enforce under its 2008 fact sheet and a reinstated 2019 opinion letter. A further rulemaking was proposed in February 2026 and its comment period closed that April. (source: US Department of Labor, worker misclassification guidance and Field Assistance Bulletin 2025-1 - https://www.dol.gov/agencies/whd/flsa/misclassification) - Federal projections put employment of delivery truck drivers and driver sales workers up 8% from 2024 to 2034, much faster than average, with about 171,400 openings a year against 1,531,300 jobs and a $42,770 median wage in 2024. Training runs a month or less, so turnover, not credentialing, is the constraint a buyer inherits. (source: BLS Occupational Outlook Handbook, delivery truck drivers and driver sales workers - https://www.bls.gov/ooh/transportation-and-material-moving/delivery-truck-drivers-and-driver-sales-workers.htm) ### Buying a Limousine Service - https://searchspheresource.com/guides/buying-a-limousine-service - Limousine and passenger transport businesses sold on BizBuySell from 2021 through 2025 changed hands between 1.72x and 2.87x SDE, with a 2.37x median and a 2.46x average. Those sat on a $474,950 median sale price, $713,700 of median revenue and $216,000 of median owner earnings, with revenue multiples of 0.55x to 0.95x. The median sale price bottomed at $345,000 in 2023 and reached $611,500 in 2025, the highest of the five years. (source: BizBuySell limousine and passenger transport benchmarks (sold listings, 2021-2025) - https://www.bizbuysell.com/learning-center/valuation-benchmarks/limo-passenger-transportation/) - California's public utilities code states that no permit issued under the charter-party article, or the rights to conduct the services it authorizes, may be sold, leased, assigned, transferred or encumbered. The section that follows makes certificates transferable where the commission authorizes it, with a three hundred dollar filing fee on the application. (source: California Public Utilities Code sections 5377 and 5377.1 - https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PUC§ionNum=5377) - Federal projections put employment of taxi drivers, shuttle drivers and chauffeurs up 9% from 2024 to 2034, much faster than average, with about 58,800 openings a year against 447,900 jobs. The median wage for shuttle drivers and chauffeurs was $36,670 in May 2024, and the same federal page folds ride-hailing drivers into the occupation. (source: BLS Occupational Outlook Handbook, taxi drivers, shuttle drivers and chauffeurs - https://www.bls.gov/ooh/transportation-and-material-moving/taxi-drivers-and-chauffeurs.htm) ### Buying an Excavation Business - https://searchspheresource.com/guides/buying-an-excavation-business - 41,777 establishments employed 472,783 people in 2023, and the 697 establishments with 100 or more employees, 1.7 percent of the trade, held 31.5 percent of the workforce. (source: US Census Bureau, County Business Patterns 2023 (NAICS 238910) - https://www.census.gov/programs-surveys/cbp.html) - $158.7 billion in receipts across 39,932 establishments in 2022, an average of $3,974,551 each, with 20.0 percent of construction work on government-owned projects and gross depreciable assets at 34.4 percent of receipts. (source: US Census Bureau, 2022 Economic Census (NAICS 238910) - https://www.census.gov/programs-surveys/economic-census.html) - Operating engineers and other construction equipment operators: 478,090 employed nationally, median annual wage $59,850, mean $66,290. (source: US Bureau of Labor Statistics, OEWS May 2025 (SOC 47-2073) - https://www.bls.gov/oes/) ### Buying a Glass and Glazing Business - https://searchspheresource.com/guides/buying-a-glass-and-glazing-business - 6,945 establishments employed 68,694 people in 2023, with 51.8 percent of establishments under five employees and 88.1 percent under twenty. (source: US Census Bureau, County Business Patterns 2023 (NAICS 238150) - https://www.census.gov/programs-surveys/cbp.html) - $18.88 billion in receipts across 6,825 establishments in 2022, an average of $2,766,442 each, with 50.9 percent of receipts subcontracted in from other contractors and materials at 40.3 percent of receipts. (source: US Census Bureau, 2022 Economic Census (NAICS 238150) - https://www.census.gov/programs-surveys/economic-census.html) - Glaziers: 58,480 employed nationally, median annual wage $57,080, mean $59,720. (source: US Bureau of Labor Statistics, OEWS May 2025 (SOC 47-2121) - https://www.bls.gov/oes/) ### Buying a Flooring Business - https://searchspheresource.com/guides/buying-a-flooring-business - 17,989 establishments employed 84,998 people in 2023, with 76.8 percent of establishments under five employees and 95.8 percent under twenty. (source: US Census Bureau, County Business Patterns 2023 (NAICS 238330) - https://www.census.gov/programs-surveys/cbp.html) - $24.18 billion in receipts across 17,513 establishments in 2022, an average of $1,380,935 each, with materials at 35.1 percent of receipts and 31.7 percent of receipts subcontracted in from other contractors. (source: US Census Bureau, 2022 Economic Census (NAICS 238330) - https://www.census.gov/programs-surveys/economic-census.html) - Three federal occupations cover this one trade and sum to 41,140 workers against 84,998 employed in it. Floor layers except carpet, wood and hard tiles run 23,640 at a $56,460 median, carpet installers 13,780 at $50,340, and floor sanders and finishers 3,720 at $50,440. (source: US Bureau of Labor Statistics, OEWS May 2025 (SOC 47-2041, 47-2042, 47-2043) - https://www.bls.gov/oes/) ### Buying a Concrete Business - https://searchspheresource.com/guides/buying-a-concrete-business - 23,350 establishments employed 272,692 people in 2023, and the 405 establishments with 100 or more employees, 1.7 percent of the trade, held 35.1 percent of the workforce. (source: US Census Bureau, County Business Patterns 2023 (NAICS 238110) - https://www.census.gov/programs-surveys/cbp.html) - $78.74 billion in receipts across 23,110 establishments in 2022, an average of $3,407,351 each, with 49.2 percent of receipts subcontracted in from other contractors and 87.1 percent of construction work on privately owned projects. (source: US Census Bureau, 2022 Economic Census (NAICS 238110) - https://www.census.gov/programs-surveys/economic-census.html) - Cement masons and concrete finishers: 206,170 employed nationally, median annual wage $57,020, mean $60,050. (source: US Bureau of Labor Statistics, OEWS May 2025 (SOC 47-2051) - https://www.bls.gov/oes/) ### Buying a Drywall Business - https://searchspheresource.com/guides/buying-a-drywall-business - 20,760 establishments employed 250,758 people in 2023, and the 426 establishments with 100 or more employees, 2.1 percent of the trade, held 34.1 percent of the workforce. (source: US Census Bureau, County Business Patterns 2023 (NAICS 238310) - https://www.census.gov/programs-surveys/cbp.html) - $57.79 billion in receipts across 20,226 establishments in 2022, an average of $2,857,276 each, with payroll at 25.3 percent of receipts and materials at 30.4 percent, and 42.8 percent of receipts subcontracted in from other contractors. (source: US Census Bureau, 2022 Economic Census (NAICS 238310) - https://www.census.gov/programs-surveys/economic-census.html) - Four occupations cover this one trade and the spread inside it is the trade's margin. Drywall and ceiling tile installers run 83,080 employed at a $58,930 median, tapers 12,840 at $68,270, insulation workers for floor, ceiling and wall 44,440 at $49,120, and mechanical insulation workers 25,660 at $58,340. (source: US Bureau of Labor Statistics, OEWS May 2025 (SOC 47-2081, 47-2082, 47-2131, 47-2132) - https://www.bls.gov/oes/) ### Buying a Finish Carpentry Business - https://searchspheresource.com/guides/buying-a-finish-carpentry-business - 32,219 establishments employed 177,042 people in 2023 with $10.52 billion of annual payroll, about five and a half employees per establishment. (source: US Census Bureau, County Business Patterns 2023 (NAICS 238350) - https://www.census.gov/programs-surveys/cbp.html) - $42.7 billion in receipts across 32,189 establishments in 2022, an average of $1.33 million each, with 24.4 percent of receipts subcontracted in from other contractors, 10.2 percent going back out, and 94.1 percent of construction work on privately owned projects. (source: US Census Bureau, 2022 Economic Census (NAICS 238350) - https://www.census.gov/programs-surveys/economic-census.html) - Carpenters: 670,090 employed nationally, median annual wage $60,580, mean $65,630, with the 25th percentile at $48,510. (source: US Bureau of Labor Statistics, OEWS May 2025 (SOC 47-2031) - https://www.bls.gov/oes/) ## Who Is Consolidating Each Trade The private-equity firms and strategic buyers demonstrably active in the industries searchers target, so a buyer knows who they are bidding against and who they might one day sell to. Activity is classified from each firm's own deal announcements; it is a snapshot of who is visible, not an exhaustive list, and a firm is listed under a trade only where its deals put it there. Each trade below links its buy guide, and every firm named has a profile with its own address further down this section. - Accounting or Bookkeeping Practice - https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice: Trinity Hunt Partners (latest confirmed deal in this trade 2026), DFW Capital Partners (latest confirmed deal in this trade 2025), Alpine Investors (latest confirmed deal in this trade 2023). - Assisted Living Facility - https://searchspheresource.com/guides/buying-an-assisted-living-facility: American House Senior Living Communities (latest confirmed deal in this trade 2026), Otterbein SeniorLife (latest confirmed deal in this trade 2025). - Auto Body Shop - https://searchspheresource.com/guides/buying-an-auto-body-shop: VIVE Collision (latest confirmed deal in this trade 2026), Boyd Group Services (latest confirmed deal in this trade 2026), Classic Collision (latest confirmed deal in this trade 2025), Crash Champions (latest confirmed deal in this trade 2024). - Auto Glass - https://searchspheresource.com/guides/buying-an-auto-glass-business: Safelite Group (latest confirmed deal in this trade 2024), Driven Brands (latest confirmed deal in this trade 2022). - Auto Repair Shop - https://searchspheresource.com/guides/buying-an-auto-repair-shop: Percheron Capital (latest confirmed deal in this trade 2026), LP First Capital (latest confirmed deal in this trade 2025), Trivest Partners (latest confirmed deal in this trade 2022). - Car Wash - https://searchspheresource.com/guides/buying-a-car-wash: Access Holdings (latest confirmed deal in this trade 2025), Express Wash Concepts (latest confirmed deal in this trade 2025), Mammoth Holdings (latest confirmed deal in this trade 2024), Whistle Express Car Wash (latest confirmed deal in this trade 2024). - Childcare Center - https://searchspheresource.com/guides/buying-a-childcare-center: Cadence Education (latest confirmed deal in this trade 2026), Endeavor Schools (latest confirmed deal in this trade 2025). - Coffee Shop - https://searchspheresource.com/guides/buying-a-coffee-shop: FairWave Specialty Coffee Collective (latest confirmed deal in this trade 2026). - Commercial Cleaning - https://searchspheresource.com/guides/buying-a-commercial-cleaning-business: Boyne Capital (latest confirmed deal in this trade 2026), 4M Building Solutions (latest confirmed deal in this trade 2025), Trivest Partners (latest confirmed deal in this trade 2022). - Concrete - https://searchspheresource.com/guides/buying-a-concrete-business: Concrete Pumping Holdings (latest confirmed deal in this trade 2025). - Convenience Store or Gas Station - https://searchspheresource.com/guides/buying-a-convenience-store: Casey's General Stores (latest confirmed deal in this trade 2024), ARKO Corp. (latest confirmed deal in this trade 2024). - Courier and Delivery - https://searchspheresource.com/guides/buying-a-courier-business: ADL Final Mile (latest confirmed deal in this trade 2026), Hub Group (latest confirmed deal in this trade 2023). - Dental Practice - https://searchspheresource.com/guides/buying-a-dental-practice: Heartland Dental (latest confirmed deal in this trade 2026), MB2 Dental (latest confirmed deal in this trade 2026). - Dry Cleaner - https://searchspheresource.com/guides/buying-a-dry-cleaner: Clean Brands (latest confirmed deal in this trade 2025). - Drywall - https://searchspheresource.com/guides/buying-a-drywall-business: Installed Building Products (latest confirmed deal in this trade 2026), Crescendo Capital Partners (latest confirmed deal in this trade 2023). - Dump Truck - https://searchspheresource.com/guides/buying-a-dump-truck-business: Granite Construction (latest confirmed deal in this trade 2025), SRM Concrete (latest confirmed deal in this trade 2023). - Electrical Contracting - https://searchspheresource.com/guides/buying-an-electrical-contracting-business: Alpine Investors (latest confirmed deal in this trade 2026), Sila Services (latest confirmed deal in this trade 2025), CapitalSpring (latest confirmed deal in this trade 2025), Flint Group (latest confirmed deal in this trade 2025), LP First Capital (latest confirmed deal in this trade 2023). - Excavation - https://searchspheresource.com/guides/buying-an-excavation-business: Cardinal Infrastructure Group (latest confirmed deal in this trade 2026). - Fencing - https://searchspheresource.com/guides/buying-a-fencing-business: Gemspring Capital (latest confirmed deal in this trade 2026), Kian Capital (latest confirmed deal in this trade 2025), Harkness Capital Partners (latest confirmed deal in this trade 2025), Watchtower Capital (latest confirmed deal in this trade 2025). - Finish Carpentry - https://searchspheresource.com/guides/buying-a-finish-carpentry-business: Crescendo Capital Partners (latest confirmed deal in this trade 2023). - Fire Protection - https://searchspheresource.com/guides/buying-a-fire-protection-business: Pye-Barker Fire & Safety (latest confirmed deal in this trade 2026), Summit Fire & Security (latest confirmed deal in this trade 2026). - Flooring - https://searchspheresource.com/guides/buying-a-flooring-business: Diverzify (latest confirmed deal in this trade 2024). - Franchise Resale - https://searchspheresource.com/guides/buying-a-franchise-resale: CMG Companies (latest confirmed deal in this trade 2026), Flynn Group (latest confirmed deal in this trade 2025). - Funeral Home - https://searchspheresource.com/guides/buying-a-funeral-home: Park Lawn Corporation (latest confirmed deal in this trade 2026), Carriage Services (latest confirmed deal in this trade 2026), Legacy Funeral Group (latest confirmed deal in this trade 2025). - Garage Door - https://searchspheresource.com/guides/buying-a-garage-door-business: GarageCo (Gridiron Capital) (latest confirmed deal in this trade 2025), Guild Garage Group (latest confirmed deal in this trade 2025). - Glass and Glazing - https://searchspheresource.com/guides/buying-a-glass-and-glazing-business: Cross Rapids Capital (latest confirmed deal in this trade 2026), Installed Building Products (latest confirmed deal in this trade 2025). - Gym or Fitness Studio - https://searchspheresource.com/guides/buying-a-gym-or-fitness-studio: Flynn Group (latest confirmed deal in this trade 2026), Fitness Ventures (latest confirmed deal in this trade 2025). - Hardware Store - https://searchspheresource.com/guides/buying-a-hardware-store: Central Network Retail Group (latest confirmed deal in this trade 2026), Westlake Ace Hardware (latest confirmed deal in this trade 2025). - Home Care Agency - https://searchspheresource.com/guides/buying-a-home-care-agency: SIG Partners (latest confirmed deal in this trade 2025), Waud Capital Partners (latest confirmed deal in this trade 2025), Havencrest Capital Management (latest confirmed deal in this trade 2025). - Hotel - https://searchspheresource.com/guides/buying-a-hotel: Pacifica Host Hotels (latest confirmed deal in this trade 2026). - HVAC - https://searchspheresource.com/guides/buying-an-hvac-business: Legacy Service Partners (latest confirmed deal in this trade 2026), Alpine Investors (latest confirmed deal in this trade 2026), Watchtower Capital (latest confirmed deal in this trade 2026), Flint Group (latest confirmed deal in this trade 2026), Sila Services (latest confirmed deal in this trade 2025), Percheron Capital (latest confirmed deal in this trade 2025), SIG Partners (latest confirmed deal in this trade 2025), Wrench Group (latest confirmed deal in this trade 2024), LP First Capital (latest confirmed deal in this trade 2023). - Insurance Agency - https://searchspheresource.com/guides/buying-an-insurance-agency: World Insurance Associates (latest confirmed deal in this trade 2026), Lightyear Capital (latest confirmed deal in this trade 2026), Ethos Capital (latest confirmed deal in this trade 2025). - Junk Removal - https://searchspheresource.com/guides/buying-a-junk-removal-business: Fire Dawgs Junk Removal (latest confirmed deal in this trade 2024). - Landscaping - https://searchspheresource.com/guides/buying-a-landscaping-business: Align Capital Partners (latest confirmed deal in this trade 2026), Kian Capital (latest confirmed deal in this trade 2026), The Sterling Group (Foundation Fund) (latest confirmed deal in this trade 2025), Shoreline Equity Partners (latest confirmed deal in this trade 2023). - Locksmith - https://searchspheresource.com/guides/buying-a-locksmith-business: IML Security (latest confirmed deal in this trade 2025). - Machine Shop - https://searchspheresource.com/guides/buying-a-machine-shop: PMGC Holdings (latest confirmed deal in this trade 2025), Cadrex Manufacturing Solutions (latest confirmed deal in this trade 2022). - Marina - https://searchspheresource.com/guides/buying-a-marina: Suntex Marinas (latest confirmed deal in this trade 2026), Blue Water (latest confirmed deal in this trade 2023). - Med Spa - https://searchspheresource.com/guides/buying-a-med-spa: Thurston Group (latest confirmed deal in this trade 2025), New Harbor Capital (latest confirmed deal in this trade 2025), SIG Partners (latest confirmed deal in this trade 2024), Shore Capital Partners (latest confirmed deal in this trade 2023). - Medical Transport - https://searchspheresource.com/guides/buying-a-medical-transport-business: Student Transportation of America (latest confirmed deal in this trade 2026), LifeLine Ambulance Service (latest confirmed deal in this trade 2024). - Mobile Home Park - https://searchspheresource.com/guides/buying-a-mobile-home-park: RHP Properties (latest confirmed deal in this trade 2026), Flagship Communities REIT (latest confirmed deal in this trade 2026), UMH Properties (latest confirmed deal in this trade 2025). - Motel - https://searchspheresource.com/guides/buying-a-motel: Pacifica Host Hotels (latest confirmed deal in this trade 2026). - Moving - https://searchspheresource.com/guides/buying-a-moving-company: Coleman Worldwide Moving (latest confirmed deal in this trade 2026), The Armstrong Company (latest confirmed deal in this trade 2025). - MSP - https://searchspheresource.com/guides/buying-an-msp: Alpine Investors (latest confirmed deal in this trade 2026), Prospect Partners (latest confirmed deal in this trade 2026), Evergreen Services Group (latest confirmed deal in this trade 2025). - Optometry Practice - https://searchspheresource.com/guides/buying-an-optometry-practice: MyEyeDr (latest confirmed deal in this trade 2026), Riata Capital Group (latest confirmed deal in this trade 2025). - Painting - https://searchspheresource.com/guides/buying-a-painting-business: Kept Companies (latest confirmed deal in this trade 2026), Cherry Coatings (latest confirmed deal in this trade 2026), Energy Services of America (latest confirmed deal in this trade 2024). - Paving - https://searchspheresource.com/guides/buying-a-paving-business: Construction Partners, Inc. (latest confirmed deal in this trade 2026), Pave America (latest confirmed deal in this trade 2026). - Pest Control - https://searchspheresource.com/guides/buying-a-pest-control-business: Arrow Exterminators (latest confirmed deal in this trade 2026), Imperial Capital (latest confirmed deal in this trade 2025), Trivest Partners (latest confirmed deal in this trade 2024). - Pet Boarding & Daycare - https://searchspheresource.com/guides/buying-a-pet-boarding-business: Frontenac (latest confirmed deal in this trade 2025), Access Holdings (latest confirmed deal in this trade 2024), Trivest Partners (latest confirmed deal in this trade 2023). - Pharmacy - https://searchspheresource.com/guides/buying-a-pharmacy: Guardian Pharmacy Services (latest confirmed deal in this trade 2026), Tarrytown Expocare Pharmacy (latest confirmed deal in this trade 2026), SIG Partners (latest confirmed deal in this trade 2025). - Physical Therapy Practice - https://searchspheresource.com/guides/buying-a-physical-therapy-practice: U.S. Physical Therapy (latest confirmed deal in this trade 2026), H2 Health (latest confirmed deal in this trade 2026), Ivy Rehab (latest confirmed deal in this trade 2025). - Plumbing - https://searchspheresource.com/guides/buying-a-plumbing-business: Legacy Service Partners (latest confirmed deal in this trade 2026), SIG Partners (latest confirmed deal in this trade 2026), Alpine Investors (latest confirmed deal in this trade 2026), Fort Point Capital (latest confirmed deal in this trade 2026), Flint Group (latest confirmed deal in this trade 2026), Sila Services (latest confirmed deal in this trade 2025), Kingsway Corporation (latest confirmed deal in this trade 2025), Wrench Group (latest confirmed deal in this trade 2024). - Pool Service - https://searchspheresource.com/guides/buying-a-pool-service-route: Trivest Partners (latest confirmed deal in this trade 2026), Storr Group (latest confirmed deal in this trade 2026). - Pressure Washing - https://searchspheresource.com/guides/buying-a-pressure-washing-business: Kept Companies (latest confirmed deal in this trade 2026). - Property Management - https://searchspheresource.com/guides/buying-a-property-management-company: Audax Private Equity (latest confirmed deal in this trade 2026), Evernest (latest confirmed deal in this trade 2025). - Restaurant - https://searchspheresource.com/guides/buying-a-restaurant: CMG Companies (latest confirmed deal in this trade 2026), Sun Holdings (latest confirmed deal in this trade 2025), Flynn Group (latest confirmed deal in this trade 2025). - Restoration - https://searchspheresource.com/guides/buying-a-restoration-business: Morgan Stanley Capital Partners (latest confirmed deal in this trade 2024), Alpine Investors (latest confirmed deal in this trade 2024), First Onsite Property Restoration (latest confirmed deal in this trade 2024). - Roofing - https://searchspheresource.com/guides/buying-a-roofing-company: Tecta America (latest confirmed deal in this trade 2026), Shoreline Equity Partners (latest confirmed deal in this trade 2026), Boyne Capital (latest confirmed deal in this trade 2024), SIG Partners (latest confirmed deal in this trade 2022). - RV Park or Campground - https://searchspheresource.com/guides/buying-an-rv-park-or-campground: Northgate Resorts (latest confirmed deal in this trade 2026), Blue Water (latest confirmed deal in this trade 2024). - SaaS - https://searchspheresource.com/guides/buying-a-saas-business: Banyan Software (latest confirmed deal in this trade 2026), Valsoft Corporation (latest confirmed deal in this trade 2026), saas.group (latest confirmed deal in this trade 2025). - School Bus Contractor - https://searchspheresource.com/guides/buying-a-school-bus-contractor: Student Transportation of America (latest confirmed deal in this trade 2026), First Student (latest confirmed deal in this trade 2023). - Security Guard - https://searchspheresource.com/guides/buying-a-security-guard-business: Sunstates Security (latest confirmed deal in this trade 2025), Allied Universal (latest confirmed deal in this trade 2025), Harvard Protection Services (latest confirmed deal in this trade 2024). - Self-Storage Facility - https://searchspheresource.com/guides/buying-a-self-storage-facility: Andover Properties (latest confirmed deal in this trade 2026), StorageMart (latest confirmed deal in this trade 2026). - Septic Service - https://searchspheresource.com/guides/buying-a-septic-service-business: Septic Blue (latest confirmed deal in this trade 2026), Wind River Environmental (latest confirmed deal in this trade 2025). - Sign - https://searchspheresource.com/guides/buying-a-sign-company: CapitalSpring (latest confirmed deal in this trade 2025), Stratus (latest confirmed deal in this trade 2024). - Staffing Agency - https://searchspheresource.com/guides/buying-a-staffing-agency: HW Staffing Solutions (latest confirmed deal in this trade 2026), Knox Lane (latest confirmed deal in this trade 2026), GEE Group (latest confirmed deal in this trade 2025). - Swim School - https://searchspheresource.com/guides/buying-a-swim-school: Emler Swim School (latest confirmed deal in this trade 2023). - Tire Shop - https://searchspheresource.com/guides/buying-a-tire-shop: Sun Auto Tire & Service (latest confirmed deal in this trade 2026), Mavis Tire Express Services (latest confirmed deal in this trade 2026). - Towing - https://searchspheresource.com/guides/buying-a-towing-business: Vehicle Management Solutions (latest confirmed deal in this trade 2025), Guardian Fleet Services (latest confirmed deal in this trade 2025). - Tree Service - https://searchspheresource.com/guides/buying-a-tree-service-business: The Davey Tree Expert Company (latest confirmed deal in this trade 2026), SavATree (latest confirmed deal in this trade 2024). - Trucking - https://searchspheresource.com/guides/buying-a-trucking-company: Kenan Advantage Group (latest confirmed deal in this trade 2025), Heniff Transportation Systems (latest confirmed deal in this trade 2024), Alterna Equity Partners (latest confirmed deal in this trade 2023). - Urgent Care Center - https://searchspheresource.com/guides/buying-an-urgent-care-center: Ardent Health (latest confirmed deal in this trade 2025), Shore Capital Partners (latest confirmed deal in this trade 2018). - Vending Machine - https://searchspheresource.com/guides/buying-a-vending-machine-business: Five Star Breaktime Solutions (latest confirmed deal in this trade 2026), Aramark Refreshments (latest confirmed deal in this trade 2024). - Veterinary Practice - https://searchspheresource.com/guides/buying-a-veterinary-practice: Veterinary Innovative Partners (latest confirmed deal in this trade 2024), Innovetive Petcare (latest confirmed deal in this trade 2023). - Window Cleaning - https://searchspheresource.com/guides/buying-a-window-cleaning-business: Kept Companies (latest confirmed deal in this trade ). Across the trades: Alpine Investors in 6, SIG Partners in 6, Trivest Partners in 5, Flint Group in 3, Flynn Group in 3, Kept Companies in 3, LP First Capital in 3, Sila Services in 3, Access Holdings in 2, Blue Water in 2, Boyne Capital in 2, CapitalSpring in 2, CMG Companies in 2, Crescendo Capital Partners in 2, Installed Building Products in 2, Kian Capital in 2, Legacy Service Partners in 2, Pacifica Host Hotels in 2, Percheron Capital in 2, Shore Capital Partners in 2, Shoreline Equity Partners in 2, Student Transportation of America in 2, Watchtower Capital in 2, Wrench Group in 2. Every other firm here is confirmed in one trade only. The most contested trades are HVAC (9 firms), Plumbing (8 firms), Electrical Contracting (5 firms), Auto Body Shop (4 firms), Car Wash (4 firms). Looked for and not found, so an absence here is a finding rather than a gap: Limousine and chauffeured operators (One firm describes itself as an acquisition company building a national chauffeured network and names four bought brands, and it dates every one of them to a year with no month. The registry orders deals by date, so a year-only date would sort three purchases to the first of January and misstate the sequence. Held until a dated announcement exists, which the federal filings on one of the four suggest is reachable. A second firm has a dated release and its site has been returning a server error for its whole newsroom.); Dog grooming businesses (the pet-services buyers want a bundled facility, veterinary care with boarding, daycare and grooming under one roof, and court those owners directly with sell-your-business pages; none publishes a dated acquisition of a standalone grooming shop); Hair salons (the professional-beauty consolidation runs through franchisors and suite operators courting stylists, not shop buyers; no platform publishes a dated acquisition of an independent salon on its own site); Barbershops (the growth capital in barbering builds franchise systems that recruit operators rather than platforms that buy independent shops; none publishes a dated own-site acquisition of one); Flower shops (the wire services aggregate orders rather than owning shops, and no platform publishes a dated acquisition of an independent florist; the trade consolidates at the wholesale-distribution layer instead); Adult day care programs (the multi-state operator here, Active Day under Audax, dates its own-site acquisitions only through early 2021, failing the four-year evidence rule the same way the bakery consolidator did; re-examine when its newsroom resumes); Tutoring centers (the capital in tutoring builds franchise systems, the Kumon and Mathnasium class, that recruit franchisees rather than buying independents, and no platform publishes dated acquisitions of independent centers); Music schools (the trade's real consolidator, Ensemble Performing Arts, runs a sell-your-school door and has absorbed well over a hundred schools, but publishes no dated per-school acquisitions anywhere on its own site, the quiet-absorption class. Worth re-checking, since the platform is real even if the paper trail is not public); Driving schools (the deals that surface are one-off purchases through listings rather than any platform publishing its own acquisitions, and the franchise systems recruit operators); Gun stores (every confirmable acquirer in firearms buys the adjacent business rather than the shop: the consolidation is at the manufacturer and ammunition level, and the one retail deal on the record is a chain selling surplus locations to another chain. The structural reason is that a federal firearms license is issued to a person at a premises and does not transfer, so a buyer clears their own before selling anything, which is the friction that stops a roll-up forming); Breweries (the confirmable consolidation here is a merger rather than a purchase: two New England brewing companies combined into a collective holding ten brands, and that collective's own page invites other brands to join without naming or dating anything it has bought since. A beverage group does buy outright, and it files the detail. One purchase took eight craft brands off a global brewer in a single transaction that closed in September 2023; the other took a multinational brewery and pub chain out of a Scottish pre-packaged administration in March 2026. Both are platform scale, and neither is one brewery bought from the person who built it); ATM routes (the public buyers here buy steadily and name nobody. The largest states in its own annual report that it competes with independent deployers for acquisitions, then books every purchase as one unnamed line, seventeen million dollars in the latest year, and has filed no completed-acquisition report since it was spun out. Its cash-logistics rival discloses the same way, three unnamed operations for about twenty-seven million. A route seller will not appear in either firm's disclosures, and the one deployer known to have announced a purchase no longer carries that release on its own site); Pawn shops (the two public consolidators are genuinely buying, and every deal either of them names is a chain or a platform rather than a single independent shop. One agreed in May 2025 to pay about $392 million for a 286-store British operator and closed that August; the other bought 40 stores across 13 Mexican states from two named sellers in June 2025. Their own annual reports then count the American purchases without naming one, 23 stores in seven transactions in the latest year and 28 in five the year before, so a one-store owner will not find themselves in anything either firm publishes); Martial arts studios (the growth model is franchising end to end, and no platform publishes dated acquisitions of independent studios, whose value walks with the head instructor in any case); Hotels beyond the confirmed operator (a second owner-operator buying single independent hotels has not surfaced beside the confirmed one. The brands franchise rather than buy, and the rest of the visible market runs through commercial real estate brokerage, where REITs and funds trade portfolios and publish at portfolio scale rather than naming a single limited-service property); Motels beyond the confirmed operator (beside the confirmed hotel operator, no buyer surfaced that publishes single-motel purchases: the independent end of lodging trades owner to owner through commercial listings, and the visible aggregators convert properties to housing or to a brand rather than announcing acquisitions on their own sites); Bed and breakfast inns (no platform consolidates inns: each is a property sale with a vocation attached, and the visible hospitality buyers work at flag and portfolio scale far above the trade); Mobile home parks beyond the confirmed operator (beside the confirmed operator, the institutional owners trade communities in portfolio transactions as real estate, and the single-park deals a searcher actually sees come from retiring family owners rather than from a platform, which is the assisted-living class again); Bakery businesses (the strongest wholesale consolidator, Crown, an Arbor Investments platform, dates its own-site deals only through early 2022 with the 2025 additions announced through trade press alone, failing both the four-year evidence rule and the own-announcement bar; re-examine when the newsroom resumes dating deals); Window cleaning beyond the confirmed buyer (the confirmed buyer reaches this trade as one line of a nine-brand facility services group rather than as a window cleaning platform, and no second buyer surfaced. The roll-up wave a search turns up under this name is window MANUFACTURING and installation, chiefly Renewal by Andersen affiliates, which is a different trade entirely); Liquor stores (no consolidator with per-deal announcements surfaced; license-bound single stores trade owner to owner); Ecommerce businesses (the aggregator lane itself ended; the last scaled buyer shut its acquired stores and pivoted to one brand); Laundromats (consolidation is happening in payments and equipment distribution, not in store operations); Signs beyond the confirmed firm (the only candidate's newest visible deal falls outside the four-year evidence window); Urgent care beyond the confirmed firm (the candidate trails end at independent owners or parked sponsor domains); Handyman businesses (the capital in the trade franchises: Ace Handyman has more than tripled its territories since 2019 by recruiting franchisees, and no platform publishes dated own-site acquisitions of independent handyman companies); Appliance repair businesses (the Neighborly class franchises the trade and the manufacturer and home-warranty networks route its volume without buying shops; no platform publishes dated own-site acquisitions of independents); Locksmiths beyond the confirmed buyer (beside the confirmed buyer the trade is fragmented with no visible platform, and the commercial security integrators alongside it buy access-control firms rather than locksmith shops, which is a different business wearing a similar name); Pressure washing beyond the confirmed buyer (no second platform surfaced beside the confirmed one, which reaches this trade as one brand of a facility services group rather than as a pressure washing buyer. The franchise systems alongside it recruit operators rather than buy books, which is why a search under this name returns territory offers rather than exits); Carpet cleaning businesses (the Stanley Steemer class mixes corporate and franchise units without publishing dated purchases of independents, and the capital enters the trade by franchising). Not yet examined, so their absence here is not evidence either way: Brewery. Full profiles, each firm's focus and recent deals with sources: https://searchspheresource.com/buyers, and each trade's buyers nest inside its industry guide. Firm profiles, one per buyer (deals confirmed from the firm's own announcements): - Flint Group - https://searchspheresource.com/buyers/flint-group-home-services: A residential home services holding company buying plumbing, heating, cooling and electrical firms across nineteen metros, keeping each company's own name and website and running them as a network. Based in Kansas City, MO; 19 confirmed deals. - SIG Partners - https://searchspheresource.com/buyers/sig-partners: A family-owned Dallas holding company that has bought more than thirty-seven businesses and dates every close on its own portfolio page, buying to hold rather than to exit. Based in Dallas, TX; 13 confirmed deals. - Installed Building Products - https://searchspheresource.com/buyers/installed-building-products: The country's largest new residential insulation installer, which buys small insulation, drywall and glass installers by the dozen and names each one, with its revenue, in a dated release. Based in Columbus, Ohio; 8 confirmed deals. - Kept Companies - https://searchspheresource.com/buyers/kept-companies: A fleet and facility services group running nine brands, which buys small service companies across several trades at once and keeps them operating under their own names. Based in Fairfield, New Jersey; 7 confirmed deals. - FairWave Specialty Coffee Collective - https://searchspheresource.com/buyers/fairwave: Local specialty coffee roasters and cafe brands acquired into a Kansas City collective that keeps each brand and its shops running under their own names, the standing buyer in the specialty coffee lane. Based in Kansas City, Missouri; 6 confirmed deals. - First Student - https://searchspheresource.com/buyers/first-student: The largest school bus contractor in North America, which bought a run of family bus companies across two countries inside a single year and has announced no acquisition since. Based in Cincinnati, Ohio; 6 confirmed deals. - Alpine Investors - https://searchspheresource.com/buyers/alpine-investors: People-first private equity behind Apex Service Partners, the country's largest HVAC, plumbing, and electrical consolidator. Its CEO-in-Training program hires operators into the businesses it buys. Based in San Francisco, CA; 5 confirmed deals. - Diverzify - https://searchspheresource.com/buyers/diverzify: A commercial flooring and interior services network assembled by acquisition since 2019, which buys regional flooring contractors and keeps their names and crews inside a national platform. Based in Atlanta, Georgia; 5 confirmed deals. - Trivest Partners - https://searchspheresource.com/buyers/trivest: Founder- and family-owned businesses only, and it will take a minority stake rather than force a full sale. The widest small-business footprint here: pool service, pest control, auto, and cleaning. Based in Coral Gables, FL; 5 confirmed deals. - ADL Final Mile - https://searchspheresource.com/buyers/adl-final-mile: A final-mile delivery platform buying regional courier and customized-logistics companies to densify a national network, backed by a private equity sponsor that hosts each of its releases. Based in Omaha, Nebraska; 4 confirmed deals. - ARKO Corp. - https://searchspheresource.com/buyers/arko-corp: A Fortune 500 convenience store operator in Richmond that bought its way past fifteen hundred stores, then went quiet, its last purchase surfacing only inside a filing. Based in Richmond, Virginia; 4 confirmed deals. - Central Network Retail Group - https://searchspheresource.com/buyers/cnrg: A multi-brand retailer of about 143 hardware stores, home centers and lumberyards in sixteen states, which buys family-owned independents and keeps their names. Based in Memphis, Tennessee; 4 confirmed deals. - Endeavor Schools - https://searchspheresource.com/buyers/endeavor-schools: Private early-education and Montessori schools bought outright for cash across fourteen states, with each school's name, philosophy and traditions kept in place. Based in Miami, Florida; 4 confirmed deals. - Express Wash Concepts - https://searchspheresource.com/buyers/express-wash-concepts: Midwest express car wash platform running four regional brands, which grows by buying single sites and small local chains and rebranding them into whichever of its four names fits the market. Based in Columbus, Ohio; 4 confirmed deals. - Fire Dawgs Junk Removal - https://searchspheresource.com/buyers/fire-dawgs-junk-removal: Non-franchised junk removal operator that buys independent haulers city by city and folds them into one holding company, stating in its own releases that it exists as an alternative for independent operators. Based in Indianapolis, Indiana; 4 confirmed deals. - Flynn Group - https://searchspheresource.com/buyers/flynn-group: The world's largest franchisee: restaurant portfolios bought by the dozen (Applebee's, Taco Bell, Panera, Wendy's) and now Planet Fitness gyms, the ceiling consolidator above multi-unit franchise deals. Based in San Francisco; 4 confirmed deals. - Guardian Fleet Services - https://searchspheresource.com/buyers/guardian-fleet-services: A West Palm Beach towing and recovery operator that buys family wrecker services across seven states and deliberately keeps their local names, crews and dispatch in place. Based in West Palm Beach, Florida; 4 confirmed deals. - Kenan Advantage Group - https://searchspheresource.com/buyers/kenan-advantage-group: North America's largest tank truck and dry bulk carrier, which grows by buying regional liquid and dry bulk haulers and folding their terminals into its own network. Based in North Canton, Ohio; 4 confirmed deals. - Safelite Group - https://searchspheresource.com/buyers/safelite-group: The largest US vehicle glass company, which buys independent auto glass shops one and two at a time and publishes a release for each, with the closing date printed in the body. Based in Columbus, Ohio; 4 confirmed deals. - Student Transportation of America - https://searchspheresource.com/buyers/student-transportation-of-america: A national student transportation contractor that buys family-owned bus operators, keeps them running under their own names, and picks up medical transport wherever a seller carried it. Based in Wall, New Jersey; 4 confirmed deals. - Valsoft Corporation - https://searchspheresource.com/buyers/valsoft: A Montreal buy-and-hold acquirer of vertical-market software, ranked the most active strategic SaaS buyer two years running, buying mission-critical software across thirty-plus niches and keeping it. Based in Montreal, Canada; 4 confirmed deals. - Vehicle Management Solutions - https://searchspheresource.com/buyers/vehicle-management-solutions: National towing and vehicle recovery platform, formerly United Road Towing, that buys regional impound and municipal towing operators and runs them under one dispatch and storage network. Based in Tinley Park, Illinois; 4 confirmed deals. - Alterna Equity Partners - https://searchspheresource.com/buyers/alterna-equity-partners: A South Florida lower-middle-market private equity firm whose transportation platform hauls waste, aggregates and construction debris long-haul, built by buying family-owned carriers and adding to them. Based in Fort Lauderdale, Florida; 3 confirmed deals. - Banyan Software - https://searchspheresource.com/buyers/banyan-software: An Atlanta permanent-capital acquirer of vertical-market software that buys, holds, and grows enterprise B2B software businesses for life, preserving founder legacies across the US, Europe, and beyond. Based in Atlanta, GA; 3 confirmed deals. - Blue Water - https://searchspheresource.com/buyers/blue-water: An outdoor hospitality group that buys single waterfront and roadside properties, marinas and campgrounds among them, and runs many more for owners who keep them. Based in Ocean City, Maryland; 3 confirmed deals. - Cherry Coatings - https://searchspheresource.com/buyers/cherry-coatings: A commercial painting and coatings contractor that buys established painting companies city by city and keeps them running under the Cherry name, adding a metro at a time. Based in Dallas, TX; 3 confirmed deals. - Construction Partners, Inc. - https://searchspheresource.com/buyers/construction-partners: Asphalt paving and hot-mix companies across the Sunbelt, bought one local operator at a time to feed its plants and terminals, the public roll-up a paving searcher meets as both rival bidder and exit. Based in Dothan, Alabama; 3 confirmed deals. - Crash Champions - https://searchspheresource.com/buyers/crash-champions: Independent collision shops bought one at a time across 38 states by the trade's largest founder-led operator: the rival bidder on single-shop deals, and a standing exit that courts sellers directly. Based in Chicago, Illinois; 3 confirmed deals. - Crescendo Capital Partners - https://searchspheresource.com/buyers/crescendo-capital-partners: A lower middle market sponsor with a stated construction trades focus, buying control of drywall and architectural millwork shops and leaving the selling owners with equity and their jobs. Based in Chicago, Illinois; 3 confirmed deals. - Energy Services of America - https://searchspheresource.com/buyers/energy-services-of-america: A listed mid-Atlantic contractor that buys specialty trade companies outright and keeps them running under their own names, from industrial painting to water lines to HVAC controls. Based in Huntington, West Virginia; 3 confirmed deals. - Evergreen Services Group - https://searchspheresource.com/buyers/evergreen-services-group: The managed IT trade's most prolific buyer, and a permanent one: it says it never divests, pays all cash, closes inside ninety days, and passed its hundredth acquisition in its seventh year. Based in San Francisco, CA; 3 confirmed deals. - GarageCo (Gridiron Capital) - https://searchspheresource.com/buyers/garageco: Founder-run garage door dealers bought into a national platform assembled from scratch since 2024, each one keeping its own name, which is why the trade looks less consolidated than it is. Based in New Canaan, Connecticut; 3 confirmed deals. - Guardian Pharmacy Services - https://searchspheresource.com/buyers/guardian-pharmacy-services: Long-term care pharmacies serving assisted living, memory care, hospice, and behavioral health, acquired one and two at a time, the consolidator an LTC-focused pharmacy searcher meets first. Based in Atlanta; 3 confirmed deals. - Guild Garage Group - https://searchspheresource.com/buyers/guild-garage-group: Family garage door service companies brought into a national owner-operator alliance one at a time, the trade's second funded buyer, so a seller here often has two standing offers before a searcher bids. Based in Orlando, Florida; 3 confirmed deals. - Heartland Dental - https://searchspheresource.com/buyers/heartland-dental: Dental practices affiliated into the nation's largest dental support organization, several per month by its own reports, the standing exit offer on every established practice a dental searcher wants. Based in Effingham, Illinois; 3 confirmed deals. - Heniff Transportation Systems - https://searchspheresource.com/buyers/heniff-transportation: A bulk chemical and food-grade tank truck operator that buys regional tank carriers and tank-wash operations into what it calls its family of companies, naming each seller on its own newsroom. Based in Oak Brook, Illinois; 3 confirmed deals. - Ivy Rehab - https://searchspheresource.com/buyers/ivy-rehab: Independent outpatient physical therapy practices partnered into a national network one at a time, which is the buy-side a searcher bids against and the exit a practice owner already knows by name. Based in White Plains, New York; 3 confirmed deals. - Kian Capital - https://searchspheresource.com/buyers/kian-capital: Lower-middle-market, founder-partnership oriented. Its landscaping platform has nearly tripled revenue since 2021, mostly by buying. Based in Charlotte, NC; 3 confirmed deals. - Kingsway Corporation - https://searchspheresource.com/buyers/kingsway: A listed holding company that hires an early-career operator first and buys the business second, so its plumbing deals are bid by someone running the searcher's own play with a public balance sheet. Based in Chicago, IL; 3 confirmed deals. - Lightyear Capital - https://searchspheresource.com/buyers/lightyear-capital: A financial-services investor co-leading Inszone, the brokerage that has bought over 130 independent insurance agencies and closed seventeen in a single quarter of 2026. Based in New York, NY; 3 confirmed deals. - LP First Capital - https://searchspheresource.com/buyers/lp-first-capital: Builds super-regional platforms in fragmented trades from an Austin base: collision repair under OpenRoad with Trivest, plus home services spanning HVAC, plumbing, electrical, and exteriors. Based in Austin, TX; 3 confirmed deals. - Mammoth Holdings - https://searchspheresource.com/buyers/mammoth-holdings: A private-equity-backed express car wash platform of about 150 conveyor washes in eighteen states, growing by buying independent and small-chain washes and rebranding them under its banners. Based in Dallas, Texas; 3 confirmed deals. - MB2 Dental - https://searchspheresource.com/buyers/mb2-dental: A dentist-owned dental partnership organization of 800-plus practices that takes an equity stake while the selling dentist keeps ownership, a partial-exit path competing for every practice a searcher wants. Based in Carrollton, TX; 3 confirmed deals. - Otterbein SeniorLife - https://searchspheresource.com/buyers/otterbein-seniorlife: A not-for-profit Ohio senior living group that takes over whole communities from other operators, including one run by a hospital system and one from a larger not-for-profit. Based in Lebanon, Ohio; 3 confirmed deals. - Pacifica Host Hotels - https://searchspheresource.com/buyers/pacifica-host-hotels: A hotel owner-operator buying single independent hotels and small inns and continuing to run them, rather than buying the real estate and handing operations to somebody else. Based in San Diego, California; 3 confirmed deals. - Park Lawn Corporation - https://searchspheresource.com/buyers/park-lawn: Funeral homes, crematories, and cemeteries across the US and Canada, acquired one and two at a time from retiring owner-operators, the consolidator a funeral-home searcher meets most often. Based in Toronto, with US operations run from Houston; 3 confirmed deals. - Pave America - https://searchspheresource.com/buyers/pave-america: Commercial paving and sealcoating contractors bought across the country by an AEA-backed platform with its own acquisition program: the rival bidder on exactly the paving business a searcher shortlists. Based in Warrenton, Virginia; 3 confirmed deals. - Percheron Capital - https://searchspheresource.com/buyers/percheron-capital: Essential-services buy-and-build with over $8B under management: tire and auto repair under Big Brand Tire & Service, commercial HVAC under Solidaire, plus foundation-repair and fire-safety. Based in San Francisco, CA; 3 confirmed deals. - Pye-Barker Fire & Safety - https://searchspheresource.com/buyers/pye-barker: Fire alarm, sprinkler, suppression, and extinguisher companies bought across the country at a pace of dozens a year, the roll-up a fire-protection searcher meets as both rival bidder and exit. Based in Alpharetta, Georgia; 3 confirmed deals. - SavATree - https://searchspheresource.com/buyers/savatree: Local tree and lawn care companies merged into the Bedford Hills platform one at a time, coast to coast: the standing rival bidder and likeliest exit in a trade Davey no longer consolidates alone. Based in Bedford Hills, New York; 3 confirmed deals. - Septic Blue - https://searchspheresource.com/buyers/septic-blue: Residential septic pumping, repair, and installation companies acquired into a Georgia Oak Partners platform building a Southeast bench, with each family brand kept running under its own name. Based in Cumming, Georgia; 3 confirmed deals. - Shore Capital Partners - https://searchspheresource.com/buyers/shore-capital: The most prolific small-business buyer in American private equity: a microcap buy-and-build machine with 87 platforms and roughly $17B managed, built from Main Street-sized acquisitions. Based in Chicago, IL; 3 confirmed deals. - Shoreline Equity Partners - https://searchspheresource.com/buyers/shoreline-equity-partners: Services businesses: roofing, landscaping, pool, paving, and water treatment. Close to the trades a first-time buyer actually looks at, and buying them one at a time. Based in Tampa, FL; 3 confirmed deals. - Summit Fire & Security - https://searchspheresource.com/buyers/summit-fire-security: Family-owned fire alarm, sprinkler, and extinguisher shops bought into a branch network across 37 states, the second national bidder a fire-protection searcher meets beside Pye-Barker. Based in Mendota Heights, Minnesota; 3 confirmed deals. - Sun Auto Tire & Service - https://searchspheresource.com/buyers/sun-auto: Tire and service shops folded into a 575-store network one at a time under kept regional brands, with a standing sell-your-business door, so the trade consolidates faster than its storefronts show. Based in Mesa, Arizona; 3 confirmed deals. - The Armstrong Company - https://searchspheresource.com/buyers/armstrong-relocation: A Memphis moving and storage group that buys long-established van line agents one market at a time and keeps the acquired name on the building and the crews in place. Based in Memphis, Tennessee; 3 confirmed deals. - The Davey Tree Expert Company - https://searchspheresource.com/buyers/davey-tree: Residential and commercial tree care firms across North America, folded into an employee-owned network division by division, the century-old strategic a tree searcher meets as rival and exit. Based in Kent, Ohio; 3 confirmed deals. - Watchtower Capital - https://searchspheresource.com/buyers/watchtower-capital: Buys founder- and family-owned service businesses into regional platforms: residential HVAC and plumbing under Ally Services across the Mid-Atlantic, and Southeast fencing under Fence Builders. Based in Charlotte, NC; 3 confirmed deals. - Wind River Environmental - https://searchspheresource.com/buyers/wind-river-environmental: Owner-operated septic and grease pumping companies bought one at a time across the eastern states, which is the same business and the same size a searcher in this trade is looking at. Based in Marlborough, Massachusetts; 3 confirmed deals. - 4M Building Solutions - https://searchspheresource.com/buyers/4m-building-solutions: A St. Louis commercial cleaning operator that buys locally owned janitorial companies market by market and publishes every deal it has made with the month it closed. Based in St. Louis, MO; 2 confirmed deals. - Access Holdings - https://searchspheresource.com/buyers/access-holdings: Buys main-street service businesses at $5M-$20M of EBITDA into platforms: car washes under Spotless Brands, pet daycare and boarding under WagWay Group, plus funeral homes and pet aftercare. Based in Baltimore, MD; 2 confirmed deals. - Align Capital Partners - https://searchspheresource.com/buyers/align-capital-partners: Industrial and professional services, software, and specialty manufacturing. Buys a platform, then bolts on steadily rather than in bursts. Based in Cleveland, OH and Dallas, TX; 2 confirmed deals. - Allied Universal - https://searchspheresource.com/buyers/allied-universal: Regional security-guard companies bought into a continent-spanning guarding network, the giant a security-guard searcher meets as the market's ceiling-setting bidder and eventual exit. Based in Irvine, California; 2 confirmed deals. - American House Senior Living Communities - https://searchspheresource.com/buyers/american-house-senior-living: Senior living operator that buys single communities as well as portfolios, and names the seller community and its unit count in its own announcements. Based in Southfield, Michigan; 2 confirmed deals. - Andover Properties - https://searchspheresource.com/buyers/andover-properties: A New York self-storage owner-operator with more than 170 facilities across twenty states under the Storage King brand, growing by buying independent facilities from their owners and rebranding them. Based in New York, New York; 2 confirmed deals. - Aramark Refreshments - https://searchspheresource.com/buyers/aramark-refreshments: Family vending and micro-market route operators acquired whole into the refreshments arm of a national food-services company, the corporate ceiling above the vending trade's independent operators. Based in Philadelphia, Pennsylvania; 2 confirmed deals. - Boyd Group Services - https://searchspheresource.com/buyers/boyd-group: Collision repair centers bought across North America by the largest non-franchised operator of them, trading in the US as Gerber Collision & Glass: a body-shop searcher's rival bidder and likeliest exit. Based in Winnipeg, Manitoba; 2 confirmed deals. - Boyne Capital - https://searchspheresource.com/buyers/boyne-capital: Founder-owned lower-middle-market companies, weighted toward services. Explicitly courts owners who are still running the business and want to stay through the transition. Based in Miami, FL; 2 confirmed deals. - Cadrex Manufacturing Solutions - https://searchspheresource.com/buyers/cadrex-manufacturing-solutions: A sponsor-built precision manufacturing platform that buys machine shops and metal fabricators outright and runs them as facilities inside one North American footprint. Based in Westminster, Colorado; 2 confirmed deals. - CapitalSpring - https://searchspheresource.com/buyers/capitalspring: A foodservice and multi-location specialist with over 100 investments across 70-plus brands, now expanding into home services including the second-largest Mister Sparky electrician franchisee. Based in Nashville, TN; 2 confirmed deals. - Cardinal Infrastructure Group - https://searchspheresource.com/buyers/cardinal-infrastructure-group: A listed Southeast site development company that buys grading, clearing and underground utility contractors outright and runs them as named subsidiaries inside one self-performing group. Based in Raleigh, North Carolina; 2 confirmed deals. - CMG Companies - https://searchspheresource.com/buyers/cmg-companies: Ten franchise brands and more than 600 units run from Plano, with a published buy box naming corporate refranchising and the aging franchisee base as its deal supply, Arby's the newest flag. Based in Plano, Texas; 2 confirmed deals. - Concrete Pumping Holdings - https://searchspheresource.com/buyers/concrete-pumping-holdings: A listed concrete pumping company that buys the fleets placing other people's concrete, which is a service business and not a plant, and keeps buying them across three countries. Based in Denver, Colorado; 2 confirmed deals. - DFW Capital Partners - https://searchspheresource.com/buyers/dfw-capital-partners: A service-company builder whose Sorren platform united thirteen regional CPA firms into a top-50 national practice in a single stroke, then kept buying. Based in New York, NY; 2 confirmed deals. - Evernest - https://searchspheresource.com/buyers/evernest: A Birmingham single-family and small-multifamily property manager that has rolled up more than forty local firms into a portfolio above 20,000 homes across fifty-plus markets, and keeps buying. Based in Birmingham, Alabama; 2 confirmed deals. - Fitness Ventures - https://searchspheresource.com/buyers/fitness-ventures: Crunch Fitness clubs bought in whole-market portfolios, three in Portland here, twenty-three from another franchisee there, the buyer that resets gym pricing in any metro it targets. Based in Athens, Georgia area; 2 confirmed deals. - Five Star Breaktime Solutions - https://searchspheresource.com/buyers/five-star-breaktime: Independent vending and micro-market routes bought a region at a time, from the owner-operators who built them, and announced by name as each one closes. Based in Chattanooga, Tennessee; 2 confirmed deals. - Fort Point Capital - https://searchspheresource.com/buyers/fort-point-capital: Service businesses, including the unglamorous infrastructure trades. Its sewer platform buys plumbing companies outright rather than waiting for them to list. Based in Boston, MA; 2 confirmed deals. - Gemspring Capital - https://searchspheresource.com/buyers/gemspring-capital: A $5.1B middle-market firm whose Fenceworks platform assembles local fencing installers into a near-20-location network across the West Coast, Midwest, and Southeast. Based in Westport, CT; 2 confirmed deals. - Granite Construction - https://searchspheresource.com/buyers/granite-construction: A hundred-year-old California construction materials company that buys the trucking and aggregate businesses feeding its own plants, which is how a hauler in this trade usually exits. Based in Watsonville, California; 2 confirmed deals. - Havencrest Capital Management - https://searchspheresource.com/buyers/havencrest-capital: Healthcare-only lower-middle-market private equity whose Avid Health at Home platform has tucked in eight personal-care and private-duty nursing agencies across three states since 2022. Based in Dallas, TX; 2 confirmed deals. - HW Staffing Solutions - https://searchspheresource.com/buyers/hw-staffing-solutions: A Main Street Capital-backed staffing operator that grows by absorbing other agencies across New England and the South, the working-scale buyer a searcher is likelier to meet than a nine-figure take-private. Based in Easton, MA; 2 confirmed deals. - Innovetive Petcare - https://searchspheresource.com/buyers/innovetive-petcare: Veterinary practice group that buys individual hospitals and publishes a dated post for each one, which almost no other consolidator in the trade does. Based in Austin, Texas; 2 confirmed deals. - Legacy Funeral Group - https://searchspheresource.com/buyers/legacy-funeral-group: A Houston death care owner that says plainly it buys both prospering funeral homes and smaller operations going through tough times, which is a rare thing for any buyer to publish. Based in Houston, Texas; 2 confirmed deals. - Legacy Service Partners - https://searchspheresource.com/buyers/legacy-service-partners: HVAC, plumbing and electrical companies joined to a platform that says it does not replace teams and brands, and offers a seller either the GM seat or a way out. Based in Tampa, Florida; 2 confirmed deals. - Mavis Tire Express Services - https://searchspheresource.com/buyers/mavis-tire: Tire and vehicle service shops bought across North America at a pace that has taken the group past three thousand six hundred locations, absorbing whole chains rather than single shops. Based in White Plains, New York; 2 confirmed deals. - PMGC Holdings - https://searchspheresource.com/buyers/pmgc-holdings: A listed holding company rolling up US precision machining, which buys single CNC shops outright and prints the revenue it bought in the release. Based in Newport Beach, California; 2 confirmed deals. - Prospect Partners - https://searchspheresource.com/buyers/prospect-partners: Calls its target the pre-middle market, which is genuinely small: the range where a self-funded searcher is a real rival bidder. Fund V closed at $225M. Based in Chicago, IL; 2 confirmed deals. - Sila Services - https://searchspheresource.com/buyers/sila-services: A home services platform buying HVAC, plumbing and electrical companies across the Northeast, Mid-Atlantic and Midwest, each of which keeps its own brand page on the buyer's site. Based in King of Prussia, Pennsylvania; 2 confirmed deals. - SRM Concrete - https://searchspheresource.com/buyers/srm-concrete: The largest privately owned ready-mix concrete producer in the United States, which buys the hauling companies that move its materials as well as the plants that make them. Based in Smyrna, Tennessee; 2 confirmed deals. - StorageMart - https://searchspheresource.com/buyers/storagemart: Self-storage facilities and portfolios, from two-property deals to the second-largest storage transaction in New York City history, the ceiling-setting bidder in any market it enters. Based in Columbia, Missouri; 2 confirmed deals. - Storr Group - https://searchspheresource.com/buyers/storr-group: The operationally-focused firm behind SPS PoolCare, which has bought over 190 pool-service companies across the Sun Belt since 2021, the single heaviest consolidation any trade on this page has seen. Based in Austin, TX; 2 confirmed deals. - Stratus - https://searchspheresource.com/buyers/stratus: A Vestar-backed national signage and brand-implementation company in Mentor, Ohio that acquires regional sign companies, folding them into a network spanning fifty states and dozens of countries. Based in Mentor, Ohio; 2 confirmed deals. - Sun Holdings - https://searchspheresource.com/buyers/sun-holdings: One of the largest US restaurant franchisees: 1,800-plus Burger King, Applebee's, IHOP, and Taco Bueno units, and now buying the brands themselves, a second ceiling above the multi-unit deal. Based in Dallas, TX; 2 confirmed deals. - Tarrytown Expocare Pharmacy - https://searchspheresource.com/buyers/tarrytown-expocare: An Austin pharmacy built for group homes and behavioral health providers, buying closed-door long-term care pharmacies to reach thirty-one states from eleven regional sites. Based in Austin, Texas; 2 confirmed deals. - Tecta America - https://searchspheresource.com/buyers/tecta-america: Commercial roofing contractors bought one at a time into a national platform that has done it more than a hundred times and says so in each release. Based in Rosemont, Illinois; 2 confirmed deals. - Thurston Group - https://searchspheresource.com/buyers/thurston-group: A healthcare-services firm dating to 1986 whose Alpha Aesthetics platform assembles independent med spas nationally, backed by a $93M financing closed in early 2026 to keep buying. Based in Chicago, IL; 2 confirmed deals. - Trinity Hunt Partners - https://searchspheresource.com/buyers/trinity-hunt-partners: A growth-oriented services investor whose Springline Advisory platform assembles regional accounting firms, from its Kansas City founding partner to tuck-ins across five states this year. Based in Dallas, TX; 2 confirmed deals. - U.S. Physical Therapy - https://searchspheresource.com/buyers/us-physical-therapy: Outpatient physical therapy practices bought in partial stakes rather than outright, several a year, leaving each selling owner a minority share and a continuing role in the clinic. Based in Houston, Texas; 2 confirmed deals. - VIVE Collision - https://searchspheresource.com/buyers/vive-collision: A collision repair multi-site operator adding roughly one shop a month across the Northeast and publishing the running count in every headline. Based in No head office on its own pages; each release is datelined from the shop it just bought; 2 confirmed deals. - Waud Capital Partners - https://searchspheresource.com/buyers/waud-capital-partners: A healthcare and software investor whose Senior Helpers purchase, its seventh home-care and post-acute bet, put a 380-location franchised home-care system under private equity ownership. Based in Chicago, IL; 2 confirmed deals. - Westlake Ace Hardware - https://searchspheresource.com/buyers/westlake-ace-hardware: A hardware retail chain that buys family-owned stores and keeps the staff, which is a different thing entirely from the member-owned cooperative whose name it shares. Based in Overland Park, Kansas; 2 confirmed deals. - Whistle Express Car Wash - https://searchspheresource.com/buyers/whistle-express-car-wash: Express wash operator that grows by buying existing chains outright, from five-site regional groups up to a platform of several hundred locations. Based in Charlotte, North Carolina; 2 confirmed deals. - Ardent Health - https://searchspheresource.com/buyers/ardent-health: A 30-hospital health system across six states buying urgent-care clinics to feed its outpatient network, the strategic exit for an urgent-care operator, beside the private-equity platforms. Based in Brentwood, TN; 1 confirmed deal. - Arrow Exterminators - https://searchspheresource.com/buyers/arrow-exterminators: A national pest management firm based in Atlanta that buys independent exterminating companies and keeps a standing public list of every acquisition it has made. Based in Atlanta, GA; 1 confirmed deal. - Audax Private Equity - https://searchspheresource.com/buyers/audax-private-equity: A North American middle-market buy-and-build firm with over 180 platforms since 1999; its AKAM platform manages condos, co-ops, and HOAs and has folded in six property-management firms since 2022. Based in Boston, MA; 1 confirmed deal. - Cadence Education - https://searchspheresource.com/buyers/cadence-education: Preschools bought a group at a time from owners it courts directly on its own site, and it takes the real estate: 350 schools across 30 states after a nine-school Twin Cities deal. Based in Scottsdale, AZ; 1 confirmed deal. - Carriage Services - https://searchspheresource.com/buyers/carriage-services: A listed funeral and cemetery operator that buys single funeral homes and small groups, announcing each by name and printing its own property count in the release. Based in Houston, TX; 1 confirmed deal. - Casey's General Stores - https://searchspheresource.com/buyers/caseys: Convenience stores across the Midwest and South, grown store by store and chain by chain, including the $1.145 billion purchase of 198 CEFCO stores that sets the ceiling for c-store multiples. Based in Ankeny, Iowa; 1 confirmed deal. - Classic Collision - https://searchspheresource.com/buyers/classic-collision: An Atlanta collision repair operator that buys single body shops and small multi-shop groups, publishing a release per purchase with the shop name and the town in it. Based in Atlanta, GA; 1 confirmed deal. - Clean Brands - https://searchspheresource.com/buyers/clean-brands: The owner of Martinizing Cleaners, which buys unaffiliated dry cleaners and laundromats outright through its own exit program and re-brands and re-franchises them afterwards. Based in Naples, FL; 1 confirmed deal. - Coleman Worldwide Moving - https://searchspheresource.com/buyers/coleman-worldwide-moving: The largest agent for Allied Van Lines, which grows by buying fellow Allied agents and folding their locations into a network it counts in the dozens. Based in Midland City, AL; 1 confirmed deal. - Cross Rapids Capital - https://searchspheresource.com/buyers/cross-rapids-capital: A lower middle market industrials sponsor whose Florida glass platform buys single owner-operated glass and mirror shops, keeps the brand on the truck and puts the seller into management. Based in New York, New York; 1 confirmed deal. - Driven Brands - https://searchspheresource.com/buyers/driven-brands-glass: The company behind Auto Glass Now, and the rare buyer that publishes what it wants: a shop at three million in revenue or more, insurance or fleet driven, with every technician on a W-2. Based in Charlotte, North Carolina; 1 confirmed deal. - Emler Swim School - https://searchspheresource.com/buyers/emler-swim-school: A multi-site swim school operator that buys independent schools and folds them into its own name, which is unusual in a category where nearly every large name sells franchises instead. Based in Texas; 1 confirmed deal. - Ethos Capital - https://searchspheresource.com/buyers/ethos-capital: Led the 2025 investment in BroadStreet, the brokerage whose thirty core agency partners buy independent insurance agencies at a pace of sixteen deals a quarter. Based in Boston, MA; 1 confirmed deal. - First Onsite Property Restoration - https://searchspheresource.com/buyers/first-onsite: A restoration network two layers below a public company, buying commercial and large-loss capability in the United States and, more recently, Canada. Based in Greenwood Village, Colorado; 1 confirmed deal. - Flagship Communities REIT - https://searchspheresource.com/buyers/flagship-communities-reit: A listed consolidator of manufactured housing communities in the Midwest, announcing single parks at prices a searcher's capital stack reaches. Based in No head office on its own pages; releases are datelined Toronto and carry a Kentucky phone number; 1 confirmed deal. - Frontenac - https://searchspheresource.com/buyers/frontenac: A lower-middle-market buyout firm pairing operating executives with fragmented trades; its Digs Dog Care platform bought seventeen pet resorts in its first year. Based in Chicago, IL; 1 confirmed deal. - GEE Group - https://searchspheresource.com/buyers/gee-group: A listed staffing group that buys regional staffing companies outright and announces each one on its own investor newsroom, terms disclosed or not. Based in Jacksonville, FL; 1 confirmed deal. - H2 Health - https://searchspheresource.com/buyers/h2-health: A Jacksonville rehabilitation provider that buys outpatient physical therapy practices, including multi-clinic groups, and runs them inside a regional network. Based in Jacksonville, FL; 1 confirmed deal. - Harkness Capital Partners - https://searchspheresource.com/buyers/harkness-capital-partners: Lower-middle-market service businesses at $5M to $15M of EBITDA: transportation, field and facility services, rentals, and infrastructure, anchored by a New England fencing platform. Based in New York, NY; 1 confirmed deal. - Harvard Protection Services - https://searchspheresource.com/buyers/harvard-protection: A New York guard firm with more than ten thousand officers across forty-eight states that buys second-generation family guarding companies and folds them into its own book. Based in New York, New York; 1 confirmed deal. - Hub Group - https://searchspheresource.com/buyers/hub-group: A four-billion-dollar Oak Brook logistics company that buys whole delivery businesses rather than route books, including the residential final mile arm of a listed competitor. Based in Oak Brook, Illinois; 1 confirmed deal. - IML Security - https://searchspheresource.com/buyers/iml-security: A physical security integrator buying regional locksmiths and keeping their names and their people, which is the rarer of the two exits in this trade. Based in Farmingdale, New York; 1 confirmed deal. - Imperial Capital - https://searchspheresource.com/buyers/imperial-capital: The Toronto growth firm that founded Certus in 2019 to consolidate US pest control: twenty-one branches across eight states so far, with Liberty Mutual capital added in 2024 to keep acquiring. Based in Toronto, ON; 1 confirmed deal. - Knox Lane - https://searchspheresource.com/buyers/knox-lane: A growth-oriented firm that took Cross Country Healthcare private, moving one of the largest healthcare staffing companies off the public market into a platform it keeps building by acquisition. Based in San Francisco, CA; 1 confirmed deal. - LifeLine Ambulance Service - https://searchspheresource.com/buyers/lifeline-ambulance: A Commerce, California ambulance operator with a hundred vehicles that bought a competitor outright to cover Los Angeles and Orange Counties with a single non-emergency fleet. Based in Commerce, California; 1 confirmed deal. - Morgan Stanley Capital Partners - https://searchspheresource.com/buyers/morgan-stanley-capital-partners: The bank's middle-market private equity arm; its American Restoration platform runs eight regional brands across ten states and buys local mitigation and restoration companies under them. Based in New York, NY; 1 confirmed deal. - MyEyeDr - https://searchspheresource.com/buyers/myeyedr: A Vienna, Virginia optometry consolidator running 952-plus locations and targeting 1,000, acquiring independent optometrists' practices while keeping the doctors and their clinical autonomy. Based in Vienna, VA; 1 confirmed deal. - New Harbor Capital - https://searchspheresource.com/buyers/new-harbor-capital: Lower-middle-market healthcare, education, and tech-enabled services; its first aesthetics bet built a med-spa platform from a founder-owned twelve-clinic group. Based in Chicago, IL; 1 confirmed deal. - Northgate Resorts - https://searchspheresource.com/buyers/northgate-resorts: An outdoor hospitality operator buying family campgrounds outright, land and operation together, and running them under national brands rather than the founder's name. Based in Grand Rapids, Michigan; 1 confirmed deal. - RHP Properties - https://searchspheresource.com/buyers/rhp-properties: A long-running manufactured housing community owner that buys whole communities by name and site count, where the land and the lot rents are one asset rather than two. Based in Farmington Hills, Michigan; 1 confirmed deal. - Riata Capital Group - https://searchspheresource.com/buyers/riata-capital: A Dallas buy-and-build investor whose AEG Vision platform owns and operates over 500 optometry practices, expanding through the acquisition of regional eyecare groups. Based in Dallas, TX; 1 confirmed deal. - saas.group - https://searchspheresource.com/buyers/saas-group: Profitable, product-led SaaS companies at $1M to $10M ARR with five or more years of history, bought whole and run inside a portfolio of twenty-six brands rather than merged away. Based in Distributed, with US bases in Seattle and Las Vegas and offices in Germany and France; 1 confirmed deal. - Sunstates Security - https://searchspheresource.com/buyers/sunstates-security: A Raleigh guard company in the country's top ten by its own count, compounding a quarter a year and buying regional guarding firms rather than security technology businesses. Based in Raleigh, North Carolina; 1 confirmed deal. - Suntex Marinas - https://searchspheresource.com/buyers/suntex-marinas: A national marina owner-operator that buys the property and the dockage and leaves the service side behind, so a seller keeps the boatyard and becomes a tenant. Based in Dallas, Texas; 1 confirmed deal. - The Sterling Group (Foundation Fund) - https://searchspheresource.com/buyers/sterling-group-foundation-fund: A large industrial firm's small-company fund. Worth watching because it brings big-firm capital to businesses a searcher would consider. Based in Houston, TX; 1 confirmed deal. - UMH Properties - https://searchspheresource.com/buyers/umh-properties: A listed manufactured housing REIT that buys whole communities rather than portfolios, names each one and its site count in its own release, and keeps operating them. Based in Freehold, New Jersey; 1 confirmed deal. - Veterinary Innovative Partners - https://searchspheresource.com/buyers/veterinary-innovative-partners: A veterinarian-owned group in Franklin, Tennessee that buys practices into a collective of roughly seventy hospitals across twelve states and leaves the selling vet's name on the door. Based in Franklin, Tennessee; 1 confirmed deal. - World Insurance Associates - https://searchspheresource.com/buyers/world-insurance-associates: A national insurance brokerage that buys independent retail agencies one at a time, announcing each by name and home town, and folds them into a Top 50 brokerage platform. Based in Iselin, NJ; 1 confirmed deal. - Wrench Group - https://searchspheresource.com/buyers/wrench-group: A national home services group that brings an HVAC or plumbing company in as a member location and keeps its brand; its own site dates only one deal. Based in Sarasota, Florida; 1 confirmed deal. ### Who Buys FROM Searchers at Exit Confirmed purchases of a company a search entrepreneur bought and ran, each traced to the buyer's own announcement and to a record of the search: - Banyan Software - https://searchspheresource.com/buyers/exit/banyan-software: bought i4pro in 2025. A permanent-capital holder that buys vertical software and says it never sells, which makes it the anti-strategic: the conversation is durability rather than integration. - Scorability - https://searchspheresource.com/buyers/exit/scorability: bought Ryzer in 2025. An Austin recruiting-technology platform for college athletics, and proof that a strategic buyer in your own niche can be the exit. - XTM International - https://searchspheresource.com/buyers/exit/xtm-international: bought Transifex in 2025. A London localization platform that bought a searcher-run translation platform to fold into its own, which is the strategic buyer a software searcher meets when the category consolidates. - Cardio Partners - https://searchspheresource.com/buyers/exit/cardio-partners: bought RescueStat in 2025. A defibrillator distributor inside a healthcare distribution group, and the trade buyer a searcher in safety equipment or program management meets when the category consolidates. - Access Information Management - https://searchspheresource.com/buyers/exit/access-information-management: bought Triyam in 2024. The records-and-information manager, buying its way from paper into electronic health records, and a rare exit buyer that publishes its own scale. - Acentra Health - https://searchspheresource.com/buyers/exit/acentra-health: bought Espyr in 2024. Government health technology at scale, buying a commercial service line to complete a portfolio weighted toward state and federal agencies. - Instructure - https://searchspheresource.com/buyers/exit/instructure: bought Scribbles Software in 2024. The company behind Canvas, buying its way across learning, assessment and credentialing, and one of the few public strategics to name a search fund as the seller. - Traliant - https://searchspheresource.com/buyers/exit/traliant: bought Kantola Training Solutions in 2023. A compliance-training consolidator buying its own category, and the shape of exit buyer a searcher is most likely to meet: a backed strategic rather than a fund. - AMCS Group - https://searchspheresource.com/buyers/exit/amcs-group: bought Utility Cloud in 2022. Industry software for waste, recycling and utilities, assembling a stack out of purchased parts, so it prices where a product slots rather than what it earns. - Flashpoint - https://searchspheresource.com/buyers/exit/flashpoint: bought Echosec Systems in 2022. A threat-intelligence company that publishes its own reasoning for an acquisition, which is rare and worth reading before any comparable meeting. - Johnson Controls - https://searchspheresource.com/buyers/exit/johnson-controls: bought Richmond Alarm Company in 2021. A global building-technology company that folds regional security integrators into its own brand, and whose announcement to the market is a notice to the acquired customers. - Zenoti - https://searchspheresource.com/buyers/exit/zenoti: bought ProPoint Solutions (SuperSalon) in 2021. A venture-scale consolidator of salon and spa software, buying a direct competitor for its installed base, and a buyer that may price the deal partly on the seller staying. - Netsmart - https://searchspheresource.com/buyers/exit/netsmart: bought Remarkable Health in 2021. The behavioral-health records incumbent, buying the product built next to it, and a buyer whose own case is written in outcome numbers rather than multiples. - Questel - https://searchspheresource.com/buyers/exit/questel: bought Morningside in 2021. An intellectual-property roll-up buying services businesses to complete a stack, and explicit that what it is paying for is customer overlap. - Pinnacle Treatment Centers - https://searchspheresource.com/buyers/exit/pinnacle-treatment-centers: bought Aegis Treatment Centers in 2020. A healthcare-services consolidator that buys geography and keeps the brand, which is the most likely end of the road for a multi-site care business. - Thoma Bravo - https://searchspheresource.com/buyers/exit/thoma-bravo: bought PEC Safety in 2018. The top of the software buyout market, and a buyer that asks the operator to roll equity and stay on to run the next leg rather than hand over the keys. - Lightedge - https://searchspheresource.com/buyers/exit/lightedge: bought OnRamp Access in 2018. A compliant-colocation consolidator buying regional operators for coverage and certifications, which is the data-center version of route density. - Accel-KKR - https://searchspheresource.com/buyers/exit/accel-kkr: bought FastSpring in 2018. The mid-market software buyer that takes a majority and keeps the operator, and one that tracks companies for years before any process starts. - Aquiline Capital Partners - https://searchspheresource.com/buyers/exit/aquiline-capital-partners: bought RIA in a Box in 2018. A financial-services specialist that publishes its own check size and target range, which makes it directly usable for sizing an exit. - JMI Equity - https://searchspheresource.com/buyers/exit/jmi-equity: bought Raptor Technologies in 2018. Growth equity for software companies, and the buyer in one of the search world's best-documented exits: it took a school-safety platform off a searcher who had run it for six years. - Rentokil Initial - https://searchspheresource.com/buyers/exit/rentokil-initial: bought Vector Disease Control International in 2017. The global pest-control consolidator. Its North American arm buys route-density service companies, including one built by searchers. ## The Search Acquisitions Record (131 verified deals, 1989/2026) Companies bought by searchers, each traced to two independent sources and followed to its outcome. Small by construction rather than by neglect: a deal enters only when both the purchase and the searcher's role can be sourced, and most searcher purchases are never announced anywhere. - CoFi (2026) [Software] - https://searchspheresource.com/data/search-acquisitions/cofi: bought by Queris Au and Ashwin Kumar through Backed by Pacific Lake Partners and Futaleufu Partners. A multi-party payment platform for premium elective medical procedures, splitting one bill among the parties who pay for it, run by two searchers as co-chief executives. Operating under its searcher-CEOs in its first year; both backers carry it as active. - O&W Heat Treat (2025) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/ow-heat-treat: bought by Ali Platon and Chris Goyen through Savannah Search Capital, the searchers' own investment vehicle. A Nadcap-accredited heat treating and brazing job shop in South Windsor, Connecticut, working for aerospace manufacturers for more than fifty years. The company's own announcement says the team remains fully in place and the plant keeps operating in South Windsor; the owner who had led it for years stayed on in the leadership team through the transition. - RouteGenie (2025) [Software] - https://searchspheresource.com/data/search-acquisitions/routegenie: bought by Cameron Craig through Ascend Equity Partners. Dispatch, scheduling and billing software for non-emergency medical transportation fleets, out of Buffalo. Founded in 2017 and running more than forty developers alongside sales, marketing, design and customer success. Operating under its searcher, who the company's own about page names as chief executive. - Strategic Kids (2025) [Services] - https://searchspheresource.com/data/search-acquisitions/strategic-kids: bought by Graham Brockington and Andy Morrow through Wolf Run Capital. School-day and after-school staffing for California districts, covering paraeducators, instructional aides and activity leaders, alongside enrichment programs in chess, engineering and visual arts. No guide is claimed for it: the staffing guide is written about commercial and industrial agencies, and a school enrichment provider that also staffs is the same partial match the record refuses elsewhere. Operating under its searchers, and the two sources disagree about the seat. The backer names Morrow as chief executive; the company's own team page lists him as chief operations officer and Brockington as chief growth officer, under a president. - Thillens (2025) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/thillens: bought by Resit Melik through Edessa Growth Partners, the searcher's own fund. A Chicago cash-logistics business founded in 1932 which describes itself as the largest independent armored car service provider in the Midwest, moving cash for financial services, gaming and retail customers and doing the accounting for it on the vehicles themselves. Operating under its searcher. His vehicle raised $14,655,000 in a raise whose first sale fell in May 2025, eighteen months after a $545,000 search raise from the same New York address and with no new principals added, which is the counter-example to the usual tell that an acquisition raise moves to the target's own metro. - Maher Services (2025) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/maher-services: bought by Daniel Chase and Laurent Firlotte through Grey Wind Capital, the searchers' own fund. A North Reading, Massachusetts well drilling and maintenance business working for utilities, industrial sites, general contractors and consultants across New England, covering emergency repair, pump service, drilling and environmental remediation. Operating under its searchers. Their vehicle filed a search raise from a Connecticut address in February 2024 and an acquisition raise of $15,301,501 whose first sale fell in July 2025, by then registered in the company's own town with four new principals on it, which is the cleanest example of that tell in this record. - Wu Consulting (2025) [Services] - https://searchspheresource.com/data/search-acquisitions/wu-consulting: bought by Steven Tan through Backed by Search Fund Partners and Pacific Lake Partners. Outsourced biostatistics for pharmaceutical companies, supplying the statisticians who design and analyze phase II and phase III drug trials. Operating under its searcher-CEO, with both backers carrying it as active. - CyberData Pros (2025) [Services] - https://searchspheresource.com/data/search-acquisitions/cyberdata-pros: bought by Keith Burns through Backed by Search Fund Partners and Pacific Lake Partners. Fractional chief information security officers and the compliance work around them, sold to small and mid-sized companies that need the role without the salary. Operating under its searcher-CEO, with both backers carrying it as active. - FluidSecure (2025) [Software] - https://searchspheresource.com/data/search-acquisitions/fluidsecure: bought by Arnab Chatterjee, Ian Field and Jordan Freeman through Backed by Pacific Lake Partners, Futaleufu Partners and Endurance Search Partners. A fuel and fluid management technology company, the systems that meter and control what goes into vehicles and equipment, run by three searchers as co-chief executives. Operating under its searcher-CEOs; all three backers carry it as active. - Resolute Property Tax Solutions (2025) [Services] - https://searchspheresource.com/data/search-acquisitions/resolute-property-tax-solutions: bought by Ed Buser, Federico Marchese and James Serena through Backed by Pacific Lake Partners, Futaleufu Partners and WSC & Company. A Dallas firm that protests property-tax assessments for owners in Texas and California, run by three searchers as co-chief executives. Operating under its searcher-CEOs; three backers carry it as active. - Desert Services (2024) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/desert-services: bought by Tim Haitaian through Grand Haven Capital, his own search fund, with the selling owner staying invested. A greater-Phoenix construction site services company that began as a two-truck dust control operation and now runs water trucks, portable restrooms, roll-off containers, street sweeping, temporary fencing and site cleaning. Still operating across Arizona. The owner who bought it in 2003 and built out the service lines stepped back but stayed invested and involved, which is the shape a searcher wants and rarely gets in writing. - Ryzer (2024) [Software] - https://searchspheresource.com/data/search-acquisitions/ryzer: bought by Tim Heath and Michael Kahn through Embark Partners, the searchers' own fund. A Des Moines events-and-registration platform serving over 25,000 sports camps. Sold to Scorability in November 2025, with Kahn staying on as president of the combined company. - Premier Tree Specialists (2024) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/premier-tree-specialists: bought by Matt Ostrowski through Century House Partners, his own search fund. A Cleveland, Ohio arboriculture business providing residential tree pruning, technical removals and plant health care with its own crews. Trading under its own name; the searcher's own filing of May 2024 dates the acquisition raise, and four backers carry the company, one naming him as chief executive. - Honolulu Ship Supply (2024) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/honolulu-ship-supply: bought by Maxime Aymonod and Mari Tabata through Alpex Capital, his own search fund. A Honolulu supplier of food and other provisions to ships calling at the port and to foodservice companies across Hawaii. Trading under its own name; the searcher's own filing of November 2024 dates the acquisition raise, and three backers carry the company, one naming both co-chief executives. - Cascade CPA (2024) [Services] - https://searchspheresource.com/data/search-acquisitions/cascade-cpa: bought by Caleb Williams and Fiona Yu through Savana Partners, the searchers' own fund. A Wisconsin firm providing outsourced bookkeeping and accounting to small businesses that would otherwise carry the work in-house. Trading under its own name; the searchers' own filing of January 2024 dates the acquisition raise, and two backers carry the company, one naming both co-chief executives. - ELK Analytics (2023) [Services] - https://searchspheresource.com/data/search-acquisitions/elk-analytics: bought by Daniel Baiz and Camilo Garces through Backed by Search Fund Partners and Pacific Lake Partners. Managed security monitoring for small and medium businesses, watching logs and alerts on behalf of companies with no security team of their own. Operating under its two searcher co-chief executives, with both backers carrying it as active. - LabShares (2023) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/labshares: bought by Philip Borden through Backed by Pacific Lake Partners. Greater Boston's shared-laboratory provider for biotech companies, bought from its founder after an eighteen-year relationship. Operating and expanding under its searcher-CEO, with the founder on the board. - Spivey Services (2023) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/spivey-services: bought by Wade Chipps through Carson Capital, the searcher's own fund. A Chesapeake, Virginia rental and service business for construction and event sites, running work-zone traffic safety equipment alongside portable sanitation. Anacapa's portfolio books the same purchase under the name Spivey Rentals. Operating under its searcher. His vehicle raised $8,500,000 in a raise whose first sale fell in August 2023, eighteen months after a $451,875 search raise from the same Charlotte address, and his name is on both filings. - FileOnQ (2023) [Software] - https://searchspheresource.com/data/search-acquisitions/fileonq: bought by Christophe Michotte through Backed by Search Fund Partners and Pacific Lake Partners. Software that tracks physical evidence and seized property through a law-enforcement agency's chain of custody, from booking through storage to disposal. Operating under its searcher-CEO, with both backers carrying it as active. - ArborOne (2023) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/arborone: bought by Dru Heinz through Backed by Search Fund Partners and Futaleufu Partners. A tree trimming and maintenance business its backer describes as a platform, which is the word for a company bought to buy others in the same trade. Operating under its searcher-CEO; both backers carry it as active. - Big Box Storage (2023) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/big-box-storage: bought by Zack Perry through Backed by Hunter Search Capital, Search Fund Partners, ETA Equity and Anacapa Partners. A San Diego portable storage and shipping company serving mostly residential customers, delivering containers to be filled and then stored at its own facility or shipped. Trading under its own name, with three backers carrying it: two name the chief executive beside their own 2023 investments and the third labels 2023 as the year acquired. - 4Ever Young (2023) [Services] - https://searchspheresource.com/data/search-acquisitions/4ever-young: bought by Dan Amin and James Kapnick through HM Companies, the searchers' own vehicle. A Florida franchisor of anti-aging, wellness and medical spa clinics built around men's services, selling and supporting franchised locations rather than running them all itself. Trading under its own name; the searchers' own filing of August 2023 dates the raise, and three backers carry the company, two naming both co-chief executives. - 360 Smart Networks (2023) [Services] - https://searchspheresource.com/data/search-acquisitions/360-smart-networks: bought by Terrance Story through 129 Growth Partners, his own search fund. A provider of outsourced information technology services to businesses, from help desk and network management to the security work around them. Trading under its own name; the searcher's own filing of May 2023 dates the acquisition raise, and two backers carry the company, one naming him as chief executive. - Page Vault (2022) [Software] - https://searchspheresource.com/data/search-acquisitions/page-vault: bought by Alex Sappington and Luke Suydam through Backed by Peterson Partners, Search Fund Partners and Pacific Lake Partners. Software that captures web pages, social media posts and other online material as court-admissible evidence, and stores it for the attorneys who have to put it in front of a court. Operating under its two searcher co-chief executives, with both backers carrying it as active. - Concierge Plus (2022) [Software] - https://searchspheresource.com/data/search-acquisitions/concierge-plus: bought by Mauricio Gonzalez through Backed by Peterson Partners, Search Fund Partners and Pacific Lake Partners. Software for homeowners' associations and condominium corporations, handling resident records, amenity bookings, maintenance requests and the paperwork a board has to keep. Operating under its searcher-CEO, with both backers carrying it as active. - Triyam (2022) [Software] - https://searchspheresource.com/data/search-acquisitions/triyam: bought by Luka Salamunic through Backed by Search Fund Partners and Pacific Lake Partners. Archiving and retrieval of legacy electronic health records for health systems that have changed software and still have to produce old charts on demand. Sold to Access Information Management in 2024, two years after the purchase, to carry that buyer into electronic health record archiving. - Meternet (2022) [Services] - https://searchspheresource.com/data/search-acquisitions/meternet: bought by Bryson Smith through Backed by Search Fund Partners and Pacific Lake Partners. Sub-metering for homeowners' associations, apartment buildings and condominium communities, mostly across southern California: the meters that divide a master utility bill between residents, and the billing that runs off them. Operating under its searcher-CEO, with both backers carrying it as active. - GLP Canada (2022) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/glp-canada: bought by Cameron Roblin and Philip Desrochers through A traditional search fund focused on the Canadian market, backed by Hunter Search Capital and Search Fund Partners. A sixty-five-year-old specialty distributor of HVAC equipment and environmental controls headquartered in Oakville, Ontario, shipping nationwide from warehouses in Ontario and Alberta. Operating under its searchers as co-chief executives, with the backer that partnered early in the search dating the close to February 2022 on its own page. - Eleven Software (2022) [Software] - https://searchspheresource.com/data/search-acquisitions/eleven-software: bought by Hannah Greenberg and Alex Lopez through A partnered search, backed by Pacific Lake Partners, Endurance Search Partners and Miramar Equity Partners. A Portland, Oregon software company whose platform manages guest Wi-Fi for hotels and multifamily properties, tying the network into property management, loyalty and marketing systems. Operating under its searchers as chief executive and president, with the backer that partnered in the search dating their investment to 2022 on its own page. - Charter Impact (2022) [Services] - https://searchspheresource.com/data/search-acquisitions/charter-impact: bought by David Lueck and Adam Kaeli through Mercator Search Group, the searchers' own fund. A California provider of outsourced accounting, payroll, budgeting, compliance and student-data services to charter schools and educational nonprofits. Recapitalized in November 2024 by a private investment firm whose own release says both searchers continue as co-chief executives and owners alongside it; the index host recorded its own exit the same year. - Cardata (2021) [Software] - https://searchspheresource.com/data/search-acquisitions/cardata: bought by Sheret Ross and Michael Levine through Spruce Grove Capital. Software and services for companies that reimburse employees who drive their own cars for work, out of Toronto. Bought from an owner looking to retire, with both searchers taking day-to-day operating roles. Recapitalized in 2023, with the searchers staying on as minority owners, and a chief executive from outside the search took the seat in 2024. - Central Storage Warehouse (2021) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/central-storage-warehouse: bought by Hill Hamrick and Sam Krieg through Pacific Lake Partners. A temperature-controlled warehousing business, founded in 1947 and family-owned until its searchers took it over. Operating under its searcher co-CEOs, who succeeded the founding family and still lead it by the company's own account. - Ennoble Care (2021) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/ennoble-care: bought by Kush Das through Circa Health. Mobile primary, palliative and hospice care delivered to aging seniors at home, run out of Arlington, Virginia. Operating under its searcher-CEO, scaled across several states since the purchase. - Risk Mitigation Consulting (2021) [Services] - https://searchspheresource.com/data/search-acquisitions/rmc-global: bought by Vince Kuchar through Backed by Trilogy Search Partners. A Destin, Florida firm running mission-assurance and cybersecurity assessments of military and commercial facilities. Operating under its searcher-CEO, who has broadened it from a defense base to commercial clients. - Montis Financial (2021) [Services] - https://searchspheresource.com/data/search-acquisitions/montis-financial: bought by Tucker Donahoe and John Yanchek through Backed by Search Fund Partners and Pacific Lake Partners. A registered investment advisor providing financial planning and investment management to households across New England. Operating under its two searcher co-chief executives, with both backers carrying it as active. - Prelude Dynamics (2021) [Software] - https://searchspheresource.com/data/search-acquisitions/prelude-dynamics: bought by Tommy Jackson through Backed by Search Fund Partners and Pacific Lake Partners. Software for designing and running clinical trials, sold mainly to animal-health and animal-nutrition companies that have to document study data for regulators. Operating under its searcher-CEO, with both backers carrying it as active. - maxRTE (2021) [Services] - https://searchspheresource.com/data/search-acquisitions/maxrte: bought by Carla Larin through Backed by Search Fund Partners and Pacific Lake Partners. Insurance discovery and eligibility checking for health systems and revenue-cycle companies, finding coverage for patients who arrived recorded as self-pay. Operating under its searcher-CEO, with both backers carrying it as active. - Bridge (formerly The Kotter Group) (2021) [Software] - https://searchspheresource.com/data/search-acquisitions/bridge-insure: bought by Winston Smith through Backed by Search Fund Partners, Futaleufu Partners and Endurance Search Partners. A software company selling a communication and sales automation platform to insurance agencies, bought under the name The Kotter Group and renamed Bridge since. Operating under its searcher-CEO; three backers carry it as active. - MD Clarity (2021) [Software] - https://searchspheresource.com/data/search-acquisitions/md-clarity: bought by Dan Freeman through A traditional search focused on software, backed by Hunter Search Capital and Search Fund Partners. A Seattle software company whose product gives healthcare providers price transparency, from the good-faith estimates the law now requires through the reconciliation of what was quoted against what was paid. Operating under its searcher as chief executive, with the backer that partnered in the search dating the close to September 2021 on its own page. - Best Self Aesthetics (2021) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/best-self-aesthetics: bought by Austin Settle through A search focused on the medical spa industry, backed by Hunter Search Capital and Miramar Equity Partners. A medical spa group with five sites across San Diego, California and Bellingham, Washington, bought as one location and grown from there. Operating under its searcher as chief executive, with the backer that invested at the close dating it to December 2021 on its own page. - One Source (2021) [Services] - https://searchspheresource.com/data/search-acquisitions/one-source: bought by Tim Meng through Backed by Search Fund Partners and ETA Equity. A managed services provider running IT and communications lifecycle management for enterprises and multi-location businesses, built from a predecessor company the searcher took over. Trading under its own name, with one backer printing 2021 as the year acquired beside the company and the index host naming him as chief executive beside its own 2021 investment in the predecessor. - Abound Health Group (2020) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/abound-health-group: bought by Jenna Whigham and Dennis Lally through Laurel Tree Partners. A Charlotte, North Carolina behavioral health agency for children and adults with intellectual and developmental disabilities, with its own records platform for providers. Operating under both searchers, with Lally as chief executive and Whigham as president. - Clariti (2020) [Software] - https://searchspheresource.com/data/search-acquisitions/clariti: bought by Cyrus Symoom and Jake Dancyger through A self-funded search, backed by Trilogy Search Partners and Pacific Lake Partners. Cloud permitting, licensing, inspection and code-enforcement software for municipalities and states, out of Vancouver, bought as BasicGov through the searchers' own firm Explora Partners. Operating under its searchers, with Symoom as chief executive and Dancyger as executive chairman. - NovoPath (2020) [Software] - https://searchspheresource.com/data/search-acquisitions/novopath: bought by Promise Okeke through Pacific Lake Partners. A Bridgewater, New Jersey laboratory information system built for pathology labs. Operating under its searcher-CEO, who still leads the company by its own account. - Radiation Detection Company (2020) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/radiation-detection-company: bought by Ryan Turk through Amberfield Partners. A radiation-monitoring service that ships and processes reusable dosimeter badges and compiles each wearer's exposure into a dose history, for healthcare, dental, veterinary and education customers. Operating under its searcher-CEO, who leads it today by the company's own account. - Crown Health (2020) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/crown-health: bought by Nikita Sunilkumar through Backed by Trilogy Search Partners and Search Fund Partners. A mobile medical practice out of Kent, Washington, whose providers make in-person and telehealth visits to residents of assisted living, independent living and senior group homes across the Pacific Northwest, carrying medication management and mobile phlebotomy, radiology and lab work to the door. Sold to ConcertoCare, a national geriatric care platform, in late 2021 on the account of the backer that sat on its board through the sale; a second investor dates the same sale a year later. The practice pivoted to telemedicine in the first weeks of the pandemic and expanded into new communities and geographies before it traded. - ISPN Network Services (2020) [Services] - https://searchspheresource.com/data/search-acquisitions/ispn-network-services: bought by Jeff Neblett and Scott Lauber through 20 South Partners, raised 2020. A Lenexa, Kansas company founded in 1994 that runs tier one to three subscriber support, network monitoring and managed IT for rural broadband providers, with a second office in Cary, North Carolina and more than three million subscribers behind its desks. Sold to Align Capital Partners, which announced the acquisition in December 2024 with both searchers staying on; one backer dates its own exit to 2025, a year later than the acquirer's release. - Woven Care (2020) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/woven-care: bought by Laura Franklin through Backed by Search Fund Partners, Futaleufu Partners, Endurance Search Partners and Anacapa Partners. Colorado outpatient clinics providing applied behavior analysis, occupational, physical and speech therapy to children with developmental challenges, paid for by families and their insurers. Operating under its searcher-CEO, renamed from Shandy Clinic; all four backers carry it as active. - Cicero Therapies (2020) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/cicero-therapies: bought by Taylor Davidson, Grant Schafle and Gordy Rogers through Backed by Housatonic Partners and Endurance Search Partners. A Rockville, Maryland group of clinics providing speech pathology, occupational therapy and pediatric therapy services across the eastern and southeastern United States. Operating under its three searchers as chief executives, with one backer dating the acquisition it took part in to November 2020 on its own page. - OneShield (2020) [Software] - https://searchspheresource.com/data/search-acquisitions/oneshield: bought by Brandon Parker and Cameron Parker through Backed by Pacific Lake Partners, Search Fund Partners, Peterson Partners, WSC & Company, Miramar Equity Partners and Trilogy Search Partners. A Massachusetts software company whose policy management, billing and claims products run the back office of property and casualty insurers. Operating under the brothers as chief executive and president, with a growth investment led by a credit fund and a search backer announced on its own site in November 2020 and a further round in 2022; the first index host recorded its own exit in 2021. - Pacific Fertility Center Los Angeles (2019) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/pacific-fertility-center-los-angeles: bought by Brittany Collins and Miles Collins through Backed by Search Fund Partners and Pacific Lake Partners. Fertility and reproductive health practices serving the Los Angeles area, bought by a pair of searchers who ran it together. Both backers report exiting in 2023 and neither names a buyer or a structure. - PalCare (2019) [Software] - https://searchspheresource.com/data/search-acquisitions/palcare: bought by Hutson Prioleau through Backed by WSC & Company and Endurance Search Partners. A Sheboygan, Wisconsin provider of care technology to senior living facilities, nurse-call and the systems around it, sold to the operators of assisted living and skilled nursing buildings. Operating under its searcher-CEO; one backer labels the year acquired and the other carries it as a current investment. - Kantola Training Solutions (2018) [Software] - https://searchspheresource.com/data/search-acquisitions/kantola: bought by Scott Mackenzie and Sarah Rowell through Pacific Lake Partners. A California eLearning company selling harassment-prevention and compliance training used by more than fifteen thousand organizations. Acquired by Traliant in December 2023 and folded into its compliance-training catalog. - School Family Media (2018) [Services] - https://searchspheresource.com/data/search-acquisitions/school-family-media: bought by Charles Field and Brian Cabezud through Sunlight Capital Group, the searchers' own entity. A Wrentham, Massachusetts media and data business built on school supply lists and parent-teacher group audiences, sold to retailers and consumer brands as marketing services under the PTO Today and TeacherLists names. Operating under its searchers, one as chief executive and one running operations and finance, with the company's own team page saying their entity acquired it in 2018 and one backer dating its part in the purchase to September of that year. - Morningside (2017) [Services] - https://searchspheresource.com/data/search-acquisitions/morningside: bought by Roland Lessard and Thomas Klein through Pacific Lake Partners. A New York intellectual-property and language services company doing patent translation and foreign filing for clients in dozens of countries. Acquired by Questel in March 2021, with both co-chief executives speaking for the company at the handover. The company's own timeline books the sale to 2020, a year before the buyer announced it, and this record follows the acquirer's own account of its own purchase. - Richmond Alarm Company (2017) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/richmond-alarm: bought by Brian Vanderheyden through Backed by Search Fund Partners and Pacific Lake Partners. A Richmond, Virginia security company that sells, installs and monitors intrusion alarms, video surveillance and access control for commercial and residential customers. Sold in 2021 by both backers' account. The name survives as a Johnson Controls page, which says the company is now Johnson Controls Security Solutions and dates its own invoicing changeover to May 2022. - Circle Surrogacy (2017) [Services] - https://searchspheresource.com/data/search-acquisitions/circle-surrogacy: bought by Steuart Botchford and Sam Hyde through Backed by Search Fund Partners and Pacific Lake Partners. A Boston surrogacy agency that matches intended parents with surrogates and runs the legal, medical, insurance and social-work coordination of a journey, with offices in New York, San Francisco, Washington and London. Both backers report exiting in 2022 and neither names a buyer or a structure. One of the two searchers is still president by the company's own account. - MST Services (2016) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/mst-services: bought by Josh Glade and Logan Greenspan through Cornerstone Continuity Partners. A provider of Multisystemic Therapy, a scientifically validated intervention for at-risk youth delivered by clinicians working with families. Grew across dozens of states and countries under its searchers, who built a parent group around it; Glade is a co-founder and board member of that group today. - Omatic (2016) [Software] - https://searchspheresource.com/data/search-acquisitions/omatic: bought by Dan Kim through Big Tree Capital Partners, his own search fund, with Anacapa Partners among its backers. A Charleston-area software company whose products move donor and constituent data between the fundraising, payment, marketing and accounting systems nonprofits run, built as integrations around Blackbaud's platform. Run by its searcher for a decade until a software investor's significant investment closed in 2025, with a new chief executive arriving in 2026 and the investor thanking him for his stewardship. - FieldEdge (2015) [Software] - https://searchspheresource.com/data/search-acquisitions/fieldedge: bought by Steve Lau and Rameez Ansari through Highland Creek Partners. Field-service management software for home contractors, bought as dESCO out of a Fort Myers business founded in 1980. Sold to Advent International in March 2018 and merged with Clearent; the searchers' own firm reports eight times its money and an 85% internal rate of return. - Remarkable Health (2015) [Software] - https://searchspheresource.com/data/search-acquisitions/remarkable-health: bought by Peter Flick through Cedar Lake, with Anacapa. A behavioral-health records business, bought as ClaimTrak and rebuilt around an AI documentation assistant. Sold to Netsmart in December 2021, which bought it for that assistant and the records platform under it. - Aegis Treatment Centers (2014) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/aegis-treatment-centers: bought by Alex Dodd through Housatonic Partners. A California network of outpatient opioid treatment programs, running dozens of clinics that deliver medication-assisted treatment with counseling. Acquired by Pinnacle Treatment Centers in January 2020, which kept the Aegis name and gained its first West Coast presence. Pinnacle has since rewritten that page into a welcome notice carrying no date, so the month is recorded here and no longer readable there. - Krueger-Gilbert Health Physics (2014) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/krueger-gilbert-health-physics: bought by Keith Burns and Michael Curry through Seneca Creek Partners. A Towson, Maryland provider of outsourced diagnostic medical physics, whose physicists run the mandated compliance testing of imaging equipment for hospitals and private practices. Took growth capital from Blue Sea Capital in May 2019, which built a national platform around it with Curry as chief executive and Burns as president. - ParaRev (2014) [Services] - https://searchspheresource.com/data/search-acquisitions/pararev: bought by Jerry Connelly through Housatonic Partners. A revenue-cycle firm working hospital underpayments and denials out of Elgin, Illinois, bought as Health Care Financial Resources. Renamed ParaRev in 2021 after two add-on purchases and sold to CorroHealth in May 2022, with Connelly still chief executive at the handover. - DCI Design Communications (2014) [Services] - https://searchspheresource.com/data/search-acquisitions/dci-design-communications: bought by Charbel Zreik through Backed by Peterson Partners, Search Fund Partners, Endurance Search Partners and Anacapa Partners. A Syosset, New York provider of telecommunications and data systems to hotels, from guest connectivity to the back-of-house networks behind it. The index host says he became chief executive of the company when it invested in 2014 and records its own exit in 2018; a second backer carries the company against 2014, and a third's grid states the purchase beside a logo. What the exit was is on no page read. - FastSpring (2013) [Software] - https://searchspheresource.com/data/search-acquisitions/fastspring: bought by Chris Lueck through Pylon Capital, his first search fund. A Santa Barbara digital-commerce and payments platform for software sellers. Grown from $8M to over $30M of recurring revenue, then a majority sold to Accel-KKR in February 2018. - Raptor Technologies (2012) [Software] - https://searchspheresource.com/data/search-acquisitions/raptor-technologies: bought by Jim Vesterman through Liberty Place Capital, his own search fund. A Houston school-safety software company, bought through a classic funded search. The 2018 JMI investment returned a reported 13.5x to search investors; the company later traded onward at a reported $1.8B valuation. - RIA in a Box (2011) [Software] - https://searchspheresource.com/data/search-acquisitions/ria-in-a-box: bought by Will Bressman and G.J. King through Pacific Lake Partners. A compliance software company for registered investment advisers, handling registration and ongoing compliance for roughly two thousand US advisory firms. Sold to Aquiline Capital Partners in May 2018, whose own release names the searchers' purchase; the business later folded into COMPLY. - HemaSource (2010) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/hemasource: bought by Todd Tracey through Housatonic Partners. A West Jordan, Utah supplier of medical consumables and inventory software to plasma and whole-blood collection centers. Acquired by Graham Partners in 2014, whose own release on selling it three years later reports that its earnings doubled under that ownership. - OnRamp (2009) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/onramp: bought by Lucas Braun and Ryan Robinson through Brown Bird Capital. An Austin colocation and compliant-cloud hosting company running certified data centers in Texas and North Carolina for healthcare, financial services and education customers. Sold to LightEdge in July 2018 after nearly a decade under its searcher-CEOs, extending the buyer's reach into Austin and Raleigh. - Griswold Home Care (2009) [Services] - https://searchspheresource.com/data/search-acquisitions/griswold-home-care: bought by Graham Weihmiller through Backed by Search Fund Partners and Pacific Lake Partners. A national franchisor of non-medical home care, founded at a Pennsylvania dining-room table in 1982 and grown to close to two hundred offices in thirty-two states, whose caregivers provide personal care, homemaking and companionship rather than clinical treatment. Sold in November 2012 after roughly three years under its searcher-CEO, by the backer's own account. The network still trades under the founding family's name. - Fastener Distribution Holdings (2007) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/fastener-distribution-holdings: bought by Scott Tucker and Jim Tucker through Housatonic Partners. A Marina del Rey distributor of aerospace fasteners and other small parts to aircraft manufacturers, defense primes and distributors, bought as Aircraft Fasteners. Sold to Audax in April 2017 after a bolt-on that doubled it into two divisions, with Scott Tucker staying on as chief executive of the combined company. - ProService Hawaii (2007) [Services] - https://searchspheresource.com/data/search-acquisitions/proservice-hawaii: bought by Ben Godsey through Housatonic Partners. Honolulu's largest outsourced human-resources firm, running payroll, benefits and compliance for more than two thousand Hawaii businesses. Sold a majority to FFL Partners in November 2017, with Godsey and the management team reinvesting for a significant minority stake and Godsey staying on as chief executive. - Smith Alarm Systems (1989) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/smith-alarm-systems: bought by David Dodson through One of the original search funds, under Irv Grousbeck's model. A Dallas alarm company, bought by the man who had just written the model's first course material. The proof the model worked; Dodson went on to two more searches and to backing over forty others. - Vector Disease Control International (year not published) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/vector-disease-control: bought by Jay Davis and Jason Pananos through Nashton Partners, raised 2008. A Little Rock mosquito-control company, grown by fourteen add-on acquisitions under its searcher-CEOs. Sold to Rentokil in 2017 at roughly $47M of revenue, then the largest North American deal Rentokil had done since Steritech. - Echosec Systems (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/echosec-systems: bought by Jeff Oldenburg through The Tusker Fund. A Victoria, British Columbia open-source-intelligence platform for social and geospatial data. Sold to Flashpoint in August 2022; his own investor profile puts the return at a 97.5% internal rate. - ITpipes (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/itpipes: bought by Nader Bebawy through Backed by Trilogy Search Partners. A Seattle software company whose product collects and manages pipeline-inspection data for water, wastewater and stormwater systems. Operating under its searcher-CEO, who built out a leadership team after the purchase. - BSU Electronics (year not published) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/bsu-electronics: bought by Leyla Sudbury through Backed by Trilogy Search Partners. An Austin contract manufacturer, founded in 1989, that assembles printed circuit boards and provides engineering, testing and integration services. Operating under its searcher-CEO, alongside an executive chairman who is himself an early searcher. - PEC Safety (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/pec-safety: bought by Colby Lane through Eagle Ridge, backed by Anacapa and Pacific Lake. A Louisiana contractor-management and safety-training business, taken national under a searcher. Sold to Thoma Bravo in November 2018, with management and founders retaining a minority stake. - Scribbles Software (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/scribbles-software: bought by Chris Lueck and Ben Knoll through Alamar Partners, his second search fund. A Charlotte credentialing and student-records business serving school districts. Sold to Instructure in July 2024, which named Alamar Partners as the seller in its own release. - Sunscape Landscaping (year not published) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/sunscape-landscaping: bought by Nick Seger through Backed by Futaleufu Partners and Endurance Search Partners. An Austin, Texas landscaping company trading since 2003, doing maintenance, plant healthcare, design and installation for commercial and residential properties across several branches. Operating under its searcher, whom the company's own team page names as chief executive. The site describes twenty years of local ownership and never mentions the change of it. - United Pet Care (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/united-pet-care: bought by Aaron Oaks through Backed by Anacapa Partners, Futaleufu Partners and Endurance Search Partners. A pet wellness membership network that sits between veterinary practices and employers: the employer offers it as a voluntary benefit, the member pays a discounted rate at a participating vet, and no claim is filed with anybody. Operating under its searcher. Anacapa's portfolio books the same search buying GoBuySide alongside it, so this is one searcher holding two companies rather than the single-company shape the model usually takes. - The American Institute of Balance (year not published) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/american-institute-of-balance: bought by Carlo Arroyo through Backed by Futaleufu Partners, Endurance Search Partners and Blue Frame Capital Partners. A Tampa Bay network of neurodiagnostic and rehabilitation balance specialists, in the words of the backer that describes it, working with patients whose dizziness and vestibular disorders need testing before they need treating. Operating under its searcher, and carried by three separate backers, none of which dates the purchase and none of which names the seller. - Léargas Security (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/leargas-security: bought by LJ Campbell through Backed by Futaleufu Partners and WSC & Company. A Canton, Georgia security operations platform that correlates network, endpoint and operational-technology signals into a single view for the teams that run critical infrastructure. Trading under its own name, with two backers carrying it and neither of them dating the purchase or recording a sale. - Paragon Legal Group (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/paragon-legal: bought by Trista Engel and Jessica Markowitz through Backed by Anacapa Partners, Futaleufu Partners and Endurance Search Partners. A legal-talent business that embeds attorneys inside a company's own legal department on a project basis, covering overflow work and hiring gaps rather than acting as the firm of record. Operating under its searchers. Three backers carry it: one pairs both of them with the company by name, one describes the work, and the third books the purchase in a sentence with no year in it. - CITTA Brokerage (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/citta-brokerage: bought by Scott Sorenson through Backed by Futaleufu Partners, Endurance Search Partners and WSC & Company. An Ogden, Utah customs brokerage that does one thing: duty drawback, the refund an importer can claim on duties already paid when the goods are later exported or destroyed. Its own site says the process is all it does. Trading under its own name, with three backers carrying it and none of them dating the purchase. - Advanced Aircrew Academy (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/advanced-aircrew-academy: bought by Jordan Huibers and Alvin Wong through Backed by Futaleufu Partners and WSC & Company. A Charleston, South Carolina training business selling web-delivered modules for professional pilots, drone pilots, flight and cabin attendants, coordinators, maintenance and line service, so a flight department can meet its training requirements without gathering anybody in a room. Operating under its searchers, with two backers carrying it and neither dating the purchase. - Emission and Cooling Solutions (year not published) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/emission-and-cooling-solutions: bought by Troy Beebe through Backed by Futaleufu Partners and WSC & Company. A Nashville aftertreatment parts and service business for heavy-duty diesel fleets, which has been cleaning and rebuilding diesel particulate filters since 2010 and sells the parts around them. Trading under its own name, with two backers carrying it and neither of them dating the purchase. - No-IP (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/no-ip: bought by Suchit Rout through Backed by Futaleufu Partners and WSC & Company. A Reno, Nevada dynamic DNS service that keeps a hostname pointed at an address that keeps changing, sold to people and businesses who need to reach a device on a network without paying for a fixed address. Trading under its own name, with two backers carrying it and neither of them dating the purchase. - gFour Marketing (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/gfour-marketing: bought by Felipe Ros through Backed by Anacapa Partners and Futaleufu Partners. A marketing business for home-service contractors that works a company's existing customer list rather than buying it new leads: appreciation programs, review generation, referrals and nurture campaigns. Trading under its own name, with two backers carrying it and neither of them dating the purchase. - APA Medical Equipment (year not published) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/apa-medical-equipment: bought by Tommy Shelton through Backed by Futaleufu Partners and WSC & Company. A Minneapolis home medical equipment business selling lift chairs, wheelchairs, mobility scooters and daily living aids, with the fitting and the service that go with them. Trading under its own name, with two backers carrying it and neither of them dating the purchase. - Pelvic Health Solutions (year not published) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/pelvic-health-solutions: bought by Beixi Li through Backed by Futaleufu Partners and Endurance Search Partners. A provider of medical treatment for pelvic floor conditions, which is the whole of what any source at this record's bar says the business does. One backer records it as a current investment and the other pairs the searcher with it by name. Neither dates the purchase and neither names a seller. - AdComp Systems Group (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/adcomp-systems-group: bought by Murdoch Miller through Backed by Anacapa Partners, Futaleufu Partners, Endurance Search Partners and WSC & Company. A Lewisville, Texas payment and software provider for local governments, in the words of the backer that describes it. Its own site refuses a scripted read. Operating under its searcher and carried by four separate backers, more than any other row here, and not one of them dates the purchase. - Travelmax (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/travelmax: bought by Malcolm Collins and Simone Collins through Backed by Futaleufu Partners and WSC & Company. A Miami travel business that books and manages travel, and which describes its customers as individuals, artists, businesses, agencies and governments. Trading under its own name, with two backers carrying it and neither of them dating the purchase. - Energy Ogre (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/energy-ogre: bought by Taylor Mattingly and John Watson through Backed by Anacapa Partners, Futaleufu Partners and WSC & Company. A Houston membership service that shops the deregulated Texas retail electricity market on a member's behalf and moves them between plans as prices move. Its own site says it has served more than four hundred thousand homes and businesses. Trading under its own name, with three backers carrying it and none of them dating the purchase. - Spanish Schoolhouse (year not published) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/spanish-schoolhouse: bought by Evan Meehan through Backed by Peterson Partners, Futaleufu Partners and WSC & Company. A Plano, Texas group of Spanish immersion preschools, running preschool, kindergarten, after-school, summer camp and parent-and-child programs out of its own locations. Trading under its own name, with two backers carrying it and neither of them dating the purchase. - Fraxion (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/fraxion: bought by Stanton Jandrell through Backed by Search Fund Partners and Pacific Lake Partners. Cloud purchasing software covering requisitions, approvals, budgets and spend control for mid-sized organizations. Both backers report exiting, one of them dating it to 2025, and neither names a buyer or a structure. - Automotive Business Solutions (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/automotive-business-solutions: bought by Michael Cox through Backed by Search Fund Partners, WSC & Company, Anacapa Partners and Endurance Search Partners. A Denver administrator of warranty products for the automotive aftermarket, parts-and-labor repair warranties and road hazard programs, sold through the shops and distributors that fit the parts. Sold to Brown & Brown Dealer Services, which announced the completed acquisition in December 2023 with the searcher staying on as chief executive from the Denver office. - AQC Traffic Control (year not published) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/aqc-traffic-control: bought by Marcus Rush through Backed by Hunter Search Capital, Search Fund Partners and Footbridge Partners. An Atlanta provider of traffic control and work zone safety services for contractors and utilities across Georgia and the Southeast, from traffic control plans and permits to flagging crews and the rental and deployment of the equipment. Trading under its own name, with three backers carrying it and each dating its own investment to 2021 rather than the purchase. - The Change Companies (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/the-change-companies: bought by Nico Gimenez and Ryan Lechner through Backed by Search Fund Partners, Footbridge Partners and Aspect Investors. A publisher of evidence-based behavioral health programs and curricula, licensed mainly to state and federal prisons and to treatment providers for alcohol and drug treatment. Trading under its own name, with three backers carrying it: one names both co-chief executives and dates its own investment, one names them with no date, and one lists the company. - Softrip (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/softrip: bought by Betsy Harbison through Backed by Peterson Partners, Search Fund Partners and Footbridge Partners. Booking and business management software for tour operators, covering reservations, pricing, supplier contracts and the accounting behind group and packaged travel. Trading under its own name, with two backers carrying it and neither dating the purchase. - Premier World Discovery (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/premier-world-discovery: bought by Rafa Caldas and Zach Krumholz through Long Horizon Partners, the searchers' own fund. A Redondo Beach, California group tour operator running guided domestic and international travel programs, built over twenty-five years by its founders before they sold a majority interest. Operating under its searchers as co-chief executives, with the seller's counsel describing a majority sale to their fund's affiliate and no page dating it. - Luggage Forward (year not published) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/luggage-forward: bought by Audrey Kohout and Jessica Palfrey through Backed by Peterson Partners, Hunter Search Capital, Search Fund Partners and Applied Equity. A luggage logistics business that ships bags door to door for travelers under two brands, Luggage Forward and LugLess, often through channel partnerships with resorts and cruise lines. Trading under its own name, with three backers carrying it: the index host names both co-chief executives beside a late-2022 investment, a second names one of them beside its 2022 investment, and the third lists the company among its search funds. - Growth99 (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/growth99: bought by Rob Pickell through Backed by Hunter Search Capital, Search Fund Partners and Trilogy Search Partners. A marketing platform for medical practices and medical spas: websites, digital marketing and marketing automation sold as software with services around it. Trading under its own name, with three backers carrying it: one names the chief executive beside its 2024 investment, one dates its own investment to 2024, and one describes the product. - ElderTree Care Management (year not published) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/eldertree-care-management: bought by Adriana Garcia Ceja through Backed by Hunter Search Capital, Footbridge Partners and Endurance Search Partners. A Washington-area provider of care management for older adults, coordinating care, housing and daily support for families on the client's behalf. Trading under its own name, with two backers naming her as chief executive and neither dating the purchase. - TransTech (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/transtech: bought by Tyrel Sulzer and Bob Boniface through Backed by Peterson Partners, Hunter Search Capital and Aspect Investors. A North Carolina commercial driver's license school training truck drivers for the trucking companies that hire them. Trading under its own name, with one backer naming both co-chief executives beside its 2023 investment and a second listing the company. - Forio (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/forio: bought by Drew Marx through Backed by Hunter Search Capital and Pacific Lake Partners. A maker of custom and ready-to-run simulations used in corporate and executive training and in business school courses. Trading under its own name, with two backers naming him as chief executive beside their own 2024 investments and neither dating the purchase. - Biometrics4ALL (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/biometrics4all: bought by Brigid Mulcahy through Backed by Hunter Search Capital and Pacific Lake Partners. A biometrics technology company selling certified live scan fingerprinting and related products and services for applicant background checks, criminal booking and identity management. Trading under its own name, with two backers naming her as chief executive beside their own 2024 investments and neither dating the purchase. - Aspire Home Healthcare (year not published) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/aspire-home-healthcare: bought by Rich Si and Michael Simms through Backed by Peterson Partners, Hunter Search Capital and Endurance Search Partners. A Chicago provider of in-home orthopedic care, sending clinicians to patients recovering from joint and bone procedures rather than bringing the patients to a clinic. Trading under its own name, with one backer naming both co-chief executives beside its 2022 investment and the other carrying the company against its own 2022 investment. - American Vision Group (year not published) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/american-vision-group: bought by Giovanni Barbat and Erick Laseca through Backed by Search Fund Partners and Anacapa Partners. A Florida group of ophthalmology and optometry practices run as one company, adding practices to the group over the years its searchers ran it. The index host names both as chief executives, dates its own investment to late 2018 and records its own exit in 2023; the second backer's grid states the purchase beside a logo. What the exit was is on no page read. - Castle Tire Recycling (year not published) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/castle-tire-recycling: bought by Chandos Mahon through Backed by Search Fund Partners and Anacapa Partners. A collector, processor and recycler of waste tires, running the trucks and the plant that turn scrap tires into material with a market. The index host names him as the chief executive in the past tense, dates its own investment to 2017 and records its own exit in 2024; the second backer's grid states the purchase beside a logo. - Cerbo (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/cerbo: bought by Courtney Dunn and Jonathan Dunn through Backed by Search Fund Partners and Anacapa Partners. An electronic health record, practice management and patient portal built for functional and integrative medicine practices and direct primary care clinics. Merged with a rival practice-management platform in December 2025 under a new chief executive, with both searchers staying on as vice presidents on the combined company's own team page. - DSD Partners (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/dsd-partners: bought by Mark Devooght through Backed by Search Fund Partners and Anacapa Partners. Software and services for managing perishable food and beverage categories and their suppliers in convenience stores and other small-format retailers. Trading under its own name, with the index host naming him as chief executive beside its March 2021 investment and the second backer's grid stating the purchase beside a logo. - Meridian Title Corporation (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/meridian-title: bought by Randy Remmp through Backed by Search Fund Partners and Anacapa Partners. An Indiana title insurance company, writing the title policies and running the closings behind residential and commercial property sales. Trading under its own name, with the index host naming him as chief executive beside its early-2021 investment and the second backer's grid stating the purchase beside a logo. - Infosel (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/infosel: bought by Miguel García Ruiz and Edgar Pérez García through Backed by Futaleufu Partners, Anacapa Partners and WSC & Company. A Mexico City information technology company providing financial data and news to the market's participants. Trading under its own name, with one backer's modals naming both as co-chief executives, a second backer's grid stating the purchase beside a logo, and a third listing the company with its city. - Life Support Systems (year not published) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/life-support-systems: bought by Ania Aliev through Backed by Futaleufu Partners and Aspect Investors. A life safety company that sells and services defibrillators, first aid and oxygen equipment at customers' sites and trains their staff in CPR, first aid and the safety rules that require it. Trading under its own name, with one backer's modal naming her as chief executive and a second listing the company with a description and a link. - Transifex (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/transifex: bought by Chris Menier through Backed by Futaleufu Partners, Hunter Search Capital and Trilogy Search Partners. A continuous localization platform that lets software teams and marketers translate apps, sites and content at scale without slowing the pace of release. Sold in January 2025 to a London localization company, which announced the acquisition from its own newsroom; its chief executive through the sale now invests at one of the backers. - Auronix (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/auronix: bought by Martin Urrutia and Adrián Villasenor through Backed by Futaleufu Partners, Anacapa Partners, WSC & Company and Aspect Investors. A Mexico City communications-platform company selling multi-channel messaging to businesses that talk to their customers over chat, text and voice. Trading under its own name, with one backer's modals naming both as co-chief executives, a second backer's grid stating the purchase beside a logo, and two more listing the company. - Mudshare (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/mudshare: bought by Adan Sierra through Backed by Search Fund Partners, Northspring Partners and Aspect Investors. A peer-to-peer messaging platform that political campaigns and nonprofits use to text their supporters one conversation at a time. Trading under its own name, with the index host naming him as chief executive beside its 2023 investment, a second backer listing the company against 2023, and a third listing it with a link. - Belle Vie Wellness (year not published) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/belle-vie-wellness: bought by Olivia Utt through Backed by Search Fund Partners, Miramar Equity Partners and Aspect Investors. A Costa Mesa, California medical spa offering injectables, body shaping and skincare, run as a single location. The index host names her as chief executive, dates its own investment to 2023 and records its own exit in 2025; a second backer's grid marks the search realized; a third lists the company with a link. What the exit was is on no page read. - Greenback Expat Tax Services (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/greenback-expat-tax-services: bought by Mike Wallace through Backed by Search Fund Partners, Endurance Search Partners and Trilogy Search Partners. A Pittsburgh firm preparing United States tax returns for Americans earning income overseas, run as a managed marketplace of independent certified public accountants. Trading under its own name, with the index host naming him as chief executive beside its April 2023 investment, a second backer carrying the company against 2023, and a third describing the model. - Canyonlands Camps (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/canyonlands-camps: bought by Connor McCarthy and Caroline Matthews through Backed by Search Fund Partners, Endurance Search Partners and Trilogy Search Partners. An Austin company that owns and operates youth summer camps across the United States as one portfolio, with a stated aim of becoming a leadership and youth development organization. Trading under its own name, with the index host naming both as co-chief executives beside its May 2021 investment, a second backer carrying the company against 2021, and a third describing the vision. - Nutrishare (year not published) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/nutrishare: bought by Stephan Holbrook and Austin Pulsipher through Backed by Peterson Partners, Search Fund Partners and Miramar Equity Partners. A Sacramento home infusion pharmacy providing intravenous nutrition to patients across the country, with a second facility in Kentucky. Trading under its own name, with the index host naming both as co-chief executives beside its May 2021 investment and a second backer's grid listing the company as a search. - PrecisionMed (year not published) [Healthcare] - https://searchspheresource.com/data/search-acquisitions/precisionmed: bought by Anthony Runco and Eric Leach through Backed by Peterson Partners, Search Fund Partners, WSC & Company, Aspect Investors and Trilogy Search Partners. A San Diego biobank supplying human biological material, with a specialty in cerebrospinal fluid and oncology tissue, to pharmaceutical, biotechnology, academic and clinical researchers. The index host names both as chief executives, dates its own investment to early 2021 and records its own exit in 2023; three more backers list the company. What the exit was is on no page read. - Swoogo (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/swoogo: bought by Chris Sykes through Backed by Search Fund Partners and Miramar Equity Partners. Event planning, registration and management software for live and virtual events, sold to the teams that run them. Trading under its own name, with the index host naming him as chief executive beside its July 2020 investment and a second backer's grid listing the company under a continuation vehicle. - Wolin Design Group (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/wolin-design-group: bought by Dan Cavanaugh through Backed by Search Fund Partners and Aspect Investors. A warehouse management software company whose Da Vinci product runs the floor for warehouses, distributors and third-party logistics providers, now trading under the product's name. Trading under its product's name, with the index host naming him as chief executive beside its early-2020 investment and a second backer listing the company under both names. - RescueStat (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/rescuestat: bought by Carl Dixon through Backed by Peterson Partners, Search Fund Partners and Aspect Investors. A full-service program manager for automated external defibrillators, supplying the equipment, the training and the compliance work around it, bought under an earlier name. Sold in August 2025 to a defibrillator distributor inside a healthcare distribution group, which announced the completed acquisition on its own site and quoted him as chief executive; the index host recorded its own exit the same year. - Elevated Billing (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/elevated-billing: bought by Jessica Anderson through Backed by Search Fund Partners and Aspect Investors. An outsourced billing service for behavioral health providers, working substance abuse and mental health claims on their behalf. The index host names her as chief executive, dates its own investment to 2016 and records its own exit in 2023; a second backer lists the company with a description. What the exit was is on no page read. - SafeLogic (year not published) [Software] - https://searchspheresource.com/data/search-acquisitions/safelogic: bought by Evgeny Gervis through Backed by Search Fund Partners and Endurance Search Partners. A maker of validated encryption products sold to software developers building for mobile, server, cloud, appliance, wearable and connected-device environments. Trading under its own name, with the index host naming him as chief executive beside its early-2021 investment and a second backer carrying the company against its own 2020 investment. - Scott Le Roy Marketing (year not published) [Services] - https://searchspheresource.com/data/search-acquisitions/scott-le-roy-marketing: bought by Asad Abdulla through Backed by Search Fund Partners and Endurance Search Partners. An outsourced marketing and technology firm for real estate brokerages, onboarding new agents and setting up and supporting the technology they work on. Trading under its own name, with the index host naming him as chief executive beside its summer-2021 investment and a second backer carrying the company against 2021. - Redline Automotive Merchandising (year not published) [Physical operations] - https://searchspheresource.com/data/search-acquisitions/redline-automotive-merchandising: bought by Mike McGlade through Backed by Search Fund Partners and Endurance Search Partners. A merchandising company for automotive dealers, sending crews to photograph inventory on the lot and supplying the digital marketing and software around the listings. Trading under its own name, with the index host naming him as chief executive beside its January 2019 investment and a second backer carrying the company against 2019. Dated readings of the subjects' own pages, carried on each row's page, so an absence here is a finding rather than a gap: 57 on a searcher acquisition nobody publishes a year for (adcomp-systems-group, advanced-aircrew-academy, american-institute-of-balance, american-vision-group, apa-medical-equipment, aqc-traffic-control, aspire-home-healthcare, auronix, automotive-business-solutions, belle-vie-wellness, biometrics4all, bsu-electronics, canyonlands-camps, castle-tire-recycling, cerbo, citta-brokerage, dsd-partners, echosec-systems, eldertree-care-management, elevated-billing, emission-and-cooling-solutions, energy-ogre, forio, fraxion, gfour-marketing, greenback-expat-tax-services, growth99, infosel, itpipes, leargas-security, life-support-systems, luggage-forward, meridian-title, mudshare, no-ip, nutrishare, paragon-legal, pec-safety, pelvic-health-solutions, precisionmed, premier-world-discovery, redline-automotive-merchandising, rescuestat, safelogic, scott-le-roy-marketing, scribbles-software, softrip, spanish-schoolhouse, sunscape-landscaping, swoogo, the-change-companies, transifex, transtech, travelmax, united-pet-care, vector-disease-control, wolin-design-group). Full record with every source: https://searchspheresource.com/data/search-acquisitions. ## Search Capital by Path (43 verified firms) Which verified capital firms serve each searcher path, from each firm's published model. A firm marked "funds the search itself" pays for the search phase, not just the acquisition. The self-funded lane is short because dedicated funds overwhelmingly back the traditional model; on that path capital arrives at the deal, not during the search. - Traditional (Investor-Backed) Search: Search Fund Partners (funds the search itself), Pacific Lake Partners (funds the search itself), Anacapa Partners (funds the search itself), Trilogy Search Partners (funds the search itself), ETA Equity (funds the search itself), Endurance Search Partners (funds the search itself), Relay Investments (funds the search itself), Aspect Investors (funds the search itself), Housatonic Partners (funds the search itself), The Cambria Group (funds the search itself), Miramar Equity Partners (funds the search itself), WSC & Company (funds the search itself), Futaleufu Partners (funds the search itself), TTCER Partners, Applied Equity (formerly Bradford Brown) (funds the search itself), Peterson Partners (funds the search itself), M2O (funds the search itself), Liberty Search Ventures (funds the search itself), Istria Capital (funds the search itself), Vonzeo Capital (funds the search itself), Plexus Capital, GT Entrepreneurs (funds the search itself), Search Fund Accelerator, Ambit Partners (funds the search itself), Footbridge Partners (funds the search itself), Smash.vc, Hunter Search Capital (funds the search itself), Northspring Partners (funds the search itself), Novidam (funds the search itself). You raise from a group of backers to search, then go back to the same table for the purchase. The deepest lane, and the one most dedicated funds are built for. - Self-Funded Search: The Cambria Group (funds the search itself), M2O (funds the search itself), Ambit Partners (funds the search itself), Smash.vc, CapitalPad, Prox Search Capital, Entrepreneurial Capital, ETA Funding Partners, New Majority Capital, Westerly Group. You pay for your own search and raise equity only when you find the business, so the money in this lane mostly arrives at the deal rather than before it. - Employed Searcher (Salary Model): American Operator, NextGen Growth Partners (funds the search itself), Novastone Capital Advisors (funds the search itself), Brydon Group (funds the search itself), Sleeping Giant Capital (funds the search itself), WAD Capital (funds the search itself), SMEVentures (funds the search itself), Teamshares. A firm pays you to end up running a company it backs, trading equity upside for the paycheck. Some hire you to search and some buy before they hire. What each lane publishes about itself, counted across the rows above: Traditional (Investor-Backed) Search: 29 firms, 20 publishing what they buy, 9 publishing terms, 9 publishing neither. Self-Funded Search: 6 firms, 6 publishing what they buy, 5 publishing terms, 0 publishing neither. Employed Searcher (Salary Model): 8 firms, 8 publishing what they buy, 3 publishing terms, 0 publishing neither. Every firm, with what it publishes and what it does not: - Search Fund Partners - https://searchspheresource.com/resources/search-fund-partners: Traditional (Investor-Backed) Search. Based Menlo Park, California. The first dedicated search fund, backing searches and their acquisitions since 2004, with search expertise it puts at over 150 search acquisitions. Publishes no buy criteria; front door read 2026-08-28: A short front page about the model and the team. Its approach page describes the search fund model itself rather than the firm's own appetite, and its searchers page describes the feedback it gives while a searcher brainstorms industries. No size band, industry list or deal criteria on any of them. - Pacific Lake Partners - https://searchspheresource.com/resources/pacific-lake-partners: Traditional (Investor-Backed) Search. Based Boston and the Bay Area. Founded in 2009 and calls itself the largest search investment firm in the country; 200-plus search funds and 120-plus operating companies backed, across eight funds and $1.58B of committed capital. Publishes no buy criteria; front door read 2026-08-28: A large front page built around its operating companies and its CEOs. Its entrepreneurs page is a roster of the people it has backed, and its path page states a preference about how a searcher should work rather than what the firm will fund. - Anacapa Partners - https://searchspheresource.com/resources/anacapa-partners: Traditional (Investor-Backed) Search. Based San Mateo, California. Buys Businesses with a history of profitability, currently earning $1.5M to $5M-plus of EBITDA. Founded in 2010 by a three-time searcher; 175-plus searchers and 60-plus companies backed. - Trilogy Search Partners - https://searchspheresource.com/resources/trilogy-search-partners: Traditional (Investor-Backed) Search. Based Mercer Island, Washington, and San Francisco. Buys SaaS, healthcare and healthcare IT, tech-enabled services and B2B services, named on its own front page since the September re-read; no size band or earnings floor anywhere on the site. Founded in 2014; over $240M of committed capital across 90-plus completed transactions, with over 80% participation in acquisitions and an eleven-person team, all by its own count. - ETA Equity - https://searchspheresource.com/resources/eta-equity: Traditional (Investor-Backed) Search. Based No address or country published on its site. A co-founder who has personally invested in over 90 search funds and over 30 search-acquired businesses. Publishes no buy criteria; front door read 2026-08-26: A front page built on how the firm behaves toward a searcher, respectful responsiveness and actionable feedback, with testimonials under it and no size band, no industry statement and no dollar figure of any kind. An explainer page about the search fund model does describe companies with EBITDA of one to three million dollars, which is the model's shape rather than a stated buy box, and it is one click off the firm's own front door. - Endurance Search Partners - https://searchspheresource.com/resources/endurance-search-partners: Traditional (Investor-Backed) Search. Based United States. Invests The United States and Canada, in its own current words: it partners only with search funds based there and searching there. Europe survives on the site as a past-tense sentence about earlier investments. Buys Companies averaging $10M to $15M of sales and $3M to $4M of EBITDA, inside deals of $10M to $30M of enterprise value. Terms for its own side: Raises about $500k of search capital for a solo searcher and about $850k for a partnership, budgeted to cover 24 to 30 months of costs and a salary. A family office with 16-plus years, 350-plus search partnerships, and 190-plus investments. It says it invests in the vast majority of deals its search partners find, and that a searcher it declines gets quick and candid feedback rather than a surprise. Publishes nothing about what a searcher earns; terms read 2026-08-20: The search raise is sized to cover a salary and the salary is never broken out of it. Nothing on its pages says what equity a searcher earns or how it vests. - Relay Investments - https://searchspheresource.com/resources/relay-investments: Traditional (Investor-Backed) Search. Based Boston. Invests The United States chiefly; it says it also backs searches internationally. Buys Industry agnostic by its own statement, evaluating deals from nearly any vertical. Terms for its own side: Typically 15 to 25% of the cap table and $1M to $3.5M at the acquisition. Its own highlights: 250-plus search funds backed, 160-plus companies acquired, $200M under management, and two outperformance claims against the average, 73% of its searchers acquiring against 69% and 77% of its operators producing a positive IRR against 61%. Publishes nothing about what a searcher earns; terms read 2026-09-04: Six pages read, home, about, process, approach, searcher resources and the firm's story, and none carries what a searcher earns. An upside of 25 to 30% over six to ten year holds was on the site in August; the studies that carried it now sit behind locked PDFs on the resources page, so the figure is unverifiable rather than refuted. - Aspect Investors - https://searchspheresource.com/resources/aspect-investors: Traditional (Investor-Backed) Search. Based Dallas. Led by a former searcher-CEO with nearly 200 search-fund investments over two decades. Publishes no buy criteria; front door read 2026-08-28: A team page whose figures belong to a partner's own career. Its search funds page is a portfolio list naming each company and what it does, which is evidence of activity rather than a statement of criteria. - Housatonic Partners - https://searchspheresource.com/resources/housatonic-partners: Traditional (Investor-Backed) Search. Based San Francisco and Boston. Buys Growth equity, minority, recapitalization, carve-out and management buyout deals by its own portfolio labels, in businesses with attractive recurring revenue and strong profitability. An equity check band it once published is on none of its pages now. Founded in 1994; about $1.5B managed, 100-plus search funds and 110-plus companies backed, holds past seven years. - The Cambria Group - https://searchspheresource.com/resources/cambria-group: Traditional (Investor-Backed) Search. Based Menlo Park, California. Invests Across 40-plus states and Canada, in its own words. Buys Businesses earning at least $1M of operating profit, in transactions worth up to $25M. Terms for its own side: Writes up to $5M of its own equity into a deal. 300-plus platform investments plus hundreds of add-ons; on the search side its principals name 200-plus traditional search funds backed, 110-plus acquired businesses, and 35 to 45 active searchers at any one time. Publishes nothing about what a searcher earns; terms read 2026-08-20: It publishes the equity it writes into a deal and nothing about search capital or the equity a searcher earns. - Miramar Equity Partners - https://searchspheresource.com/resources/miramar-equity-partners: Traditional (Investor-Backed) Search. Based Dallas. Invests Its own portfolio names companies in the United States, Canada, the United Kingdom, Europe and Latin America. Buys Software, healthcare and services companies with recurring revenue, on an earlier reading of its pages. The scorecard thresholds and the industry list it once published appear on neither page that loads now, and two panels gave different EBITDA floors, so no floor is restated here. A family office focused only on search: 125-plus funds backed, 105 companies listed, and a board seat on more than 30% of them. - WSC & Company - https://searchspheresource.com/resources/wsc-company: Traditional (Investor-Backed) Search. Based No office published on its own site. Invests No geographic statement on its own pages; a nationwide sentence read on the front page in August is gone. Buys Profitable founder-owned lower-middle-market companies at roughly $2M to $10M of EBITDA, industry agnostic, with recurring or repeat revenue and low customer concentration; a second page offers sub-$5M EBITDA, two bands on one site. 300-plus entrepreneurs and 120-plus companies backed, with over $2B of portfolio enterprise value. - Futaleufu Partners - https://searchspheresource.com/resources/futaleufu-partners: Traditional (Investor-Backed) Search. Based United States. Run by a founder who helped create Stanford's first search-fund course with three colleagues; its references page pairs roughly seventy-five named entrepreneurs with their companies. Publishes no buy criteria; front door read 2026-08-28: A front page and an investments list pairing searchers with companies, which is evidence of activity. Its Walking the Talk essay is about the firm's own posture and names no size, sector or structure it will fund. - TTCER Partners - https://searchspheresource.com/resources/ttcer-partners: Traditional (Investor-Backed) Search. Based San Mateo and Boston. Buys Businesses with organic growth, recurring revenues and attractive cash flow, with no size band or industry named. Formed in 2007 by the operators behind Asurion, and says it has played a role in building 200-plus businesses. - Applied Equity (formerly Bradford Brown) - https://searchspheresource.com/resources/bradford-brown-capital: Traditional (Investor-Backed) Search. Based Boston and New York. Buys B2B services carrying compliance requirements, tech-enabled services, vertical and niche horizontal software, healthcare practices, and multi-unit rollups. No size band appears anywhere on its site. Run by a former McKinsey senior partner; investing since 2004, 100-plus searchers backed. - Peterson Partners - https://searchspheresource.com/resources/peterson-partners: Traditional (Investor-Backed) Search. Based Salt Lake City. Buys Business services, software and internet, and healthcare companies, through growth, co-investment and buyout structures. The published $500K to $5M is its own check rather than the company's size. Terms for its own side: Average investment of $500K to $5M, participating usually 5 to 10 years. A two-decade search practice across more than 300 companies by its own count. - M2O - https://searchspheresource.com/resources/m2o: Traditional (Investor-Backed) Search. Based Los Angeles. Buys SaaS, technology-enabled services and business services, though its own recent list names a franchisor, a water-treatment holding company, a manufacturer and an insurance carrier, so the industry line is a leaning rather than a gate. Terms for its own side: Search investments of $500K to $10M, most often $1M to $3M. A family investment firm since 1992: search capital and self-funded gaps from one balance sheet. - Liberty Search Ventures - https://searchspheresource.com/resources/liberty-search-ventures: Traditional (Investor-Backed) Search. Based New York. Buys Its search page names no company criteria at all. The firm's direct private-equity page states $1M to $10M+ of EBITDA up to $50M of enterprise value in healthcare, B2B, financial and professional services, which is what Liberty buys itself rather than what a searcher it backs must find. Terms for its own side: Typically $500K to $1.5M per investment, holding 5 to 10% of a search's capital commitments. Founded 2019, with a portfolio page naming 122 entries, eighty of them search partners, and four board seats and one exit named on its team page; publishes no fund size and no count of its own. - Istria Capital - https://searchspheresource.com/resources/istria-capital: Traditional (Investor-Backed) Search. Based Madrid. Invests Europe first, with its searchers filed under Europe, the US and Canada, and Latin America. Partnering with searchers since 2016 by its entrepreneurs page, and the first European fund of search funds from 2018 by its team page. More than 190 search entrepreneurs and more than 65 companies on its own count, in countries it names as France, Portugal, Poland, Switzerland, Chile, the Czech Republic and the Nordics and Baltics. Publishes no buy criteria; front door read 2026-09-05: Its approach page is five stages of what the firm does for a searcher, from setting up the search engine through a liquidity event, and names no size band, sector list or earnings floor anywhere. What it does state is where the firm sits: it often plays a lead investor role in acquisitions, and the home page tells one searcher's story with the firm as lead investor in the search. - Vonzeo Capital - https://searchspheresource.com/resources/vonzeo-capital: Traditional (Investor-Backed) Search. Based Vancouver and Barcelona. Invests Globally; thirteen named countries across the Americas, Europe, and Asia-Pacific. Buys Companies with high and predictable profitability, low capital intensity, a defensible moat and a fair price, inside industries that are growing, profitable and fragmented. The criteria sit on the investor page rather than the searcher one. Backs searchers from the first conversation through exit, and publishes its evidence base rather than its own numbers. - Plexus Capital - https://searchspheresource.com/resources/plexus-capital: Traditional (Investor-Backed) Search. Based Raleigh and Charlotte, North Carolina. Buys Companies with $2M to $15M of EBITDA, either as debt with an equity co-investment behind an independent sponsor, search fund or management team, or as a direct buyout of a founder-owned business. Terms for its own side: Initial checks of $5M to $25M, and beyond $50M through delayed draws. Fund VII, $977M, names independent sponsors, search funds, equity funds, and management teams, with a $345M Buyout Fund II beside it; $3.5B raised and 214 companies funded across the platform, dated to March 2026 on its own page. - GT Entrepreneurs - https://searchspheresource.com/resources/gt-entrepreneurs: Traditional (Investor-Backed) Search. Based Pittsburgh, Pennsylvania. Invests Searches for businesses anywhere in the United States. Buys Traditional search funds, with a stated leaning toward construction, advanced manufacturing and supply chain. Asked for a size band it says it has no business size preference at all, offering $1M to $5M of EBITDA only as a guess at what its searchers look for and citing the Stanford observations report for it. Terms for its own side: One or two units of a search fund, with its approach page stating that it typically looks to take 14% to 16% of the cap table. Its FAQ states a ceiling of not paying above 6x for a business, and its approach page draws the line at 7x, two ceilings on one site. Founded 2017, with four named portfolio companies dated between 2018 and 2020. - Search Fund Accelerator - https://searchspheresource.com/resources/search-fund-accelerator: Traditional (Investor-Backed) Search. Based New Orleans and Denver. Invests Nationwide searches inside the United States. Terms for the searcher: A searcher earns up to 25% of the equity, and it takes no step-up on search costs, naming 50% as the figure it is refusing. Nothing is published about pay during the search. Founded 2015; its tenth cohort was the 2024 intake, and it states having worked with forty-six searchers. Publishes no buy criteria; front door read 2026-08-28: Six pages about how the program works for a searcher: the cohort calendar, the economics of a solo search against a partnered one, the collaborative deal process and the absence of an investment committee. Not one of them names an industry, a size band or an earnings floor for the companies it will fund. - Ambit Partners - https://searchspheresource.com/resources/ambit-partners: Traditional (Investor-Backed) Search. Based Vancouver, Paris and Hermanus. Invests Seven regions it names one at a time: the US and Canada, Latin America, Europe, the Middle East and Africa, South and Southeast Asia, East Asia, and Oceania. Buys A wide range of industries, on enduring business models, secure revenue and high capital efficiency. No size band anywhere. Six companies named with their country, year and whether the position is still held: India, Spain, Brazil, Australia, Peru and Poland, 2023 to 2025, one exited. - Footbridge Partners - https://searchspheresource.com/resources/footbridge-partners: Traditional (Investor-Backed) Search. Based No office location published on its own pages. Invests No regions named anywhere on its own pages. Buys Growing, fragmented niches with limited disruption risk and stable recurring revenue, at $1.5M to $7M of EBITDA. The size band is the number most of this shelf leaves out. Nine operating companies, three searches under way and two realized exits, one of them the founders' own original search. - Smash.vc - https://searchspheresource.com/resources/smash-vc: Traditional (Investor-Backed) Search. Based Asheville, North Carolina. Buys Profitable home, consumer, healthcare, manufacturing, agency and B2B services businesses, plus minority recapitalizations, partner buyouts and, by its own at-a-glance list, traditional search fund deals, at $750K of EBITDA or more for a self-funded searcher and $2M for an independent sponsor. Terms for its own side: Minority equity checks of $250,000 to $1.5 million per transaction, and it states outright that it does not fund the search phase. Publishes no deal count, no fund size, no founding year and no portfolio page; the only completed thing it names is buying a marketing platform for its own team. - Hunter Search Capital - https://searchspheresource.com/resources/hunter-search-capital: Traditional (Investor-Backed) Search. Based No office location published on its own pages. Invests No mandate sentence names a region; the entrepreneurs it names run companies in the United States and Canada. More than 65 companies by its footer and more than 80 by its home page, with over 100 entrepreneurs since 2010; the founder's own biography counts over fifty search fund investments made from a family office before the firm formed in 2020. An entrepreneurs index names each person beside the company, the sector, solo or partnered, and the year. Publishes no buy criteria; front door read 2026-09-05: A front page about partnership and a history page about the founder's family office; the approach page lists mentorship, tailored support, board advisors and flexible capital across traditional funds, multi-acquisition strategies, holding companies and single-investor structures. No size band, no industry beyond three sector filters on the portfolio page, and no earnings floor anywhere. - Northspring Partners - https://searchspheresource.com/resources/northspring-partners: Traditional (Investor-Backed) Search. Based No office location published on its own pages. Invests No regions named beyond calling itself U.S.-based; the portfolio it lists sits in the United States. A dozen portfolio companies listed with investment years from 2022 to 2025, and an entrepreneurs index with a profile page per searcher naming their fund. Its partners' own biographies carry two search-fund exits: one company sold to a listed electronics distributor, and one grown from forty million to a hundred million of revenue and sold to a listed logistics company in 2021. An investor portal for a first fund. Publishes no buy criteria; front door read 2026-09-05: A front page about search funds and a firm of former searchers, and one sentence about what it does: minority investments in micro-cap companies with exponential growth potential. No size band, no industry, no earnings floor and no geography beyond U.S.-based, on any of the six pages. - Novidam - https://searchspheresource.com/resources/novidam: Traditional (Investor-Backed) Search. Based New York. Invests The United States, Brazil, the Netherlands, the United Kingdom and Italy by its own portfolio and operator pages, from offices in New York, Amsterdam and London. Buys Companies with recurring revenues and low customer attrition, long-term secular growth tailwinds, high cash-flow margins and potential for consolidation, in its own words. No size band and no earnings floor anywhere. Its own search fund, raised in New York in 2014 from twenty investors, bought a security and fire alarm company in 2016, grew it fifteen-fold with ten regional add-ons and exited in 2022. Through 2024 it counts a hundred search funds backed, twenty companies invested in and four companies acquired or co-founded outright, with a third fund active in 2025. - American Operator - https://searchspheresource.com/resources/mainshares: Employed Searcher (Salary Model). Based United States. Buys Small businesses across all industries from retiring owners, closed all-cash; its named deals are HVAC, plumbing, painting, auto and a digital agency, which sizes the range its silence leaves open. Rebranded from the Mainshares marketplace in December 2025; now buys businesses and installs operators. - NextGen Growth Partners - https://searchspheresource.com/resources/nextgen-growth-partners: Employed Searcher (Salary Model). Based Chicago and Austin. Buys Founder- or family-owned mission-critical B2B services businesses at $5M to $50M of revenue and $2M to $8M+ of EBITDA, in facilities services, niche contracting, professional and technical services, and business process services. Terms for the searcher: Up to 25% of the equity by vesting, plus the option to put up to 10% into your own search. Founded in 2016; the entrepreneur-in-residence model, from EIR to CEO, and it says every CEO-in-Residence who partnered with it in Fund I went on to acquire a business. - Novastone Capital Advisors - https://searchspheresource.com/resources/novastone-capital-advisors: Employed Searcher (Salary Model). Based Baar, Switzerland. Invests Across Europe, the United States and Canada, in its own words. Buys Companies earning $2M to $7.5M and worth $10M to $50M, where full control can be bought outright. 31 portfolio companies across 11 countries, over $500M of portfolio enterprise value, and a team of 23. - Brydon Group - https://searchspheresource.com/resources/brydon-group: Employed Searcher (Salary Model). Based Washington, DC. Buys Platform businesses with $5M to $25M of revenue and $1M to $5M of EBITDA, bought 90% to 100% outright. Terms for its own side: States its capital is 100% committed with no fundraising contingencies, so a deal carries no financing condition of its own. 36 CEOs-in-residence across five cohorts since 2022 and 46 acquisitions in software, business and healthcare services, targeting $30M or more of equity behind each platform, by its own count. Publishes nothing about what a searcher earns; terms read 2026-08-20: What a CEO-in-residence is paid, and what equity the role earns, is not published anywhere on its pages. - Sleeping Giant Capital - https://searchspheresource.com/resources/sleeping-giant-capital: Employed Searcher (Salary Model). Based West Michigan. Buys Closely held businesses with a succession need. No size band of any kind is published. Terms for the searcher: Six figure compensation for a CEO-in-Residence over an eighteen to twenty-four month residency, in its own words, with the equity described only as meaningful and never given a percentage. Seven operating companies, each paired with a named CEO or president on its own page. The only training count on the site is a founder's own bio, more than 50 aspiring owner-operators trained, which is a number under a person and not the firm; no fund size is published. - WAD Capital - https://searchspheresource.com/resources/wad-capital: Employed Searcher (Salary Model). Based Brussels. Invests Within about 300km of Brussels. Buys European SMEs at 1 to 5 million euros of EBITDA in fragmented B2B services, energy transition and healthcare, in founder-succession deals, with digital-first businesses, startups, distressed assets and real-estate-focused businesses all ruled out by name. Terms for its own side: Finances 100% of the acquisition. Terms for the searcher: A monthly fee through the search, and up to 20% of the equity vesting in thirds: at closing, through the hold, and on an exit at or above a 35% IRR. Cohorts of 10 to 20 CEOs-in-residence searching for up to 24 months. - SMEVentures - https://searchspheresource.com/resources/smeventures: Employed Searcher (Salary Model). Based Victoria and Darwin, per its team page. Invests Across Asia Pacific; every named deal is Australian or New Zealand. Buys Businesses with $5M to $50M of sales and $1.5M to $6M of EBITDA. Terms for its own side: Raises the search capital itself, covering expenses and a modest salary for up to two years. Terms for the searcher: It states outright that no capital investment is required from the searcher. The equity earned is described only as a big chunk, never as a percentage. Six acquisitions naming eight businesses, dated 2021 to April 2026. - Teamshares - https://searchspheresource.com/resources/teamshares: Employed Searcher (Salary Model). Based New York, with presidents in more than thirty states. Invests More than forty industries, named as a count rather than a list, across thirty states. Buys Companies with half a million to ten million dollars of EBITDA, bought from retiring owners. More than ninety businesses bought since 2020 across thirty states and forty industries, with more than seventy presidents in post today. - CapitalPad - https://searchspheresource.com/resources/capitalpad: Self-Funded Search. Based United States. Buys Buyouts of established, profitable US and Canadian companies at $1M to $7M of EBITDA and $5M to $30M of enterprise value, with startups, distressed assets and venture-style bets ruled out by name. Terms for its own side: A one-time 1.5% administration fee when an investment is made, no annual management fee, and 20% carried interest only after investors have their capital back. One SPV per deal, no blind-pool commitment and no scheduled capital calls. Terms for the searcher: No fee to the searcher for the SPV it raises. Presents fewer than 5% of the deals it reviews, roughly one a month by its own count, and says its founders' larger figures are not the firm's. A founding year and a deal count it once published are gone, and its two enterprise-value bands, $5M to $30M on one page and $1M to $10M on another, disagree. - Prox Search Capital - https://searchspheresource.com/resources/prox-search-capital: Self-Funded Search. Based United States. Buys Companies with $1M to $5M of adjusted EBITDA in any industry, US based, profitable, with limited customer concentration and a seller leaving for a reason such as retirement. Terms for its own side: Investments of $500K to $2.5M for a minority, non-control position, in its own words; the percentage band it once published is withdrawn. Fund I, a $10M fund launched in 2025, and a portfolio page naming five businesses by sector across home services, logistics and healthcare, three dated 2025 and two 2026, none paired with a named entrepreneur. - Entrepreneurial Capital - https://searchspheresource.com/resources/entrepreneurial-capital: Self-Funded Search. Based Chicago, Illinois. Buys Businesses earning $750k or more, bought under a 5x multiple, with low customer concentration and low capital intensity. Terms for its own side: $300k to $2m into a deal from the letter of intent onward. Its investors are quoted an 8% to 12% preferred return, a $100,000 minimum, and a 2x to 2.5x step-up. Publishes a full set of fund terms on the investor side and no deal count on either. - ETA Funding Partners - https://searchspheresource.com/resources/eta-funding-partners: Self-Funded Search. Based Not published anywhere on its own site. Buys Services, manufacturing or distribution businesses with consistent EBITDA of at least $750k, non-cyclical and recession resistant, selling something essential, with a long history behind them. Terms for its own side: Ten to fifteen investments a year at an average check of $200k to $400k. Publishes no founding year and no history; the only quantities on the site are forward-looking. - New Majority Capital - https://searchspheresource.com/resources/new-majority-capital: Self-Funded Search. Based Providence, Rhode Island. Invests The United States only, in its own words. Buys Self-funded searchers who will be the majority owner and run the business day to day, buying at half a million dollars of EBITDA or more on its entrepreneurs page and $500K to $2M on its investor page, in any industry apart from retail, restaurants and standalone real estate. It refuses a traditional search and a holdco owner hiring a chief executive for a minority share, both in writing. Terms for its own side: Published in kind and not in numbers. The fund is described as providing all of the financing, with the fellow owning all of the business on a time-vested schedule, and diligence costs may be advanced at zero per cent interest. No equity share, carry, fee or vesting period is stated anywhere on the site. Its investor page counts ten funded acquisitions in its headline and nine since the fund's first close in the sentence beneath, with $1.79 million deployed and 64 per cent qualifying as low-to-moderate income; the two counts are never reconciled. - Westerly Group - https://searchspheresource.com/resources/westerly-group: Self-Funded Search. Based No office location published on its own pages. Invests No mandate sentence names a region; the portfolio it publishes sits in the United States and the United Kingdom. Buys Businesses it calls enduringly profitable, independently owned, and providing critical recurring services. No size band anywhere. Ten platform companies on its own home page, headquartered across the United States and the United Kingdom, none paired with a named operator; a performance footnote naming a 20% carried interest. The resource archive carries no dates. Dated readings of the subjects' own pages, carried on each row's page, so an absence here is a finding rather than a gap: 9 on an investor whose front door names no buy criteria (aspect-investors, eta-equity, futaleufu-partners, hunter-search-capital, istria-capital, northspring-partners, pacific-lake-partners, search-fund-accelerator, search-fund-partners); 3 on an investor that sets no rule about where it will invest (entrepreneurial-capital, prox-search-capital, smash-vc); 30 on an investor that states no position on a first-time operator (ambit-partners, anacapa-partners, aspect-investors, bradford-brown-capital, cambria-group, capitalpad, entrepreneurial-capital, eta-equity, footbridge-partners, futaleufu-partners, hunter-search-capital, liberty-search-ventures, m2o, miramar-equity-partners, nextgen-growth-partners, northspring-partners, novidam, pacific-lake-partners, peterson-partners, plexus-capital, prox-search-capital, relay-investments, search-fund-accelerator, search-fund-partners, smash-vc, teamshares, trilogy-search-partners, vonzeo-capital, westerly-group, wsc-company); 15 on an investor that asks a searcher for nothing before a first call (anacapa-partners, aspect-investors, cambria-group, eta-equity, futaleufu-partners, housatonic-partners, m2o, pacific-lake-partners, peterson-partners, plexus-capital, prox-search-capital, search-fund-partners, ttcer-partners, vonzeo-capital, wsc-company); 4 on an investor that publishes no searcher economics (brydon-group, cambria-group, endurance-search-partners, relay-investments); 10 on what an investor's position in a round rests on, including the near-misses refused (gt-entrepreneurs, housatonic-partners, hunter-search-capital, northspring-partners, novastone-capital-advisors, novidam, pacific-lake-partners, peterson-partners, prox-search-capital, smash-vc); 5 on an investor's track record (entrepreneurial-capital, eta-funding-partners, liberty-search-ventures, sleeping-giant-capital, smash-vc). The shelf, one card per firm: https://searchspheresource.com/tools/investor-match. ## Acquisition Lenders, by Footprint and Practice (59 verified institutions) Every institution on this site's lender shelf, with what it publishes about where it lends and what it writes. A footprint here is the institution's own published claim; where it names no state list, this says so rather than inventing one. Across the 59: 50 banks, 2 non-bank lenders, 3 credit unions, 4 brokers. 6 publish a dedicated searcher or acquisition practice, and 16 run the process remotely. - Live Oak Bank - https://searchspheresource.com/resources/live-oak-bank: Bank (lends directly). Nationwide. Deal sizes: $500k and up, past the single-loan 7(a) cap. Publishes a dedicated searcher practice. Runs the process remotely. States SBA Preferred Lender status on its own pages. Pairs a conventional loan with the 7(a) for a price above the cap. The largest SBA 7(a) lender by dollars, pairing a conventional loan with the 7(a) past the cap. - Byline Bank - https://searchspheresource.com/resources/byline-bank: Bank (lends directly). Nationwide. Deal sizes: $500k and up, past the single-loan 7(a) cap. Publishes a dedicated searcher practice. Runs the process remotely. States SBA Preferred Lender status on its own pages. Pairs a conventional loan with the 7(a) for a price above the cap. A dedicated self-funded search practice that publishes its timelines and lends above the 7(a) cap. - Northwest Bank - https://searchspheresource.com/resources/northwest-bank: Bank (lends directly). Nationwide. Deal sizes: $500k to $5M. Publishes a dedicated searcher practice. Runs the process remotely. States SBA Preferred Lender status on its own pages. Names search fund lending on its own SBA page, with acquisitions and partner buyouts among its stated uses. - Huntington Bank - https://searchspheresource.com/resources/huntington-bank: Bank (lends directly). Twenty-one states on its own branch locator: Alabama, Arkansas, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, West Virginia, and Wisconsin. It leads 7(a) loan count in a narrower ten. Deal sizes: Up to $2M. States SBA Preferred Lender status on its own pages. The country's highest 7(a) loan count for years running, tuned for smaller loans inside a branch network. - Newtek Bank - https://searchspheresource.com/resources/newtek-bank: Bank (lends directly). Nationwide. Deal sizes: $500k to $5M. Runs the process remotely. Claims no Preferred Lender status on its own pages. A large branchless SBA desk that closes fast, more an acquisition generalist than a search desk. - Hanmi Bank - https://searchspheresource.com/resources/hanmi-bank: Bank (lends directly). Nine states: California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington, Georgia. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. A Preferred Lender writing change-of-ownership loans at the size an individual buyer actually pays. - Beacon Bank & Trust (44 Business Capital) - https://searchspheresource.com/resources/beacon-bank-44-business-capital: Bank (lends directly). Lends nationwide by the headline on its own page, and the way in is a lender at one of its offices rather than a remote desk: Pennsylvania, New Jersey, New York, Maryland, Connecticut, Massachusetts, Vermont, Wisconsin, Colorado, Georgia and Florida. Deal sizes: $500k and up, past the single-loan 7(a) cap. States SBA Preferred Lender status on its own pages. Pairs a conventional loan with the 7(a) for a price above the cap. Lends under a second brand and states that it asks for no loan covenants, unusually for an SBA desk. - Ready Capital - https://searchspheresource.com/resources/ready-capital: Non-bank lender (lends its own money, no deposits). All fifty states. Deal sizes: $500k to $5M. Runs the process remotely. States SBA Preferred Lender status on its own pages. A nationwide non-bank naming partner buyouts and franchise deals, at a rate above the market median. - Port 51 Lending - https://searchspheresource.com/resources/port-51-lending: Non-bank lender (lends its own money, no deposits). Nationwide. Deal sizes: $500k to $5M. Runs the process remotely. States SBA Preferred Lender status on its own pages. A non-bank that publishes what most withhold: its average close time, its closing rate and its spread. - M&T Bank - https://searchspheresource.com/resources/mt-bank: Bank (lends directly). Thirteen on its own locator: Connecticut, Delaware, Washington, D.C., Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, and West Virginia. Its prose on the same page adds Florida. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. The smallest average acquisition check among the busiest lenders, with an Express product beside it. - GBank - https://searchspheresource.com/resources/gbank: Bank (lends directly). Two Nevada branches and lending in forty states by its own count, with the credit decision made in the Las Vegas area. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. The largest average acquisition check among the busiest lenders, and franchise financing named beside it. - Celtic Bank - https://searchspheresource.com/resources/celtic-bank: Bank (lends directly). Nationwide. Deal sizes: $500k to $5M. Runs the process remotely. States SBA Preferred Lender status on its own pages. A perennial top-ten SBA lender with wide loan sizes and a ten percent down payment, weaker on service. - First Internet Bank - https://searchspheresource.com/resources/first-internet-bank: Bank (lends directly). Nationwide. Deal sizes: $500k to $5M. Runs the process remotely. States SBA Preferred Lender status on its own pages. A branchless online lender with business acquisition as a headline use and no branch network limiting it. - Stearns Bank - https://searchspheresource.com/resources/stearns-bank: Bank (lends directly). Nationwide. Deal sizes: $500k to $5M. Runs the process remotely. States SBA Preferred Lender status on its own pages. A high-volume lender whose small-dollar product reaches the loans big acquisition desks deprioritize. - First Bank of the Lake - https://searchspheresource.com/resources/first-bank-of-the-lake: Bank (lends directly). Nationwide. Deal sizes: $500k to $5M. Publishes a dedicated searcher practice. Runs the process remotely. States SBA Preferred Lender status on its own pages. A national SBA shop with a published buy-a-business use case, strongest on franchise and practice deals. - Pursuit - https://searchspheresource.com/resources/pursuit-lending: Bank (lends directly). New York, New Jersey, Pennsylvania, Connecticut, the four its acquisition page names. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. A nonprofit lender for Northeast acquisitions, with the full SBA toolkit and a focus on underserved owners. - Wells Fargo - https://searchspheresource.com/resources/wells-fargo-sba: Bank (lends directly). Nationwide branches. Deal sizes: Up to $2M. States SBA Preferred Lender status on its own pages. A large conservative 7(a) book, best suited to buyers who already bank with them commercially. - Oak Street Funding - https://searchspheresource.com/resources/oak-street-funding: Bank (lends directly). Nationwide. Deal sizes: $500k and up, past the single-loan 7(a) cap. Runs the process remotely. Lends conventionally on this product, so no 7(a) cap applies. A specialty lender for insurance, advisory and accounting practices, lending against recurring revenue. - U.S. Bank - https://searchspheresource.com/resources/us-bank: Bank (lends directly). A top-five national bank, branch-led; its SBA page scopes no geography. Deal sizes: $500k and up, past the single-loan 7(a) cap. States SBA Preferred Lender status on its own pages. Funds a tranche of its own money beside the 7(a), to $7M. One of the cheapest large books in the federal file, with bank money published alongside the 7(a). - Zions Bank - https://searchspheresource.com/resources/zions-bank: Bank (lends directly). The Utah and Idaho division of a multi-brand parent; other states are served by affiliate brands under other names. Deal sizes: Up to $2M. States SBA Preferred Lender status on its own pages. A Preferred Lender writing smaller acquisition loans than most of the desks at the top of the file. - Old National Bank - https://searchspheresource.com/resources/old-national-bank: Bank (lends directly). Nine states on its own locator: Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Dakota, Tennessee, and Wisconsin. It claims a top-three SBA rank across that footprint and first by volume in Minnesota and Wisconsin. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. A Preferred Lender priced on the cheap side of the federal file across a real acquisition book. - United Midwest Savings Bank - https://searchspheresource.com/resources/united-midwest: Bank (lends directly). Seven Ohio offices and no published service area, with named desks for medical, dental, veterinary, optometry, insurance, accounting, funeral, and hospitality deals. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. SBA lending organized as industry desks, with buying an existing practice the errand it is built around. - Truliant Federal Credit Union - https://searchspheresource.com/resources/truliant-fcu: Credit union (lends directly; borrowing starts with membership). Carolinas and Virginia branches, with membership open to a resident of any state through an association route, and releases claiming the top credit-union SBA book in the country. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. A credit union naming change-of-ownership deals outright, lending at a size individual buyers recognize. - Open Bank - https://searchspheresource.com/resources/open-bank: Bank (lends directly). Twelve branches across California, Texas, and Nevada, with Washington loan production offices, per its holding company's profile. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. Worked deal examples on its own page, and one of the cheapest average rates in the federal file. - TowneBank - https://searchspheresource.com/resources/townebank: Bank (lends directly). Seventy offices across Hampton Roads, central Virginia, and eastern North Carolina, per its own story page. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. About an acquisition a week, worked through a local banker rather than a published rate sheet. - First Financial Bank - https://searchspheresource.com/resources/first-financial-bank: Bank (lends directly). Arkansas and Mississippi by its own masthead, with a Louisiana book it leads in our file from the El Dorado charter. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. The cheapest average rate in our league table, with the change-of-ownership down payment published. - BankVista - https://searchspheresource.com/resources/bankvista: Bank (lends directly). Four Minnesota cities, Sartell, Mankato, Chaska, and St. Cloud, per its own masthead. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. Minnesota's leading change-of-ownership desk by a wide margin, with bands published and figures not. - Bank of Hope - https://searchspheresource.com/resources/bank-of-hope: Bank (lends directly). Nine states with lending offices on its own Loan Centers and Offices page: California, Colorado, Florida, Georgia, New York, New Jersey, Oregon, Texas, Washington. Its story page claims a presence in twelve and names none of them. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Calls itself the largest Korean American bank, with SBA desks in nine states and a wider claim it does not enumerate. - Plumas Bank - https://searchspheresource.com/resources/plumas-bank: Bank (lends directly). Nine western states named on its own page: California, Nevada, Arizona, Oregon, Washington, Colorado, Utah, Idaho, and Montana. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. The best published terms on this shelf, including a fixed ten-year rate and a fast prequalification. - CBB Bank - https://searchspheresource.com/resources/cbb-bank: Bank (lends directly). A nationwide lender in its own words, from Los Angeles. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. A quiet California desk that calls itself nationwide and names acquisition to the program maximum. - Community Banks of Colorado - https://searchspheresource.com/resources/community-banks-of-colorado: Bank (lends directly). One NBH Bank charter under four brands, Community Banks of Colorado, Bank Midwest, Hillcrest Bank, and Bank of Jackson Hole; every location it publishes is in Colorado, and the sister names carry the rest. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. One charter behind four local brand names, approving in house, so a buyer may meet it under another name. - Columbia Bank - https://searchspheresource.com/resources/columbia-bank-nw: Bank (lends directly). Eight western states enumerated in its own release: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. The Northwest's biggest home-grown bank, deciding locally with its range and its clock published. - America First Credit Union - https://searchspheresource.com/resources/america-first-credit-union: Credit union (lends directly; borrowing starts with membership). Membership by county across Utah, Nevada, Arizona, Idaho, Oregon, New Mexico, and California, with the SBA desk staffed in five of the seven; eligibility is the first check and a named state is not wholly covered. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. A credit union with a dedicated SBA line and its terms in writing, where membership comes before lending. - First Commonwealth Bank - https://searchspheresource.com/resources/first-commonwealth-bank: Bank (lends directly). Pennsylvania and Ohio in its own masthead; its worked-deal page shows Texas and Florida closings, so reach past the branches is proven rather than claimed. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Publishes worked deals with figures, its acquisition financing share, and the full partner-buyout line. - Community Trust Bank - https://searchspheresource.com/resources/community-trust-bank: Bank (lends directly). 81 locations across eastern and central Kentucky, southern West Virginia, and northeastern Tennessee, and market areas in Ohio the loans page names. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. Kentucky's long-running community 7(a) leader across an Appalachian footprint, everything done by phone. - Eastern Bank - https://searchspheresource.com/resources/eastern-bank: Bank (lends directly). Three states in its own words, eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. New England's most decorated SBA desk, publishing a full rate card that never names acquisition. - Fulton Bank - https://searchspheresource.com/resources/fulton-bank: Bank (lends directly). Five states named on its own About page: Pennsylvania, New Jersey, Maryland, Delaware, and Virginia, across more than 190 financial centers. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. A director-signed acquisition guide stating the down payment floor, the seller note half and a rate band. - Metro City Bank - https://searchspheresource.com/resources/metro-city-bank: Bank (lends directly). Branches enumerated city by city across Georgia, Alabama, Florida, Virginia, Texas, New York, and New Jersey; the SBA desk sits in the Atlanta metro. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. An eleven-officer SBA desk across two state seats, naming acquisition and its structure but never prices. - Union Bank & Trust - https://searchspheresource.com/resources/union-bank-trust: Bank (lends directly). Locations across Nebraska and parts of Kansas and Colorado; no stated lending area beyond them. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Nebraska's leading change-of-ownership book, from a Preferred Lender that states the down payment floor. - OakStar Bank - https://searchspheresource.com/resources/oakstar-bank: Bank (lends directly). Branches across Missouri, Kansas, and Colorado; its page states no lending area beyond them. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Missouri's leading change-of-ownership book, approved in house, with no terms published anywhere. - T Bank - https://searchspheresource.com/resources/t-bank: Bank (lends directly). Nationwide from a Dallas charter, with no home-state concentration in our file. Deal sizes: $500k to $5M. Runs the process remotely. States SBA Preferred Lender status on its own pages. Publishes terms in 48 hours and closings near 60 days, on a nationwide book with a large average check. - PCB Bank - https://searchspheresource.com/resources/pcb-bank: Bank (lends directly). California anchored from Los Angeles, with branches and loan offices in New York, New Jersey, Texas, and Georgia, per its own locations pages. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. A Preferred Lender whose acquisition book scaled in a single year, priced in the middle of the file. - Rockland Trust - https://searchspheresource.com/resources/rockland-trust: Bank (lends directly). Massachusetts retail branches and commercial lending offices, the sole bank subsidiary of a public holding company. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Massachusetts' leading acquisition desk, ahead of the national specialists in state, with a program table. - Glacier Bank - https://searchspheresource.com/resources/glacier-bank: Bank (lends directly). Division banks under local names across Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, and Nevada, per its own division page. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. Leads Montana and runs second in Idaho, under whatever local division name the nearest branch wears. - Midwest Regional Bank - https://searchspheresource.com/resources/midwest-regional-bank: Bank (lends directly). A Missouri charter whose book also sits in Arizona's top-five in our file; its loan-officer page names Arizona, Colorado, Florida, North Carolina and Texas beside Missouri on its own loan-officer page. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Publishes the posture other banks keep implicit: no excluded industries, no balloons, shortfalls mitigable. - Idaho Central Credit Union - https://searchspheresource.com/resources/idaho-central-credit-union: Credit union (lends directly; borrowing starts with membership). Membership open to anyone living, working, or studying in Idaho, or living or working in Washington, per its own eligibility page. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Idaho's leading change-of-ownership lender, ahead of every bank in the state, with membership open widely. - BancFirst - https://searchspheresource.com/resources/bancfirst: Bank (lends directly). A statewide Oklahoma branch network, worked through its Commercial Capital SBA division. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Oklahoma's champion by four times the runner-up, and a top-volume claim the federal file confirms. - First Interstate Bank - https://searchspheresource.com/resources/first-interstate-bank: Bank (lends directly). Ten states on its own locator: Colorado, Iowa, Idaho, Missouri, Montana, Nebraska, Oregon, South Dakota, Washington, and Wyoming, from its Billings headquarters. Three are change-of-ownership top-fives in our file. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Names business acquisition first among its 7(a) uses and explains the fast lane for loans under $500k. - Stock Yards Bank & Trust - https://searchspheresource.com/resources/stock-yards-bank: Bank (lends directly). Kentucky offices plus the Indianapolis, Indiana and Cincinnati, Ohio metros, per its holding company's profile. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Kentucky's champion in the federal file, naming partner buyouts and refusing balloons or long prepayment. - Emprise Bank - https://searchspheresource.com/resources/emprise-bank: Bank (lends directly). A Wichita-based Kansas community bank, per its own pages. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Kansas' champion in the federal file, with acquisitions first among its uses and underwriting in house. - BankFirst Financial Services - https://searchspheresource.com/resources/bankfirst-financial: Bank (lends directly). Fifty-plus locations across Mississippi and Alabama on an 1888 charter, per its own about page. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. Mississippi's leader by a photo finish, with a named SBA manager and CDFI standing as the tiebreakers. - Hancock Whitney - https://searchspheresource.com/resources/hancock-whitney: Bank (lends directly). Five Gulf South states on its own locator: Mississippi, Louisiana, Alabama, Florida, and Texas, across more than 200 financial centers. Deal sizes: $500k to $5M. States SBA Preferred Lender status on its own pages. Louisiana's champion, and the one desk publishing an application-to-funding clock and worked deals. - Lincoln Savings Bank - https://searchspheresource.com/resources/lincoln-savings-bank: Bank (lends directly). Central and Northeast Iowa since 1902, per its own page. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. An Iowa-only bank pairing USDA rural lending with the 7(a) and the 504, which no other lender reviewed here does. - Oriental Bank - https://searchspheresource.com/resources/oriental-bank: Bank (lends directly). Puerto Rico and the U.S. Virgin Islands, per the routing numbers on its own pages. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. More than half of Puerto Rico's acquisition book, in a territory remote mainland lenders rarely serve. - The First National Bank in Sioux Falls - https://searchspheresource.com/resources/fnb-sioux-falls: Bank (lends directly). A Sioux Falls, South Dakota national bank, per its own pages. Deal sizes: $500k to $5M. Claims no Preferred Lender status on its own pages. South Dakota's leader by two loans, running the Microloan program beside the 7(a) and the 504. - Viso Business Capital - https://searchspheresource.com/resources/viso-business-capital: Broker (shops your deal). Nationwide. Deal sizes: $500k to $5M. Publishes a dedicated searcher practice. Runs the process remotely. A loan brokerage paid only when a deal closes, with more than $200M of SBA acquisition loans since 2023. - LoanBud - https://searchspheresource.com/resources/loanbud: Broker (shops your deal). Nationwide. Deal sizes: $500k to $5M. Runs the process remotely. A brokerage whose automated financeability check sits on marketplace listings, so the answer arrives before the tour. - Pioneer Capital Advisory - https://searchspheresource.com/resources/pioneer-capital-advisory: Broker (shops your deal). Nationwide. Deal sizes: $500k to $5M. Publishes a dedicated searcher practice. Runs the process remotely. An SBA brokerage whose 7(a) advisory fee is paid by the lender at closing, with nothing owed up front. - ThinkSBA - https://searchspheresource.com/resources/thinksba: Broker (shops your deal). Nationwide. Deal sizes: $500k to $5M. Runs the process remotely. A multi-lender brokerage shopping one file to several banks, including partner buyouts and real estate. Checked and not listed, with the reason, so an absence here is a finding rather than a gap: St. Louis Bank (Its own Loans page states Preferred Lender status and the 7(a) program and names only equipment and working capital as the uses, never acquisition or change of ownership, with no size, term or geography published. It is also a second Arizona seat behind a reviewed champion. Notable for the mismatch: 77 change-of-ownership approvals in the federal file against pages that never mention buying a business. Checked 2026-08-12.); Alaska Growth Capital BIDCO, Inc. (A development lender by its own positioning, built on economic development and job creation since 1997, with no SBA product and no acquisition language anywhere on the site. Nothing here a buyer of a business can act on. Checked 2026-08-10.); ServisFirst Bank (Its small-business page routes every question to a commercial banker and names no SBA product and no acquisition use; the only SBA mention on the site is a news item about hosting a roundtable. Checked 2026-08-10.); Harborstone CU (Lists SBA loans among its business products and asks whether you qualify, then names no acquisition use, no sizes and no terms, which is the bar Truliant failed twice. Checked 2026-08-10.); First National Bank Alaska (Business pages carry no SBA content at all, the same reading as Nicolet. Checked 2026-08-10.); Southern Bancorp Bank (Its own SBA page is better than most on this bench, stating Preferred Lender status, 7(a) to $5M and Express to $500K, and it never names business acquisition. What holds it is position rather than the pages: a 12-loan FOURTH seat in a 243-loan state whose champion is already reviewed, with two more desks above it, which is below the value a row can honestly claim under the champion floor. Revisit if its seat rises. Checked 2026-08-10.); Northwest Bank (IA) (Its own pages clear the content bar, stating Preferred SBA Lender status and naming the purchase of an existing business, but the shelf already carries an unrelated nationwide Northwest Bank and a same-named second row would confuse the reader it is meant to serve. A 24-loan second Iowa seat, held on the name rather than on the pages. Checked 2026-08-15.); Community Bank of Mississippi (Its own business-loans page says it is a Preferred Lender with the Small Business Administration and offers SBA loans, and names no acquisition or change-of-ownership use, no 7(a) product, no loan sizes, no terms and no lending geography. A 30-loan second Mississippi seat, so position is not what holds it: the pages are. Converts the day they name buying a business. Checked 2026-08-17.); Central Pacific Bank (Its own SBA page is confident and specific, stating that it is a preferred Small Business Administration lender and that it outpaced all other Hawaii financial institutions combined in the number of SBA loans provided in 2024, and it never mentions buying, acquiring, or taking over an existing business. The sizes it does publish point the other way: a $10,000 minimum and 7(a) Express to $500,000 is working capital rather than an acquisition. A first Hawaii seat if the pages ever say so. Checked 2026-08-15.); Landmark National Bank (Its own SBA page clears the content bar comfortably, stating that as an SBA Preferred Lender it can approve a loan internally without further review, naming partner buyouts and buying a business outright among the uses, and giving 7(a) terms of seven to 25 years. What holds it is position rather than pages: a 20-loan second seat in a 392-loan state whose champion is reviewed, with two more reviewed desks in the same top five. It publishes no loan sizes and no lending geography, which is what a second seat would need to be worth a reader's click. Checked 2026-08-15.); Machias Savings Bank (Pages extract fine and carry no SBA content at all; with Maine a 19-18-18 photo finish, any of three desks answers the state. Checked 2026-08-08.); Northrim Bank (Serves a loading shell with no body text to curl, the Playwright driver, and the remote fetch reader alike. Re-read 2026-08-26 with the page-text cap raised, since a cap that low had just been caught making a read page look empty elsewhere: the body really is the word Loading twice, inside a full navigation menu. The shell is theirs. Checked 2026-08-08 and 2026-08-26.); Nicolet National Bank (Business pages read fine and name no SBA or acquisition lending anywhere; the Preferred Lender status appears only in its CRA disclosure. Checked 2026-08-08.); BMO Bank National Association (bmo.com refuses the remote reader (three timeouts across two days) and curl (stream reset) alike; its guide content names changes of ownership as a 7(a) use, but the product page cannot be read from here. A 42-loan two-seat book waits on a different network path. Retried 2026-08-26 in a real browser and it fails at the protocol, not the page. Checked 2026-08-08 and 2026-08-26.); Banco Popular de Puerto Rico (An 11-loan second seat in a 42-loan territory whose champion is already reviewed; below the value a row can honestly claim, the same policy as the champion floor. Checked 2026-08-08.); Pinnacle Bank (TN) (Akamai wall (Access Denied, edgesuite) defeats curl, the real-browser driver, and the remote reader; a four-state book waits for a headed session or a wall change. Retried 2026-08-26: the navigation is interrupted before any content arrives. Checked 2026-08-06, 2026-08-08 and 2026-08-26.); Arvest Bank (Incapsula challenge defeats curl, the real-browser driver, and the remote reader alike; a two-state book behind the fifth wall shape recorded. Retried 2026-08-26: the page navigates away mid-read, which is the challenge redirecting. Checked 2026-08-06, 2026-08-08 and 2026-08-26.). Dated readings of the subjects' own pages, carried on each row's page, so an absence here is a finding rather than a gap: 2 on a lender that publishes no list of states (truliant-fcu, united-midwest); 16 on what a lender's published loan floor rests on, and the near-misses refused (beacon-bank-44-business-capital, byline-bank, celtic-bank, columbia-bank-nw, live-oak-bank, mt-bank, newtek-bank, oak-street-funding, old-national-bank, oriental-bank, pursuit-lending, ready-capital, t-bank, union-bank-trust, united-midwest, us-bank); 32 on where a lender's preferred-lender answer actually lives (bancfirst, bankfirst-financial, bankvista, beacon-bank-44-business-capital, byline-bank, cbb-bank, celtic-bank, community-trust-bank, eastern-bank, emprise-bank, first-bank-of-the-lake, fnb-sioux-falls, fulton-bank, gbank, glacier-bank, hancock-whitney, hanmi-bank, huntington-bank, lincoln-savings-bank, metro-city-bank, midwest-regional-bank, newtek-bank, oak-street-funding, oakstar-bank, open-bank, oriental-bank, pursuit-lending, stearns-bank, townebank, union-bank-trust, united-midwest, zions-bank); 19 on what a lender's searcher-practice label rests on (byline-bank, celtic-bank, first-bank-of-the-lake, first-internet-bank, gbank, hanmi-bank, huntington-bank, live-oak-bank, loanbud, mt-bank, newtek-bank, northwest-bank, oak-street-funding, pioneer-capital-advisory, pursuit-lending, ready-capital, stearns-bank, thinksba, viso-business-capital). The shelf, listing state, size and practice: https://searchspheresource.com/tools/lender-match. ## Business Brokers, by Footprint and Fee Disclosure (20 verified firms) Every firm on this site's broker shelf, with two facts a buyer needs before engaging one: whose side it is on, and whether it publishes what it charges. Both are read off each firm's own site. Fee disclosure and representation were last checked against the firms' own words on 2026-08-26. On fees, across the 20: 3 publish a schedule, 7 publish the structure, 3 publish somebody else's range, 3 publish nothing, 4 charge no seller fee. Publishes a schedule: The actual percentages are on its own site, so a seller's quote can be checked against them. Publishes the structure: It says when a fee is owed and on what basis, but names no number, so the amount takes a call. Publishes somebody else's range: The only percentages on its own site describe the industry or other firms rather than itself, on pages that ask what selling costs, so a number there is easy to read as a disclosure it never made. Publishes nothing: Neither the rate nor the structure appears on its own site. Charges no seller fee: It represents no seller, so there is no sell-side fee to publish. - MidStreet - https://searchspheresource.com/resources/midstreet: Buyer list only. Names North Carolina and Virginia. It works beyond the states it names, so one it does not name is worth asking about rather than ruling out. Fees: Publishes a schedule. Sells: Established businesses at $5M to $50M of revenue in home services, niche manufacturing, industrial services and managed IT, with over twenty years and hundreds of transactions claimed. Its own About page names a different gap, $1M to $50M, and its 450-transaction figure is the founder's whole career rather than this firm's. Size disclosure: Publishes a size, and not one a buyer can use. Sells across North Carolina and the Southeast, publishing a Double Lehman fee ladder charged only at closing. - Morgan & Westfield - https://searchspheresource.com/resources/morgan-and-westfield: Represents buyers. Works nationwide. Fees: Publishes a schedule. Sells: Businesses up to $100M of annual revenue in over a hundred industries, with no floor published anywhere. Its transaction record appears as a 100-plus counter, as hundreds in prose and as over three hundred in the founder's bio, on the same site. Size disclosure: Publishes a size band you can check yourself against. Works nationally up to $100M of revenue, publishing its step fees, both ladders and a stated minimum. - Sigma Mergers & Acquisitions - https://searchspheresource.com/resources/sigma-mergers: Represents buyers. Names Texas. It works beyond the states it names, so one it does not name is worth asking about rather than ruling out. Fees: Publishes a schedule. Sells: Dallas-area businesses averaging $500,000 to $50M of annual revenue across a wide spread of industries, with more than 500 sold since 2004 on one page and more than 700 on another. The site gives three founding years and two industry counts. Size disclosure: Publishes a size band you can check yourself against. A Dallas brokerage, and one of the few anywhere to publish its own commission rate rather than describe it. - Synergy Business Brokers - https://searchspheresource.com/resources/synergy-business-brokers: Buyer list only. Names Arizona, Connecticut, Florida, Illinois, Louisiana, Massachusetts, New Jersey, New York, Pennsylvania and Texas. It works beyond the states it names, so one it does not name is worth asking about rather than ruling out. Fees: Publishes the structure. Sells: Profitable companies at $700,000 to $250 million of annual revenue, and separately at $250,000 to $30 million of the owner's annual net income, across construction, distribution and service industries. Those are two different measures, and each industry page it publishes names a narrower net-income ceiling of $7 million. Size disclosure: Publishes a size, and not one a buyer can use. Names a broker in each of ten states and markets nationally beyond them, with no fee unless it sells. - IBA - https://searchspheresource.com/resources/iba: Represents buyers. Names Alaska, Oregon and Washington. It works beyond the states it names, so one it does not name is worth asking about rather than ruling out. Fees: Publishes the structure. Sells: Privately held Pacific Northwest companies at $500,000 to $30,000,000 of market value, across almost every sector of that economy, with over 4,400 transactions since 1975. The clearest set of numbers on this shelf: a named measure, a floor a self-funded buyer can reach, and a count that agrees with itself. Size disclosure: Publishes a size band you can check yourself against. Fifty years in the Pacific Northwest, charging the seller only on a close and a buyer no fee at all to look. - Viking Mergers & Acquisitions - https://searchspheresource.com/resources/viking-mergers: Buyer list only. Names Florida, Georgia, Maryland, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington, D.C. It works beyond the states it names, so one it does not name is worth asking about rather than ruling out. Fees: Publishes the structure. Sells: Businesses at $1M to over $150M of stated business value across thirty-plus industries in the Southeast and Mid-Atlantic, with over 950 deals since 1996. The top of that band sits oddly against the firm's own founding story about the main-street owner without a board of directors. Size disclosure: Publishes a size band you can check yourself against. Offices across the Southeast and Mid-Atlantic, naming three separate charges it does not make and no rate. - A Neumann & Associates - https://searchspheresource.com/resources/a-neumann-associates: Represents buyers. Claims nationwide reach, and separately names Alabama, Connecticut, Delaware, Florida, Georgia, Indiana, Kentucky, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and West Virginia. It claims the whole country and names only part of it, so the list is where its offices are rather than where it stops. Fees: Publishes the structure. Sells: Businesses in any field with gross revenue over $500,000, positive cash flow and three years of tax returns, with more than $250M closed since 2003. The only size figure it publishes is that floor, and the only record is a dollar total rather than a count of businesses. Size disclosure: Publishes a size band you can check yourself against. Claims the whole country and names the Northeast and Mid-Atlantic, on a success fee with no retainer and no rate. - Pacific Business Sales - https://searchspheresource.com/resources/pacific-business-sales: Represents buyers. Names California. It works beyond the states it names, so one it does not name is worth asking about rather than ruling out. Fees: Publishes the structure. Sells: California manufacturing, construction, aerospace and B2B service companies, brokered at $1M to $10M of gross sales with an M&A line from $10M to over $100M. A third band, $1M to $50M with no measure attached, sits on the homepage, and the transactions it displays run $650,000 to $4.9M. Size disclosure: Publishes a size, and not one a buyer can use. California manufacturing, construction and aerospace, on no upfront fee and no published rate. - National Pool Route Sales - https://searchspheresource.com/resources/national-pool-route-sales: Buyer list only. Names Arizona, California, Florida, Nevada and Texas. It works beyond the states it names, so one it does not name is worth asking about rather than ruling out. Fees: Publishes the structure. Sells: Pool service and repair routes only, in all states, with over 10,000 routes sold across more than forty years. No route size or price band is published anywhere, and the founder's bio claims 15,000 against the firm's 10,000. Size disclosure: Publishes no size band anywhere. The pool-route specialist, selling by the route across the sunbelt and beyond, with its fee above your price. - First Choice Business Brokers - https://searchspheresource.com/resources/first-choice-business-brokers: Represents buyers. Works nationwide. Fees: Publishes the structure. Sells: Main Street and middle market businesses, with an M&A line for lower middle market companies up to $35M of revenue, founded 1994. Its headline $15 billion is business LISTED rather than sold and is franchise-network-wide; no count of businesses actually sold appears, and no industries are named. Size disclosure: Publishes a size, and not one a buyer can use. Independently run offices nationwide, with the brand committing to a shape and never to a rate. - Peterson Acquisitions - https://searchspheresource.com/resources/peterson-acquisitions: Represents buyers. Names Arizona, Colorado, Minnesota, Missouri and South Dakota. It works beyond the states it names, so one it does not name is worth asking about rather than ruling out. Fees: Publishes nothing. Sells: Privately held businesses at $1M to $100M of transaction value across a variety of industries. No firm-level sold count or founding year appears anywhere, every number on the founder page is his own operating history, and the deals it displays run from $68,000 to $68M, both ends outside its stated band. Size disclosure: Publishes a size band you can check yourself against. Independently run offices across the Midwest and Mountain West, with a paid buyer track and no published fee. - The Firm Advisors - https://searchspheresource.com/resources/the-firm-advisors: Buyer list only. Names Nebraska. It works beyond the states it names, so one it does not name is worth asking about rather than ruling out. Fees: Publishes nothing. Sells: Businesses with threshold annual revenues of about $1M across twenty-one industries, with homepage counters of 388 businesses sold and 54 current listings. The same page calls it a Midwest M&A firm and its about page calls it The Firm Business Brokerage; the earlier line saying it was no longer a brokerage is gone. Size disclosure: Publishes a size band you can check yourself against. Sells around Omaha and the Midwest, publishing the whole sale process step by step and no fee of any kind. - The Rock Bridge Group - https://searchspheresource.com/resources/rock-bridge-group: Buyer list only. Names Colorado. It works beyond the states it names, so one it does not name is worth asking about rather than ruling out. Fees: Publishes nothing. Sells: Colorado businesses since 1982 across automotive, construction, distribution, energy, healthcare, manufacturing, retail, technology and defense, with over 1,000 transactions completed. It declines to name a size band at all, and the line introducing that counter says thousands. Size disclosure: Publishes no size band anywhere. Colorado since 1982, publishing a buyer's own closing costs and nothing at all about its own fee. - Murphy Business Sales - https://searchspheresource.com/resources/murphy-business: Buyer list only. Works nationwide. Fees: Publishes somebody else's range. Sells: Companies with EBITDA over $1M through its M&A advisors, across a wide range of industries from offices in thirty-eight states and Canada, founded 1994. That floor governs only the M&A arm, the brokerage arm publishes no band, and the listings on its own homepage run $135,000 to $2.66M. Size disclosure: Publishes a size, and not one a buyer can use. Independently run offices in most of the country, quoting the industry's 5 to 10 percent fee and never its own rate. - Raincatcher - https://searchspheresource.com/resources/raincatcher: Buyer list only. Works nationwide. Fees: Publishes somebody else's range. Sells: Lower middle market owners at $3M to $100M of revenue for advisory, and businesses under $2M of earnings for brokerage, across most industries, with 100-plus transactions and $1B-plus closed. The two bands use different measures, and the sub-$2M lane a self-funded buyer would use is the one not advertised. Size disclosure: Publishes a size, and not one a buyer can use. Works nationally on $3M to $100M of revenue, publishing revenue and earnings up front and no fee at all. - We Sell Restaurants - https://searchspheresource.com/resources/we-sell-restaurants: Buyer list only. Works nationwide. Fees: Publishes somebody else's range. Sells: Restaurants only, in forty-five states, brokering since 2004 and claiming to have sold more than any other firm in the nation. No size band and no sold count are published anywhere; the only figure on the site is a 2007 milestone of a hundred listings. Size disclosure: Publishes no size band anywhere. The restaurant specialist, in most of the country, quoting what the market charges rather than what it charges. - IBBA - https://searchspheresource.com/resources/ibba: Not a brokerage. Has members nationwide. Fees: Charges no seller fee. Sells: undefined Size disclosure: Not a brokerage, so it sells nothing itself. The trade association rather than a brokerage: a national directory of credentialed brokers, free to search. - Texas Association of Business Brokers - https://searchspheresource.com/resources/tabb: Not a brokerage. Names Texas. It has members beyond the states it names, so one it does not name is worth asking about rather than ruling out. Fees: Charges no seller fee. Sells: undefined Size disclosure: Not a brokerage, so it sells nothing itself. The Texas body: no seller fee of its own, the most searchable member directory here, and its dues published. - Georgia Association of Business Brokers - https://searchspheresource.com/resources/gabb: Not a brokerage. Names Georgia. It presents that list as its whole territory. Fees: Charges no seller fee. Sells: undefined Size disclosure: Not a brokerage, so it sells nothing itself. The Georgia body, charging no seller fee and requiring a state real estate license of the brokers it lists. - New England Business Brokers Association - https://searchspheresource.com/resources/nebba: Not a brokerage. It publishes a region rather than a state list, so ask on the first call whether it has members where you are buying. Fees: Charges no seller fee. Sells: undefined Size disclosure: Not a brokerage, so it sells nothing itself. The New England body: no fee to a buyer, and one member broker can show every member office's listings. Dated readings of the subjects' own pages, carried on each row's page, so an absence here is a finding rather than a gap: 6 on what a brokerage publishes about a buyer's fee (a-neumann-associates, iba, morgan-and-westfield, sigma-mergers, synergy-business-brokers, the-firm-advisors). The shelf, listing state and what a brokerage represents: https://searchspheresource.com/tools/broker-match. ## Alternatives Guides - Guardian Due Diligence alternatives - https://searchspheresource.com/alternatives/guardian-due-diligence: Guardian publishes exact tiers and names $1M to $10M purchase prices on its front door rather than fitting a searcher in around larger clients. Buyers look at other shops when they want a cheap pre-LOI read before committing to a full engagement, when they want the legal diligence in the same package, or when the deal is an online business rather than a main-street one. - Pilot alternatives - https://searchspheresource.com/alternatives/pilot: Pilot runs accrual books and fractional CFO help for a new owner who does not want to hire in-house. Owners look elsewhere when they want payroll and tax handled by the same team, when they want the whole back office run rather than the books alone, or when they would rather keep payroll in-house and buy less. - Live Oak Bank alternatives - https://searchspheresource.com/alternatives/live-oak-bank: Live Oak is the most experienced SBA acquisition lender and its process is built for $1M-plus deals. Buyers look at other banks when they want a lender inside their own branch footprint, a fully remote process, conventional debt stacked above the 7(a) cap, or simply a second term sheet to price the first one against. - Pioneer Capital Advisory alternatives - https://searchspheresource.com/alternatives/pioneer-capital-advisory: Pioneer is an SBA specialist that packages a deal and shops it to lenders, paid only when a deal funds. Buyers look for another packager when they want a second quote on the same file, when the deal carries real estate or is a partner buyout, or when they want to cast a wider net before committing to one advisor. - Acquisition Lab alternatives - https://searchspheresource.com/alternatives/acquisition-lab: The Lab is $12,500 one time for lifetime access and is built around a searcher running a full-time process. Buyers look for something else when that price sits ahead of where they are, when they want one industry rather than a general curriculum, or when they want capital attached to the training. - BizBuySell alternatives - https://searchspheresource.com/alternatives/bizbuysell: BizBuySell has the volume, but volume brings noise: stale listings linger, quality varies widely, and popular listings draw crowds of buyers. - Grata alternatives - https://searchspheresource.com/alternatives/grata: Grata's private-company data is strong, but pricing is demo-gated at enterprise levels most self-funded searchers cannot justify. - Searchfunder alternatives - https://searchspheresource.com/alternatives/searchfunder: Searchfunder is the search-fund world's town square, but community quality varies by niche and some searchers want practitioner depth over feed volume. - Kumo alternatives - https://searchspheresource.com/alternatives/kumo: Kumo solves marketplace sprawl well; buyers usually look elsewhere when they want off-market coverage or screened, hand-delivered deal flow. - Bookkeeper360 alternatives - https://searchspheresource.com/alternatives/bookkeeper360: Bookkeeper360 prices its bookkeeping at $399 a month monthly or $599 weekly, before onboarding, payroll, tax and advisory are added, and its own row's caution is that those costs stack. A buyer whose first year is already leveraged is usually looking for either a smaller version of the same thing or a firm that specialises in the month after a close. - Rapid Diligence alternatives - https://searchspheresource.com/alternatives/rapid-diligence: Rapid Diligence publishes what a report costs before a sales call, which is why it is worth comparing against rather than around: $16.5k for the full QoE, $11.2k for the lighter one, and $750 for a pre-LOI screen. A buyer looking past it is usually looking for a smaller number, a different depth, or a firm that will also do the legal side. - Midwest CPA alternatives - https://searchspheresource.com/alternatives/midwest-cpa: Midwest CPA writes the quality-of-earnings report and then keeps the books after closing, and publishes a band for both. The band ends in "and above", and buying the diligence and the accounting from one desk is a conflict worth weighing, which is why a reader lands here looking for the alternatives. ## Comparisons (92) - BizBuySell vs BizQuest: Do you need both of the sister marketplaces? - https://searchspheresource.com/resources/compare/bizbuysell-vs-bizquest Choose BizBuySell as the primary: it has the volume, the traffic, and the alerts, and it is where most brokers post first. Add BizQuest as a free secondary alert rather than an alternative; the inventory mostly duplicates, and the occasional exclusive listing is the whole payoff. Figures from: BizBuySell https://searchspheresource.com/resources/bizbuysell, BizQuest https://searchspheresource.com/resources/bizquest - Axial vs BizBuySell: Pay at closing for curated flow, or work the open market free? - https://searchspheresource.com/resources/compare/axial-vs-bizbuysell Choose Axial when your box sits at the top of searcher scale or above it: the network runs $250K to $25M of EBITDA, so the bottom of its range is roughly where this site's floor starts and the rest is bigger than a first acquisition. Buyer access costs nothing until a deal closes, and then a tiered success fee applies to anything first sourced there, which is a real cost to underwrite rather than a subscription to cancel. Choose BizBuySell when you are buying at main-street size, which is most first searches: it is the largest US marketplace by a distance, browsing and contacting is free, and the sold-business comps and quarterly reports are worth the visit on their own. The cost is that everyone else sees the same listings on the same morning, so speed and a clean pass matter more here than anywhere else. Figures from: Axial https://searchspheresource.com/resources/axial, BizBuySell https://searchspheresource.com/resources/bizbuysell - Sunbelt Business Brokers vs Transworld Business Advisors: Which broker network should anchor your local sourcing? - https://searchspheresource.com/resources/compare/sunbelt-vs-transworld Choose Sunbelt where its office in your metro is strong: the deepest main-street inventory and the most brokers, with quality that rides on the local franchise. Choose Transworld when its local office out-hustles Sunbelt's, and work both when coverage matters; the office, not the brand, decides this one. Figures from: Sunbelt Business Brokers https://searchspheresource.com/resources/sunbelt-business-brokers, Transworld Business Advisors https://searchspheresource.com/resources/transworld-business-advisors - Baton Market vs Rejigg: Verified financials or owner-direct access, and who pays for it? - https://searchspheresource.com/resources/compare/baton-vs-rejigg Choose Baton for a data room on every listing: one platform NDA opens first-party financials and owner interviews, it costs a buyer nothing, and the tradeoff is a smaller book of more serious sellers plus a sell-side duty on any deal it fully engages. Choose Rejigg to reach owners with no broker in the middle, in the roughly one-to-four-million range its published closings cluster in, accepting that buyers pay a monthly subscription and a success fee when their deal closes, on its own FAQ, and that the platform does not disclose its scale. Figures from: Baton Market https://searchspheresource.com/resources/baton, Rejigg https://searchspheresource.com/resources/rejigg - BizScout vs DealStream: Which listing marketplace is worth paying for when you are hunting your first acquisition? - https://searchspheresource.com/resources/compare/bizscout-vs-dealstream Choose BizScout when you want the search itself organized: aggregated inventory with map search and scoring, matching that learns your criteria, and a pipeline with documents and calculators in the same place, which beats running a multi-broker search out of a spreadsheet and an inbox. Three things to hold onto, and the price is the first. Pro went from $83 a month to $199 in seven weeks, so budget from the page rather than from any figure you were quoted before. It launched in 2026, so its inventory claims have little outside verification yet. And it is affiliated with a media company, which means the marketplace is also a funnel and its curation incentives are not published. Choose DealStream when you want one more inventory source rather than a workspace, especially for odd-lot categories the mainstream boards carry thinly: three decades of operation, a genuinely broad mix spanning businesses, franchises, real estate and financial assets, and a membership fee rather than a success fee, so its incentives are simple. Two limits decide it. Its plans page publishes a free tier that browses all 22,000-plus opportunities and a Pro tier at $40 a month for full contact access, though the front door serves a bot check to anything that is not a browser. And the breadth cuts both ways, since listing quality varies widely and a good deal of what is listed is not a business. Figures from: BizScout https://searchspheresource.com/resources/bizscout, DealStream https://searchspheresource.com/resources/dealstream - FE International vs Quiet Light: Which advisor-led shop for online-business deal flow? - https://searchspheresource.com/resources/compare/fe-international-vs-quiet-light Choose FE International for process polish and its canonical valuation methodology, accepting that much of its flow now prices above first-acquisition budgets. Choose Quiet Light for founder-experienced advisors and listings that stay closer to searcher size; watch both, since the overlap is smaller than the category suggests. Figures from: FE International https://searchspheresource.com/resources/fe-international, Quiet Light https://searchspheresource.com/resources/quiet-light - Kumo vs BizBuySell: Is a paid aggregator worth it when the largest marketplace is free to browse? - https://searchspheresource.com/resources/compare/kumo-vs-bizbuysell Choose Kumo when checking a dozen sites by hand is the actual bottleneck: one deduplicated feed across thousands of brokerages with saved searches and alerts, at $89 a month for Pro and $149 for the tier that adds AI analysis and SDE normalization. Two things to hold. The free tier only shows listings already 30 days old, which is useless on anything competitive, so the real comparison starts at the paid price. And Pro is up from roughly $30 a month before a repricing, so budget from the page rather than from a figure you read in a roundup. Choose BizBuySell first, because it costs nothing and it is where brokers post: the widest on-market view of $500k to $5M businesses, free search, free saved-search alerts, free inquiries. Starting here costs nothing but time, which is the thing an aggregator sells you back. What you accept is minimal vetting, inflated earnings claims and stale listings you screen out yourself, clean deals drawing dozens of inquiries within days, and inventory that thins fast above roughly $1M of cash flow. Figures from: Kumo https://searchspheresource.com/resources/kumo, BizBuySell https://searchspheresource.com/resources/bizbuysell - Kumo vs BizNexus: Which on-market deal aggregator should power your search? - https://searchspheresource.com/resources/compare/kumo-vs-biznexus Choose Kumo for self-serve breadth: transparent pricing, a genuine free tier, and the widest practical coverage for browsing on your own cadence. Choose BizNexus if you want screened deal flow plus off-market origination bundled behind a sales process, and you're financing-ready enough to justify it. Figures from: Kumo https://searchspheresource.com/resources/kumo, BizNexus https://searchspheresource.com/resources/biznexus - BizNexus vs Grata: Pay someone to originate off-market deals, or buy the data and do it yourself? - https://searchspheresource.com/resources/compare/biznexus-vs-grata Choose BizNexus to outsource the origination: vetted broker listings, private submissions and pre-CIM teasers alongside OmniSource, a paid service that runs mandate-driven outreach for you, with buyer-broker matching in the same place. Three caveats, and the first is the reason to go in with your eyes open. No tier has a dollar figure anywhere on the site, and the tiered page that once described a success-fee component is gone, so the model itself has to be asked for. It has also moved upmarket toward funds and family offices, so an early self-funded searcher may not clear the qualification. Independent reviews are close to nonexistent. Choose Grata to own the machinery instead of the outcome: a searchable database of 21M-plus private companies with contacts and CRM sync, where you build the lists, write the outreach and keep everything you learn. It suits a funded searcher with a niche thesis and a five-figure data line. Neither of these publishes a price, so compare them on model rather than on cost: one bills for a service on terms it no longer publishes, the other for a seat, and the vendor's own referral examples imply $20,000 to $30,000. Grata is also mid-integration under new ownership, so what you demo may be repackaged inside a one-year term. Figures from: BizNexus https://searchspheresource.com/resources/biznexus, Grata https://searchspheresource.com/resources/grata - Grata vs Hunter: Buy the off-market database, or assemble the outreach stack yourself? - https://searchspheresource.com/resources/compare/grata-vs-hunter-io Choose Grata when somebody else is paying and the thesis is narrow enough to need real search. Website-keyword and similar-company search finds the niche businesses a code-based list misses, and the contacts sit in the same tool as the list. The price is not published and its own referral page works its examples at $20,000 and $30,000, which is a third or more of a self-funded search budget, and its estimates are weakest at exactly Main Street size. This is a tool for a funded search or a sponsor-backed one. Choose Hunter when you already know which companies you want and the missing piece is the owner's address. It publishes what a search costs to the unit: 50 credits a month free, $49 for 2,000, and one credit is one email found while verification is half. That is a costed campaign before you pay anything, and the free tier is enough to learn whether a niche's owners are findable at all. What it will not do is tell you which company to write to, which is the half the database was selling, so the stack only wins where the list comes from somewhere else. Figures from: Grata https://searchspheresource.com/resources/grata, Hunter https://searchspheresource.com/resources/hunter-io - Grata vs SourceScrub: Which private-company data platform for proprietary sourcing? - https://searchspheresource.com/resources/compare/grata-vs-sourcescrub Choose Grata for AI-driven discovery across private companies if you can stomach demo-gated pricing, and negotiate. Choose SourceScrub when list quality from curated sources matters most, with the same enterprise-pricing caveat. Figures from: Grata https://searchspheresource.com/resources/grata, SourceScrub https://searchspheresource.com/resources/sourcescrub - Grata vs BizBuySell: Buy a private-company database and run outreach, or work the on-market listings? - https://searchspheresource.com/resources/compare/grata-vs-bizbuysell Choose Grata when your thesis is a definable niche and someone else is paying for the data: 21M-plus private companies with revenue estimates, website-keyword search, verified executive contacts and CRM integrations, which is the machinery proprietary outreach actually needs. Three things decide it against you if you are self-funded. Pricing is quote-only and the vendor's own referral examples use $20,000 and $30,000 contract values. Accuracy is the top user complaint, so you verify in a spreadsheet anyway. And coverage is thinnest on low-web-presence $500k to $5M businesses, which is precisely the universe an SBA buyer is hunting. Work BizBuySell first if you are buying in the range this site is written around, because free beats five figures when the free one covers your target universe better: the widest on-market view of main-street businesses, and the brokers who list them. Outreach is still worth running alongside it, just not necessarily on purchased data. The limits are the ones every on-market buyer accepts, that listings are barely vetted and the good ones are swarmed within days, plus the one that matters strategically here, that everyone else can see the same listing you are looking at. Figures from: Grata https://searchspheresource.com/resources/grata, BizBuySell https://searchspheresource.com/resources/bizbuysell - Franchise Business Review vs FranNet: How should you evaluate a franchise, on data or with a guide? - https://searchspheresource.com/resources/compare/franchise-business-review-vs-frannet Choose Franchise Business Review when you want franchisee satisfaction data rather than a franchisor's pitch, and read a brand's absence as a brand that declined to be surveyed rather than as a verdict. Choose FranNet for structured local guidance at no charge to you, going in clear-eyed about the incentive: the consultant is paid by the franchisor on a placement, from a roster of brands that pay to be on it. Figures from: Franchise Business Review https://searchspheresource.com/resources/franchise-business-review, FranNet https://searchspheresource.com/resources/frannet - Pipedrive (as a search CRM) vs HubSpot CRM: Which CRM should run your deal pipeline? - https://searchspheresource.com/resources/compare/pipedrive-vs-hubspot-crm Choose Pipedrive if you want the pipeline itself front and center: the kanban board is the product, and paying a little buys an interface built around moving deals through stages. Choose HubSpot when the budget is zero and the need is basic: contacts, one pipeline, email logging, and reminders free for a solo search, with searchers on record switching to it and staying. Figures from: Pipedrive (as a search CRM) https://searchspheresource.com/resources/pipedrive, HubSpot CRM https://searchspheresource.com/resources/hubspot-crm - Affinity vs Pipedrive (as a search CRM): Is relationship intelligence worth institutional money on a search? - https://searchspheresource.com/resources/compare/affinity-vs-pipedrive Choose Affinity if a funded team is running proprietary outreach at volume: it captures every touchpoint from email and calendar without data entry and surfaces who already knows the person, which is what the per-seat price buys and what a solo searcher gets a fraction of. Choose Pipedrive if you are one person who wants a visual pipeline and follow-up reminders for a rounding error of the same budget, accepting that you design every acquisition stage yourself because none of it is built for deals. Figures from: Affinity https://searchspheresource.com/resources/affinity, Pipedrive (as a search CRM) https://searchspheresource.com/resources/pipedrive - DealStats (BVR) vs GCF PeerComps: Which comps database should support your multiple? - https://searchspheresource.com/resources/compare/dealstats-vs-gcf-peercomps Choose DealStats when the deal is large or unusual enough to justify professional depth: a database searched across 200-plus data points, with a $529 day pass for a single engagement and an Essential tier at $1,499 a year on its own page. Choose PeerComps to sanity-check an asking price before an LOI: every comp is a closed SBA-financed deal with lender-verified financials, and a $99 one-time search answers the only question most screens are asking. Figures from: DealStats (BVR) https://searchspheresource.com/resources/dealstats, GCF PeerComps https://searchspheresource.com/resources/gcf-peercomps - DealOrb vs Kumo: One subscription or two for finding deals and screening them? - https://searchspheresource.com/resources/compare/dealorb-vs-kumo Choose DealOrb when the screening is the job and you already have your own sources: $49 a month at the entry tier for 25 document reads and 25 active deals, $79 for unlimited, a browser extension that pulls financials straight off BizBuySell and BizQuest listings, and AI reads of the documents a broker sends. It is the newer and less proven of the two. The domain was registered in late 2025, every claim and price on it is the vendor's own, and the off-market sourcing it advertises went live in 2026 as agentic sourcing in every tier, with no outside record yet of what it finds. Choose Kumo's Ultimate tier when you want one bill instead of two: $149 a month buys the deduplicated feed across thousands of brokerages and bundles AI deal analysis, SDE normalization and stress-test scenarios on top of it. Read that number against DealOrb's $79 plus whatever you were going to pay for coverage, because the two products overlap more than the category names suggest. What Kumo does not have is a listing-page extension, so a buyer who lives inside the marketplaces themselves loses the piece that makes DealOrb quick. Figures from: DealOrb https://searchspheresource.com/resources/dealorb, Kumo https://searchspheresource.com/resources/kumo - DealOrb vs DEALPRINT: Which AI deal-analysis tool fits where your deal actually is? - https://searchspheresource.com/resources/compare/dealorb-vs-dealprint Choose DealOrb for the screening stage: published individual pricing from $49 a month, marketplace extraction, and AI CIM reads across many candidates, accepting a brand-new vendor whose claims are its own. Choose DEALPRINT once you are under LOI with a data room to digest: it returns red flags, document requests, and prioritized questions, but pricing is quote-only and it structures diligence rather than replacing a QoE. Figures from: DealOrb https://searchspheresource.com/resources/dealorb, DEALPRINT https://searchspheresource.com/resources/dealprint - DealOrb vs Devaland: Screen every listing cheaply, or pay for one deal to be read properly? - https://searchspheresource.com/resources/compare/dealorb-vs-devaland Choose DealOrb when the volume is the problem. $49 a month covers 25 document reads and 25 active deals, $79 makes both unlimited, and the browser extension pulls financials off BizBuySell and BizQuest listings while you are still browsing them, which is where most of a searcher's reading actually happens. It is a habit rather than an engagement, and it is the shallower read of the two: screening across many candidates, from a vendor whose domain was registered in late 2025 and whose claims are all its own. Choose Devaland when one deal has earned a proper reading and you do not want a subscription to get it. A single memorandum runs $99 as a one-time pass, and the monthly tiers start at $249 for three deals and $590 for eight, with further deals at $99 each. What comes back is a screening memo with citations, a map of the places the documents contradict each other, and the questions those contradictions raise. Two things to weigh: uploading a seller's books is a custody decision and the site names no security certification, and software can only read what is in the room, so the contradiction it finds is still a question you have to put to the seller yourself. Figures from: DealOrb https://searchspheresource.com/resources/dealorb, Devaland https://searchspheresource.com/resources/devaland - BizBuySell vs MidStreet: Selling: list it yourself, or hand it to a broker? - https://searchspheresource.com/resources/compare/bizbuysell-vs-midstreet Choose BizBuySell when you are prepared to run your own sale. A six-month seller listing is $74.95 a month at Basic, $99.95 at Showcase and $199.95 at Diamond, on the largest US business-for-sale marketplace, and that is the whole bill: no commission, no tail, no listing agreement. What it does not buy is a process. Its own row's caution about the buyer side is the seller's problem in a mirror: listings get minimal vetting, so yours sits beside inflated numbers and stale entries, and every inquiry you get is one you have to qualify, chase and negotiate yourself while running the business you are trying to sell. Choose MidStreet when you want the sale run for you and you can accept what that costs. It publishes the fee, which is rare enough on this shelf to be the reason it is here: a Double Lehman success fee, 10% of the first $1M then 8%, 6%, 4% and 2% above $5M, paid at close with no upfront retainer or listing fee, on a typical 12-month listing term with a 24-month tail. On a $1M sale that is a hundred thousand dollars for buyer screening, positioning, a managed process and somebody else absorbing the twenty conversations that go nowhere. Read the tail clause before you sign, and note the geography: it works the Carolinas and the Southeast, so outside that footprint the choice is a broker in your market and this is the fee schedule to hold theirs against. Figures from: BizBuySell https://searchspheresource.com/resources/bizbuysell, MidStreet https://searchspheresource.com/resources/midstreet - MidStreet vs Raincatcher: Which brokerage is worth a buyer's time, and for what? - https://searchspheresource.com/resources/compare/midstreet-vs-raincatcher Choose MidStreet if you are working the Carolinas and the Southeast, or if you want the seller's side explained: its free library is the most useful thing here for a buyer, since the firm represents sellers rather than you. Choose Raincatcher for a national book, expecting to register before you can open a listing: its home page carries revenue and earnings for each business it represents, and you will get on the phone before you learn what a seller pays. Figures from: MidStreet https://searchspheresource.com/resources/midstreet, Raincatcher https://searchspheresource.com/resources/raincatcher - Benchmark International vs OffDeal: Which sell-side firm suits the size of the business, and whose side is it on? - https://searchspheresource.com/resources/compare/benchmark-international-vs-offdeal Choose Benchmark International for reach and a long record: over a hundred closings a year across three continents, with structured auctions that reward a prepared buyer and pressure a first-timer, and engagement and success fees that are not published anywhere. Choose OffDeal if the business sits in the five-million-plus revenue band and the seller wants an auction run against a matched buyer list with no retainer and no upfront fee, on a success fee it does not publish, accepting a shorter track record than the firms it competes with. Figures from: Benchmark International https://searchspheresource.com/resources/benchmark-international, OffDeal https://searchspheresource.com/resources/offdeal - Calder Capital vs Benchmark International: Whose side is the banker on, yours or the seller's? - https://searchspheresource.com/resources/compare/calder-capital-vs-benchmark-international Choose Calder Capital when you want a bank working YOUR side of the table, and read the buy-side work fee it now publishes as the real cost: $5,000 or $7,500 a month over a six-month engagement, credited against the success fee, which is $30,000 to $45,000 spent before any deal exists. Choose Benchmark International as a source of prepared, represented deals to build a pipeline around, remembering it is sell-side only, so its structured auctions reward the buyer who moves fast and bids clean. Figures from: Calder Capital https://searchspheresource.com/resources/calder-capital, Benchmark International https://searchspheresource.com/resources/benchmark-international - Woodbridge International vs Generational Group: Whose represented deal flow is worth being in when you are financing with an SBA loan? - https://searchspheresource.com/resources/compare/woodbridge-international-vs-generational-group Woodbridge suits a buyer who wants the problems on the table early and can move on a fixed clock: every sale runs a published 150-day timeline with the financial underwriting done in the first 30 days, so what you are bidding on is known sooner than in most processes. Read the clock as the cost. It draws an average of 20 bids a deal, which means you lose most auctions you enter, and the timeline is built for the seller, so an extension because your lender is slow is not part of the design. That is the sentence to weigh if you are financing with a 7(a). Weigh the floor first: its own page asks for companies with annual revenues between $10 million and $150 million, which sits above the whole 7(a) range. Generational suits a buyer who would rather meet owners before the auction fever starts: the volume leader in middle-market sell-side work, with owners arriving through its exit-planning conferences rather than through a process, and a buyer network it reports at over 20,000. Deal flow reaches at and below the middle market, which overlaps the top of a searcher's range more often than the pure middle-market shops. Two caveats. That education-to-engagement funnel draws real criticism for its selling pressure, and at 1,800 closings the attention any single deal gets varies. Neither firm publishes seller fees, and both are paid by the other side of your table. Figures from: Woodbridge International https://searchspheresource.com/resources/woodbridge-international, Generational Group https://searchspheresource.com/resources/generational-group - Live Oak Bank vs Byline Bank (Small Business Capital): Which searcher-dedicated SBA bank leads your term-sheet list? - https://searchspheresource.com/resources/compare/live-oak-bank-vs-byline-bank Choose Live Oak for scale and pattern recognition: the largest 7(a) dollars in the country, office hours for acquisition buyers in the $1M to $12M range, and combination structures that carry a purchase past the 7(a) cap. Choose Byline for the searcher-first posture: a dedicated self-funded-search page, quoted rate ranges, up to 90% financing, and published term-sheet and closing timelines you can hold them to. Figures from: Live Oak Bank https://searchspheresource.com/resources/live-oak-bank, Byline Bank (Small Business Capital) https://searchspheresource.com/resources/byline-bank - Huntington Bank (SBA lending) vs Live Oak Bank: Which of the biggest acquisition lenders fits your deal? - https://searchspheresource.com/resources/compare/huntington-bank-vs-live-oak-bank Choose Huntington for volume at main-street size: the most change-of-ownership loans in the country in FY2025, at an average nearer $800k, and a branch-led relationship if you are in its Midwest footprint. Choose Live Oak for the bigger deal: fewer loans but the most dollars, an average nearer $1.3M, buyer office hours for deals from $1M to $12M, and combination structures past the 7(a) ceiling. Figures from: Huntington Bank (SBA lending) https://searchspheresource.com/resources/huntington-bank, Live Oak Bank https://searchspheresource.com/resources/live-oak-bank - Live Oak Bank vs U.S. Bank (SBA lending): Specialist search-fund desk, or the cheap national generalist? - https://searchspheresource.com/resources/compare/live-oak-bank-vs-us-bank-sba Choose Live Oak when the deal or the buyer is nonstandard: office hours where a buyer brings a live deal before applying, combination financing past the 7(a) cap, and a remote process built for acquisitions rather than adapted to them. Choose U.S. Bank for a clean, branch-reachable deal where price is the lever: among the cheapest average rates in our acquisition file, a published pari passu tranche, and a top-five balance sheet, with the specialist's quote beside it costing you nothing. Figures from: Live Oak Bank https://searchspheresource.com/resources/live-oak-bank, U.S. Bank (SBA lending) https://searchspheresource.com/resources/us-bank - Huntington Bank (SBA lending) vs Wells Fargo (SBA lending): Which big bank belongs on an SBA acquisition shortlist? - https://searchspheresource.com/resources/compare/huntington-bank-vs-wells-fargo-sba Choose Huntington inside its nine-state footprint: the highest 7(a) loan count in the country for years running, branch relationships that know the program, and comfort with smaller loans. Choose Wells Fargo only if you already bank there commercially; the relationship history is the product, and a cold application is better spent on a specialist acquisition lender. Figures from: Huntington Bank (SBA lending) https://searchspheresource.com/resources/huntington-bank, Wells Fargo (SBA lending) https://searchspheresource.com/resources/wells-fargo-sba - First Financial Bank (SBA lending) vs United Midwest Savings Bank (SBA lending): The cheapest rates in four states, or the desk that knows your industry? - https://searchspheresource.com/resources/compare/first-financial-bank-vs-united-midwest Choose First Financial when the deal sits in its Arkansas and Mississippi footprint, or the Louisiana book it leads, and rate is the fight: the cheapest average rate in our league table, with the 10% injection floor already in writing. Choose United Midwest when you are buying a dental, veterinary, insurance, accounting, or funeral practice anywhere in the country: a desk that underwrites your trade all day beats a rate sheet nobody publishes, and its volume leads six states' top-fives in our file. Figures from: First Financial Bank (SBA lending) https://searchspheresource.com/resources/first-financial-bank, United Midwest Savings Bank (SBA lending) https://searchspheresource.com/resources/united-midwest - Live Oak Bank vs Plumas Bank (SBA lending): The search-fund specialist, or fixed rates in writing? - https://searchspheresource.com/resources/compare/live-oak-bank-vs-plumas-bank Choose Live Oak for a nonstandard deal or a searcher structure anywhere in the country: office hours that see acquisition structures every week, combination financing past the 7(a) cap sized to the deal rather than to a published ceiling, and a remote process built for acquisitions rather than adapted to them. Choose Plumas for a straightforward deal in its nine named western states: 15% down for acquisitions on ten-year fixed rates, terms known before the first call, and prequalification inside 48 to 72 hours, the rate certainty nearly every rival leaves variable. Figures from: Live Oak Bank https://searchspheresource.com/resources/live-oak-bank, Plumas Bank (SBA lending) https://searchspheresource.com/resources/plumas-bank - Open Bank (SBA lending) vs Hanmi Bank: Two LA community desks, one rate: the volume book or the big-check book? - https://searchspheresource.com/resources/compare/open-bank-vs-hanmi-bank Choose Open Bank when the deal is the size its own book runs at, near its California, Texas, Nevada, or Washington offices: its $1.85M average says big checks are its lane, the worked examples on its own page show the structures, and its rate average matches its twice-the-volume rival exactly. Choose Hanmi for a deal nearer its $864k average or in one of its nine states: twice the FY2025 volume at the size individual buyers actually pay, across a 619-loan six-year book, at the same 7.80% average our file prices both desks. Figures from: Open Bank (SBA lending) https://searchspheresource.com/resources/open-bank, Hanmi Bank https://searchspheresource.com/resources/hanmi-bank - Rockland Trust (SBA lending) vs Eastern Bank (SBA lending): Massachusetts's acquisition champion, or its volume crown? - https://searchspheresource.com/resources/compare/rockland-trust-vs-eastern-bank Choose Rockland Trust when the deal is the point: the state's deepest change-of-ownership book in our file, more acquisition loans at home than the national specialist, and a published program table that states the 504's 10% down figure rather than gesturing at flexibility. Choose Eastern for the region's most practiced SBA operation and the whole fee machine in writing: seventeen straight years as the state's top 7(a) lender by total count, with every spread and guarantee-fee tier published. Read the rate card as the program's ceiling and negotiate down from it; its acquisition book runs third in the state. Figures from: Rockland Trust (SBA lending) https://searchspheresource.com/resources/rockland-trust, Eastern Bank (SBA lending) https://searchspheresource.com/resources/eastern-bank - Stock Yards Bank & Trust (SBA lending) vs Community Trust Bank (SBA lending): Kentucky in writing, or Kentucky by relationship? - https://searchspheresource.com/resources/compare/stock-yards-bank-vs-community-trust-bank Choose Stock Yards for terms on paper and the state's deepest acquisition book: a 1904 Louisville charter that out-writes the national specialist at home, with no balloons and no prepayment penalty under fifteen years stated before anyone calls you back. Choose Community Trust east of the interstate: seventeen straight years as Kentucky's top-volume 7(a) community bank by SBA recognition, second in the state's acquisition table, and 81 offices across eastern Kentucky, southern West Virginia, and northeastern Tennessee where no other reviewed desk sits. Every number arrives by phone. Figures from: Stock Yards Bank & Trust (SBA lending) https://searchspheresource.com/resources/stock-yards-bank, Community Trust Bank (SBA lending) https://searchspheresource.com/resources/community-trust-bank - OakStar Bank (SBA lending) vs Midwest Regional Bank (SBA lending): Missouri's biggest book, or the desk for the harder file? - https://searchspheresource.com/resources/compare/oakstar-bank-vs-midwest-regional-bank Choose OakStar for the straightforward deal in its three states: Missouri's number one change-of-ownership book at nearly twice the next bank's count, a Preferred Lender with the SBA's highest level of independence, and approval that stays in the building. Bring your own numbers; the page publishes none. Choose Midwest Regional when your file has a wrinkle: it publishes the flexible-credit posture in writing, no excluded industries, projections considered, injection mitigable, and its out-of-state book proves it lends beyond its branches. The smaller Missouri count buys a desk built for the deal others decline. Figures from: OakStar Bank (SBA lending) https://searchspheresource.com/resources/oakstar-bank, Midwest Regional Bank (SBA lending) https://searchspheresource.com/resources/midwest-regional-bank - SBA Lender Match vs Pioneer Capital Advisory: Do you need a broker at all, or will the SBA's own matcher do? - https://searchspheresource.com/resources/compare/sba-lender-match-vs-pioneer-capital-advisory Choose SBA Lender Match to cast a free net beside a targeted list: it is the SBA's own referral tool, it reaches community lenders and CDFIs a searcher would never find alone, and interested lenders surface in about two business days. It asks nothing of you, which is the whole trade: no exclusivity, and no packaging or advocacy either, so you assemble the deal and make the case yourself, and lenders answer the profile rather than the nuance. Choose Pioneer when the deal needs packaging rather than distribution: an acquisition specialist assembles it and takes it to the desks whose credit boxes fit it, and on the SBA lane its own page says the fee comes from the lender at closing rather than from you. What it costs instead is exclusivity on the SBA deal, an engagement letter with no published length, so no parallel broker process, and lender-paid compensation means the incentive is to close inside its own network, which is inherent to the model rather than a flaw in it. Figures from: SBA Lender Match https://searchspheresource.com/resources/sba-lender-match, Pioneer Capital Advisory https://searchspheresource.com/resources/pioneer-capital-advisory - Pioneer Capital Advisory vs Live Oak Bank: Should a loan broker shop your SBA deal, or should you go straight to a lender? - https://searchspheresource.com/resources/compare/pioneer-capital-advisory-vs-live-oak-bank Choose a broker like Pioneer when you would otherwise be cold-calling banks: it packages the deal, matches it to lenders that fit, and carries it from LOI to closing, in the $500k to $5M range self-funded searchers borrow in. It is free to you, paid by the lender after closing, which is stated plainly on its own site. The cost is structural rather than financial. It asks for exclusivity on the SBA deal, with no length published, so you cannot run a parallel process, and it does not publish which lenders are in the network, so the shape of the shopping is something you take on trust. Go direct to a desk like Live Oak when your deal is the kind the biggest lender already wants: the top 7(a) lender by dollar volume, weekly office hours for buyers in the $1M to $12M range, loans to the $5M program cap and combination structures past it, plus free weekly office hours you can bring a live deal to before applying. Two caveats from its own row. The practice skews larger, averaging $1.32M on acquisition loans in FY2025, so a sub-$500k deal is not the sweet spot. And the bankers who built the search-fund reputation have left for other lenders, so judge the desk on its current volume rather than on the names. Figures from: Pioneer Capital Advisory https://searchspheresource.com/resources/pioneer-capital-advisory, Live Oak Bank https://searchspheresource.com/resources/live-oak-bank - Viso Business Capital vs Pioneer Capital Advisory: Which acquisition loan broker should shop your SBA deal? - https://searchspheresource.com/resources/compare/viso-business-capital-vs-pioneer-capital-advisory Choose Viso for the deepest lender-side pattern recognition in the niche and a multi-program shelf (7(a), 504, USDA) that reaches past the cap; average arranged loans run about $2M. Choose Pioneer for acquisition-only focus with published borrower economics (lender-paid, free to you) and searcher-community fluency on $500k-$5M deals. Figures from: Viso Business Capital https://searchspheresource.com/resources/viso-business-capital, Pioneer Capital Advisory https://searchspheresource.com/resources/pioneer-capital-advisory - Pioneer Capital Advisory vs ThinkSBA: Which SBA loan broker should package your deal? - https://searchspheresource.com/resources/compare/pioneer-capital-advisory-vs-thinksba Choose Pioneer for acquisition-only specialization and searcher-community fluency, accepting exclusivity on the SBA deal. Choose ThinkSBA for breadth (real estate components, partner buyouts) or as the competing quote that keeps everyone sharp. Figures from: Pioneer Capital Advisory https://searchspheresource.com/resources/pioneer-capital-advisory, ThinkSBA https://searchspheresource.com/resources/thinksba - LoanBud vs ThinkSBA: What can you learn about the financing before you call anybody? - https://searchspheresource.com/resources/compare/loanbud-vs-thinksba Choose LoanBud when the question is whether this particular listing can carry an SBA loan at all. Its review of the business runs before you get involved and the result rides on the BizBuySell listing itself, so the financing question is answered before the tour rather than three weeks into it. Read the limits, which its own page states: the badge is not a pre-approval, the lender still issues the approval, and your credit, experience and structure all still matter. The seller or the broker has to have submitted the listing, so a deal you find anywhere else arrives without it, and LoanBud publishes no fee, no rate and no statement of who pays it. Choose ThinkSBA when you want the price of the money before the conversation. It publishes indicative ranges, 6.75% to 11.75% on business loans and 5.50% to 9.25% on commercial real estate, and shops an application across a multi-bank network to make lenders compete, on acquisitions from $250k to $5M. It is the broader desk of the two, covering real-estate components, partner buyouts and franchises, which makes it less searcher-specialized than an acquisition-only broker. It does not disclose how it is paid either, so a rate range is what you get to compare on. Figures from: LoanBud https://searchspheresource.com/resources/loanbud, ThinkSBA https://searchspheresource.com/resources/thinksba - Pacific Lake Partners vs Futaleufu Partners: The biggest network or the most personal bench? - https://searchspheresource.com/resources/compare/pacific-lake-partners-vs-futaleufu-partners Choose Pacific Lake for the machine: the largest dedicated search investor, where hundreds of backed searchers become playbooks, peer intros, and pattern recognition you can draw on weekly. Choose Futaleufu for the seat next to you: a deliberately small fund whose operator-LPs sign up to mentor and join boards, from the man who wrote the model's original course material. Figures from: Pacific Lake Partners https://searchspheresource.com/resources/pacific-lake-partners, Futaleufu Partners https://searchspheresource.com/resources/futaleufu-partners - Pacific Lake Partners vs Miramar Equity Partners: Scale institution or family office on your cap table? - https://searchspheresource.com/resources/compare/pacific-lake-partners-vs-miramar-equity-partners Choose Pacific Lake for the machine built around the model: the largest dedicated search investor, with the playbooks, peer network, and pattern recognition that hundreds of backed searchers produce. Choose Miramar if the clock matters more than the brand: family-office capital with no fund cycle behind it, an ex-searcher team, and the patience that structure buys when year three gets hard. Figures from: Pacific Lake Partners https://searchspheresource.com/resources/pacific-lake-partners, Miramar Equity Partners https://searchspheresource.com/resources/miramar-equity-partners - Search Fund Partners vs TTCER Partners: Search-phase backer or acquisition-stage bench? - https://searchspheresource.com/resources/compare/search-fund-partners-vs-ttcer-partners Choose Search Fund Partners when you need the whole arc funded: the longest-tenured dedicated search investor buys search units as well as acquisition equity, so the same partner carries you from day one. Choose TTCER for the acquisition round itself: the operators behind Asurion bring board depth from 200-plus search-acquired businesses, but their published model starts when you have a deal, not a search budget. Figures from: Search Fund Partners https://searchspheresource.com/resources/search-fund-partners, TTCER Partners https://searchspheresource.com/resources/ttcer-partners - Relay Investments vs Housatonic Partners: A lead that publishes its terms, or one that publishes its record? - https://searchspheresource.com/resources/compare/relay-investments-vs-housatonic-partners Choose Relay when you want to know the ask before you pitch: it acts as lead in most searches it joins and publishes the two numbers that decide a raise, 15 to 25% of the search cap table and $1M to $3.5M aimed at the acquisition equity, across a portfolio of 60-plus backed companies. Mentorship and board involvement are stated parts of the model rather than add-ons. Two things come with a lead position. Traditional search economics apply, with the standard equity and governance trade, and one firm concentrates influence across both the search and the hold. Its selection criteria beyond the published ranges are not stated, so the ranges tell you the shape of the deal and not whether you fit it. Choose Housatonic when the record matters more than the ranges: investing in small companies since 1994, roughly $1.5B managed, 110-plus companies backed, and an average hold past seven years, which is the clock a buy-and-operate searcher actually runs on rather than a fund cycle. Recurring-revenue services are a long-running theme, so a thesis pointed that way lands better here than elsewhere, and its repeat-CEO record is its own reference check. What it will not give you is the comparison above. Terms and criteria are not published, the site resists automated verification, and a diversified firm means searchers share the desk with other strategies. Figures from: Relay Investments https://searchspheresource.com/resources/relay-investments, Housatonic Partners https://searchspheresource.com/resources/housatonic-partners - Brydon Group vs NextGen Growth Partners: Which salaried-search program fits how you work? - https://searchspheresource.com/resources/compare/brydon-group-vs-nextgen-growth-partners Choose Brydon for scale and structure: an annual cohort alongside dozens of peers, 46 acquisitions of track record, and $30M-plus of equity aimed behind each platform you would run. Choose NextGen to search inside a firm as an entrepreneur-in-residence: a smaller bench, a Chicago base, and a model where you lead the deal you find rather than joining a platform thesis. Figures from: Brydon Group https://searchspheresource.com/resources/brydon-group, NextGen Growth Partners https://searchspheresource.com/resources/nextgen-growth-partners - American Operator vs CapitalPad: Raise the gap on your own deal, or take a funded seat in theirs? - https://searchspheresource.com/resources/compare/mainshares-vs-capitalpad Choose American Operator if you would trade control for a funded path: it buys the business all-cash from its own balance sheet, holds 90% at close, and installs you as the salaried operator with 10% on day one and a route to majority. Two things decide it. The split, the salary and the timeline to majority are its terms and you negotiate inside them rather than setting them. And the product searchers knew this firm for, raising gap equity from its investor network for a deal you control, was discontinued with the rebrand, so it is not an answer to that question any more. Choose CapitalPad when the deal is already yours and the gap is the only thing missing: accredited investors co-invest deal by deal through a single vehicle, so you take one wire from one party, and sponsors pay nothing at any stage, no closing fee, no management fee and no promote to the platform. What you accept is that every raise is its own pitch to that room rather than a draw on a committed fund, so the timing runs on their appetite for your specific deal. Figures from: American Operator https://searchspheresource.com/resources/mainshares, CapitalPad https://searchspheresource.com/resources/capitalpad - Bedrock Quality of Earnings vs Midwest CPA: Which quality-of-earnings firm fits the deal you are actually on? - https://searchspheresource.com/resources/compare/bedrock-qoe-vs-midwest-cpa Choose Bedrock when the deal is small or the decision comes before the letter of intent: its express tier is $5,000 to $10,000 in five to seven business days for deals under $2 million, which is the only published pre-LOI product on this shelf besides a cheaper screening report elsewhere, and its standard band tops out where the other firm's begins. Both tiers are priced on its page, the scope is listed line by line, and it says what it excludes. It was founded in 2026, so ask who else has used it on a deal like yours. Choose Midwest CPA when you want the diligence and the bookkeeping from one firm that already knows the numbers: it works with buyers of $1 million to $5 million businesses and keeps the books afterwards, which shortens the first ninety days. Weigh two things against that. Its published band runs $12,000 to $23,000 and above, so the top is still a conversation, and the firm selling you the bookkeeping is the firm that just told you the earnings were real, which makes those two separate decisions rather than one. Figures from: Bedrock Quality of Earnings https://searchspheresource.com/resources/bedrock-qoe, Midwest CPA https://searchspheresource.com/resources/midwest-cpa - Centurica vs SMB Diligence: A specialist firm or a fixed-rate network? - https://searchspheresource.com/resources/compare/centurica-vs-smb-diligence Choose Centurica when the target is online or digitally native, which is the deal type it was built around and has stayed in since 2013, or when you want a cheap productized second opinion before spending real money: its shop prices a quick deal review under $200. The full engagement is quote-based, its volume claims are its own, and the site says little about who staffs a job today, so ask who is actually doing yours. Choose SMB Diligence when you need the financial review and the legal review together and the budget is a self-funded one: it quotes fixed rates it puts well below the market, with a lighter tier for buyers who can read their own numbers. Two things follow from the model. The professional on your deal comes from a network rather than one in-house team, so ask who, and the lighter tier trades depth for price, which is the wrong trade on a messy target. Figures from: Centurica https://searchspheresource.com/resources/centurica, SMB Diligence https://searchspheresource.com/resources/smb-diligence - Boulay vs Midwest CPA: Which firm should scope the deal, write the quality of earnings, and then keep the books? - https://searchspheresource.com/resources/compare/boulay-vs-midwest-cpa Choose Boulay when the tax structure is the part you are least sure of. Its search fund page names 338(h)(10), 336(e), F-reorganizations, Section 1202 and the stock versus asset choice, which is the analysis deciding what a purchase is worth after tax, and the arc runs from entity and payroll setup during the search through the opening balance sheet and the working capital true-up after closing, with the transaction advisory partners named individually. Two limits its own row records. Nothing is priced anywhere on the page, so every number arrives by phone. And every office is in Minnesota while the practice is described as reaching four regions, so ask who staffs your deal and where they sit. Choose Midwest CPA when you want the band before the call. Its pricing page states $12,000 to $23,000 and above for the quality-of-earnings analysis on a $1 million to $5 million deal, and $650 to $5,000 a month for the accounting afterwards, which is the opposite of a phone number. Two cautions travel with that. The band ends open at the top, so the number is still a conversation once the deal is bigger than the middle of it. And the bench is smaller than the national firms, with no published turnaround commitment, so ask about timing and about who covers the work when the principal is on another deal. Figures from: Boulay https://searchspheresource.com/resources/boulay, Midwest CPA https://searchspheresource.com/resources/midwest-cpa - Guardian Due Diligence vs Rapid Diligence: Which searcher-focused QoE shop gets your deal? - https://searchspheresource.com/resources/compare/guardian-vs-rapid-diligence Choose Guardian for pattern depth in searcher-sized deals and hands-on guidance through the whole diligence arc, quoted per deal. Choose Rapid Diligence when published pricing matters: a $16.5k full QoE, an $11.2k lite tier, and a $750 pre-LOI screen you can buy before committing to anything. Collect both quotes either way. Figures from: Guardian Due Diligence https://searchspheresource.com/resources/guardian-due-diligence, Rapid Diligence https://searchspheresource.com/resources/rapid-diligence - Rapid Diligence vs Devaland: Before the LOI, do you pay a firm to read the deal or software? - https://searchspheresource.com/resources/compare/rapid-diligence-vs-devaland Choose Rapid Diligence when you want a person's read and a path to the real thing. Its preliminary vetting report is $750 and it exists to kill a bad deal before you spend on diligence proper, from a firm whose full QoE is published at $16.5k and whose lighter version is $11.2k, so the screen and the report that follows come from one desk that already knows your deal. Two things to weigh, both from its own row: the volume and deal statistics on the site are the firm's own, and it sells bookkeeping and a fractional CFO afterwards, which is an incentive to stay in the relationship. Judge each service on its own. Choose Devaland when the memorandum is what you have and $99 is what the question is worth. A one-time pass reads a single information memorandum and returns a screening memo with citations, a map of where the documents contradict each other, and the questions those contradictions raise, with monthly tiers at $249 for three deals and $590 for eight if screening becomes the habit. Two limits its own row states: uploading a seller's books is a custody decision and the site names no security certification, and software can only read what is in the room, so the contradiction it finds is still a question you have to put to the seller. And it is not a quality of earnings: no lender accepts it, and a deal that survives this screen still needs the real thing. Figures from: Rapid Diligence https://searchspheresource.com/resources/rapid-diligence, Devaland https://searchspheresource.com/resources/devaland - Guardian Due Diligence vs DueDilio: One QoE shop, or a marketplace of providers? - https://searchspheresource.com/resources/compare/guardian-due-diligence-vs-duedilio Choose Guardian when you want a practice that lives in searcher-sized deals end-to-end and you value speed of pattern recognition over price shopping. Choose DueDilio when you want competing quotes and a menu (QoE, legal, tech diligence) matched to your deal's size rather than one firm's model. Figures from: Guardian Due Diligence https://searchspheresource.com/resources/guardian-due-diligence, DueDilio https://searchspheresource.com/resources/duedilio - SMB Law Group vs BakerHostetler (Search Funds Practice): Which kind of deal counsel does your acquisition actually need? - https://searchspheresource.com/resources/compare/smb-law-group-vs-bakerhostetler-search-funds Choose SMB Law Group when the deal is a main-street purchase and you want counsel that does nothing else: it runs a purpose-built track for sub-$1M deals rather than adapting large-firm habits down to them. Choose BakerHostetler when the size, the investor base, or the structure justifies institutional counsel, and you would rather scope the engagement tightly than have a small deal over-lawyered. Figures from: SMB Law Group https://searchspheresource.com/resources/smb-law-group, BakerHostetler (Search Funds Practice) https://searchspheresource.com/resources/bakerhostetler-search-funds - Holland & Knight (Search Funds Practice) vs SMB Law Group: Big-firm depth or a shop that does small deals all day? - https://searchspheresource.com/resources/compare/holland-knight-search-funds-vs-smb-law-group Choose Holland and Knight when the raise or the structure is the hard part: fund formation, investor-heavy terms, tax structuring, or anything cross-border rewards a large firm's bench, and large-firm rates are the price of that depth. Choose SMB Law Group when the deal is the hard part and it is a Main Street one: a firm doing small acquisitions all day brings habits sized to the purchase rather than big-firm M&A adapted down to it, with a dedicated lane for sub-million-dollar deals. Figures from: Holland & Knight (Search Funds Practice) https://searchspheresource.com/resources/holland-knight-search-funds, SMB Law Group https://searchspheresource.com/resources/smb-law-group - Barlow & Williams vs BakerHostetler (Search Funds Practice): A legal bill you can budget, or a bench deep enough for a complicated deal? - https://searchspheresource.com/resources/compare/barlow-williams-vs-bakerhostetler-search-funds Choose Barlow & Williams when the deal is a straightforward SBA acquisition and the legal number has to be known before diligence starts. It bills flat fee on almost every engagement, stated plainly on its own pages, and that changes how a buyer behaves: an hourly bill makes a first-timer ask fewer questions in the month they should be asking more. Two caveats its own pages do not answer. The flat figures are not published, so the widely cited $25,000 to $30,000 for a full SBA engagement is third-party coverage rather than the firm. And it was founded in 2021 with a small bench, so ask who covers your deal if your lawyer is in a closing that week. Choose BakerHostetler when the complexity is what you are buying counsel for rather than the closing: a fund formation with investors in it, a cross-border seller, an unusual structure, or a deal large enough that one missed provision costs more than a Main Street purchase spends on legal in total. Its attorneys describe well over $1 billion of acquisitions and exits, and the practice sits inside a firm with every specialism down the hall. It publishes no fee schedule and bills big-firm rates, so this comparison runs one way: you can budget one of these two before you start and not the other. Figures from: Barlow & Williams https://searchspheresource.com/resources/barlow-williams, BakerHostetler (Search Funds Practice) https://searchspheresource.com/resources/bakerhostetler-search-funds - First American Title (Commercial) vs Stewart Title (Commercial): Which national title underwriter for the property in your deal? - https://searchspheresource.com/resources/compare/first-american-vs-stewart Choose First American when you want the seat filled by the side that publishes its scale: fifty-plus years in commercial, a thousand-plus commercial team members, a hundred thousand transactions closed since 2023, and a claim it can service nearly any commercial transaction through its national network, including in states where it has no office. The digital platform and the explicit wire-fraud prevention services matter in the week the money moves. Two limits to hold: the premium is a state-filed rate you cannot shop on its site, and the closing experience is decided by the local office you draw, not the national brand. Choose Stewart when the transaction's complexity is the problem to solve: its commercial page leads with its underwriters and their appetite for complex, multi-site, and multi-state deals, which is the judgment seat a hairy closing actually needs. The comparison runs one way on evidence, since Stewart's page publishes positioning rather than counts, so you are choosing its underwriter-led pitch over First American's published scale. The same two limits apply, state-filed premiums and office-by-office service, so on either side interview the specific office before you commit the order. Figures from: First American Title (Commercial) https://searchspheresource.com/resources/first-american-title, Stewart Title (Commercial) https://searchspheresource.com/resources/stewart-title - Partner Engineering and Science vs AEI Consultants: Which Phase I firm for your deal, the lender-panel fixture or the open-book one? - https://searchspheresource.com/resources/compare/partner-esi-vs-aei-consultants Choose Partner when the lender is driving: its Phase I practice is a fixture of lender closing checklists, reports follow the current ASTM E1527-21 standard, and on many deals the bank will simply order from Partner's panel seat, which makes hiring your own copy a duplicated spend rather than a second opinion. That panel orientation is also the limit to hold: the firm is built for commercial real estate lenders, publishes no pricing or turnaround, and everything starts with a scoped quote, so on a small deal ask the lender first whether Partner is already in the file. Choose AEI when you want to understand the Phase I before paying for one: it works to the same E1527-21 standard, customizes to lender requirements, and it is the readable side of this pair, publishing the checklist and sample reports that show a first-time buyer what the engagement actually produces. Two limits decide it: the open checklist is content marketing, with pricing and turnaround still arriving only by quote, and its center of gravity is commercial real estate and agency lenders, so a small asset deal is its smallest work rather than its specialty. Figures from: Partner Engineering and Science https://searchspheresource.com/resources/partner-esi, AEI Consultants https://searchspheresource.com/resources/aei-consultants - Equipment Appraisal Services vs Hilco Valuation Services: Who appraises the machinery, a dedicated equipment shop or a global valuation name? - https://searchspheresource.com/resources/compare/equipment-appraisal-vs-hilco Choose Equipment Appraisal Services when the deal is one location with a machinery list: a dedicated equipment shop producing the USPAP-compliant report an SBA lender requires when machinery is a meaningful share of the collateral, working nationwide across all equipment types. Two things to verify before engaging: the homepage says accredited and certified without naming which accreditations, so have the engagement letter name the assigned appraiser's credentials, and pricing and turnaround are quote-only by phone, so get both in writing. Choose Hilco when the collateral is a large or multi-site fleet and the lender wants a national valuation firm's name on the appraisal: it is the valuation arm of Hilco Global, and the scale that comes with that is the point. The comparison runs one way on evidence, because Hilco's page publishes no counts, standards, turnaround, or pricing to weigh against the smaller shop, and its practice is built for asset-based lending and restructuring scale, which means a single-location Main Street deal may be small for it, in both attention and fee. Figures from: Equipment Appraisal Services https://searchspheresource.com/resources/equipment-appraisal-services, Hilco Valuation Services https://searchspheresource.com/resources/hilco-valuation-services - BRIC Personal Guarantee Insurance vs PGI America: Which personal-guarantee insurer should quote your policy? - https://searchspheresource.com/resources/compare/bric-vs-pgi-america Choose BRIC because it is the one you can buy: its own page offers cover on up to 80% of the guarantee, backed by an A (Excellent) AM Best-rated carrier, with limits up to $2.5M and coverage subject to underwriting. In a category this young, read the default definitions with counsel either way. Choose PGI America only as a name to watch: its own site says coverage is not yet available for US purchase, calls itself the pre-launch US sister brand of a Canadian insurer, and offers a waitlist with terms, states and loan types to be confirmed at launch. Nobody can quote it today. Figures from: BRIC Personal Guarantee Insurance https://searchspheresource.com/resources/bric-personal-guarantee-insurance, PGI America https://searchspheresource.com/resources/pgi-america - The First 90 Days (Michael Watkins) vs Traction / EOS (Gino Wickman): Which book does a new owner actually need first? - https://searchspheresource.com/resources/compare/the-first-90-days-vs-traction-eos Read The First 90 Days in the window it is named for, between wiring the money and feeling like the owner: diagnose what you have inherited, find early wins, and build credibility before you change anything. It was written for executives joining big companies, so it carries no seller handoff, no personal guarantee and no cash controls, and you will translate its frameworks down to a fifteen-person business yourself. Read Traction a few months later, once you know the business well enough to know what to measure: scorecards, a weekly meeting, quarterly priorities and a clear accountability chart, which is a rhythm hundreds of thousands of small companies run on. Two cautions from its own record. It is dogmatic by design and works best swallowed whole, which is heavy for eight people, and installing it in month one competes with the learning that should be filling month one. Figures from: The First 90 Days (Michael Watkins) https://searchspheresource.com/resources/the-first-90-days, Traction / EOS (Gino Wickman) https://searchspheresource.com/resources/traction-eos - Decimal vs Pilot: Which outsourced back office fits the business you just bought? - https://searchspheresource.com/resources/compare/decimal-vs-pilot Choose Decimal if you want the whole back office run for an established operating business, bill pay and payroll support and reporting bundled under one dedicated team, and you accept that the price is a quote rather than a published number. Choose Pilot if you want published pricing, accrual books closed monthly by a dedicated US bookkeeper, and fractional finance help you can add later, accepting a feature set built for growth-stage companies rather than blue-collar operations. Figures from: Decimal https://searchspheresource.com/resources/decimal, Pilot https://searchspheresource.com/resources/pilot - Pilot vs Bookkeeper360: Which outsourced back office for a newly acquired business? - https://searchspheresource.com/resources/compare/pilot-vs-bookkeeper360 Choose Pilot for accrual books and fractional CFO access when investor-grade financials matter most, accepting that it is built startup-first and prices the CFO tiers steeply. Choose Bookkeeper360 to run the whole back office (bookkeeping, payroll, and tax) from one vendor on the QuickBooks or Xero you already use, rather than adding a platform. Figures from: Pilot https://searchspheresource.com/resources/pilot, Bookkeeper360 https://searchspheresource.com/resources/bookkeeper360 - OnPay vs Aspen HR: Who runs payroll and benefits at the business you just bought, software or a PEO? - https://searchspheresource.com/resources/compare/onpay-vs-aspen-hr Choose OnPay when the company already has whatever cover it needs and what you want is payroll off your desk at a number you can see: $49 a month plus $6 per worker, with federal, state and local filings and the year-end W-2s and 1099s included rather than surcharged, across multiple states, alongside onboarding, PTO, benefits administration, a 401(k) and workers' compensation. Two limits its row names. It is payroll and HR only, so the bookkeeping and the business return still live with somebody else on this shelf. And the per-worker fee scales with headcount, which a labor-heavy trades business feels before a lean one does. Choose Aspen HR when the company has no HR function and a benefits renewal is coming, which is the case its own pages are written for. Payroll, benefits placement, workers' compensation and compliance arrive as one contract instead of three relationships in the first month of ownership, and a fifteen-person company gets pooled into plans it could not buy alone. Three things weigh against it. Nothing is priced, so you cannot size it before a call or hold it against another PEO without running both quotes. The administrative fee and the insurance cost are easy to conflate and worth asking to see separately. And the arrangement shares employer duties, which takes work to unwind and moves renewals as a block. Figures from: OnPay https://searchspheresource.com/resources/onpay, Aspen HR https://searchspheresource.com/resources/aspen-hr - Midwest CPA vs Bookkeeper360: Should the firm that checked the numbers be the firm that keeps them? - https://searchspheresource.com/resources/compare/midwest-cpa-vs-bookkeeper360 Choose Midwest CPA when continuity is worth more to you than a second pair of eyes. It writes the quality-of-earnings report and then keeps the books, so nobody has to be told in month one what diligence already found, and both halves carry a published band rather than a phone call: $12,000 to $23,000 and above for the analysis on a $1 million to $5 million deal, and $650 to $5,000 a month for the accounting. Two things travel with that. The band ends open at the top. And the firm sending you the monthly statements is the firm that told you the earnings were real, which its own row names as a conflict and which is easier to weigh before you sign than after. Choose Bookkeeper360 when you want the two jobs in two hands. It arrives with no view of the deal and no reason to defend a number it produced, on the QuickBooks Online or Xero the business already runs, and every figure is published: bookkeeping from $399 a month, payroll administration from $200, business tax from $1,000 a year, fractional CFO from $2,000. What it costs you is the handover. Somebody has to carry what diligence learned into the first close, and that somebody is you. The line items also stack quickly once bookkeeping, payroll, tax and advisory are all running. Figures from: Midwest CPA https://searchspheresource.com/resources/midwest-cpa, Bookkeeper360 https://searchspheresource.com/resources/bookkeeper360 - System Six vs Bookkeeper360: Who takes over the books the seller was keeping? - https://searchspheresource.com/resources/compare/system-six-vs-bookkeeper360 Choose System Six when the handoff itself is the problem. Its service page is written for the month after close: taking over books kept by the seller, closing them on a schedule, and producing statements a lender and an owner can both read, with bookkeeping, payroll and part-time CFO work coming from one firm. Its chief executive bought the firm through a self-funded search, so the failure it describes is one it has been through. Two things its row records. It publishes no pricing at all, so scope arrives by call. And the client count, transformation window and retention figure on that page are the firm's own, unaudited and undated. Choose Bookkeeper360 when you would rather see every number before committing to anything: bookkeeping from $399 a month, payroll administration from $200 a month, business tax from $1,000 a year and fractional CFO from $2,000 a month, run on the QuickBooks Online or Xero the business already uses rather than on a platform you have to move to. What you give up is the aim. It is built for small businesses in general rather than for a set of inherited books, and the cost stacks quickly once bookkeeping, payroll, tax and advisory are added together, which is the shape of it that surprises a new owner. Figures from: System Six https://searchspheresource.com/resources/system-six, Bookkeeper360 https://searchspheresource.com/resources/bookkeeper360 - Ravix Group vs System Six: Which firm should keep the books after you buy? - https://searchspheresource.com/resources/compare/ravix-group-vs-system-six Choose Ravix Group when the books are only the first thing you need. One firm covers bookkeeping, technical accounting, a controller, fractional CFO work, audit support and HR with payroll, so the seat can be resized as the business grows without changing vendor, and it publishes a page for search funds with a named case study of a search fund chief executive rather than leaving the fit to be inferred. Two things its row records. It publishes no pricing anywhere on its own site, so the engagement arrives as a quote. And its homepage centers nonprofits, venture-backed startups and scaling enterprises, so this reader is one named segment among several rather than the firm's center of gravity. Choose System Six when the handoff itself is the problem. Its service page is written for the month after close: taking over books the seller was keeping, closing them on a schedule, and producing statements a lender and an owner can both read, with bookkeeping, payroll and part-time CFO work from one firm. Its chief executive bought the firm through a self-funded search, so the failure it describes is one it has been through. Its row records the same pricing silence, and adds that the client count, transformation window and retention figure on its own page are the firm's own, unaudited and undated. Neither side publishes a rate card, so this comparison runs on model rather than on money. Figures from: Ravix Group https://searchspheresource.com/resources/ravix-group, System Six https://searchspheresource.com/resources/system-six - Northwest Bank vs Live Oak Bank: Which desk when the deal is bigger than the SBA cap? - https://searchspheresource.com/resources/compare/northwest-bank-vs-live-oak-bank Choose Northwest when you want a purchase size in writing: it publishes business purchases funded up to eight million, names seller participation as the way the structure is optimized, runs ten years on an acquisition and twenty-five on real estate, and finances goodwill. Read that eight million for what it is. The bank's own guaranteed loan stops at the five-million program cap like everybody else's, and the money above it is the seller's paper. The other limit is age: the desk was built in 2025 and 2026 by the bankers who ran the other side of this pair's search practice, so the people are proven and the desk is not. Choose Live Oak when you want the bank in the gap. It publishes a named program, SBA Combination Financing, which opens by naming the five-million limit and pairs a 7(a) with a conventional loan sized to the deal, plus a line of credit where one is wanted. That is the bank's own money above the cap rather than the seller's. What it will not give you is a number: the program states no total, so the size of the second piece is a conversation, and the nearest thing to a figure on the page is the price range it puts in front of its office hours. Figures from: Northwest Bank https://searchspheresource.com/resources/northwest-bank, Live Oak Bank https://searchspheresource.com/resources/live-oak-bank - Buy Then Build (Walker Deibel) vs HBR Guide to Buying a Small Business (Ruback & Yudkoff): Which acquisition book should you read first? - https://searchspheresource.com/resources/compare/buy-then-build-vs-hbr-guide Choose Buy Then Build for motivation and market fluency: it supplies the vocabulary and opportunity framing the community assumes, written by an operator who bought seven companies. Choose the HBR Guide for rigor: the HBS professors' checklist-driven path through valuation, financing math, and the search calendar, with judgment that outlasts its 2017 print date. The answer is both, in that order. Figures from: Buy Then Build (Walker Deibel) https://searchspheresource.com/resources/buy-then-build, HBR Guide to Buying a Small Business (Ruback & Yudkoff) https://searchspheresource.com/resources/hbr-guide-buying-small-business - Buy Then Build (Walker Deibel) vs The Sweaty Startup (book): Buy an existing business, or start a boring one from scratch? - https://searchspheresource.com/resources/compare/buy-then-build-vs-the-sweaty-startup Choose Buy Then Build if you have the capital or credit for an acquisition and want cash flow, customers, and employees from day one, accepting the debt that comes with them. Choose The Sweaty Startup if capital is thin and you would rather trade time for equity, building sales and operating muscle without a seven-figure loan; read both before either decision. Figures from: Buy Then Build (Walker Deibel) https://searchspheresource.com/resources/buy-then-build, The Sweaty Startup (book) https://searchspheresource.com/resources/the-sweaty-startup - The E-Myth Revisited (Michael E. Gerber) vs The Outsiders (Will Thorndike): Which owner's book fits where you are, before the close or after it? - https://searchspheresource.com/resources/compare/the-e-myth-revisited-vs-the-outsiders Read The E-Myth Revisited before you sign, because what it describes is the company you are about to buy: a business built by somebody good at the work rather than by somebody building a company, with the owner inside the job instead of above it. That is owner-dependence, which is the single condition deciding whether a small business is worth owning, and the documented-systems-and-defined-roles fix is the same frame a transition plan needs, so it reads as preparation rather than theory. It was written for someone starting a business, so there is no diligence, no financing and no seller handoff anywhere in it, and the parable format repeats itself enough to test anyone who wanted a manual. Read The Outsiders after the close, when the recurring decision is where the cash goes. It measures eight chief executives on one thing it names up front, the long-run return per share, and finds that what they shared was capital allocation, including buying back their own shares when nothing better was on offer. Eight self-contained chapters mean it works read one at a time while a search is still running. Every company in it is a public one far larger than anything a searcher buys, so the mechanics do not transfer and only the thinking does, and it has been unrevised since 2012, which is why nothing in it touches how a small acquisition is financed or priced today. Figures from: The E-Myth Revisited (Michael E. Gerber) https://searchspheresource.com/resources/the-e-myth-revisited, The Outsiders (Will Thorndike) https://searchspheresource.com/resources/the-outsiders - Acquiring Minds vs Acquisitions Anonymous: Which acquisition podcast deserves your commute? - https://searchspheresource.com/resources/compare/acquiring-minds-vs-acquisitions-anonymous Choose Acquiring Minds for depth on single stories (one buyer, one deal, the full arc), the best calibration for what ownership actually feels like. Choose Acquisitions Anonymous for deal-tear-down energy: real listings dissected live, which trains your screening eye faster than any checklist. Figures from: Acquiring Minds https://searchspheresource.com/resources/acquiring-minds, Acquisitions Anonymous https://searchspheresource.com/resources/acquisitions-anonymous - In The Trenches (Steve Divitkos) vs Think Like an Owner: Which operator podcast earns the post-close slot? - https://searchspheresource.com/resources/compare/in-the-trenches-vs-think-like-an-owner Choose In The Trenches for depth on the owner's chair itself: a former searcher CEO on decisions, boards, and the psychological load, at a deliberate twice-monthly pace. Choose Think Like an Owner for breadth and cadence: twice-weekly conversations across operators and investors, strongest when you want range rather than a single operator's lens. Figures from: In The Trenches (Steve Divitkos) https://searchspheresource.com/resources/in-the-trenches, Think Like an Owner https://searchspheresource.com/resources/think-like-an-owner - Acquiring Minds vs Owned and Operated: Which show teaches the half of the job you are actually on? - https://searchspheresource.com/resources/compare/acquiring-minds-vs-owned-and-operated Choose Acquiring Minds while you are still buying: hundreds of first-person acquisition stories calibrate what a deal and its aftermath feel like, and the caveat is survivorship, since guests are mostly people whose deals worked. Choose Owned and Operated once the trade is chosen: pricing, hiring, and service economics from someone running a home-services group at scale, with the caveat that advice tuned past ten million in revenue can overshoot a first acquisition. Figures from: Acquiring Minds https://searchspheresource.com/resources/acquiring-minds, Owned and Operated https://searchspheresource.com/resources/owned-and-operated - David C. Barnett (YouTube) vs UpFlip: Which free video library teaches the part you are missing? - https://searchspheresource.com/resources/compare/david-c-barnett-vs-upflip Watch David C. Barnett for deal mechanics: valuation, seller financing, broker behavior and why a listing is priced the way it is, from someone who has been explaining those for years. Two things to hold onto. It is one practitioner's strong opinions, so take it as a perspective rather than as consensus, and the library is organized loosely enough that finding the video you need is its own task. Watch UpFlip to calibrate an industry before you ever read a package: hundreds of owners walking through their revenue, margins and daily operations, which is the fastest way to learn what normal looks like in a trade. Two limits. The framing is about starting businesses more than buying them, so acquisition comes up occasionally rather than centrally, and the owners are selected and self-report their numbers, so treat every figure as a claim. Figures from: David C. Barnett (YouTube) https://searchspheresource.com/resources/david-c-barnett, UpFlip https://searchspheresource.com/resources/upflip - Searchfunder vs SMBash: Where does a searcher's community budget actually go? - https://searchspheresource.com/resources/compare/searchfunder-vs-smbash Choose Searchfunder when you want the year-round room: it is where searchers, investors, SBA lenders and brokers already are, and the membership bundles licensed industry research, transaction financials, and monthly contact credits for proprietary outreach, which is the part that does work rather than just company. Choose SMBash when the thing you are short of is people who will actually take your call: two-plus days in one room with self-funded searchers, operators, investors and providers buys relationships an online thread does not, and it is a once-a-year cost rather than a standing one. It is a supplement to a year-round community, not a replacement for it. Figures from: Searchfunder https://searchspheresource.com/resources/searchfunder, SMBash https://searchspheresource.com/resources/smbash - Booth-Kellogg ETA Conference vs Main Street Summit: Which gathering is worth the trip while you are still searching? - https://searchspheresource.com/resources/compare/booth-kellogg-eta-conference-vs-main-street-summit Choose the Booth and Kellogg conference if you are raising or still choosing a path: it is one day in Chicago with the highest density of capital providers and current searchers in the calendar, and the framing is academic and search-fund weighted. Choose Main Street Summit if you want operators rather than investors: three days in Missouri with company field trips and owner tracks, which serves a self-funded buyer and a new owner building a peer bench better than a capital room does. Figures from: Booth-Kellogg ETA Conference https://searchspheresource.com/resources/booth-kellogg-eta-conference, Main Street Summit https://searchspheresource.com/resources/main-street-summit - SCORE vs Small Business Development Centers (SBDC): Which free SBA resource partner should a searcher actually use? - https://searchspheresource.com/resources/compare/score-vs-sbdc Choose SCORE for an ongoing mentor relationship: a free sounding board with operating experience who holds you accountable through the search's long middle. Choose an SBDC when you need work product: projections, loan packaging, and market research from advisors who deal with SBA lenders every week. Many searchers sensibly use both. Figures from: SCORE https://searchspheresource.com/resources/score-mentoring, Small Business Development Centers (SBDC) https://searchspheresource.com/resources/americas-sbdc - Acquisition Lab vs Stanford Search Fund Primer: What does a paid program buy that the free canon does not? - https://searchspheresource.com/resources/compare/acquisition-lab-vs-stanford-search-fund-primer Pay for Acquisition Lab when the constraint is accountability rather than information: daily advisor hours, live deal reviews, and a vetted cohort are what the fee buys, and the Lab's own record concedes that much of its curriculum covers ground free books and podcasts already cover. Start with the Stanford primer, which is free behind a registration form and walks the traditional model end to end, and notice its limit before relying on it: it reads through an investor-backed lens, so SBA mechanics and personal guarantees get thin treatment. Figures from: Acquisition Lab https://searchspheresource.com/resources/acquisition-lab, Stanford Search Fund Primer https://searchspheresource.com/resources/stanford-search-fund-primer - Acquira vs Acquisition Lab: Which paid ETA accelerator earns its price for a first-time buyer? - https://searchspheresource.com/resources/compare/acquira-vs-acquisition-lab Choose Acquira if you are set on home services and want capital and a prescribed operating system attached to the training, and you have priced what its equity stake costs you at exit rather than only what the program costs at the start. Choose Acquisition Lab if you want a cash-only price with no equity attached, daily advisor access and deal reviews across any industry, and you can actually spend the hours a week its onboarding assumes. Figures from: Acquira https://searchspheresource.com/resources/acquira, Acquisition Lab https://searchspheresource.com/resources/acquisition-lab - Acquisition Lab vs SMBootcamp: Are you buying a curriculum or buying access to people? - https://searchspheresource.com/resources/compare/acquisition-lab-vs-smbootcamp Choose Acquisition Lab if the value you want is access: daily advisor hours, live deal reviews, and a vetted cohort at a published one-time price, on the understanding that much of the curriculum itself overlaps with books and podcasts you can read for nothing. Choose SMBootcamp if you want the taught version, a do-the-work course with templates and models plus an in-person cohort, and you accept that its alumni record is shorter than the longest-running programs and that the tiers are priced on its page: $447 for the self-paced course and $4,500 for the three-day in-person training. Figures from: Acquisition Lab https://searchspheresource.com/resources/acquisition-lab, SMBootcamp https://searchspheresource.com/resources/smbootcamp - Buy Then Build (Walker Deibel) vs Acquisition Lab: Do you read the book or pay for the program the same author runs? - https://searchspheresource.com/resources/compare/buy-then-build-vs-acquisition-lab Read the book if you are still deciding whether to buy a business at all. It is the on-ramp this field assumes you have read, and it hands over the vocabulary and the opportunity-profile frameworks that turn a vague ambition into a target you can screen against. It costs retail, which is close to nothing beside everything else here, and its paid extensions are a $99 recorded Q&A and a $1,500 self-study masterclass rather than a program you apply to. Two things its own record holds against it. It has been unrevised since 2018, so the multiples, the rates and the SBA rules inside it have all moved. And it doubles as the top of a funnel that ends at the Lab, so its encouraging framing has somewhere to send you. Pay for the Lab when you are committed, funded, and will actually turn up: $12,500 once for lifetime access, with daily advisor office hours and live deal reviews, which members name as the reason to pay rather than the curriculum. Its own pages are unusually direct about who should not, and they name the book. Weigh three things against it. Much of the curriculum overlaps material that is free, so what you are buying is access, accountability and feedback on your own deals. It asks seven to ten hours a week, which is heavy beside a day job. And since the 2026 rebrand it also runs a fund, a residency with capital behind it, and paid post-close services, which puts it on several sides of a member's deal. Figures from: Buy Then Build (Walker Deibel) https://searchspheresource.com/resources/buy-then-build, Acquisition Lab https://searchspheresource.com/resources/acquisition-lab - Acquisition Lab vs Contrarian Thinking: Which paid education path fits a serious buyer? - https://searchspheresource.com/resources/compare/acquisition-lab-vs-contrarian-thinking Choose Acquisition Lab for a structured cohort built specifically around buying one good company: vetted peers, deal reviews, and accountability aimed at a close. Choose Contrarian Thinking's free tier for motivation and vocabulary, and treat its paid community as a lifestyle-audience purchase; if you are writing a five-figure check to get a deal done, the cohort model is the sharper instrument. Figures from: Acquisition Lab https://searchspheresource.com/resources/acquisition-lab, Contrarian Thinking https://searchspheresource.com/resources/contrarian-thinking - SMB Deal Hunter vs Big Deal Small Business: Which newsletter, deal flow or an operator's account? - https://searchspheresource.com/resources/compare/smb-deal-hunter-vs-big-deal-small-business Choose SMB Deal Hunter to calibrate on volume: several issues a week of curated listings with screening commentary, remembering that everything in it reaches a very large list at once and gets crowded fast. Choose Big Deal Small Business to hear what ownership is like years after close, written from one operator's own numbers in one trade, which is its value and also the limit of how far it generalises. Figures from: SMB Deal Hunter https://searchspheresource.com/resources/smb-deal-hunter, Big Deal Small Business https://searchspheresource.com/resources/big-deal-small-business - The Business Inquirer vs EBIT Community: Which free weekly belongs in your inbox first? - https://searchspheresource.com/resources/compare/the-business-inquirer-vs-ebit-community Take The Business Inquirer if you want to stay current on the conversation in about ten minutes a week: it curates the articles, the community threads worth reading, the events, and the tools, which is the fastest way to stop living on the forums. Two things to know. It is one person's lens, so the coverage follows the curator's interests, and the summaries point outward, so anything you actually need still costs a click. Take EBIT Community if you want listings in your inbox rather than reading: it digests searcher-sized deals in the $1M to $5M band each week and pairs them with financing content kept current against this year's rates and the government lending file. It is the younger publication and has nowhere near the archive, and its paid tier publishes no price at all, so the free edition is the part you can actually judge. Figures from: The Business Inquirer https://searchspheresource.com/resources/the-business-inquirer, EBIT Community https://searchspheresource.com/resources/ebit-community - MidStreet vs OffDeal: Which one will represent a business your size, and on what fee? - https://searchspheresource.com/resources/compare/midstreet-vs-offdeal Choose MidStreet if the business runs between $1M and $25M of revenue, and especially if it sits in the Carolinas or the Southeast. Its fee is a published Double Lehman, 10% of the first $1M then 8%, 6%, 4% and 2% above $5M, paid at close with no retainer and no listing fee. Two things to weigh. It works a regional footprint, so a seller outside it gets the content rather than the network, and it represents sellers, so on a live deal its duty is to the other side of the table from a buyer. Choose OffDeal if revenue is $5M or more and you want a national process rather than a regional one. It publishes no fee figure, only that there are no upfront fees, retainers or hidden costs, and both the initial valuation and the buyer matching are free, with the auction run against its own matching rather than a local rolodex. Two things to weigh. Below $5M of revenue it is not the firm, which is the case for most Main Street businesses, and it is young, funded by a $12M Series A in 2026, so the track record is shorter than the promises. Figures from: MidStreet https://searchspheresource.com/resources/midstreet, OffDeal https://searchspheresource.com/resources/offdeal - Murphy Business Sales vs Raincatcher: Which brokerage lets a buyer see the numbers without signing anything? - https://searchspheresource.com/resources/compare/murphy-business-vs-raincatcher Choose Murphy Business to work a book yourself: its listing search returns an asking price and a seller's discretionary earnings figure for every business, with no NDA and no account before you see them, and the NDA sits on the listing you pick. Choose Raincatcher if its size band suits you and you will register: the home page publishes revenue and earnings for each business it represents, and the listing page itself opens only after a buyer login. Figures from: Murphy Business Sales https://searchspheresource.com/resources/murphy-business, Raincatcher https://searchspheresource.com/resources/raincatcher - Buy Scale Sell (valuation and diligence) vs Guardian Due Diligence: A fixed-price report, or the shop that lives in deals this size? - https://searchspheresource.com/resources/compare/buy-scale-sell-vs-guardian-due-diligence Choose Buy Scale Sell when you want the bill before the conversation: a quality of earnings report at $4,500, a valuation report at $1,499 and a diligence bundle at $9,500, each priced on its own page. What a list price cannot cover is a messy set of books, which its own row names as the case a fixed product handles least well. Choose Guardian when the deal size is the whole practice: a quality of earnings shop whose front door names $1M to $10M purchase prices, publishing exact tiers at $20k for the light version, $25k for the full report and $40k with founder hours. Read the caveat beside those numbers. They hold under $2 million of purchase price, and a larger deal is quoted higher without the page saying how much. Figures from: Buy Scale Sell (valuation and diligence) https://searchspheresource.com/resources/buy-scale-sell, Guardian Due Diligence https://searchspheresource.com/resources/guardian-due-diligence - Beacon Bank & Trust (44 Business Capital) vs U.S. Bank (SBA lending): How much will a bank put up above the SBA cap? - https://searchspheresource.com/resources/compare/beacon-bank-44-business-capital-vs-us-bank Choose 44 Business Capital when you want the whole structure in one sentence: for loans over $5M it may pair an SBA 7(a) with a conventional loan of up to $5M, which it publishes as up to $10M in total. It also says it asks for no loan covenants, which is unusual on this shelf, and it works a defined northeastern footprint with a top-five position in eight states. What it does not publish is a rate, a fee or a timeline. Choose U.S. Bank when price is the lever and a branch can reach you: its own product table carries a 7(a) at $5M and an additional $2M of direct funding named as a pari passu loan, and its book is among the cheapest of the twenty most active acquisition lenders in the federal file. The total is smaller and the process is branch-led rather than a remote specialist desk, so the trade is reach and pricing against a bigger published ceiling. Figures from: Beacon Bank & Trust (44 Business Capital) https://searchspheresource.com/resources/beacon-bank-44-business-capital, U.S. Bank (SBA lending) https://searchspheresource.com/resources/us-bank - Route Consultant vs National Pool Route Sales: Which kind of route business should you buy? - https://searchspheresource.com/resources/compare/route-consultant-vs-national-pool-route-sales Choose the logistics route when you want a contract behind the revenue and are willing to own the counterparty risk that comes with it. Listings are free to browse and filter by price band and by SBA eligibility, so the financing question is answered before the tour, and the training ladder runs from a free intro to $8,500 masterclasses. Read the trade the way its own row does: a single contract counterparty sets your terms, and no marketplace can diversify that for you. Choose the pool route when you want recurring residential billing and no staff, brand or premises in the deal. Its FAQ prices routes at 10 to 12 times monthly recurring billing and about 14 in high-demand markets, closings run through escrow, and a 90-day account-replacement guarantee plus seller-led training are standard rather than negotiated. The trade is churn: you are buying an account list with goodwill, and its own brokerage fee and who pays it are not published. Figures from: Route Consultant https://searchspheresource.com/resources/route-consultant, National Pool Route Sales https://searchspheresource.com/resources/national-pool-route-sales - Inzo Technologies vs Rapid Diligence: Systems or numbers: which diligence does this deal need? - https://searchspheresource.com/resources/compare/inzo-technologies-vs-rapid-diligence Choose the systems read when what you are buying runs on software, licenses and backups nobody has inventoried. A managed IT firm reads what the company actually operates on, which is the asset class a buyer inherits with no schedule attached to it, and it is the read a quality of earnings cannot make. Two things to hold in mind: nothing is published on price, so the engagement is quoted after a scoping call, and the same firm scoping the risk sells the remediation, which is worth naming out loud before you start. Choose the numbers when the deal turns on whether the earnings are real, which is most deals. It publishes what almost nobody does: a full quality of earnings from $16.5k, a lighter one from $11.2k, and a $750 pre-LOI vetting report that can kill a bad deal before diligence money is spent, on a three to four week standard turnaround. The trade is depth: a tech-enabled process is a fit question for messy books that need forensic work, and its post-close services create an incentive to stay in the relationship. Figures from: Inzo Technologies https://searchspheresource.com/resources/inzo-technologies, Rapid Diligence https://searchspheresource.com/resources/rapid-diligence - More Staffing vs System Six: Hire the seat or outsource the work after close? - https://searchspheresource.com/resources/compare/more-staffing-vs-system-six Choose the hire when the work is ongoing, varied and yours to direct, and when a full-time seat at US pay is what you are trying to avoid. It is $1,000 a month per hire for recruiting, onboarding, coaching and replacement cover, with the person's own salary billed on top, and the roles it fills are operations, bookkeeping, assistant and support. Read two limits first: the savings arithmetic on its own site assumes remote pay near a quarter of a comparable US salary, and talent comes from one country, so a role needing US hours or a US license is out of scope. Choose the firm when the errand is the month after close specifically: taking over books the seller kept, closing them on a schedule, and producing statements a lender and an owner can both read. That is a defined job with a finish line, and it needs no managing. The comparison runs one way on price, because this side publishes none and is scoped after a call, which is normal for bookkeeping priced on transaction volume and the state of the books you inherited. Its name also recurs as podcast advertising, which is not a buyer's account of using it. Figures from: More Staffing https://searchspheresource.com/resources/more-staffing, System Six https://searchspheresource.com/resources/system-six - RocketReach vs Hunter: Which contact finder for writing to owners who have not listed? - https://searchspheresource.com/resources/compare/rocketreach-vs-hunter-io Choose RocketReach when you already hold the company list and need the person: a name or a LinkedIn profile becomes a verified email and, from the Pro tier at $75 a month billed annually, a mobile number, with a lookup refunded when nothing verifies. Two things to weigh. Phone numbers start at Pro, so the $33 Essentials tier is email only, and exports are the real annual meter, capped at 1,200 on the entry tier. Choose Hunter when you are starting from domains rather than names: it turns a company's website into the addresses behind it, prices the unit as one credit per email found and half per verification, and its Starter tier at $34 a month carries 2,000 credits, with a free 50 a month to test on. What it will not do is find a phone number, which is the call a gatekeeper will not put through. Figures from: RocketReach https://searchspheresource.com/resources/rocketreach, Hunter https://searchspheresource.com/resources/hunter-io - Apollo.io vs Grata: Which company database for a proprietary search, paid for by whom? - https://searchspheresource.com/resources/compare/apollo-io-vs-grata Choose Apollo when you are paying for the data yourself: a free seat with 900 credits a year to test whether a niche's owners are reachable, then $49 a seat a month billed annually with the sender, warmup and dialer in the same seat, on a credit meter where an email costs one and a phone number eight. Two things to weigh. It is a B2B professionals database, thin on owner-operators with no LinkedIn footprint, and its own pricing page disagrees with itself on the monthly Basic price. Choose Grata when someone else is paying and the thesis is a definable niche: 21M-plus private companies with revenue estimates, website-keyword search and verified executive contacts, on quote-only annual contracts whose own referral examples use $20,000 and $30,000. Its critics on Searchfunder name Apollo as the cheaper stack that delivers most of the value, which is the comparison this page exists to make. Figures from: Apollo.io https://searchspheresource.com/resources/apollo-io, Grata https://searchspheresource.com/resources/grata ## Resources (232 reviewed resources) Across the 232: 28 free, 12 freemium, 16 subscription, 22 one-time, 19 success fee, 135 custom pricing. Free to use: Acquiring Minds, David C. Barnett (YouTube), SMB Law Group 2026 LOI Template, Stanford Search Fund Primer, Acquisitions Anonymous, Stanford Search Fund Study (2026), In The Trenches (Steve Divitkos), Benchmark International, Big Deal Small Business, BizQuest, Chenmark Weekly Thoughts, FranNet, Georgia Association of Business Brokers, IBBA, IESE International Search Fund Center, New England Business Brokers Association, Owned and Operated, Permanent Equity (Free Library), SBA Lender Match, SCORE, Search Fund Fellows, Small Business Development Centers (SBDC), Sunbelt Business Brokers, Texas Association of Business Brokers, The Business Inquirer, Think Like an Owner, Transworld Business Advisors, Veterans Business Outreach Centers (VBOC). ### Communities & Networks - https://searchspheresource.com/resources/category/community - Searchfunder (Subscription) - https://searchspheresource.com/resources/searchfunder: A membership-based online community for the search fund / ETA world where searchers, investors, SBA lenders, brokers, and service providers network, post deals, and ask questions. Membership also bundles licensed research, 15,000+ IBISWorld industry reports, ~50,000 transaction financials/multiples, plus monthly company-contact credits for proprietary outreach and an events/internship board. Verdict: Join it: it's the town square of the search world and effectively free if you post monthly. Treat it as a network plus research library, not a deal pipeline, and filter the service-provider noise accordingly. - Booth-Kellogg ETA Conference (One-Time) - https://searchspheresource.com/resources/booth-kellogg-eta-conference: The largest annual ETA conference in the country: 900-plus searchers, investors, MBA students, and operators in Chicago each fall, hosted by the ETA Group at Chicago Booth, the Polsky Center, and Kellogg's entrepreneurship initiative, with panels spanning funding, searching, and operating. Verdict: If you attend one ETA event a year, this is the one: the density of investors, searchers, and operators in a single Chicago day is unmatched. - Main Street Summit (One-Time) - https://searchspheresource.com/resources/main-street-summit: A three-day festival-style gathering in Columbia, Missouri for owners, operators, and investors in $5M to $50M-plus revenue businesses: 1,200-plus attendees across industry tracks, main-stage sessions, and field-trip visits to real operating companies. Verdict: The operator room the ETA calendar was missing; take the Main Stage pass first and upgrade next year if the peer bench proves out. - SCORE (Free) - https://searchspheresource.com/resources/score-mentoring: A nonprofit SBA resource partner running free one-on-one business mentoring through a network of more than 10,000 volunteer mentors across 300-plus chapters, by video, phone, or in person, plus free and low-cost workshops; mentoring explicitly covers buying or selling a business. Verdict: Take the free mentor and ask specifically for one who has owned a business; the price is right and the accountability is real, but keep your deal team professional. - Search Fund Fellows (Free) - https://searchspheresource.com/resources/search-fund-fellows: The talent side of the ecosystem: a job board dedicated to buy-side search internships, where active searchers and ETA investors post sourcing, modeling, and diligence roles and hire student interns through a purpose-built applicant tracker at no cost to the searcher. Verdict: If outreach volume is the constraint, an intern from here is the highest-leverage hire a search budget can make. - SMBash (One-Time) - https://searchspheresource.com/resources/smbash: An annual national summit for the small-business acquisition community, built around self-funded searchers and operators: two-plus days of keynotes, panels, and breakouts on sourcing, financing, and operating, held in the Dallas-Fort Worth area with searchers, operators, investors, and service providers in one room. Verdict: Worth it in the year you are actively raising or closing, when the room converts to term sheets and partners; early-stage browsers get most of the content value from the recordings without the airfare. - Women's Search Network (Custom Pricing) - https://searchspheresource.com/resources/womens-search-network: A community for women across the whole searcher arc, from exploring the path through active searching to leading a search-acquired company: peer cohorts, webinars, in-person gatherings at industry conferences, and an annual CEO retreat. Verdict: If you are a woman considering or running a search, join early: the cohort structure works best from the deciding stage, not after the LOI. ### Deal Aggregators - https://searchspheresource.com/resources/category/aggregator - Kumo (Freemium) - https://searchspheresource.com/resources/kumo: Aggregates on-market business-for-sale listings from thousands of brokerages and marketplaces into one deduplicated feed with saved searches and alerts. The Ultimate tier bundles AI deal analysis (DealScreen.ai), SDE normalization, and stress-test scenarios on top of the feed. Verdict: The default on-market aggregator for a reason: start free, then upgrade when alert speed starts costing you deals. - BizNexus (Custom Pricing) - https://searchspheresource.com/resources/biznexus: Deal-flow platform for lower-middle-market M&A that combines a vetted marketplace of broker listings, private submissions, and pre-CIM teasers with a paid off-market origination service (OmniSource) and buyer-broker matching. Buyers apply for membership; both sides are screened before getting access. Re-read August 2026: the front page now leads on AI-native infrastructure and on mandate-driven origination run for the buyer, rather than on the marketplace, so the self-serve half has moved further behind the service. Verdict: A legitimate, still-active deal-flow aggregator that has drifted upmarket and behind a sales process. Worth a demo if you're financing-ready and want off-market origination bundled with marketplace access, but self-funded searchers wanting transparent pricing and self-serve browsing should start elsewhere. ### Listing Marketplaces - https://searchspheresource.com/resources/category/marketplace - BizBuySell (Freemium) - https://searchspheresource.com/resources/bizbuysell: The largest US online business-for-sale marketplace (CoStar-owned, ~65,000 listings a year, mostly main-street and lower-middle-market), where buyers search listings and contact sellers or brokers for free. It also publishes sold-business comps, paid valuation reports, and free quarterly Insight Reports on transaction volume and multiples. Verdict: Set up free saved searches here on day one: it is the deepest on-market pool of SBA-size deals and costs buyers nothing. Treat listed financials as unverified marketing, expect competition on anything clean, and plan to supplement it once you target above ~$1M SDE. - Axial (Success Fee) - https://searchspheresource.com/resources/axial: A private deal network where sell-side M&A advisors and brokers list lower-middle-market companies (roughly $2.5M–$250M revenue, $250K–$25M EBITDA) and approved buyers get algorithm-matched deal flow, with 10,000+ deals going to market annually. Buyer access is free; Axial charges buyers a tiered success fee at closing on any deal first sourced through the platform. Verdict: Since access is now free, joining costs nothing and the broker relationships alone can justify it. But treat the 5/4/3/2/1 success fee ($50K on a $1M deal, $150K on $5M) as a hard toll: it makes Axial best for searchers pursuing $1M+ EBITDA advisor-listed deals, not the classic sub-$1M SDE self-funded search. - Baton Market (Freemium) - https://searchspheresource.com/resources/baton: A small-business marketplace built around verified deals: a one-time platform NDA opens every listing data room of first-party financials and owner interviews, and it gives owners a free, M&A-reviewed valuation to price with. Verdict: A strong browse for buyers who value verified financials over listing volume; check it alongside the big marketplaces. - BizQuest (Free) - https://searchspheresource.com/resources/bizquest: A long-running business-for-sale marketplace that is now a sister site of BizBuySell under the same corporate owner, with broker listings across main-street categories; inventory overlaps heavily with BizBuySell because brokers commonly cross-list on both. Verdict: Set the alert and forget it: the cost is zero and the occasional unique listing is the entire payoff. - BizScout (Custom Pricing) - https://searchspheresource.com/resources/bizscout: A 2026-launched acquisition marketplace affiliated with Contrarian Thinking: map-based search over what it describes as 20,000-plus listings, AI matching and quality scoring, off-market inventory, and a DealOS dashboard bundling pipeline tracking, documents, and deal calculators. Verdict: Worth a look if the aggregator you already use feels stale, but make it prove freshness against Kumo before paying for anything. - DealStream (Subscription) - https://searchspheresource.com/resources/dealstream: The oldest online business-for-sale marketplace (founded 1995 as MergerNetwork, renamed 2018): a membership platform spanning businesses, franchises, real estate, and financial assets, with claimed reach of 620,000-plus members across 200 countries. Verdict: Worth a free look for supplemental deal flow in odd-lot categories, but unpublished pricing and thin community signal keep it out of the first rank of marketplaces. - FE International (Success Fee) - https://searchspheresource.com/resources/fe-international: A technology M&A advisory founded in 2010 that built its name brokering SaaS, e-commerce, and content businesses. It runs advisor-led sale processes with browsable buyer listings, cites over 1,500 completed transactions, and has moved progressively upmarket toward middle-market deals while publishing some of the category's most-referenced valuation methodology. Verdict: Watch its listings even if most price above your range: the preparation quality teaches you what good looks like, and the valuation guides are homework worth doing before any online acquisition. - Quiet Light (Success Fee) - https://searchspheresource.com/resources/quiet-light: An advisor-led brokerage for online businesses (ecommerce, SaaS, content, Amazon) whose advisors are former founders and acquirers; listings come with detailed interview-based packages, and the firm handles mid six to eight figure exits. Verdict: The advisor-led counterpart to Empire Flippers; talk to both if you are selling an online business, and expect deeper listing packages when you are buying. - Rejigg (Custom Pricing) - https://searchspheresource.com/resources/rejigg: A direct marketplace connecting owners of small businesses with vetted buyers, positioned explicitly as a no-broker channel: owners list anonymized profiles free with no commission, buyers sign NDAs and pay for access, and conversations run directly between principals. Verdict: Worth the demo if owner-direct deal flow fits your process; the seller-free model is genuinely differentiated, and the unknowns are scale and your access cost. - Route Consultant (Freemium) - https://searchspheresource.com/resources/route-consultant: The route-business specialist: listings, brokerage, consulting, and training for FedEx Ground and last-mile logistics businesses, with a listings search filterable by price band and SBA eligibility and published training tiers from a free intro course to $8,500 masterclasses. Verdict: If routes are the thesis, start here; if routes are one option among many, the free tier tells you whether the niche deserves more. - Sunbelt Business Brokers (Free) - https://searchspheresource.com/resources/sunbelt-business-brokers: The largest business-brokerage network, with roughly 250 franchised offices and over a thousand brokers coordinating thousands of main-street transactions a year; its site aggregates the network's listings, which the company describes as 10,000 or more at any time, mostly under $5M in revenue. Its upper-market practice, True North M&A (spun out of the Minneapolis office in 2021), takes sell-side engagements above roughly $2M EBITDA, which is where a searcher-size seller graduates out of the main-street network. Verdict: Treat it as a relationship channel rather than a website: introduce yourself to the two or three offices covering your geography and thesis, and let their brokers learn you are real. - Transworld Business Advisors (Free) - https://searchspheresource.com/resources/transworld-business-advisors: One of the largest business-brokerage franchises, with hundreds of US offices (452 franchised locations per its 2025 franchise disclosure) and a listings site spanning main-street and lower-middle-market businesses; the company cites more than 10,000 businesses sold since 1979. Verdict: Work it the same way as Sunbelt: pick the offices that cover your market, meet the brokers, and judge each on responsiveness with your first real inquiry. ### Off-Market Data & Outreach - https://searchspheresource.com/resources/category/offmarket-data - Apollo.io (Freemium) - https://searchspheresource.com/resources/apollo-io: A contact and company database with sequences, warmup and a dialer in one seat, sold per seat with a credit meter where an email costs one credit and a phone number eight. A searcher uses the filters, including a Google Maps business search, to build a list of owners in a niche and writes to them from the same tool, and the free seat is enough to learn whether a niche's owners are reachable before paying. Verdict: The one seat that holds a database and a sender, with a free tier honest enough to test a niche on. Read its own page's two contradictions before budgeting, and expect its database to thin out exactly where Main Street lives. - Grata (Custom Pricing) - https://searchspheresource.com/resources/grata: Searchable database of 21M-plus private companies with revenue/employee estimates, website-keyword search, and verified executive contacts, used to build off-market target lists, assemble comparable sets and market maps, and run outreach with CRM integrations. Owned by Datasite since June 2025, which is merging competitor Sourcescrub's data into the platform. Verdict: The best off-market company data for thesis-driven sourcing if someone else is paying its ~$20k+ sales-quoted contracts. Most self-funded searchers under $5M get better ROI from a cheap DIY stack; Grata's estimates and contacts are weakest at exactly Main Street size. - Hunter (Subscription) - https://searchspheresource.com/resources/hunter-io: Finds and verifies the work email addresses behind a company domain, and sends sequences from the same tool. A searcher who has a list of target companies but no way to reach their owners uses it to turn domains into named contacts: Domain Search returns the addresses on a domain, Email Finder guesses and checks one person's, and the Email Verifier says whether an address will bounce before a campaign burns a sending domain. Verdict: The cheapest honest way to turn a list of target companies into owner email addresses, with the price and the unit both published. It is a sales tool, not an acquisition tool: it will not tell you which company to write to. - Instantly.ai (Subscription) - https://searchspheresource.com/resources/instantly-ai: Sends cold email campaigns at volume and keeps the sending domains healthy while doing it: unlimited mailboxes on every tier, automated warmup, sequences, and a B2B lead database bundled into the credit plans. For a searcher writing to owners who have not listed, it is the sending half of proprietary outreach rather than the finding half. Verdict: The sending half of proprietary outreach at a price a self-funded search can carry. Judge it on deliverability, not on its database, and remember that every message goes to somebody's life's work. - RocketReach (Subscription) - https://searchspheresource.com/resources/rocketreach: Looks up a named person's verified email addresses and phone numbers, from a name and company or a LinkedIn profile, across a database it sizes at 700 million professionals, and sends sequences from the same tool. A searcher holding a company list from a state filing or a library database feeds the owners' names in to get the address and the mobile number to write and call. Verdict: The finding half of proprietary outreach, priced and metered on its own page. Bring the list; it supplies the person, and cross-check what it returns before you write. - SourceScrub (Custom Pricing) - https://searchspheresource.com/resources/sourcescrub: A private-company database and deal-sourcing platform that indexes 17M+ companies from 290,000+ sources (conference rosters, industry lists, awards, associations) with contact data, list building, custom scoring, and CRM sync. Built for PE firms, investment banks, and corporate-development teams to find and track off-market targets. Verdict: A PE-grade sourcing database now being absorbed into Grata after Datasite's August 2025 acquisition. Funded searchers with tech theses may still extract value via group discounts, but self-funded searchers buying sub-$2M EBITDA Main Street businesses should skip it: the price, the coverage, and now the product roadmap all point elsewhere. ### AI Deal Analysis - https://searchspheresource.com/resources/category/ai-analysis - DealOrb (Subscription) - https://searchspheresource.com/resources/dealorb: AI-native entrant (launched late 2025) combining on-market deal aggregation, a Chrome extension that auto-extracts financials from BizBuySell/BizQuest listings, with AI-powered CIM analysis. Verdict: The AI-native option in this category and cheap enough to trial; brand-new, so treat its vendor-reported traction with caution and confirm it fits your workflow before you rely on it. - DEALPRINT (Custom Pricing) - https://searchspheresource.com/resources/dealprint: An AI diligence workspace aimed at lower-middle-market buyers. Documents are uploaded from a data room or email in any format, and the platform returns a red-flags report naming material risks, a valuation view, a custom document request list, and prioritized follow-up questions ranked by deal impact. Its diligence categories cover the failure modes a small acquisition actually turns on, including owner dependency, licensing risk, tax exposure, and customer concentration. It also coordinates advisors, lenders, and diligence providers on a deal. Verdict: A credible AI first pass over a data room, aimed squarely at the lower middle market rather than at billion-dollar funds. Gated pricing and a 2025 founding mean you are trialing an unproven product, so use it to sharpen a diligence list, not to replace a quality-of-earnings review. - Devaland (Subscription) - https://searchspheresource.com/resources/devaland: Software that reads a deal's documents and returns a screening memo with citations, a map of the places the documents contradict each other, and a pack of questions to put to management. Verdict: Try the single-deal pass before the subscription, and decide the custody question first. ### CRM & Pipeline - https://searchspheresource.com/resources/category/crm - Pipedrive (as a search CRM) (Subscription) - https://searchspheresource.com/resources/pipedrive: A visual kanban sales CRM that searchers commonly adapt for acquisition pipelines: columns become your stages (sourced → contacted → NDA → CIM → LOI → diligence), with reminders and email sync keeping weekly outreach honest. Verdict: Any kanban CRM works; this is the common default. The weekly discipline matters far more than the tool. - Affinity (Subscription) - https://searchspheresource.com/resources/affinity: A relationship-intelligence CRM built for deal-driven firms: it reads your team's email and calendar automatically, so every owner, broker, and investor touchpoint is captured without data entry, and it can tell you who in your network already knows the person you are trying to reach. Verdict: The right tool for a funded team and the wrong bill for a solo search. If your investors use it, the shared workflow alone can justify a seat; otherwise start free and revisit when there is a team. - HubSpot CRM (Freemium) - https://searchspheresource.com/resources/hubspot-crm: A general-purpose CRM whose free tier covers what a solo search actually needs: contacts, a deal pipeline with custom stages, email logging, and reminders, for up to two users and a thousand contacts before anything costs money. Searchers run proprietary outreach through it and track brokered deals in the same pipeline. Verdict: The right default when the spreadsheet stops scaling and the budget is zero. Rename the stages, turn on reminders, and spend the savings on diligence. ### Education & Programs - https://searchspheresource.com/resources/category/education - Stanford Search Fund Primer (Free) - https://searchspheresource.com/resources/stanford-search-fund-primer: Stanford GSB's free, FAQ-style practical guide to the search fund model, written for prospective searchers and the investors who back them. Verdict: The right first 90 minutes if the investor-backed path is on your list. - Stanford Search Fund Study (2026) (Free) - https://searchspheresource.com/resources/stanford-search-fund-study-2026: Stanford GSB's biennial study of traditional search funds, 862 funds formed in the US and Canada since 1984, with data through December 31, 2025, covering formation trends, outcomes, and aggregate returns (33.9% IRR, 4.75x ROIC). Verdict: Read it to understand traditional-search economics, just know it says nothing about self-funded search. - Acquira (Custom Pricing) - https://searchspheresource.com/resources/acquira: An acquisition accelerator focused on home-services businesses that combines training with co-investment. Reviews describe a flagship program reported around $75,000 through LOI (more with legal and closing services), conditional refund terms, and the firm taking a meaningful minority equity stake (reported near 19%) in deals it backs. Verdict: Price it as what it is, capital plus coaching sold together: if you would not sell 19% of your company for the capital alone, be very sure the coaching closes the gap, and read the community threads first. - Acquisition Lab (One-Time) - https://searchspheresource.com/resources/acquisition-lab: A paid, application-vetted membership program for business buyers founded by "Buy Then Build" author Walker Deibel, combining a structured onboarding curriculum, daily advisor office hours, live deal reviews, 80+ templates, 500+ broker mailing lists, and a private Slack community. Since a March 2026 "Acquisition Lab 2.0" rebrand it also houses a capital arm (dedicated fund plus an EIR program with $500k–$1M pre-committed capital) and separate paid post-close operations services. Verdict: The most credible brand-name accelerator for committed self-funded SBA searchers; the daily advisor access and live deal reviews are what you're really buying. At $12,500 one-time with no financing, self-directed learners should start with the $20 book and free communities and join only if they want paid accountability and deal feedback. - Contrarian Thinking (Freemium) - https://searchspheresource.com/resources/contrarian-thinking: The financial-media company built by Codie Sanchez around buying cash-flowing small businesses: a free newsletter the company says reaches over 550,000 readers, the Main Street Millionaire book and event, the BigDeal podcast, and paid courses and community tiers. Verdict: Read the free content and the book, keep your wallet closed until you have a thesis, and buy structured help (if ever) by comparing the community tier against Acquisition Lab and a good buy-side attorney retainer. - IESE International Search Fund Center (Free) - https://searchspheresource.com/resources/iese-search-fund-center: The international counterpart to Stanford's search-fund research: IESE Business School's center tracks search funds outside the US and Canada, publishes a free biennial study (2024 edition: 320 international funds, aggregate 2.0x ROI and 18.1% IRR), and hosts the biennial International Search Fund Conference in Barcelona. Verdict: The essential second dataset: read it alongside the Stanford study before deciding what the search-fund model does and does not promise. - Permanent Equity (Free Library) (Free) - https://searchspheresource.com/resources/permanent-equity: The free library from Brent Beshore's 30-year-hold private equity firm: annual letters, essays, podcasts, and operating guidance from a team that buys $3M to $25M free-cash-flow family companies and wrote The Messy Marketplace. Verdict: The best free reading on ownership temperament in the space; pair the letters with the operationally minded podcasts and skim with the firm's larger deal size in mind. - Small Business Development Centers (SBDC) (Free) - https://searchspheresource.com/resources/americas-sbdc: The SBA's largest resource partner network: nearly 1,000 centers hosted by universities and state agencies providing free, confidential business advising and low-cost training, including help with business plans, funding packages, market research, and buying or valuing a business. Verdict: Use your local center for projections and loan-package help at exactly the price a bootstrapped search can afford; it will not replace a QoE or an attorney, and it is not trying to. - SMBootcamp (One-Time) - https://searchspheresource.com/resources/smbootcamp: Acquisition-entrepreneurship training taught by operators and dealmakers who have closed over $500M in SMB deals, from a self-paced DIY course with templates and models to a cohort-based three-day in-person bootcamp. Verdict: A practical, operator-taught option for first-time buyers who learn by doing; weigh the live cohort against the free education first. - Veterans Business Outreach Centers (VBOC) (Free) - https://searchspheresource.com/resources/veterans-business-outreach-centers: The SBA's veteran-focused resource partner: 31 centers providing free business consulting and free or low-cost training to veterans, service members, and military spouses, including one-on-one counseling, the Boots to Business course, and referrals into the SBA lender and program network. Verdict: If you served or your spouse did, start here before paying anyone: the counseling is free and the program navigation alone can be worth real money at closing. ### Books - https://searchspheresource.com/resources/category/book - Buy Then Build (Walker Deibel) (One-Time) - https://searchspheresource.com/resources/buy-then-build: The 2018 WSJ-bestselling book that argues for buying an existing profitable business instead of founding a startup, and walks a first-time buyer through self-assessment, target definition, search, valuation basics, SBA financing, and transition. The brand also sells a $99 recorded-Q&A mini-course and a $1,500 self-study Masterclass, and feeds into the author's separate Acquisition Lab accelerator. Verdict: Still the right first read before committing to a search. Treat its ROI math as motivation rather than underwriting, expect nothing current on post-2023 SBA rules, and know the book is also the top of the author's Acquisition Lab funnel. - HBR Guide to Buying a Small Business (Ruback & Yudkoff) (One-Time) - https://searchspheresource.com/resources/hbr-guide-buying-small-business: The Harvard Business School guide to buying and running a small company, written by the professors behind HBS's entrepreneurship-through-acquisition course: a step-by-step path through deciding, searching, valuing, financing, negotiating, and transitioning, in checklist-friendly form. Verdict: Read it with Buy Then Build as the standard on-ramp pairing; it teaches judgment rather than current rules, so its age costs less than you'd think. - Built to Sell (John Warrillow) (One-Time) - https://searchspheresource.com/resources/built-to-sell: The 2011 business classic, told as the fable of an agency owner named Alex, on how to make a company that can thrive without its owner and so become sellable. Its test is three-part: teachable (services productized so employees, not the owner, deliver them), valuable (specialize in doing one thing better than anyone), and repeatable (recurring revenue a buyer can bank). The same owner-independence and transferability the book teaches a seller to build is what a buyer screens a target for, and it is the source of the value-driver thinking behind the author's separate Value Builder System. Verdict: A short read on what makes a business sellable, useful to sellers preparing and to buyers screening for transferability; treat it as a framework and get the deal mechanics from the seller wing and the rest of the directory. - The E-Myth Revisited (Michael E. Gerber) (One-Time) - https://searchspheresource.com/resources/the-e-myth-revisited: The argument that most small businesses are built by someone good at the work rather than by someone building a company, so the owner ends up inside the job instead of above it. The fix it proposes is documented systems and defined roles, so the business can run to a standard without the person who started it. For a buyer that is a description of the company being bought, written from the seller's side. Verdict: Read it for the diagnosis, not the prescription: it describes the business you are buying more accurately than the seller will. - The Messy Marketplace (book) (One-Time) - https://searchspheresource.com/resources/the-messy-marketplace: Brent Beshore's guide to how smaller companies actually get sold, written for sellers by a long-hold private equity buyer whose firm has reviewed thousands of companies; the second edition updates valuations and process for the post-2020 market. Verdict: Read it after Buy Then Build and before your first LOI: understanding the seller's fears is a negotiating advantage no spreadsheet gives you. - The Outsiders (Will Thorndike) (One-Time) - https://searchspheresource.com/resources/the-outsiders: The 2012 Harvard Business Review Press book that measures eight chief executives on a single thing, the long-run return to their shareholders, and finds that what they shared was capital allocation: what each did with the cash the business produced, including buying back their own shares when nothing better was on offer. The publisher's page states the thesis in those terms and carries endorsements from Warren Buffett, Charlie Munger and Michael Dell. Verdict: Read it on the far side of the close. It answers what to do with the cash a business makes, which is the question waiting once the search is over. - The Sweaty Startup (book) (One-Time) - https://searchspheresource.com/resources/the-sweaty-startup: Nick Huber's case for getting rich through simple service businesses: pursue proven ideas with good odds and moderate rewards, and master sales, hiring, and delegation rather than novelty. Written from his track record building a self-storage operator and service businesses, and it argues for starting lean rather than buying. Verdict: Read it as the opposing counsel to Buy Then Build: if your buy thesis survives this book's argument, it is a better thesis. ### Podcasts & YouTube - https://searchspheresource.com/resources/category/podcast - Acquiring Minds (Free) - https://searchspheresource.com/resources/acquiring-minds: Interview podcast (and growing media platform) about buying, owning, and operating small businesses, 481 episode pages in its own sitemap as of August 2026, publishing about twice a week. Every episode page carries a transcript, so the archive can be read and searched rather than only listened to. Verdict: The best free way to absorb hundreds of real acquisition stories before betting your own year on one. - David C. Barnett (YouTube) (Free) - https://searchspheresource.com/resources/david-c-barnett: A long-running YouTube channel (mirrored as a podcast) with hundreds of videos on how small business deals actually work (valuation, seller financing, broker dynamics, deal structures), from a 20+ year broker-turned-advisor and author of seven books on SMB transactions. Verdict: Deep free library on deal mechanics; search it by topic when a specific question hits rather than bingeing linearly. - Acquisitions Anonymous (Free) - https://searchspheresource.com/resources/acquisitions-anonymous: A twice-weekly podcast in which four SMB investors/operators (Michael Girdley, Bill D'Alessandro, Mills Snell, and SBA lender Heather Endresen) break down real business-for-sale listings, discussing valuation, add-backs, red flags, and whether a deal is financeable. A free companion newsletter sends the deals reviewed each week. Verdict: The best free way to build deal-screening reps before and during a search. Listen for pattern recognition from credible operators and a real SBA lender, but treat it as education-entertainment, not diligence on any specific deal. - In The Trenches (Steve Divitkos) (Free) - https://searchspheresource.com/resources/in-the-trenches: A podcast about the part after the wire: Steve Divitkos, a former searcher CEO who bought, ran, and exited the software company he acquired, interviews SMB CEOs and operators on hiring, boards, systems, decision-making, and the psychological load of ownership. Verdict: Queue it the week you sign an LOI; it is the best free preparation for the job you are actually buying. - Owned and Operated (Free) - https://searchspheresource.com/resources/owned-and-operated: A twice-weekly podcast and free newsletter on running and growing home-service companies (HVAC, plumbing, electrical), hosted by John Wilson, who has scaled his Ohio home-services group from about $3M to over $40M in revenue, with co-host Jack Carr; the newsletter claims 40,000-plus subscribers. Verdict: The best listening for a trades thesis specifically: pair it with an acquisition podcast during the search, then lean on it hard after close. - Think Like an Owner (Free) - https://searchspheresource.com/resources/think-like-an-owner: Alex Bridgeman's interview podcast on how ambitious CEOs grow great companies, with heavy coverage of search, small-company acquisition, and the operators and investors around them; roughly two episodes a week and nearly 300 episodes since 2018. Verdict: Add it to the rotation for the operating half of the journey; it pairs naturally with In The Trenches once a deal is in sight. - UpFlip (Freemium) - https://searchspheresource.com/resources/upflip: A YouTube channel (about 1.7M subscribers) built on structured interviews with over 600 small-business owners since 2019, walking through their numbers, systems, and lessons across trades, services, and food businesses, with a paid Academy of business blueprints behind it. Verdict: The fastest free way to feel out an industry before committing your search to it; just remember the numbers on screen are the owner's story, not a QoE. ### Newsletters - https://searchspheresource.com/resources/category/newsletter - SMB Deal Hunter (Freemium) - https://searchspheresource.com/resources/smb-deal-hunter: Free email newsletter from Helen Guo that curates roughly five on- and off-market small businesses for sale per issue, several issues a week, each with short screening commentary. Paid add-ons: an SMB Deal Hunter+ membership that unlocks seller/broker contact info plus a weekly mastermind call and Slack group, and a call-gated "Pro" buy-side coaching program for first-time buyers. Verdict: Subscribe to the free letter as cheap deal-flow calibration; just know 200k others see the same deals, and treat the call-gated ~$12k Pro pitch with the same diligence you'd apply to a deal. - Big Deal Small Business (Free) - https://searchspheresource.com/resources/big-deal-small-business: A free Substack from Kaustubh Deo, who left private equity to buy Blooma Tree Experts in Seattle in 2022; roughly weekly essays on buying, financing, and above all operating a small service business, written from inside one. Verdict: The best reality check on this list for anyone romanticizing ownership; read three essays before you write your first LOI. - Chenmark Weekly Thoughts (Free) - https://searchspheresource.com/resources/chenmark-weekly-thoughts: A weekly essay series running since September 2014 from the Portland, Maine holdco's founders: short, candid pieces on buying and operating small businesses, written a year before they bought their first company and continuously through building a multi-company group. Verdict: Subscribe and read backward: the archive is the closest thing to a longitudinal diary of the small-business holding path. - EBIT Community (Freemium) - https://searchspheresource.com/resources/ebit-community: A free newsletter and content hub for acquisition entrepreneurs: weekly deal-flow digests of searcher-sized listings, guides on self-funded search and SBA structures updated with current-year rates and FOIA lending data, plus a paid EBIT Pro membership tier. Verdict: A reasonable free addition to a deal-flow inbox; skip the paid tier until the pricing and inclusions are public enough to compare against Searchfunder and the marketplaces. - The Business Inquirer (Free) - https://searchspheresource.com/resources/the-business-inquirer: Roman Beylin's weekly Substack curating small-business M&A: article summaries, notable community discussions, upcoming events, and tool roundups, including a regularly updated deal-sourcing guide the space cites. Verdict: The best ten-minute weekly read on the space; subscribe early, then add specialty newsletters as your thesis narrows. - They Got Acquired (Freemium) - https://searchspheresource.com/resources/they-got-acquired: A media company and newsletter covering exits of online businesses sold for six, seven, and low-eight figures, founded by a two-time founder-seller; hundreds of published deal stories plus reports on how smaller online companies actually trade. Verdict: Read it to understand the other side of the table in online deals; the archive is the closest thing to a transaction record for the sizes the big databases skip. ### SBA & Acquisition Lenders - https://searchspheresource.com/tools/lender-match - Live Oak Bank (Custom Pricing) - https://searchspheresource.com/resources/live-oak-bank: The SBA's #1 7(a) lender by dollar volume: 7(a) loans up to the $5M program cap, combination 7(a) plus conventional structures that carry a purchase past it, and weekly office hours for buyers targeting $1M to $12M businesses, with a 60-day average funding timeline named on its acquisition page. Verdict: Start your lender conversations here, then still get a second term sheet elsewhere. - Byline Bank (Small Business Capital) (Custom Pricing) - https://searchspheresource.com/resources/byline-bank: A Chicago-based SBA Preferred Lender with a dedicated self-funded search acquisition practice: up to 90% financing, SBA 7(a) to $5M with conventional debt layered above it, and published targets of 24 to 48 hours to a term sheet and roughly 50 days to close. Verdict: Put it on the term-sheet shortlist next to Live Oak; a dedicated searcher practice with published timelines is exactly what you want to see from a bank. - America First Credit Union (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/america-first-credit-union: The Mountain West's big credit-union SBA desk: a Preferred Lender under the 7(a) with a dedicated SBA hotline, as little as 10% borrower cash down and terms to 25 years in writing, acquisition financing named among uses, and its own newsroom claiming the nation's top SBA credit-union ranking by approved dollars. Membership comes first; the FOIA loan file seats it in Utah's and Nevada's change-of-ownership tables. Verdict: The Mountain West's membership-first answer: the 10% floor and the 25-year clock in writing, a hotline to a dedicated desk, and a real two-state acquisition book. Clear membership, then make the property-flavored terms say the same thing about your business-only deal. - BancFirst (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/bancfirst: Oklahoma's champion desk, and the rare bank whose marketing the FOIA loan file independently confirms: it calls itself the state's top volume SBA lender and the FOIA loan file agrees, four times the runner-up's book, worked through a dedicated Commercial Capital division with a program table to $5 million on the 7(a) and $12.5 million on the 504. Verdict: The incumbent for any Oklahoma target, with the unusual property that its biggest claim survives independent checking: the file makes it the state's acquisition desk by a wide margin. Bring a published-terms quote for the rate conversation its own page declines to have. - Bank of Hope (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/bank-of-hope: The largest Korean American bank's SBA desk, and one of the deepest California acquisition books the FOIA loan file surfaced: a Preferred Lender among America's hundred largest banks, twelve states in its own words, whose program table runs the 7(a), 504, export program, and an EZ or Express lane to $500,000 that, as of a September 2026 read, names speed rather than any purpose. Verdict: The re-keyed file's biggest surfacing outside the league table: a California acquisition book deeper than most state champions, from a desk the searcher conversation never names. For a California or Texas deal, especially in the communities this bank was built for, it belongs on the first-call list with a published-terms quote alongside. - BankFirst Financial Services (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/bankfirst-financial: The top of Mississippi's change-of-ownership table in the FOIA loan file, by a photo finish: an 1888 charter running fifty-plus locations across Mississippi and Alabama, a Community Development Financial Institution since 2010, with a named SBA manager on the page and the 7(a) and 504 programs behind him. Verdict: In a state whose table is a three-way race, the tiebreakers are the person and the standing: this desk names its SBA manager on the page and has carried CDFI status for fifteen years. Meet all three Mississippi desks if the deal allows; start with the one that told you who answers. - BankVista (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/bankvista: Minnesota's dominant acquisition desk: a four-city community bank whose 243 change-of-ownership loans in the FOIA loan file lead the state by nearly a hundred over the runner-up, carrying the SBA Minnesota District's Lender of the Year honor ten consecutive years by its own announcement, with in-house processing and an online application. Verdict: For a Minnesota target this is the incumbent to beat: the desk that writes almost a fifth of the state's acquisition loans, honored by the SBA's own district office ten years running. The missing figures are the reason to bring a published-terms quote, and the volume is the reason the meeting is worth taking anyway. - Beacon Bank & Trust (44 Business Capital) (Custom Pricing) - https://searchspheresource.com/resources/beacon-bank-44-business-capital: A New England and Mid-Atlantic bank whose SBA lending runs under a separately branded division, 44 Business Capital, which has originated over $2B of 7(a) loans in sixteen years, names purchasing a business as an eligible use, and states it lends without loan covenants. Verdict: An active Northeast acquisition lender hiding behind a second brand; worth a call if you want a deal without covenants. - CBB Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/cbb-bank: The quietest of California's three unreviewed 150-loan books, and the one that calls itself a nationwide lender in its own words: a Los Angeles bank whose 7(a) page names business and property acquisition among uses to $5 million on ten-to-twenty-five-year terms, completing the trio the FOIA loan file surfaced in the state's top five. Verdict: The third of California's quiet 150-loan desks, and the one whose nationwide claim makes it worth a call from anywhere: real volume, acquisition named plainly, and nothing on the page to anchor price, so the published-terms quote rides along as always. - Celtic Bank (Custom Pricing) - https://searchspheresource.com/resources/celtic-bank: A Salt Lake City SBA Preferred Lender and perennial top-ten 7(a) lender that finances business acquisitions nationwide with up to $5M in funding on its own acquisition page, a 10% down payment against the 30% it says many lenders want, and prequalification in minutes. Verdict: A strong rate-and-volume option for a straightforward deal; get a service-oriented lender's term sheet alongside it. - Columbia Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/columbia-bank-nw: The Northwest's biggest headquartered bank and the name Umpqua Bank became in September 2025, now carrying Pacific Premier's SBA practice too: a Preferred Lender with local decisions, 7(a) loans from $5,000 to $5 million at terms to 25 years on real estate and 10 on other purposes, across eight western states. The page names no acquisition use; the FOIA loan file counts 151 change-of-ownership loans across its Washington and Oregon seats anyway. Verdict: The Northwest's scale desk wearing its third name: a Preferred Lender with local decisions and a real two-state acquisition book its own page never mentions. In its eight states, open with the acquisition question the page skips, and bring the published-terms desks' figures for the rate conversation. - Community Banks of Colorado (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/community-banks-of-colorado: One NBH Bank charter lending under four brand names, Community Banks of Colorado, Bank Midwest, Hillcrest Bank, and Bank of Jackson Hole: a Designated SBA Preferred Lender with in-house approval, naming the 7(a) a great fit for business acquisition at up to $5 million and 25-year real estate terms. The FOIA loan file seats the charter in Utah's and Wyoming's tables, under the sister brands' turf. Verdict: The four-names-one-charter desk of the mountain states: a buyer walking into Hillcrest or Bank of Jackson Hole is applying to this book without knowing it. Acquisition is named and approval stays in-house; bring the rate question, because the pages do not answer it. - Community Trust Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/community-trust-bank: The Pikeville bank the SBA has named Kentucky's top-volume 7(a) community bank lender seventeen years running, by its own annual releases, over 81 locations across eastern and central Kentucky, southern West Virginia, and northeastern Tennessee. The loans page names SBA and 7(a) among products and publishes nothing else; the FOIA loan file counts 45 change-of-ownership loans across its Kentucky and West Virginia seats. Verdict: The relationship lane, Appalachian edition: seventeen straight years of the state's community-bank crown and not one number in writing. In its footprint it is the desk to call first; bring the published-terms desks' figures with you so the conversation starts somewhere. - Eastern Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/eastern-bank: New England's most-decorated SBA desk: number one in Massachusetts by total 7(a) count seventeen years running by its own newsroom, a Preferred Lender since 2001, with the entire rate and fee schedule published by loan size. The schedule is the program's ceiling, and the 7(a) page's own uses list never names business acquisition, though the SBA hub one click up now calls the program right for for-profit businesses including recent acquisitions; the FOIA loan file counts a 62-loan change-of-ownership book. Verdict: The desk that shows you the whole machine, every spread and every fee tier on the page. Read the schedule for what it is, the program's ceiling, and negotiate from it; the file says the acquisition practice is there even though the uses list never mentions it. - Emprise Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/emprise-bank: Kansas' champion desk in the FOIA loan file, ahead of every rival in the state: a Wichita community bank and Preferred SBA Lender whose page puts business acquisition and partner buyouts first among loan uses and keeps processing and underwriting in-house with a local advisor team. Verdict: The Kansas incumbent: acquisition named first, decisions made locally, and the state's biggest book behind the meeting. The missing figures are the reason to bring a published-terms quote to it. - First Bank of the Lake (Custom Pricing) - https://searchspheresource.com/resources/first-bank-of-the-lake: A Missouri-chartered SBA Preferred Lender that has run a national SBA division since 2019, lending across the country with a published entrepreneurship-through-acquisition use case, 7(a) loans to $5M, and a heavy franchise practice alongside healthcare and professional-practice acquisitions. Verdict: Worth a term-sheet call on franchise and practice deals where its volume is concentrated; for an independent main-street acquisition, use it as the competing quote rather than the anchor. - First Commonwealth Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/first-commonwealth-bank: The show-your-work desk: ten closed SBA deals with amounts on its own page, three of them business acquisitions to $4.95 million, over a published 85% acquisition-financing figure, a partner-buyout line at up to 100%, and Preferred Lender status with final credit decisions in-house. Third in Ohio's and fifth in Pennsylvania's change-of-ownership tables in the FOIA loan file, with Texas and Florida closings proving reach past the branches. Verdict: The show-your-work desk: ten real closings with amounts, the 85% acquisition figure in writing, and a partner-buyout line at up to 100%. In its two states start here beside the specialists, and read the Texas and Florida closings before assuming you are too far away. - First Financial Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/first-financial-bank: The El Dorado, Arkansas bank behind the cheapest average acquisition book in the FOIA loan file: a preferred lender writing 7(a) loans to $5 million, fully amortized with no balloons, whose page publishes the 10% minimum equity injection for change-of-ownership deals outright, and whose own book leads Arkansas's and Louisiana's acquisition top-fives. Verdict: If the deal sits in its footprint or its Louisiana book, this is the first rate call to make: the cheapest average book in our league table with the injection floor already in writing, so the negotiation starts where other banks end. - First Internet Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/first-internet-bank: A branchless, nationwide SBA lender whose 7(a) practice runs to the $5M cap with business acquisition listed as the loan's headline use, plus SBA Express loans and lines to $500k with credit decisions inside 48 hours. Verdict: A strong second or third term sheet for mid-size and larger SBA deals, especially if you want the whole process remote. - First Interstate Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/first-interstate-bank: The Billings, Montana community bank whose SBA page puts acquiring an existing business first among 7(a) uses: a Preferred Lender with a dedicated local SBA team, noting outright that loans under $500,000 ride the SBA's credit-scoring fast lane, with a book in three states' change-of-ownership top-fives in the FOIA loan file. Verdict: The strongest published SBA surface among the Mountain West's relationship banks: acquisitions named first, the sub-$500k fast lane explained, a dedicated team to call. Rates stay unpublished, so treat it as the regional desk to work alongside a published-terms quote rather than instead of one. - Fulton Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/fulton-bank: A mid-Atlantic Preferred Lender whose Director of SBA Lending signs a real acquisition guide: the 10% injection floor, up to half of it from a subordinated seller note on deferred payments, a current rate context, and no-balloon amortization, with the program table published beside it, 7(a) to $5 million and the small-loan and Express bands stated. Verdict: The rare desk whose SBA director writes the acquisition mechanics down before you ever call: injection floor, seller-note half, rate band. The book in our file is modest, so treat it as the mid-Atlantic conversation where the structure arrives already agreed on paper. - GBank (Custom Pricing) - https://searchspheresource.com/resources/gbank: A Las Vegas bank whose SBA 7(a) program funds business and franchise acquisitions up to $5M, fully amortizing with no balloon, and which writes the largest average acquisition loan among the most active lenders in the federal file. Verdict: The lender to call when the deal is bigger than main street; ask first whether Las Vegas decisioning reaches your market. - Glacier Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/glacier-bank: The Mountain West's quiet acquisition charter: one bank operating under local division names across eight western states, phone-first with nothing published, whose book leads Montana's change-of-ownership top-five and runs second in Idaho only to a credit union in the FOIA loan file. Verdict: In Montana, Idaho, and Wyoming this is the desk a search meets by default, wearing whatever local name the nearest division carries; walk in knowing the charter behind the brand leads the region's book, and bring a published-terms quote because nothing on its pages will anchor the negotiation for you. - Hancock Whitney (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/hancock-whitney: Louisiana's champion desk in the FOIA loan file, from the Gulf South bank born of Hancock and Whitney's late-1800s charters: an SBA Preferred Lender publishing what almost nobody does, a 45-day application-to-funding timeline and a wall of worked deals with figures, including 7(a) acquisitions in searcher trades from a dental practice to a $2.5 million landscaping company. Verdict: The strongest published SBA surface among the state champions so far: a clock in writing and deals like yours shown with numbers. For a Louisiana or Gulf Coast target this is the first meeting, with a published-terms quote alongside for the rate the page still does not name. - Hanmi Bank (Custom Pricing) - https://searchspheresource.com/resources/hanmi-bank: A Los Angeles bank and SBA Preferred Lender that finances business acquisitions with 7(a) loans up to $5M over ten years, plus a $250k fast-review product, working from six regional offices across California, New York and New Jersey, Colorado, Washington, Virginia, and Georgia. Verdict: A high-volume acquisition lender that the searcher conversation has not discovered; worth a term sheet alongside the usual names if you are in one of its markets. - Huntington Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/huntington-bank: The most prolific SBA 7(a) lender in the country by number of loans (its own October 2024 release marks a seventh straight year at #1 by count), a large regional bank whose branch-based SBA practice writes thousands of small-business loans a year, including business acquisitions. Verdict: Worth a term sheet if you're in its footprint or your deal is on the smaller side; pair it with an acquisition specialist so volume competes with pattern recognition. - Idaho Central Credit Union (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/idaho-central-credit-union: The biggest change-of-ownership book in Idaho belongs to a credit union: a Preferred and Express SBA lender writing 504, 7(a), and Express loans behind a membership door open to anyone who lives, works, or studies in Idaho, or lives or works in Washington, with a posture that says outright it looks past conventional lending standards. Verdict: If the target is in Idaho, this is the first call, not the alternative one: the state's most active acquisition desk sits behind a membership door anyone local can walk through, and the posture invites the conversation banks decline. The missing rate sheet is the reason to carry a published-terms quote into it. - Lincoln Savings Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/lincoln-savings-bank: The narrow leader of Iowa's change-of-ownership table in the FOIA loan file: a Central and Northeast Iowa bank serving local customers since 1902, pairing the SBA's 7(a) and 504 with USDA Business & Industry loans, which is the lane that matters when the business you are buying sits in a rural community. Verdict: For an Iowa target the honest read is a two-desk race, and this is the side with the USDA lane: a rural deal should ask both desks the same question and let the program fit decide, with a published-terms quote alongside since neither publishes rates. - M&T Bank (Custom Pricing) - https://searchspheresource.com/resources/mt-bank: A Northeast and Mid-Atlantic Preferred SBA Lender whose 7(a) reaches $5M with acquisitions named as an eligible use, alongside an Express product to $500k on expedited underwriting, and which writes the smallest average acquisition loan among the most active lenders. Verdict: The name to call on a small acquisition in its states, where the searcher-famous lenders are built for bigger deals. - Metro City Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/metro-city-bank: A 221-loan change-of-ownership book across its Georgia and Texas seats in the FOIA loan file, second and third in those states, from a Korean American bank whose dedicated SBA desk lists eleven named officers; 7(a) and 504 to $5 million aggregate, business acquisition named among uses, and branches enumerated city by city across seven states. Verdict: The biggest acquisition book our queue cuts kept missing, because neither seat is a number one: 221 loans across Georgia and Texas from a desk with eleven named officers. In its seven states, call it beside the national names and ask the officer for the two figures the page leaves out. - Midwest Regional Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/midwest-regional-bank: The Missouri SBA shop whose page publishes the credit posture other banks keep implicit: no industries excluded, start-ups and projected cash flow considered, a lower equity injection mitigable by other strengths, loans to $5 million at 10% down with no balloons, and a book in Missouri's and Arizona's top-fives in the FOIA loan file. Verdict: The desk to call when a good deal has a wrinkle the big banks will not underwrite: the posture is published, the Missouri and Arizona books prove it travels, and the price of that flexibility is exactly what to compare against a published-terms quote before signing. - Newtek Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/newtek-bank: One of the largest SBA 7(a) lenders in the country: a nationwide, non-branch Preferred Lender that approves loans in-house, reports over $1B of 7(a) approvals in a recent year, and finances business acquisitions, partner buyouts, and change-of-ownership deals up to the $5M 7(a) cap. Verdict: A top-volume, nationwide Preferred Lender that closes 7(a) acquisitions fast; get a quote here, but weigh it against the dedicated searcher lenders. - Northwest Bank (Custom Pricing) - https://searchspheresource.com/resources/northwest-bank: A nationwide Preferred SBA lender (NASDAQ: NWBI) whose acquisition-entrepreneur platform, built in 2025-2026 by the bankers who ran Live Oak's search-fund practice, structures SBA 7(a) financing to the $5M program cap for buyers, partner buyouts, and management buyouts. Verdict: If you want the bankers who defined searcher SBA lending, this is now where they are; still get a second term sheet. - Oak Street Funding (Custom Pricing) - https://searchspheresource.com/resources/oak-street-funding: A nationwide specialty lender (operating since 2003, bank-owned) that finances acquisitions of insurance agencies, RIA firms, and CPA practices with conventional loans secured by the recurring revenue of the book itself rather than hard collateral, including acquisition, succession, and partner-buyout structures. Verdict: If you are buying an agency, RIA, or accounting practice, get its quote next to an SBA term sheet; the comparison costs nothing and the specialty underwriting sometimes wins. - OakStar Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/oakstar-bank: The number one change-of-ownership book in Missouri in the FOIA loan file, 78 loans across six years with nearly twice the next bank's count, plus a Kansas seat with 16, from a Preferred Lender whose loans page names business acquisition among uses and keeps approval in the building; branches across Missouri, Kansas, and Colorado, terms unpublished. Verdict: The state-champion class in one row: the biggest acquisition book in Missouri belongs to a bank that barely markets it. If your deal sits in its three states, put it beside the national names and make the officer state the terms its page does not. - Old National Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/old-national-bank: A Midwest branch bank whose SBA practice carries Preferred Lender status, names business acquisition among its uses, and by its own page wrote $262.4 million of 7(a) loans in FY 2024, ranking a top-three SBA lender across its footprint and first by volume in Minnesota and Wisconsin. Verdict: Worth a term sheet if your target sits in or near its footprint: the combination of delegated authority, two state-leading books, and the cheapest average pricing near the top of our file is hard to beat locally; pair it with a specialist for comparison. - Open Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/open-bank: The Los Angeles bank whose lending page does what almost no SBA desk does: shows worked examples with real numbers, 90% of purchase price financed again and again. A deep book in the FOIA loan file, 380 change-of-ownership loans over six years at the seventh-cheapest average rate, written at the largest average check of the community desks. Verdict: The strongest of the community desks reviewed today: a cheap, deep, big-check book with structures shown in public, so the first conversation starts from an example instead of a promise. If the deal sits near its branches, this is the quote to make the published-terms desks beat. - Oriental Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/oriental-bank: Puerto Rico's dominant acquisition desk in the FOIA loan file, writing more than half the territory's change-of-ownership loans and more than double the next bank's book: the practical answer to a question mainland desks rarely take, how a buyer finances a Puerto Rico or Virgin Islands business with the SBA. Verdict: For a Puerto Rico acquisition the file says the search for a lender mostly ends here: the one desk writing the territory's deals at volume. Bring a mainland published-terms quote anyway, because a thin local table prices like one. - PCB Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/pcb-bank: The Los Angeles community bank whose SBA desk just became a national acquisition player: an SBA Preferred Lender writing 7(a) and 504 loans through a talk-to-a-lender model, with nearly two-thirds of its six-year change-of-ownership book in the FOIA loan file written in FY2025 alone. Verdict: A desk on the way up rather than an institution resting on one: the Preferred Lender status and the $1.32M average are real, the one-year surge is the reason to call, and the missing rate sheet is the reason to bring a published-terms quote to that call. - Plumas Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/plumas-bank: The best published acquisition terms this campaign has found: a Preferred Lender whose page states 15% down for business acquisitions, ten-year fixed rates on them, 48-to-72-hour prequalification, and the nine western states it lends in by name, over a team funding more than $800 million since 2007 and California's fourth-deepest book in the FOIA loan file. Verdict: The page every relationship desk should be embarrassed by: the two numbers a buyer actually needs, the injection and the rate structure, stated in writing with the lending map beside them. Across its nine states this is the published-terms quote the others get compared against. - Port 51 Lending (Custom Pricing) - https://searchspheresource.com/resources/port-51-lending: A nationwide non-bank SBA lender built for speed and certainty: a Preferred Lender publishing a 27-day average close, a 90% closing rate, WSJ Prime plus up to 2.75% spread, and companion loans to $6.5 million, with business acquisitions and partner buyouts named first among its uses. Verdict: The certainty trade stated in numbers: a published 27-day close and 90% closing rate against a rate near the file's top. Right when the deal is clean and the calendar is the risk, and worth pairing with a cheap desk's quote so the speed premium is a decision rather than a default. - Pursuit (Custom Pricing) - https://searchspheresource.com/resources/pursuit-lending: A nonprofit CDFI lender serving Connecticut, New York, New Jersey, and Pennsylvania with more than fifteen small-business loan programs, including SBA 7(a), 504, and microloans used for business acquisitions with a 10% down payment. Verdict: The first call for a Northeast buyer who wants a mission lender, or whom a conventional bank has passed on. - Ready Capital (Custom Pricing) - https://searchspheresource.com/resources/ready-capital: A non-bank SBA Preferred Lender writing 7(a) loans from $350k to $5M in all fifty states, naming business acquisition, partner buyouts, and franchise acquisition among its uses, and writing the eighth most change-of-ownership loans in the country. Verdict: The nationwide option when the regional banks do not reach you; price it against a bank, because its average rate sits above the median. - Rockland Trust (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/rockland-trust: Massachusetts' leading change-of-ownership desk in the FOIA loan file, ahead of even Live Oak's national machine inside the state: a Preferred Lender whose page lays out the 504, 7(a), and Express programs in a table with maximums, names business purchases among 7(a) uses, underwrites Express in-house, and introduces its business team by name. Verdict: The rare state champion that beats the national specialist on its home field: for a Massachusetts target this is the first meeting to book, program maximums already in hand from the page, with a published-terms quote alongside because the rates themselves stay banded. - Stearns Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/stearns-bank: A nationwide SBA Preferred Lender with one of the larger 7(a) practices in the country, active in business-acquisition lending and equipment finance, with a division offering a streamlined small-dollar 7(a) product for loans the big acquisition desks deprioritize. Verdict: A credible additional term sheet, and worth a first call on smaller deals that the acquisition-specialist banks pass over. - Stock Yards Bank & Trust (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/stock-yards-bank: Kentucky's champion desk in the FOIA loan file, ahead of every rival in the state: a 1904 Louisville bank and certified Preferred Lender whose 7(a) page names financing an acquisition or partner buyout among uses, publishes the no-balloon and no-prepayment-under-fifteen-years terms, and reaches Indianapolis and Cincinnati beyond its Kentucky base. Verdict: The Kentucky incumbent with real published substance behind the meeting: uses that name the deal you are doing and terms most desks keep for the sheet. The rates stay unpublished, so the published-terms quote still rides along. - T Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/t-bank: The nationwide remote desk hiding in plain sight: a Dallas-chartered SBA Preferred Lender whose 7(a) page names buying a business first, publishes a four-step process with prequalification terms in 48 hours and closings averaging around 60 days, and writes some of the biggest average checks in the FOIA loan file without leading any single state. Verdict: The closest thing the re-keyed table added to the dedicated remote desks: published clocks, big checks, buying-a-business first. Price it like the certainty lane it is, with a cheap desk's quote alongside, and hold it to the 48-hour promise its own page makes. - The First National Bank in Sioux Falls (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/fnb-sioux-falls: South Dakota's narrow leader in the FOIA loan file, two loans ahead of the next desk: a Sioux Falls national bank whose SBA page runs the 7(a), the 504, and the Microloan program side by side, with the stated posture of flexible terms for businesses that may not meet traditional lending guidelines. Verdict: The honest South Dakota read is a three-desk race this bank currently edges: start here for the posture its page actually states, meet the others if the deal allows, and carry a published-terms quote since none of the three names a rate. - TowneBank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/townebank: The Hampton Roads bank whose dedicated acquisition-lending page runs on a local-banker model: no rate sheet, no online application, a letter of intent and three years of returns, and a book the FOIA loan file puts at 75 change-of-ownership 7(a) loans in FY2025 averaging just over $1 million, without the page ever saying SBA. Verdict: The relationship lane in person: a buyer inside its footprint gets a local banker whose desk closes an acquisition a week, and pays for that with a no-rate-sheet negotiation that our file prices in the upper half, so bring a quote from one of the cheap published-terms desks to the meeting. - Truliant Federal Credit Union (Custom Pricing) - https://searchspheresource.com/resources/truliant-fcu: A North Carolina-based federal credit union whose SBA team holds Preferred Lender (PLP) status and writes 7(a) loans to the $5M cap, naming changes of ownership among its uses and publishing its own guide to SBA acquisition financing; its releases call it the nation's top SBA originator among credit unions in 2024 and 2025. Verdict: Worth a conversation if a Preferred Lender with a named acquisition practice fits your deal, and the membership step does not put you off; the average loan in our file suggests it is comfortable at real acquisition size. - U.S. Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/us-bank: A top-five national bank and SBA Preferred Lender whose own comparison table puts financing business acquisitions first among 7(a) uses, with the 7(a) to $5 million, the 504 to $12.375 million, and a published pari passu option adding up to $2 million of the bank's own money beside the 7(a). Verdict: Worth a rate check on any deal a branch bank can reach: pricing among the cheapest near the top of our file plus a published pari passu tranche is a combination the specialist desks have to beat, and pairing its quote against one of theirs costs a buyer nothing. - Union Bank & Trust (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/union-bank-trust: Nebraska's number one change-of-ownership book in the FOIA loan file, 51 loans across six years and over a fifth of the state's whole count, from a Preferred Lender making in-house credit decisions whose own learning-center article walks the 7(a) with real figures: acquisition named as a use, down payments as low as 10%, and the program maximums. Locations across Nebraska and parts of Kansas and Colorado. Verdict: Nebraska in one row: a fifth of the state's book at one Preferred Lender that also bothers to explain the program with real figures. In its footprint, start here beside the national names and bring the article's own numbers to the first call. - United Midwest Savings Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/united-midwest: An Ohio bank running a nationwide SBA and USDA practice organized as industry desks with named lenders per vertical: medical, dental, veterinary, optometry, insurance agencies, accounting and tax firms, funeral homes, and hospitality, with buying an existing practice named as the errand its page is built around. Verdict: The vertical-desk structure is the draw: a buyer of a dental, veterinary, insurance, accounting, or funeral business gets a lender whose desk does that deal all day, which is worth more than a rate sheet nobody publishes anyway. - Wells Fargo (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/wells-fargo-sba: The SBA 7(a) and 504 program of one of the largest US banks, running a top-15 7(a) book by dollars with nationwide branch coverage; a conventional big-bank SBA desk rather than an acquisition specialist. Verdict: Add it to the list only if you already bank there; otherwise the specialist acquisition lenders will move faster and understand the structure better. - Zions Bank (SBA lending) (Custom Pricing) - https://searchspheresource.com/resources/zions-bank: The Utah and Idaho division of Zions Bancorporation, an SBA Preferred Lender whose page names funding an acquisition among its SBA uses and offers both the 7(a) and the 504; in the FOIA loan file it is one of the twenty most active acquisition lenders in the country, at the small end of deal size near the top. Verdict: The right first call for a smaller Utah or Idaho acquisition: delegated authority, both SBA programs, and a book that proves it closes sub-$1M deals; outside the two states, ask which affiliate brand you would actually be borrowing from. ### Loan Brokers - https://searchspheresource.com/tools/deal-team/loan-broker - Pioneer Capital Advisory (Success Fee) - https://searchspheresource.com/resources/pioneer-capital-advisory: An SBA 7(a) loan brokerage specialized in business acquisitions; it guides buyers from LOI through closing and matches deals to fitting lenders, targeting self-funded searchers borrowing roughly $500k–$5M. Verdict: The searcher-default SBA broker: free to you on the SBA lane and deep in acquisition structures; understand the 90-day exclusivity, and that non-SBA work is quoted to you. - ThinkSBA (Custom Pricing) - https://searchspheresource.com/resources/thinksba: A nationwide SBA 7(a) and 504 loan brokerage covering business acquisitions ($250k–$5M), partner buyouts, owner-occupied real estate, and franchises; it shops applications across a multi-bank lender network to create competing offers. Verdict: A solid second brokerage quote; make brokers compete for your deal the same way they make lenders compete. - LoanBud (Success Fee) - https://searchspheresource.com/resources/loanbud: An SBA loan brokerage that added an automated check of whether a listed business can carry SBA financing, and wired it into BizBuySell so a buyer meets the result on the listing itself before speaking to anybody. Verdict: Useful early, and ask who pays it before you let it near your deal. - SBA Lender Match (Free) - https://searchspheresource.com/resources/sba-lender-match: The SBA's own free matching tool: a short questionnaire that circulates your request to participating SBA lenders (more than 800, including CDFIs and community banks), with interested lenders surfaced in about two business days for you to compare. Verdict: Run it in parallel with a targeted lender list: it costs nothing, occasionally surfaces a hungry community bank, and the worst case is a few emails to decline. - Viso Business Capital (Success Fee) - https://searchspheresource.com/resources/viso-business-capital: SBA loan brokerage for acquisition entrepreneurs, founded in 2023 by Heather Endresen after years building and leading the search-fund lending practice at Live Oak Bank. Viso shops a buyer's deal across its lender network rather than underwriting at one bank, covering SBA 7(a), SBA 504, CA iBank, and USDA programs. It states it has arranged more than one hundred SBA acquisition loans worth over $200 million for 200+ clients in its first two years. Verdict: If you want one loan broker shortlist for an SBA acquisition, this belongs on it: category-defining experience, aligned fees, and published scale. Price it against going direct to one or two banks yourself, and get the compensation mechanics in writing. ### Diligence & Earnings Review - https://searchspheresource.com/tools/deal-team/diligence - DueDilio (One-Time) - https://searchspheresource.com/resources/duedilio: A marketplace and concierge service that matches small-business buyers with vetted independent professionals and boutique firms for quality of earnings, legal, technical, and operational due diligence, plus pre-LOI and post-acquisition work. You describe your project and receive multiple scoped proposals within roughly 36 hours to 3 business days. Browsing is free; posting a project costs a $149 one-time access fee, and DueDilio earns a referral fee from providers on completed engagements. Verdict: A legitimately free, founder-run way for first-time searchers to get competing QoE, legal, and diligence proposals in days. Use it for speed and price discovery, but remember it's paid by the providers it recommends, so benchmark at least one outside quote. - Guardian Due Diligence (One-Time) - https://searchspheresource.com/resources/guardian-due-diligence: A quality-of-earnings boutique for searcher-sized deals, naming $1M to $10M purchase prices on its front door, offering a full QoE, a QoE Light delivered in Excel without the report, Cash Proof, and an Advised QoE with founder hours, plus a Deal Closer's Society membership for part-time searchers and Guardian Grow, a post-close program priced with an equity earn-in. Founded in 2017 by Elliott Holland, with $600M+ in transactions and 1,500+ deals evaluated. Verdict: Shortlist them for QoE on searcher-sized deals; with the tiers published, the first call is a scoping call rather than a pricing discovery. - Centurica (Custom Pricing) - https://searchspheresource.com/resources/centurica: A due-diligence and QoE firm founded in 2013 around online-business acquisitions (SaaS, ecommerce, Amazon, content) that now serves searcher-sized SMB deals broadly, with cheap productized entry points and quote-based full engagements. Verdict: The default QoE shortlist entry when the target is an online business; for Main Street deals, compare it against searcher-focused shops like Guardian. - Bedrock Quality of Earnings (One-Time) - https://searchspheresource.com/resources/bedrock-qoe: A quality-of-earnings firm built for lower middle market and Main Street deals, with two published flat-fee tiers: a standard QoE at $15,000 to $30,000 over two to four weeks for deals from $1M to $30M, and a five-to-seven-business-day express review at $5,000 to $10,000 for deals under $2M or for pre-LOI screening. Every engagement is led personally by the same CPA. Verdict: Put it in the quote set on any deal under $30M, and reach for the express tier when you want a paid opinion before the LOI rather than after it. The published fee is the reason to call; the 2026 founding date is the reason to ask who else has used it on a deal like yours. - Boulay (Custom Pricing) - https://searchspheresource.com/resources/boulay: A Minnesota CPA firm with a search fund practice that runs the whole arc: entity and payroll setup during the search, the tax analysis of a deal structure before the LOI, the quality-of-earnings engagement, and then purchase price allocation, funds flow accounting, the opening balance sheet and the working capital true-up after closing. Its own page says it has served the search fund ecosystem since 2005. Verdict: Worth a call when the tax structure is the open question, which on an SBA-financed purchase it usually is: the choice between an asset deal, a stock deal and an F-reorganization moves the after-tax price further than a point of interest does, and this is a firm that names those elections on its own page rather than waiting for a buyer to raise them. Quote the quality of earnings separately from the ongoing accounting, and ask which of the named partners is on your file. - Buy Scale Sell (valuation and diligence) (One-Time) - https://searchspheresource.com/resources/buy-scale-sell: A paid valuation and diligence shop selling fixed-price products rather than engagements: a valuation report, a quality of earnings report, a diligence bundle, a key-person risk audit and an exit readiness audit, each with its price on its own page. Verdict: The published price is the reason to look; read which side each product was written for. - Inzo Technologies (Custom Pricing) - https://searchspheresource.com/resources/inzo-technologies: A managed IT and cybersecurity firm with two services aimed at this reader by name: IT due diligence on a business being bought, and IT support for the same business after close. The diligence half looks at what a small company actually runs on, which is the asset class a buyer inherits without a schedule. Verdict: Ask for the diligence scope and the support quote separately: the value is in the first and the recurring cost is in the second. - Midwest CPA (One-Time) - https://searchspheresource.com/resources/midwest-cpa: A transaction advisory and accounting firm that writes quality-of-earnings reports for buyers of $1M to $5M businesses and then, if you want it, keeps the books after closing. The pricing page states the band for both services rather than gating it behind a call. Verdict: Worth a quote alongside the other priced providers, especially if you would rather not hand your books to a stranger in month one. Take the diligence and the bookkeeping as two decisions, not one, and get the top of that open-ended band pinned down in writing. - Rapid Diligence (One-Time) - https://searchspheresource.com/resources/rapid-diligence: A tech-enabled quality-of-earnings firm built for SMB buyers, with published pricing: full QoE from $16.5k, a lighter QoE from $11.2k, a $750 pre-LOI vetting report, a $1,097-per-month search advisory tier, and post-close bookkeeping and fractional-CFO services; the firm cites 250-plus deals reviewed across five years. Verdict: Get its quote alongside Guardian's on any standard deal; the published pricing keeps everyone honest, and the $750 pre-LOI screen is worth it on marginal targets regardless of who does your full QoE. - SMB Diligence (Custom Pricing) - https://searchspheresource.com/resources/smb-diligence: Fixed-rate quality-of-earnings and legal due diligence built for small-business buyers, run through a vetted network of M&A lawyers and QoE professionals, with a lighter QoE tier for self-funded searchers who can read their own financials. Verdict: A budget-friendly, buyer-only option covering both QoE and legal diligence; a strong first quote to compare against Guardian and DueDilio. ### Legal - https://searchspheresource.com/tools/deal-team/attorney - SMB Law Group (Custom Pricing) - https://searchspheresource.com/resources/smb-law-group: A nationwide M&A law firm built specifically for small business acquisitions, representing searchers, sponsors, and investors, with a dedicated 'Main Street Express' offering for sub-$1M deals and fractional general counsel post-close. Verdict: The default shortlist for searcher deal counsel; just get the fee quote early, since pricing isn't public. - SMB Law Group 2026 LOI Template (Free) - https://searchspheresource.com/resources/smb-law-group-loi-template: A free letter-of-intent template for lower-middle-market acquisitions, rebuilt for 2026 from the firm's data across 500+ transaction outcomes and $1.6B+ in closed deals, designed to kill bad deals earlier and reduce post-LOI retrades. Verdict: Grab it: a battle-tested starting LOI beats a blank page; have your own counsel tune it before sending. - BakerHostetler (Search Funds Practice) (Custom Pricing) - https://searchspheresource.com/resources/bakerhostetler-search-funds: A dedicated search-fund and ETA practice inside an AmLaw-scale firm: deal counsel for search fund formations, acquisitions, and exits, with the team describing well over $1 billion of entrepreneurial transactions advised; Chicago-based partner Raam Jani leads. Verdict: The institutional option: right when your deal or cap table outgrows a boutique, oversized for a typical first SBA acquisition. - Barlow & Williams (Custom Pricing) - https://searchspheresource.com/resources/barlow-williams: A boutique M&A law firm founded in 2021 that works flat-fee on almost every engagement, representing self-funded searchers, SBA buyers, and roll-up acquirers from LOI through close. Buy-side scope on its own pages runs from deal-structure conversations and LOI negotiation with unlimited revisions through legal due diligence and purchase-agreement drafting, and the firm publishes searcher-directed explainers alongside the practice. Verdict: A credible second flat-fee option for searcher legal work, worth a quote alongside the category's best-known firm; the comparison you want is scope and partner attention at the same fixed price. - Holland & Knight (Search Funds Practice) (Custom Pricing) - https://searchspheresource.com/resources/holland-knight-search-funds: The search fund practice of a large national law firm, representing domestic and international searchers through the full life cycle: fund formation and capital raising, tax structuring, diligence, the acquisition itself, operating matters, and exit, with cross-border capability through offices in Mexico and Colombia. Verdict: The big-firm option for when the deal outgrows a boutique: investor-heavy raises, cross-border targets, or complex structures justify the rate card. ### Insurance - https://searchspheresource.com/tools/deal-team/insurance - Oberle Risk Strategies (Custom Pricing) - https://searchspheresource.com/resources/oberle-risk-strategies: An insurance brokerage with a dedicated ETA vertical: insurance due diligence on acquisition targets pre-close, then property & casualty, benefits, and life coverage for the acquired company, serving search funds, family offices, and private equity. Verdict: Put insurance diligence on your pre-close checklist and have a specialist like Oberle run it, then get a second brokerage quote post-close. - BRIC Personal Guarantee Insurance (Custom Pricing) - https://searchspheresource.com/resources/bric-personal-guarantee-insurance: Personal guarantee insurance from Braddock Road Insurance Corp., which calls itself the first personal guarantee insurance in the United States: cover on up to 80% of the personal-guarantee liability if the guarantee is called, backed by an A (Excellent) AM Best-rated carrier, with limits up to $2.5M and coverage subject to underwriting. Verdict: The competing quote that makes the PGI decision an informed one; two policies read side by side will teach you what this young category actually covers. - PGI America (Custom Pricing) - https://searchspheresource.com/resources/pgi-america: Personal guarantee insurance for US borrowers that cannot be bought yet: its own site says coverage is not yet available for US purchase, calls itself the pre-launch US sister brand of PGI Canada, and offers a waitlist, with terms, states served and loan types to be confirmed at launch. Verdict: Get a quote alongside your loan terms and let your attorney read the policy; insuring half the guarantee for a low single-digit premium is a trade many buyers would take if they knew it existed. ### Capital & Investors - https://searchspheresource.com/tools/investor-match - American Operator (Custom Pricing) - https://searchspheresource.com/resources/mainshares: Formerly the Mainshares marketplace where self-funded searchers raised acquisition equity from 1,300+ accredited investors. It rebranded to American Operator in December 2025 and pivoted to buying $2-7M businesses outright with its own cash, installing vetted operators as salaried CEOs with 10% day-one equity and a buy-up path to majority ownership. All mainshares.com pages now redirect to americanoperator.com, and the old equity-raising service is no longer offered to new searchers. Verdict: Worth a call if you would trade deal control for a funded, salaried path into eventual majority ownership of a $2-7M business, but if you came for Mainshares' investor network to plug the equity gap in your own SBA deal, that product no longer exists. - CapitalPad (Success Fee) - https://searchspheresource.com/resources/capitalpad: Deal-by-deal co-investment platform that pools accredited investors into a single SPV to fill the equity gap in SMB acquisitions led by self-funded searchers and independent sponsors. Searchers with a deal under LOI (roughly $1M+ EBITDA, US/Canada) apply; approved deals are shown to CapitalPad's investor network, which typically writes a combined $1M–$2.5M equity check delivered as one subscription, one wire, and one cap-table entry. Its investor pages state the shape of what a searcher's backers sign up for: a $25,000 minimum, one SPV per deal, quarterly reporting, an annual K-1, and a typical hold of three to seven years. Verdict: If you're under LOI on a $1M+ EBITDA business and short on your equity injection, CapitalPad is a credible way to raise it through one SPV at no fee to you. Most sub-$2M SBA deals fall below its bar, though, and its investor capital costs real preferred-return economics. - Ambit Partners (Custom Pricing) - https://searchspheresource.com/resources/ambit-partners: A specialist search fund investor with offices in Vancouver, Paris and Hermanus in South Africa that invests in core search funds, in their acquisitions, and as an equity gap investor. Its resources page names the regions it backs one at a time, from the United States and Canada through Latin America, Europe, the Middle East and Africa, South and Southeast Asia, East Asia and Oceania. Verdict: The widest published geography on this shelf and none of the price: worth an early call for a search outside the United States, and ask what the capital costs before the second one. - Anacapa Partners (Custom Pricing) - https://searchspheresource.com/resources/anacapa-partners: A dedicated search fund investor founded in 2010 by Jeff Stevens, himself a three-time funded searcher between 1990 and 2005; reports backing on the order of 175 searchers and 60-plus operating-company investments in its first decade, with a stated focus on predictable-revenue businesses. Verdict: The investor to prioritize if being understood by someone who has actually searched matters to you; his three searches predate most of the ecosystem. - Applied Equity (formerly Bradford Brown) (Custom Pricing) - https://searchspheresource.com/resources/bradford-brown-capital: The Boston search investor (operating as Applied Equity) run by a former McKinsey senior partner: investing in search funds since 2004, with over 100 searchers supported and more than 70 companies acquired, focused on B2B services, software, healthcare, and tech-enabled businesses. Verdict: The cap-table seat searchers keep choosing in tech-flavored services; verify the current count in the room, since his own site will not tell you. - Aspect Investors (Custom Pricing) - https://searchspheresource.com/resources/aspect-investors: A Dallas search fund investor led by Andy Love, a former searcher-CEO who reports investing in nearly 200 search funds over two decades; the team includes former searchers, and the portfolio spans healthcare services, software, and industrial services. Verdict: One of the first calls for a traditional raise; the searcher-turned-investor lens shows up in how the first meeting is run. - Brydon Group (Custom Pricing) - https://searchspheresource.com/resources/brydon-group: The largest cohort-model employed-search program: recruits CEOs-in-residence into annual cohorts (36 CIRs across five cohorts since 2022, 46 acquisitions in software, business, and healthcare services), pays a salary during the search, and targets $30M-plus of equity behind each platform the CIR then runs. Verdict: The employed lane's scale option: if you would search on salary, the cohort with 46 closed deals is the bench strength to compare everyone else against. - Endurance Search Partners (Custom Pricing) - https://searchspheresource.com/resources/endurance-search-partners: A family office that invests in traditional search fund entrepreneurs, reporting more than 16 years in the model, 350-plus search partnerships, and 190-plus investments, which its home page describes as spanning the United States, Canada and Europe, beside a FAQ that now says it partners only with search funds based in the US or Canada and searching there. Offers committed-capital vehicles, due-diligence funds, and multi-search arrangements alongside mentorship and its investor network. Verdict: Worth a place on a traditional searcher's list for its patience, structures, and international reach; hold its unpublished terms to the same reference-checking you would apply anywhere. - Entrepreneurial Capital (Custom Pricing) - https://searchspheresource.com/resources/entrepreneurial-capital: A Chicago equity provider backing self-funded searchers and independent sponsors from LOI through close, with a named support program for searchers who are not under LOI yet, and a published set of fund terms on the investor side. Verdict: Worth the call before the LOI as well as after it, which is more than most of this shelf offers. - ETA Equity (Custom Pricing) - https://searchspheresource.com/resources/eta-equity: Search fund investor co-founded by Matthew Zucker, who reports investing in more than 90 search funds and 30 search-acquired companies since 2008, and Mark Sinatra, a former CEO who ran two Inc. 5000 HR-outsourcing companies. Backs traditional searchers through the search, the acquisition, and the hold, with a senior-advisor bench drawn from private equity and M&A advisory. Verdict: A credible addition to a traditional searcher's investor list, on the strength of the founders' stated records; treat the firm as new even though the people are not, and ask for searcher references. - ETA Funding Partners (Custom Pricing) - https://searchspheresource.com/resources/eta-funding-partners: An equity provider for self-funded searchers with a deal already under LOI or in diligence, publishing both its typical check and how many it expects to write in a year. Verdict: One useful sentence, and a row that says plainly how much of the picture is missing. - Footbridge Partners (Custom Pricing) - https://searchspheresource.com/resources/footbridge-partners: A traditional search fund backer whose own pages say it partners with search fund entrepreneurs, publishes what it is looking for at $1.5M to $7M of EBITDA in growing fragmented niches with recurring revenue, and lists its portfolio: nine operating companies, three searches under way and two realized exits. Verdict: Read the criteria first: this is one of the few on the shelf that tells you the deal size it wants. - Futaleufu Partners (Custom Pricing) - https://searchspheresource.com/resources/futaleufu-partners: David Dodson's search investor, styled 'Search Fund Investing. Old School.': the man who wrote the original Stanford search-fund course material and has invested in over forty search funds, backed by seventeen operator-LPs who commit to mentor and join boards, with a deal count deliberately held flat to keep the mentorship personal. Verdict: The cap-table seat you want if mentorship is the bottleneck you fear most; the trade is access, since staying small is the whole point. - GT Entrepreneurs (Custom Pricing) - https://searchspheresource.com/resources/gt-entrepreneurs: A Pittsburgh investor that buys one or two units in a traditional search fund, publishing the unit arithmetic end to end so a searcher can compute the stake before asking, along with the multiple it will not pay above. Verdict: A small check with the clearest published arithmetic on the shelf, and a stated price ceiling behind it. - Housatonic Partners (Custom Pricing) - https://searchspheresource.com/resources/housatonic-partners: A private equity firm founded in 1994 with a dedicated search-fund practice alongside its main funds: roughly $1.5B managed, 110-plus companies backed, and an average hold past seven years, with recurring-revenue services a long-running theme. Verdict: The patient-capital pick: if your plan is to hold and compound for a decade, an investor whose average hold passes seven years is aligned by habit. - Hunter Search Capital (Custom Pricing) - https://searchspheresource.com/resources/hunter-search-capital: A search fund investor formed in 2020 by a founder who had backed searchers from a family office since 2010, backing traditional search funds and, in its own words, alternative structures from multi-acquisition strategies and holding companies to a single committed investor, with a growing emphasis on long-term holds. Its own site names every entrepreneur it backs beside the company, the sector, whether the search was solo or partnered, and the year it invested. Verdict: Worth a letter for a traditional search, and worth reading first for its entrepreneur index, which shows what a backed search actually bought. - Istria Capital (Custom Pricing) - https://searchspheresource.com/resources/istria-capital: A Madrid firm that has partnered with search entrepreneurs since 2016 and calls itself Europe's leading fund of search funds, launched as the first of its kind in 2018: more than 190 searchers and more than 65 companies on its own count, backed from the first day of the search through the exit, with searchers filed under Europe, the US and Canada, and Latin America. Verdict: If you are searching in Europe, and especially Spain, the region's dedicated backer belongs on your list; US searchers should weigh its European center of gravity. - Liberty Search Ventures (Custom Pricing) - https://searchspheresource.com/resources/liberty-search-ventures: The dedicated search-fund vehicle of Liberty Partners, a New York private equity firm, investing exclusively in traditional search funds from search through exit; it takes 5 to 10% of a deal's capital commitments ($0.5M to $1.5M per investment) alongside larger institutional backers and serves on the board. Verdict: A useful co-investor to know once you have a lead: it fills 5 to 10% of the round and brings board support, but it is not the anchor that assembles your cap table. - M2O (Custom Pricing) - https://searchspheresource.com/resources/m2o: A Los Angeles family investment firm founded in 1992 that partners with search-fund entrepreneurs, deploying traditional search capital and filling acquisition equity gaps from its own balance sheet; checks run $500K to $10M, most often $1M to $3M, across a portfolio of more than 60 companies. Verdict: A flexible family-office backer worth an early call if you want one balance sheet that can fund the search or plug a self-funded gap; expect a single relationship, not a syndicate. - Miramar Equity Partners (Custom Pricing) - https://searchspheresource.com/resources/miramar-equity-partners: A Dallas family-office investor focused exclusively on search-acquired businesses: reports backing 125-plus search funds and 100-plus portfolio companies over nearly a decade, with former searcher-CEOs on the team and stated search, platform, and holdco capabilities. Verdict: The family-office alternative on the traditional bench: same model, longer clock; worth prioritizing if patience matters more to you than brand. - New Majority Capital (Custom Pricing) - https://searchspheresource.com/resources/new-majority-capital: A micro-buyout fund that backs self-funded searchers buying profitable small businesses from retiring owners, paired with a free ten-week accelerator that trains them. It publishes the band it funds, the buyers it refuses, and a diligence facility advanced at zero interest, which almost nothing else on this shelf does. Verdict: The clearest published audience match on this shelf and the least published price. Ask what the capital costs before the intake form, because everything else about the fit is already on the page. - NextGen Growth Partners (Custom Pricing) - https://searchspheresource.com/resources/nextgen-growth-partners: A Chicago private investment firm founded in 2016 running the entrepreneur-in-residence model. EIRs join the firm full time, source and acquire a business with the firm's committed capital, and step in as its leader: an employed path into operating rather than a fund backing your own search. Verdict: A legitimate third path between self-funded and traditional; take it for the platform and the risk transfer, not the equity math, and model all three paths before choosing. - Northspring Partners (Custom Pricing) - https://searchspheresource.com/resources/northspring-partners: A search fund investor run by former searchers, describing itself as a U.S.-based private equity firm that makes minority investments in micro-cap companies alongside driven search fund entrepreneurs, and backing them from the search through the board years. Its own site names every entrepreneur it backs on a profile page that carries their fund, and lists a portfolio of a dozen companies with the year it invested in each. Verdict: Worth a letter for a traditional search, and worth reading its team page first, since the people who will sit on your board have each sold a search-fund company themselves. - Novastone Capital Advisors (Custom Pricing) - https://searchspheresource.com/resources/novastone-capital-advisors: A Swiss firm running an operator-led search program across Europe, the United States and Canada: 31 portfolio companies in 11 countries and over $500M of aggregate enterprise value, with searchers joining NCA's structured program rather than raising a fund of their own. Verdict: The default conversation for a non-US search, and a real alternative to raising your own fund for operators who value structure over autonomy. - Novidam (Custom Pricing) - https://searchspheresource.com/resources/novidam: A search fund investor that began as a search fund. Founded in New York in 2014, it bought a small security and fire alarm company in 2016, grew it fifteen-fold with ten regional add-ons and exited in 2022, then turned into a backer with offices in New York, Amsterdam and London. By its own count it had backed a hundred search funds and invested in twenty companies through 2024, and its third fund was active in 2025 across the United States, Latin America and Europe. Verdict: Worth a letter from either side of the Atlantic; read its about page first, because the firm's own search is the clearest statement of what it expects yours to look like. - Pacific Lake Partners (Custom Pricing) - https://searchspheresource.com/resources/pacific-lake-partners: A committed fund founded in 2009 solely to back search fund entrepreneurs, co-founded by Coley Andrews and Jim Southern. It describes itself as the largest dedicated search investor, with offices in Boston and the Bay Area, hundreds of searchers backed, investments in over 70 companies, and a fourth fund reported at $175M. Verdict: The scale anchor of the traditional path: most funded searchers want it on the cap table, and every funded searcher should understand why before deciding whether they do. - Peterson Partners (Custom Pricing) - https://searchspheresource.com/resources/peterson-partners: A Salt Lake City investment firm whose dedicated search-fund practice has run for more than two decades; founder Joel Peterson backed Asurion, one of the earliest and most-cited search funds, and the firm has helped build over 300 businesses across its strategies, partnering with operators on a five-to-ten-year horizon. Verdict: If you are raising a traditional search, a two-decade backer whose founder helped write the model's early chapters belongs on the outreach list; arrive fluent in the standard economics. - Plexus Capital (Custom Pricing) - https://searchspheresource.com/resources/plexus-capital: A lower-middle-market structured capital firm whose seventh fund, $977 million, states its focus as supporting independent sponsors, search funds, equity funds, and management teams: $5 million to $25 million initial checks into companies with $2 million to $15 million of EBITDA, across recapitalizations, growth investments, and buyouts. The firm reports $3.5 billion raised and 214 companies funded. Verdict: Belongs on the call list when the deal is big enough for institutional structured capital; the published ranges tell you in one read whether yours is. - Prox Search Capital (Custom Pricing) - https://searchspheresource.com/resources/prox-search-capital: An industry-agnostic US equity provider for self-funded searchers and operating independent sponsors, publishing the size of its check, a minority non-control position, and since 2025 a first fund and a portfolio of five businesses named by sector. Verdict: Two numbers most firms will not publish, from a firm that publishes little else. - Relay Investments (Custom Pricing) - https://searchspheresource.com/resources/relay-investments: A Boston search fund investor that acts as lead in most of the searches it joins, publishing what few firms do: it typically takes 15 to 25% of a search cap table and aims $1M to $3.5M at the acquisition equity, with a portfolio showing 60-plus backed companies. Verdict: Start here if you want one committed lead rather than assembling fifteen small checks; the published ranges make the first conversation concrete. - Search Fund Accelerator (Custom Pricing) - https://searchspheresource.com/resources/search-fund-accelerator: A cohort program for searchers, solo or partnered, that supplies committed acquisition equity, a bootcamp and a shared office, and publishes the equity a searcher earns, which most of this shelf does not. Verdict: Publishes the number that matters most to a searcher, and stays silent on the one right behind it. - Search Fund Partners (Custom Pricing) - https://searchspheresource.com/resources/search-fund-partners: The first private equity fund dedicated to search funds, founded in 2004. It invests in traditional searches and the acquisitions they produce (typically $5M to $30M revenue companies), with partners who are largely former searchers and CEOs; third-party trackers count roughly 200 investments with dozens of exits. Verdict: If you are raising a traditional search, the longest track record in the niche belongs on your outreach list; just arrive already fluent in the standard economics. - Sleeping Giant Capital (Custom Pricing) - https://searchspheresource.com/resources/sleeping-giant-capital: A place-based employed-search program in West Michigan: candidates complete its Acquire training program, then search full time with a salary built into the investment package and committed acquisition capital, stepping in as CEO with equity when the deal closes. Verdict: The employed lane's regional option: a narrower map traded for training and a committed local backer; compare against the national cohorts before choosing either. - Smash.vc (Custom Pricing) - https://searchspheresource.com/resources/smash-vc: An Asheville equity provider for self-funded searchers, independent sponsors and owner-operators buying profitable small businesses, publishing a check range and two different earnings floors keyed to who is buying. Verdict: A clear floor and a clear ceiling for the smaller self-funded deal, with the geography left unsaid. - SMEVentures (Custom Pricing) - https://searchspheresource.com/resources/smeventures: An Asia Pacific search platform that funds a searcher's expenses and a modest salary for up to two years, then backs the acquisition and sits on the board alongside two or three investors while the searcher runs the business as CEO. Its own homepage lists six acquisitions naming eight businesses in Australia and New Zealand, dated from 2021 to April 2026. Verdict: The Asia Pacific answer where this shelf otherwise stops at Europe, and the wrong door for a US searcher: read the five-to-ten-year CEO commitment before the funded search. - Teamshares (Custom Pricing) - https://searchspheresource.com/resources/teamshares: An acquirer that buys companies with half a million to ten million dollars of EBITDA from retiring owners, recruits a president to run each one, and moves stock to the employees over time. Its own pages say the president is recruited into a business it has already bought, and contrast that with the people who start, buy or inherit one. Verdict: A job running something already bought, which is a different decision from buying one. - The Cambria Group (Custom Pricing) - https://searchspheresource.com/resources/cambria-group: One of the longest-standing principal investors in small-business acquisition: reports over 300 platform investments plus hundreds of add-ons across 40-plus states, and works several ways at once, leading its own deals, backing search fund executives, and supporting independent sponsors and co-investments. Verdict: Worth a call precisely because it is structure-flexible: if your path shifts between search fund and independent sponsor, this desk has seen both. - Trilogy Search Partners (Custom Pricing) - https://searchspheresource.com/resources/trilogy-search-partners: A Pacific Northwest search fund investor founded in 2014 (Mercer Island, Washington), investing partners' own capital alongside a team fully dedicated to search; cites 90-plus completed transactions across SaaS, healthcare, and B2B services, with named operating executives who support searchers and their companies post-close. Verdict: A strong boutique counterweight to the scale anchors on a cap table; the operating-executive model is the differentiator to probe in the first conversation. - TTCER Partners (Custom Pricing) - https://searchspheresource.com/resources/ttcer-partners: The partnership formed in 2007 by the operators and first backers behind Asurion, which it calls the most successful search fund acquisition ever: invests in search-acquired businesses with a stated long-term lens, and reports a role in building over 200 search-acquired and other businesses across 50-plus boards. Verdict: Pedigree capital for the acquisition round: the bench that built the model's best case, if your search budget is already covered. - Vonzeo Capital (Custom Pricing) - https://searchspheresource.com/resources/vonzeo-capital: A dedicated search fund investor based in Vancouver and Barcelona that, in its own words, finances the search, invests in the acquisition, empowers the build, and helps the exit. It publishes a global mandate, naming thirteen countries across the Americas, Europe, and Asia-Pacific. Verdict: A dedicated global backer worth a call for a traditional search outside the US hubs; come ready to ask for the numbers its site does not publish. - WAD Capital (Custom Pricing) - https://searchspheresource.com/resources/wad-capital: A Brussels employed-search program for SME succession within 300km of Brussels: cohorts of 10 to 20 CEOs-in-residence search up to 24 months on a monthly management fee, with 100% acquisition financing, targets of 1M to 5M euros of EBITDA, and published CIR equity of up to 20% vesting in thirds at close, during the hold, and at exit. Verdict: The employed lane's transparency benchmark: even if you never search Benelux, its published terms are the yardstick to hold the US programs against. - Westerly Group (Custom Pricing) - https://searchspheresource.com/resources/westerly-group: A permanent capital backer of operators rather than a fund with an exit clock. Its own pages say it backs ambitious operators with permanent capital to build platforms in durable industries, and it describes the operator it wants as mid-career with relevant industry experience, buying businesses that are enduringly profitable, independently owned and selling critical recurring services. Verdict: Worth a letter if you already know the platform you want to build, since the site will not tell you. - WSC & Company (Custom Pricing) - https://searchspheresource.com/resources/wsc-company: A private investment firm built around entrepreneurship through acquisition: reports 300-plus entrepreneurs and 120-plus companies backed with over $2B of portfolio enterprise value, targeting founder-owned businesses with roughly $2M to $10M of EBITDA and established teams. Verdict: A strong fit when your target is bigger than the classic Main Street deal; the published EBITDA range saves everyone a wasted meeting. ### Valuation & Modeling - https://searchspheresource.com/resources/category/valuation-tool - GCF PeerComps (Subscription) - https://searchspheresource.com/resources/gcf-peercomps: A comparables database built exclusively from completed SBA-financed transactions (16,000+ closed deals with roughly 100 added monthly) that generates comp searches and valuation reports filtered by NAICS, region, and financials. Verdict: The cheapest way to test an asking price against real SBA-financed comps; worth $99 on any deal you're serious about. - DealStats (BVR) (Subscription) - https://searchspheresource.com/resources/dealstats: Business Valuation Resources' transaction database (formerly Pratt's Stats): detailed financials on acquired private companies, searchable across 200-plus data points per deal including valuation multiples and financial ratios, used by appraisers, brokers, and buyers for comparable-sale analysis. Verdict: The professional-grade comp database; reach for it on larger or unusual deals, and use the cheaper SBA-only comps first on standard Main Street screens. - ProjectionHub (One-Time) - https://searchspheresource.com/resources/projectionhub: CPA-developed financial projection templates (100+ industry-specific models plus universal versions) and paid services for SBA-ready business plans and projections, aimed at borrowers who need lender-credible financial models. Verdict: A sensible shortcut for the projections a lender will demand; buy the template, then own every assumption in it before underwriting asks you to. - Peak Business Valuation (Custom Pricing) - https://searchspheresource.com/resources/peak-business-valuation: A nationwide business-appraisal firm, founded 2018 and among the most-reviewed in the US, that produces the independent SBA valuation a 7(a) lender requires, plus free per-industry multiple guides and an SBA valuation calculator. Verdict: The straightforward pick for the SBA appraisal your lender requires; use its free multiple guides to sanity-check price before you pay for one. ### Operating Resources - https://searchspheresource.com/resources/category/operating-resources - The First 90 Days (Michael Watkins) (One-Time) - https://searchspheresource.com/resources/the-first-90-days: A playbook for leadership transitions, diagnosing the situation you're inheriting, securing early wins, and building credibility fast. Written for executives entering new roles, it maps remarkably well onto taking over a just-purchased business. Verdict: Read it during diligence so the transition plan exists before day one. - Traction / EOS (Gino Wickman) (One-Time) - https://searchspheresource.com/resources/traction-eos: The book behind the Entrepreneurial Operating System (EOS), a simple operating cadence (scorecards, weekly L10 meetings, quarterly rocks, accountability charts) that hundreds of thousands of small companies run on, and a common choice for new owners installing structure post-acquisition. Verdict: The default post-close operating system; install it in month 4, not week 1. - Aspen HR (Custom Pricing) - https://searchspheresource.com/resources/aspen-hr: A professional employer organization: payroll, benefits, retirement, HR compliance and an HRIS bought as one contract, with the provider taking on the employer duties for payroll tax and benefits. It publishes a page written for search funds and several more for private equity and portfolio companies, so the pitch is aimed at a small business that has just changed hands rather than at a startup. Verdict: Worth a quote if you inherit a company with no HR function, and worth two quotes rather than one: the model is standard and the price is not published. - Bookkeeper360 (Subscription) - https://searchspheresource.com/resources/bookkeeper360: A full outsourced accounting shop for small businesses: monthly or weekly bookkeeping on QuickBooks Online or Xero, business and personal tax, payroll administration, sales-tax filing, and fractional CFO and forecasting. It covers the whole back office a new owner inherits, from the first clean close to ongoing payroll and tax. Verdict: The most complete single-vendor back office here: books, payroll, and tax on the platform you already run. - Decimal (Subscription) - https://searchspheresource.com/resources/decimal: An outsourced accounting and back-office operator for established small and mid-sized businesses, bundling bookkeeping, bill pay, expense and invoicing workflows, financial reporting, payroll support, tax, and advisory under a dedicated team at a fixed monthly fee. It leans into operational industries like home services, dental, and franchising that searchers often buy. Verdict: A fit for an operational SMB that wants the whole back office run; get the quote before you compare. - More Staffing (Subscription) - https://searchspheresource.com/resources/more-staffing: Recruits, vets and onboards full-time remote staff in the Philippines for owner-led businesses, covering operations managers, executive assistants, bookkeepers and customer support leads, then stays involved with coaching and replacement cover. Verdict: Worth a look when the seller was doing three jobs and you are not going to. - OnPay (Subscription) - https://searchspheresource.com/resources/onpay: Full-service payroll for small businesses at a flat base-plus-per-worker fee: unlimited pay runs, federal, state, and local tax filings and year-end W-2s and 1099s included, multi-state, plus HR basics (onboarding, PTO, benefits, 401(k), workers' comp) and a QuickBooks integration. It is the run-it-yourself payroll leg of the back office, distinct from the outsourced bookkeeping firms on this shelf. Verdict: The run-it-yourself payroll leg of the back office; pair it with a bookkeeper for the rest. - Pilot (Subscription) - https://searchspheresource.com/resources/pilot: A tech-forward outsourced back office: bookkeeping on a dedicated US-based team, business tax filing, and fractional CFO and COO support, built around accrual accounting and a monthly close. Aimed at startups and growing companies, it fits a newly acquired business whose books need to become clean and stay that way without an in-house hire. Verdict: Strong for investor-grade books and CFO help; weigh its startup-first fit against a plain operating SMB. - Ravix Group (Custom Pricing) - https://searchspheresource.com/resources/ravix-group: Outsourced finance and people operations, from bookkeeping and technical accounting through controller placement, fractional CFO work, audit support and HR with payroll. It publishes a search fund page and a case study of a search fund chief executive. Verdict: Ask what a search fund engagement actually costs before the second call. - System Six (Custom Pricing) - https://searchspheresource.com/resources/system-six: Outsourced bookkeeping, payroll and part-time CFO work, with a service page written for acquisition entrepreneurs specifically. Its own pitch is the month after close: taking over books kept by the seller, closing them on a schedule, and producing statements a lender and an owner can both read. Verdict: The clearest fit in this category for a buyer inheriting a seller's books, and the one question to ask on the call is what a month costs once the cleanup is done. ### Franchise Brokers & Research - https://searchspheresource.com/resources/category/franchise - Franchise Business Review (Freemium) - https://searchspheresource.com/resources/franchise-business-review: A market-research firm surveying more than 30,000 franchisees a year (since 2005) on satisfaction across training, support, leadership, financial opportunity, and more; publishes free satisfaction reports and annual award lists that brands cannot buy onto, by its stated methodology. Verdict: Check any franchise system you are considering against its data before you sign anything; ten minutes here has saved buyers from systems whose own franchisees would have warned them. - FranNet (Free) - https://searchspheresource.com/resources/frannet: A long-running network of local franchise consultants who match candidates with franchise systems at no charge to the candidate; consultants are paid by franchisors on closed placements, and the brands presented come from the network's roster of paying systems. Verdict: Fine to use with clear eyes: take the education and introductions for free, then validate any recommended system against the FDD and a dozen current franchisees the consultant did not pick. ### Business Brokers & M&A Advisors - https://searchspheresource.com/tools/broker-match - A Neumann & Associates (Success Fee) - https://searchspheresource.com/resources/a-neumann-associates: A mergers and acquisitions advisory firm operating since 2003 that claims nationwide reach and names offices in twenty-two states across the Northeast, Mid-Atlantic and Southeast, and that offers buyers a proactive off-market acquisition search. Verdict: The Northeast and Mid-Atlantic coverage, plus a buy-side search worth asking the price of before you use it. - First Choice Business Brokers (Custom Pricing) - https://searchspheresource.com/resources/first-choice-business-brokers: A nationwide business brokerage network founded in 1994 whose offices are independently owned and operated, publishing buyer-side answers at the brand level while each office sets its own seller terms. Verdict: The network that talks to buyers, on seller terms you get from whichever office holds the listing. - Georgia Association of Business Brokers (Free) - https://searchspheresource.com/resources/gabb: A Georgia trade association, founded in 1986, whose broker members must hold a current Georgia real estate license, with a public directory of members and their listings. Verdict: A membership list with a licensing rule behind it, which is more than most directories can say. - IBA (Success Fee) - https://searchspheresource.com/resources/iba: A Pacific Northwest business brokerage working Washington, Oregon and Alaska since 1975, selling privately held companies with market values between $500,000 and $30,000,000, and publishing both its fee model and what working with it costs a buyer. Verdict: The Pacific Northwest answer, and the rare brokerage that tells a buyer in writing what it costs to look. - IBBA (Free) - https://searchspheresource.com/resources/ibba: The business brokers' trade association: the CBI credential, a searchable member directory, and the quarterly Market Pulse survey of Main Street deal terms, published with M&A Source. Verdict: Start here twice: once to build the broker list, once to know the actual medians before anyone quotes you a multiple. - MidStreet (Success Fee) - https://searchspheresource.com/resources/midstreet: A North Carolina and Southeast lower-middle-market business broker and M&A advisor, 20-plus years and 400-plus closed deals, selling companies in the $1M to $25M revenue range, with a widely-read library explaining how the sell side actually works. Verdict: Worth a bookmark for its sell-side education whatever your geography, and a real option for finding or selling a Southeast lower-middle-market business. - Morgan & Westfield (Success Fee) - https://searchspheresource.com/resources/morgan-and-westfield: A national M&A advisory firm selling privately held companies up to $100M of revenue, founded in 2008 and run by a principal who has written six books on the subject and hosts an interview podcast about it. Its reach comes from what it gives away: a twelve-step guide to buying a business, a ten-topic knowledge base on selling one, and a 352-page seller handbook, all free. Verdict: Read the buyer's guide and the knowledge base before you ever sit across from a broker; they are free and they explain what the other side is being told to do. Treat the firm itself as a seller's advisor, and get the a-la-carte fees in writing, because the site never names one. - Murphy Business Sales (Custom Pricing) - https://searchspheresource.com/resources/murphy-business: A franchised business brokerage network founded in 1994 with offices across the United States and Canada, where each office is an independently operated franchise, so the broker and the fee both vary by market. Verdict: Coverage almost everywhere, on terms you have to ask each office for one at a time. - National Pool Route Sales (Success Fee) - https://searchspheresource.com/resources/national-pool-route-sales: A long-running specialized brokerage for pool service routes, matching buyers with sellers in Arizona, California, Florida, Nevada, Texas, and other sunbelt states, with escrowed closings, a 90-day account-replacement guarantee, and seller-led training built into the standard deal. Verdict: The structured way into recurring service revenue below whole-company prices; underwrite the account list, not the dream, and expect a job with cash flow until you build around it. - New England Business Brokers Association (Free) - https://searchspheresource.com/resources/nebba: A New England trade association of business brokers and M&A advisors with a public member directory and a program that lets a buyer see every member office's listings through one member broker. Verdict: One broker as a door onto a whole region's listings, at a price the site does not state. - Pacific Business Sales (Success Fee) - https://searchspheresource.com/resources/pacific-business-sales: A California M&A advisory and business brokerage working Orange County, Los Angeles, the Inland Empire and Northern California since 2002, on deals from $1M to $50M, with a stated specialization in manufacturing, construction and aerospace. Verdict: The California seat on this shelf, and a seller's broker that already speaks SBA to buyers. - Peterson Acquisitions (Custom Pricing) - https://searchspheresource.com/resources/peterson-acquisitions: A brokerage with named local offices across the Midwest and Mountain West that works both sides of the table, selling businesses for owners while running an intake, coaching and education track for buyers trying to acquire one. Verdict: Worth a look if you are buying in one of its office markets and want a broker who treats buyers as clients, as long as you go in knowing the buyer-side help is a paid product and the sell-side fee is unpublished. - Raincatcher (Success Fee) - https://searchspheresource.com/resources/raincatcher: National sell-side brokerage and M&A advisory for businesses from roughly $3M to $100M of revenue, with a brokerage arm for companies under $2M of earnings, plus buy-side advisory and valuations. Verdict: A credible national option to interview alongside a local CBI; make them state the fee and the minimum in the first call. - Sigma Mergers & Acquisitions (Success Fee) - https://searchspheresource.com/resources/sigma-mergers: A Dallas business brokerage working Texas, with a typical sale price of $500,000 to $50M, and one of the few firms anywhere that publishes its own commission range instead of describing it. Verdict: The rare firm that answers the fee question with a number, which makes it a yardstick as well as a broker. - Synergy Business Brokers (Success Fee) - https://searchspheresource.com/resources/synergy-business-brokers: An M&A brokerage founded in 2002 that sells profitable companies with annual revenue from $700,000 to $250 million-plus, with named brokers in ten states, a practice page for each industry it specializes in, and a stated policy of charging nothing unless a business sells. Verdict: The clearest of the brokers on when a fee is owed, and the only one on this shelf that names a broker in each state it claims, which is what makes it filterable rather than national in the abstract. - Texas Association of Business Brokers (Free) - https://searchspheresource.com/resources/tabb: A Texas trade association for business brokers with five chapters, publishing a member directory that anyone can search by city, chapter, radius, certification, industry focus and profession, and publishing its dues in full. Verdict: The best broker directory in Texas, and the clearest published account of what association membership costs. - The Firm Advisors (Custom Pricing) - https://searchspheresource.com/resources/the-firm-advisors: An Omaha business brokerage that puts a team of specialists on each sale instead of one broker on everything, publishes its six-step process end to end, and runs a buyer and seller education track alongside weekly listing features. Verdict: The most transparent process writing on the shelf and a genuine Midwest footprint, with the caveat that the fee is unpublished and its headline transaction count is from 2018. - The Rock Bridge Group (Success Fee) - https://searchspheresource.com/resources/rock-bridge-group: A Colorado Front Range business brokerage operating since 1982, formerly The FBB Group, which publishes a buyer's own closing-cost breakdown including a plain statement of who pays the broker. Verdict: Worth reading for its buyer closing-cost page whatever your geography, and the Mountain West seat on this shelf. - Viking Mergers & Acquisitions (Success Fee) - https://searchspheresource.com/resources/viking-mergers: A Southeastern M&A firm founded in 1996 with offices across ten states and Washington DC, splitting its work into business brokerage for companies valued $1M to $10M and M&A above that, and publishing what it does not charge item by item. Verdict: The Southeast bench, and the clearest published account anywhere of what a broker does not charge. - We Sell Restaurants (Custom Pricing) - https://searchspheresource.com/resources/we-sell-restaurants: A restaurant-only brokerage network operating in forty-five states, with independently owned and operated offices and its own Certified Restaurant Broker credential. Verdict: The restaurant specialist, on a fee you will have to ask for because the page that asks the question answers it about somebody else. ### Investment Banks - https://searchspheresource.com/tools/deal-team/bank - Benchmark International (Free) - https://searchspheresource.com/resources/benchmark-international: The sell-side-only M&A firm that calls itself the largest of its kind: over 100 closings a year, $12.5B of cumulative transaction value, and 400-plus specialists across offices on three continents, representing exactly the businesses at the top of a searcher's size range. Verdict: Get on the distribution list and treat every process as bidding practice; the deals are real even when the auction outruns a first-timer. - Calder Capital (Custom Pricing) - https://searchspheresource.com/resources/calder-capital: A Grand Rapids M&A firm that publishes its scoreboard: 58 closings in 2025 and 32 in the first half of 2026 across sell-side and buy-side, with a sister firm dedicated to main-street-sized deals and a buy-side practice that searchers can engage directly. Re-read August 2026: that buy-side practice runs in two named programs. The larger guarantees a minimum of ten proprietary leads, meaning owners willing to take a call, and the smaller guarantees two hundred outreach touches a month while stating plainly that it does not guarantee leads. Verdict: The rare bank a searcher can hire rather than merely bid against, and the published scoreboard says they close what they start. - Generational Group (Custom Pricing) - https://searchspheresource.com/resources/generational-group: The volume record-holder of middle-market sell-side M&A: 1,800 closed transactions announced in early 2026, top-two national league-table rankings five years running, and a buyer network it reports at over 20,000 buyers, fed by the exit-planning conferences it runs for owners. Verdict: Get into the buyer network for the flow; the fourth model on this shelf is the education-fed volume machine, and it closes. - OffDeal (Success Fee) - https://searchspheresource.com/resources/offdeal: An AI-native M&A advisory firm that sells lower-middle-market businesses, using AI to match a seller against 25,000-plus past deals and run a competitive buyer auction, on a success fee it does not publish, with no retainer. Verdict: Worth being in its buyer network for larger lower-middle-market deals; too big-focused for the smallest Main Street searches. - Woodbridge International (Custom Pricing) - https://searchspheresource.com/resources/woodbridge-international: The timed-auction shop, now under Mariner: every sale runs a published 150-day timeline with financial underwriting done in the first 30 days, for companies with $10 million to $150 million of annual revenue by its own page, drawing an average of 20 bids per deal from a buyer database of 8,400 private equity groups and 410,000 strategics, with over $2B of seller liquidity created since 2021. Verdict: Join the network for the prepared deal flow, and only enter the auctions your financing can actually win on the clock. ### Closing Vendors - https://searchspheresource.com/tools/deal-team/closing - Partner Engineering and Science (Custom Pricing) - https://searchspheresource.com/resources/partner-esi: A national environmental and engineering consultancy whose Phase I Environmental Site Assessments are a fixture of lender closing checklists. Reports follow the current ASTM E1527-21 standard, the firm participated in creating and updating that standard, and its own page says it supports approximately one in five commercial real estate transactions nationwide, from a single site to a portfolio. Verdict: The default national name for the Phase I on a lender's checklist; confirm who orders it before you hire them yourself. - First American Title (Commercial) (Custom Pricing) - https://searchspheresource.com/resources/first-american-title: One of the largest US title insurers, whose commercial division underwrites title insurance and runs escrow and settlement for property transactions. Its page claims it can service nearly any commercial transaction through its national network, including in states without a physical First American office, and cites fifty-plus years in commercial, a thousand-plus commercial team members, and a hundred thousand transactions closed since 2023. Verdict: The national title name a lender will not question; the local office you draw decides the experience. - Equipment Appraisal Services (Custom Pricing) - https://searchspheresource.com/resources/equipment-appraisal-services: A machinery and equipment appraisal firm producing USPAP-compliant reports nationwide and overseas, across all equipment types. Its appraisals serve financing, mergers and acquisitions, litigation, bankruptcy, insurance, tax, and donation purposes, with credentialed appraisers available for expert witness testimony. Verdict: A straightforward way to get the USPAP report a lender asks for; pin the appraiser's named credentials before signing. - Escrow.com (One-Time) - https://searchspheresource.com/resources/escrow-com: An online escrow service holding buyer funds in licensed trust accounts until delivery and inspection terms are met, with milestone releases for staged closings. Unusually for this shelf, the fee schedule is public: 2.6 percent under $5,000 stepping down to 1.0 percent for $1M to $3M transactions with a $12,000 minimum at that tier, concierge service at roughly double, and a 3.05 percent surcharge for card or PayPal funding. Verdict: Transparent, licensed, and genuinely useful below the size where closings get their own attorney-run escrow. - AEI Consultants (Custom Pricing) - https://searchspheresource.com/resources/aei-consultants: An environmental and building sciences consultancy performing Phase I Environmental Site Assessments to the current ASTM E1527-21 standard, customizable to lender requirements. The firm cites over thirty years of experience and a nationwide team, and it publishes a Phase I checklist and full sample reports, including an agency-lender sample, so a first-time buyer can read exactly what the product contains before ordering one. Verdict: Read their sample report before you order anyone's Phase I; hire them if your lender has not already chosen. - Stewart Title (Commercial) (Custom Pricing) - https://searchspheresource.com/resources/stewart-title: A national title insurance underwriter whose commercial arm handles transactions from single-site deals to multi-site and multi-state portfolios. Its page leads with its underwriters, promising timely and creative solutions to complex transactions, and it runs an educational commercial real estate webinar series alongside the core title and settlement work. Verdict: A credible national alternative for the title seat, strongest where the deal's complexity is the problem to solve. - Hilco Valuation Services (Custom Pricing) - https://searchspheresource.com/resources/hilco-valuation-services: The valuation arm of Hilco Global, describing itself as a recognized leader in the machinery and equipment appraisal industry with comprehensive appraisal services across industries. Beyond machinery and equipment, the platform appraises inventory, receivables, intellectual property, and real estate, which is why asset-based lenders keep it on their panels. Verdict: The name to reach for when the equipment base is big enough that the lender cares who signed the appraisal. ## Industry Vocabulary by Trade (673 terms across 96 guides) Words one trade uses and the others do not, defined on their own page inside that trade's guide. The general vocabulary every deal shares is in the glossary at the end of this file. - Buying an HVAC Business: Callback rate (https://searchspheresource.com/guides/buying-an-hvac-business/terms/callback-rate), A2L refrigerants (https://searchspheresource.com/guides/buying-an-hvac-business/terms/a2l-refrigerants), License qualifier (https://searchspheresource.com/guides/buying-an-hvac-business/terms/license-qualifier), Maintenance agreement (https://searchspheresource.com/guides/buying-an-hvac-business/terms/maintenance-agreement), Classification boundary (https://searchspheresource.com/guides/buying-an-hvac-business/terms/classification-boundary), Manufacturer dealer agreement (https://searchspheresource.com/guides/buying-an-hvac-business/terms/manufacturer-dealer-agreement), Certification type (https://searchspheresource.com/guides/buying-an-hvac-business/terms/certification-type). - Buying a Brewery: Brewer's notice (https://searchspheresource.com/guides/buying-a-brewery/terms/brewer-s-notice), Reduced-rate barrels (https://searchspheresource.com/guides/buying-a-brewery/terms/reduced-rate-barrels), Taxable removals (https://searchspheresource.com/guides/buying-a-brewery/terms/taxable-removals), Taproom share (https://searchspheresource.com/guides/buying-a-brewery/terms/taproom-share), Keg float (https://searchspheresource.com/guides/buying-a-brewery/terms/keg-float), Self-distribution allowance (https://searchspheresource.com/guides/buying-a-brewery/terms/self-distribution-allowance), Unaccounted-for beer (https://searchspheresource.com/guides/buying-a-brewery/terms/unaccounted-for-beer). - Buying a Machine Shop: Quote book (https://searchspheresource.com/guides/buying-a-machine-shop/terms/quote-book), Spindle hours (https://searchspheresource.com/guides/buying-a-machine-shop/terms/spindle-hours), ITAR registration (https://searchspheresource.com/guides/buying-a-machine-shop/terms/itar-registration), Unshipped balance (https://searchspheresource.com/guides/buying-a-machine-shop/terms/unshipped-balance), Materials share (https://searchspheresource.com/guides/buying-a-machine-shop/terms/materials-share), First article inspection (https://searchspheresource.com/guides/buying-a-machine-shop/terms/first-article-inspection), Unreturned manifest (https://searchspheresource.com/guides/buying-a-machine-shop/terms/unreturned-manifest). - Buying a Hardware Store: Gross margin after rebate (https://searchspheresource.com/guides/buying-a-hardware-store/terms/gross-margin-after-rebate), Sales per customer (https://searchspheresource.com/guides/buying-a-hardware-store/terms/sales-per-customer), Rebate income (https://searchspheresource.com/guides/buying-a-hardware-store/terms/rebate-income), Co-op membership (https://searchspheresource.com/guides/buying-a-hardware-store/terms/co-op-membership), Affiliate receipts (https://searchspheresource.com/guides/buying-a-hardware-store/terms/affiliate-receipts), Restricted-use dealer record (https://searchspheresource.com/guides/buying-a-hardware-store/terms/restricted-use-dealer-record), Reportable release (https://searchspheresource.com/guides/buying-a-hardware-store/terms/reportable-release). - Buying an ATM Route: Withdrawal surcharge (https://searchspheresource.com/guides/buying-an-atm-route/terms/withdrawal-surcharge), Vault cash (https://searchspheresource.com/guides/buying-an-atm-route/terms/vault-cash), Placement contract (https://searchspheresource.com/guides/buying-an-atm-route/terms/placement-contract), Fee notice (https://searchspheresource.com/guides/buying-an-atm-route/terms/fee-notice), Interchange (https://searchspheresource.com/guides/buying-an-atm-route/terms/interchange), Vault cash account (https://searchspheresource.com/guides/buying-an-atm-route/terms/vault-cash-account), Short-dispense error (https://searchspheresource.com/guides/buying-an-atm-route/terms/short-dispense-error). - Buying a Gun Store: Bound book (https://searchspheresource.com/guides/buying-a-gun-store/terms/bound-book), Right of succession (https://searchspheresource.com/guides/buying-a-gun-store/terms/right-of-succession), Licensee inventory liquidation (https://searchspheresource.com/guides/buying-a-gun-store/terms/licensee-inventory-liquidation), Type 01 dealer (https://searchspheresource.com/guides/buying-a-gun-store/terms/type-01-dealer), Consignment gun (https://searchspheresource.com/guides/buying-a-gun-store/terms/consignment-gun), Multiple sale report (https://searchspheresource.com/guides/buying-a-gun-store/terms/multiple-sale-report), Incident number (https://searchspheresource.com/guides/buying-a-gun-store/terms/incident-number). - Buying a Pawn Shop: Pawn service charge (https://searchspheresource.com/guides/buying-a-pawn-shop/terms/pawn-service-charge), Redemption rate (https://searchspheresource.com/guides/buying-a-pawn-shop/terms/redemption-rate), Forfeiture by operation of law (https://searchspheresource.com/guides/buying-a-pawn-shop/terms/forfeiture-by-operation-of-law), Non-recourse pledge (https://searchspheresource.com/guides/buying-a-pawn-shop/terms/non-recourse-pledge), Ownership continuity threshold (https://searchspheresource.com/guides/buying-a-pawn-shop/terms/ownership-continuity-threshold), Hold period (https://searchspheresource.com/guides/buying-a-pawn-shop/terms/hold-period), Stolen-claim freeze (https://searchspheresource.com/guides/buying-a-pawn-shop/terms/stolen-claim-freeze). - Buying a Plumbing Business: Truck stock (https://searchspheresource.com/guides/buying-a-plumbing-business/terms/truck-stock), Master plumber license (https://searchspheresource.com/guides/buying-a-plumbing-business/terms/master-plumber-license), Backflow certification (https://searchspheresource.com/guides/buying-a-plumbing-business/terms/backflow-certification), Drain and sewer share (https://searchspheresource.com/guides/buying-a-plumbing-business/terms/drain-and-sewer-share), Replacement clock (https://searchspheresource.com/guides/buying-a-plumbing-business/terms/replacement-clock), Permit history (https://searchspheresource.com/guides/buying-a-plumbing-business/terms/permit-history), Lateral responsibility (https://searchspheresource.com/guides/buying-a-plumbing-business/terms/lateral-responsibility). - Buying an MSP: Ticket load per endpoint (https://searchspheresource.com/guides/buying-an-msp/terms/ticket-load-per-endpoint), RMM and PSA (https://searchspheresource.com/guides/buying-an-msp/terms/rmm-and-psa), Technology stack (https://searchspheresource.com/guides/buying-an-msp/terms/technology-stack), Rate per seat (https://searchspheresource.com/guides/buying-an-msp/terms/rate-per-seat), Vendor consent gate (https://searchspheresource.com/guides/buying-an-msp/terms/vendor-consent-gate), Break-fix remainder (https://searchspheresource.com/guides/buying-an-msp/terms/break-fix-remainder), Material change filing (https://searchspheresource.com/guides/buying-an-msp/terms/material-change-filing). - Buying a Landscaping Business: Small off-road engine cutoff (https://searchspheresource.com/guides/buying-a-landscaping-business/terms/small-off-road-engine-cutoff), Snow revenue (https://searchspheresource.com/guides/buying-a-landscaping-business/terms/snow-revenue), Drought stage planting ban (https://searchspheresource.com/guides/buying-a-landscaping-business/terms/drought-stage-planting-ban), Route density (https://searchspheresource.com/guides/buying-a-landscaping-business/terms/route-density), H-2B visa (https://searchspheresource.com/guides/buying-a-landscaping-business/terms/h-2b-visa), Enhancement work (https://searchspheresource.com/guides/buying-a-landscaping-business/terms/enhancement-work), Home solicitation contract (https://searchspheresource.com/guides/buying-a-landscaping-business/terms/home-solicitation-contract). - Buying an Electrical Contracting Business: Retainage (https://searchspheresource.com/guides/buying-an-electrical-contracting-business/terms/retainage), Master electrician license (https://searchspheresource.com/guides/buying-an-electrical-contracting-business/terms/master-electrician-license), Prevailing wage work (https://searchspheresource.com/guides/buying-an-electrical-contracting-business/terms/prevailing-wage-work), Signed change orders (https://searchspheresource.com/guides/buying-an-electrical-contracting-business/terms/signed-change-orders), Certified electrician (https://searchspheresource.com/guides/buying-an-electrical-contracting-business/terms/certified-electrician), Bonding capacity (https://searchspheresource.com/guides/buying-an-electrical-contracting-business/terms/bonding-capacity), Statement of compliance (https://searchspheresource.com/guides/buying-an-electrical-contracting-business/terms/statement-of-compliance). - Buying an Accounting or Bookkeeping Practice: Seasonal concentration (https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice/terms/seasonal-concentration), Attest work (https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice/terms/attest-work), CPA-ownership rule (https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice/terms/cpa-ownership-rule), Realization rate (https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice/terms/realization-rate), Practice sale disclosure (https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice/terms/practice-sale-disclosure), Peer review (https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice/terms/peer-review), Gross fee penalty (https://searchspheresource.com/guides/buying-an-accounting-or-bookkeeping-practice/terms/gross-fee-penalty). - Buying a Pest Control Business: Rodenticide use moratorium (https://searchspheresource.com/guides/buying-a-pest-control-business/terms/rodenticide-use-moratorium), Cancellation rate (https://searchspheresource.com/guides/buying-a-pest-control-business/terms/cancellation-rate), Applicator license (https://searchspheresource.com/guides/buying-a-pest-control-business/terms/applicator-license), Recurring route revenue (https://searchspheresource.com/guides/buying-a-pest-control-business/terms/recurring-route-revenue), Termite bond (https://searchspheresource.com/guides/buying-a-pest-control-business/terms/termite-bond), Label weather restriction (https://searchspheresource.com/guides/buying-a-pest-control-business/terms/label-weather-restriction), Contract assumption (https://searchspheresource.com/guides/buying-a-pest-control-business/terms/contract-assumption). - Buying an Auto Repair Shop: Comeback rate (https://searchspheresource.com/guides/buying-an-auto-repair-shop/terms/comeback-rate), Effective labor rate (https://searchspheresource.com/guides/buying-an-auto-repair-shop/terms/effective-labor-rate), Average repair order (ARO) (https://searchspheresource.com/guides/buying-an-auto-repair-shop/terms/average-repair-order-aro), Parts matrix (https://searchspheresource.com/guides/buying-an-auto-repair-shop/terms/parts-matrix), Used oil generator (https://searchspheresource.com/guides/buying-an-auto-repair-shop/terms/used-oil-generator), EPA identification number (https://searchspheresource.com/guides/buying-an-auto-repair-shop/terms/epa-identification-number), Replaced-part tender (https://searchspheresource.com/guides/buying-an-auto-repair-shop/terms/replaced-part-tender). - Buying a Commercial Cleaning Business: Square-foot pricing (https://searchspheresource.com/guides/buying-a-commercial-cleaning-business/terms/square-foot-pricing), Day porter (https://searchspheresource.com/guides/buying-a-commercial-cleaning-business/terms/day-porter), Periodics (https://searchspheresource.com/guides/buying-a-commercial-cleaning-business/terms/periodics), Thirty-day out (https://searchspheresource.com/guides/buying-a-commercial-cleaning-business/terms/thirty-day-out), Successor employer (https://searchspheresource.com/guides/buying-a-commercial-cleaning-business/terms/successor-employer), Registration blocker (https://searchspheresource.com/guides/buying-a-commercial-cleaning-business/terms/registration-blocker), Taxable service floor (https://searchspheresource.com/guides/buying-a-commercial-cleaning-business/terms/taxable-service-floor). - Buying a Home Care Agency: Authorized versus delivered hours (https://searchspheresource.com/guides/buying-a-home-care-agency/terms/authorized-versus-delivered-hours), EVV (Electronic Visit Verification) (https://searchspheresource.com/guides/buying-a-home-care-agency/terms/evv-electronic-visit-verification), Payer mix (https://searchspheresource.com/guides/buying-a-home-care-agency/terms/payer-mix), Caregiver turnover (https://searchspheresource.com/guides/buying-a-home-care-agency/terms/caregiver-turnover), Owner screening (https://searchspheresource.com/guides/buying-a-home-care-agency/terms/owner-screening), Compatible case mix (https://searchspheresource.com/guides/buying-a-home-care-agency/terms/compatible-case-mix), Pre-presence training hours (https://searchspheresource.com/guides/buying-a-home-care-agency/terms/pre-presence-training-hours). - Buying a Laundromat: Wash-dry-fold (https://searchspheresource.com/guides/buying-a-laundromat/terms/wash-dry-fold), Turns per day (https://searchspheresource.com/guides/buying-a-laundromat/terms/turns-per-day), Vend price (https://searchspheresource.com/guides/buying-a-laundromat/terms/vend-price), Utility load (https://searchspheresource.com/guides/buying-a-laundromat/terms/utility-load), All appropriate inquiries (https://searchspheresource.com/guides/buying-a-laundromat/terms/all-appropriate-inquiries), Boiler permit to operate (https://searchspheresource.com/guides/buying-a-laundromat/terms/boiler-permit-to-operate), Unattended store posting (https://searchspheresource.com/guides/buying-a-laundromat/terms/unattended-store-posting). - Buying a Car Wash: Capture rate (https://searchspheresource.com/guides/buying-a-car-wash/terms/capture-rate), Express tunnel (https://searchspheresource.com/guides/buying-a-car-wash/terms/express-tunnel), Unlimited wash membership (https://searchspheresource.com/guides/buying-a-car-wash/terms/unlimited-wash-membership), Water reclaim (https://searchspheresource.com/guides/buying-a-car-wash/terms/water-reclaim), Significant industrial user (https://searchspheresource.com/guides/buying-a-car-wash/terms/significant-industrial-user), Premises isolation (https://searchspheresource.com/guides/buying-a-car-wash/terms/premises-isolation), Mandatory fee inclusion (https://searchspheresource.com/guides/buying-a-car-wash/terms/mandatory-fee-inclusion). - Buying a Restoration Business: Cycle time (https://searchspheresource.com/guides/buying-a-restoration-business/terms/cycle-time), Mitigation versus reconstruction (https://searchspheresource.com/guides/buying-a-restoration-business/terms/mitigation-versus-reconstruction), TPA program work (https://searchspheresource.com/guides/buying-a-restoration-business/terms/tpa-program-work), Estimating standard (https://searchspheresource.com/guides/buying-a-restoration-business/terms/estimating-standard), Renovation records (https://searchspheresource.com/guides/buying-a-restoration-business/terms/renovation-records), Direction to pay (https://searchspheresource.com/guides/buying-a-restoration-business/terms/direction-to-pay), Assignment of benefits (https://searchspheresource.com/guides/buying-a-restoration-business/terms/assignment-of-benefits). - Buying a Med Spa: Injector retention (https://searchspheresource.com/guides/buying-a-med-spa/terms/injector-retention), Membership model (https://searchspheresource.com/guides/buying-a-med-spa/terms/membership-model), Medical director (https://searchspheresource.com/guides/buying-a-med-spa/terms/medical-director), Rebooking rate (https://searchspheresource.com/guides/buying-a-med-spa/terms/rebooking-rate), Unredeemed packages (https://searchspheresource.com/guides/buying-a-med-spa/terms/unredeemed-packages), Complaint-driven enforcement (https://searchspheresource.com/guides/buying-a-med-spa/terms/complaint-driven-enforcement), Good-faith exam (https://searchspheresource.com/guides/buying-a-med-spa/terms/good-faith-exam). - Buying a Childcare Center: Waitlist by room (https://searchspheresource.com/guides/buying-a-childcare-center/terms/waitlist-by-room), Licensed capacity (https://searchspheresource.com/guides/buying-a-childcare-center/terms/licensed-capacity), Staff-to-child ratios (https://searchspheresource.com/guides/buying-a-childcare-center/terms/staff-to-child-ratios), Enrollment (https://searchspheresource.com/guides/buying-a-childcare-center/terms/enrollment), Supervised pending (https://searchspheresource.com/guides/buying-a-childcare-center/terms/supervised-pending), Subsidy payment lag (https://searchspheresource.com/guides/buying-a-childcare-center/terms/subsidy-payment-lag), Post-hire training clock (https://searchspheresource.com/guides/buying-a-childcare-center/terms/post-hire-training-clock). - Buying a Gym or Fitness Studio: Contract length and cancellation terms (https://searchspheresource.com/guides/buying-a-gym-or-fitness-studio/terms/contract-length-and-cancellation-terms), Payment processor (https://searchspheresource.com/guides/buying-a-gym-or-fitness-studio/terms/payment-processor), Dues per member (https://searchspheresource.com/guides/buying-a-gym-or-fitness-studio/terms/dues-per-member), Personal training attach (https://searchspheresource.com/guides/buying-a-gym-or-fitness-studio/terms/personal-training-attach), New studio on a sale (https://searchspheresource.com/guides/buying-a-gym-or-fitness-studio/terms/new-studio-on-a-sale), Keycard access (https://searchspheresource.com/guides/buying-a-gym-or-fitness-studio/terms/keycard-access), Private certification (https://searchspheresource.com/guides/buying-a-gym-or-fitness-studio/terms/private-certification). - Buying a Dental Practice: Case acceptance (https://searchspheresource.com/guides/buying-a-dental-practice/terms/case-acceptance), Hygiene recall (https://searchspheresource.com/guides/buying-a-dental-practice/terms/hygiene-recall), Production (https://searchspheresource.com/guides/buying-a-dental-practice/terms/production), PPO versus fee-for-service (https://searchspheresource.com/guides/buying-a-dental-practice/terms/ppo-versus-fee-for-service), Fictitious name permit (https://searchspheresource.com/guides/buying-a-dental-practice/terms/fictitious-name-permit), Own-name registration (https://searchspheresource.com/guides/buying-a-dental-practice/terms/own-name-registration), Non-covered services rule (https://searchspheresource.com/guides/buying-a-dental-practice/terms/non-covered-services-rule). - Buying an Insurance Agency: Carrier appointments (https://searchspheresource.com/guides/buying-an-insurance-agency/terms/carrier-appointments), Retention rate (https://searchspheresource.com/guides/buying-an-insurance-agency/terms/retention-rate), Loss ratio (https://searchspheresource.com/guides/buying-an-insurance-agency/terms/loss-ratio), Contingent commissions (https://searchspheresource.com/guides/buying-an-insurance-agency/terms/contingent-commissions), Ownership of expirations (https://searchspheresource.com/guides/buying-an-insurance-agency/terms/ownership-of-expirations), Agency bill versus direct bill (https://searchspheresource.com/guides/buying-an-insurance-agency/terms/agency-bill-versus-direct-bill), Unearned commission (https://searchspheresource.com/guides/buying-an-insurance-agency/terms/unearned-commission). - Buying a Veterinary Practice: Wellness plan penetration (https://searchspheresource.com/guides/buying-a-veterinary-practice/terms/wellness-plan-penetration), Veterinarian ownership restriction (https://searchspheresource.com/guides/buying-a-veterinary-practice/terms/veterinarian-ownership-restriction), Associate DVM (https://searchspheresource.com/guides/buying-a-veterinary-practice/terms/associate-dvm), Average client transaction (https://searchspheresource.com/guides/buying-a-veterinary-practice/terms/average-client-transaction), Premises registration (https://searchspheresource.com/guides/buying-a-veterinary-practice/terms/premises-registration), Ambulatory dispensing exception (https://searchspheresource.com/guides/buying-a-veterinary-practice/terms/ambulatory-dispensing-exception), Wellness plan versus pet insurance (https://searchspheresource.com/guides/buying-a-veterinary-practice/terms/wellness-plan-versus-pet-insurance). - Buying a Self-Storage Facility: Existing customer rate increase (https://searchspheresource.com/guides/buying-a-self-storage-facility/terms/existing-customer-rate-increase), Economic occupancy (https://searchspheresource.com/guides/buying-a-self-storage-facility/terms/economic-occupancy), Street rate (https://searchspheresource.com/guides/buying-a-self-storage-facility/terms/street-rate), Lien auction (https://searchspheresource.com/guides/buying-a-self-storage-facility/terms/lien-auction), Inherited lien (https://searchspheresource.com/guides/buying-a-self-storage-facility/terms/inherited-lien), Tenant-insurance license (https://searchspheresource.com/guides/buying-a-self-storage-facility/terms/tenant-insurance-license), Late fee clause (https://searchspheresource.com/guides/buying-a-self-storage-facility/terms/late-fee-clause). - Buying an E-Commerce Business: Account health (https://searchspheresource.com/guides/buying-an-ecommerce-business/terms/account-health), Channel concentration (https://searchspheresource.com/guides/buying-an-ecommerce-business/terms/channel-concentration), Aggregator (https://searchspheresource.com/guides/buying-an-ecommerce-business/terms/aggregator), Contribution margin (https://searchspheresource.com/guides/buying-an-ecommerce-business/terms/contribution-margin), Seller account transfer (https://searchspheresource.com/guides/buying-an-ecommerce-business/terms/seller-account-transfer), Review history (https://searchspheresource.com/guides/buying-an-ecommerce-business/terms/review-history), Late-shipment refund (https://searchspheresource.com/guides/buying-an-ecommerce-business/terms/late-shipment-refund). - Buying a SaaS Business: Expansion revenue (https://searchspheresource.com/guides/buying-a-saas-business/terms/expansion-revenue), Logo churn versus revenue churn (https://searchspheresource.com/guides/buying-a-saas-business/terms/logo-churn-versus-revenue-churn), Gross revenue retention (https://searchspheresource.com/guides/buying-a-saas-business/terms/gross-revenue-retention), Seat-based versus usage pricing (https://searchspheresource.com/guides/buying-a-saas-business/terms/seat-based-versus-usage-pricing), Successor assignment (https://searchspheresource.com/guides/buying-a-saas-business/terms/successor-assignment), Source code escrow (https://searchspheresource.com/guides/buying-a-saas-business/terms/source-code-escrow), Voided renewal (https://searchspheresource.com/guides/buying-a-saas-business/terms/voided-renewal). - Buying a Moving Company: Claims ratio (https://searchspheresource.com/guides/buying-a-moving-company/terms/claims-ratio), Valuation coverage (https://searchspheresource.com/guides/buying-a-moving-company/terms/valuation-coverage), Tariff (https://searchspheresource.com/guides/buying-a-moving-company/terms/tariff), Van line agency (https://searchspheresource.com/guides/buying-a-moving-company/terms/van-line-agency), Non-binding estimate (https://searchspheresource.com/guides/buying-a-moving-company/terms/non-binding-estimate), Household goods authority (https://searchspheresource.com/guides/buying-a-moving-company/terms/household-goods-authority), Claim filing window (https://searchspheresource.com/guides/buying-a-moving-company/terms/claim-filing-window). - Buying a Roofing Company: Supplement recovery (https://searchspheresource.com/guides/buying-a-roofing-company/terms/supplement-recovery), Storm versus retail mix (https://searchspheresource.com/guides/buying-a-roofing-company/terms/storm-versus-retail-mix), Warranty tail (https://searchspheresource.com/guides/buying-a-roofing-company/terms/warranty-tail), Squares (https://searchspheresource.com/guides/buying-a-roofing-company/terms/squares), Prohibited advertisement (https://searchspheresource.com/guides/buying-a-roofing-company/terms/prohibited-advertisement), Manufacturer certification (https://searchspheresource.com/guides/buying-a-roofing-company/terms/manufacturer-certification), Deductible inducement (https://searchspheresource.com/guides/buying-a-roofing-company/terms/deductible-inducement). - Buying a Restaurant: Occupancy cost (https://searchspheresource.com/guides/buying-a-restaurant/terms/occupancy-cost), Prime cost (https://searchspheresource.com/guides/buying-a-restaurant/terms/prime-cost), Cover count (https://searchspheresource.com/guides/buying-a-restaurant/terms/cover-count), Liquor license transfer (https://searchspheresource.com/guides/buying-a-restaurant/terms/liquor-license-transfer), Gift card escheat (https://searchspheresource.com/guides/buying-a-restaurant/terms/gift-card-escheat), Posted grade (https://searchspheresource.com/guides/buying-a-restaurant/terms/posted-grade), Changeover shutdown (https://searchspheresource.com/guides/buying-a-restaurant/terms/changeover-shutdown). - Buying a Liquor Store: Control state (https://searchspheresource.com/guides/buying-a-liquor-store/terms/control-state), License value (https://searchspheresource.com/guides/buying-a-liquor-store/terms/license-value), Inventory at cost (https://searchspheresource.com/guides/buying-a-liquor-store/terms/inventory-at-cost), Category margin mix (https://searchspheresource.com/guides/buying-a-liquor-store/terms/category-margin-mix), Transfer escrow (https://searchspheresource.com/guides/buying-a-liquor-store/terms/transfer-escrow), Compliance check (https://searchspheresource.com/guides/buying-a-liquor-store/terms/compliance-check), Cash-in-advance flip (https://searchspheresource.com/guides/buying-a-liquor-store/terms/cash-in-advance-flip). - Buying a Property Management Company: Fee mix beyond the management fee (https://searchspheresource.com/guides/buying-a-property-management-company/terms/fee-mix-beyond-the-management-fee), Doors under management (https://searchspheresource.com/guides/buying-a-property-management-company/terms/doors-under-management), Trust account (https://searchspheresource.com/guides/buying-a-property-management-company/terms/trust-account), Maintenance markup (https://searchspheresource.com/guides/buying-a-property-management-company/terms/maintenance-markup), Records audit (https://searchspheresource.com/guides/buying-a-property-management-company/terms/records-audit), Termination notice period (https://searchspheresource.com/guides/buying-a-property-management-company/terms/termination-notice-period), Commingling (https://searchspheresource.com/guides/buying-a-property-management-company/terms/commingling). - Buying a Pool Service Business: Pool discharge destination (https://searchspheresource.com/guides/buying-a-pool-service-route/terms/pool-discharge-destination), Repair revenue (https://searchspheresource.com/guides/buying-a-pool-service-route/terms/repair-revenue), Drought stage refill ban (https://searchspheresource.com/guides/buying-a-pool-service-route/terms/drought-stage-refill-ban), Route density (https://searchspheresource.com/guides/buying-a-pool-service-route/terms/route-density), Stops per tech (https://searchspheresource.com/guides/buying-a-pool-service-route/terms/stops-per-tech), Chemical billing model (https://searchspheresource.com/guides/buying-a-pool-service-route/terms/chemical-billing-model), Renewal floor (https://searchspheresource.com/guides/buying-a-pool-service-route/terms/renewal-floor). - Buying a Franchise Resale: FDD (Franchise Disclosure Document) (https://searchspheresource.com/guides/buying-a-franchise-resale/terms/fdd-franchise-disclosure-document), Item 19 (Financial Performance Representations) (https://searchspheresource.com/guides/buying-a-franchise-resale/terms/item-19-financial-performance-representations), Transfer fee and franchisor approval (https://searchspheresource.com/guides/buying-a-franchise-resale/terms/transfer-fee-and-franchisor-approval), SBA franchise directory (https://searchspheresource.com/guides/buying-a-franchise-resale/terms/sba-franchise-directory), Royalty and ad-fund load (https://searchspheresource.com/guides/buying-a-franchise-resale/terms/royalty-and-ad-fund-load), Operations inspection (https://searchspheresource.com/guides/buying-a-franchise-resale/terms/operations-inspection), Significant involvement (https://searchspheresource.com/guides/buying-a-franchise-resale/terms/significant-involvement). - Buying a Funeral Home: Crematory ownership (https://searchspheresource.com/guides/buying-a-funeral-home/terms/crematory-ownership), Preneed contract (https://searchspheresource.com/guides/buying-a-funeral-home/terms/preneed-contract), Cremation rate (https://searchspheresource.com/guides/buying-a-funeral-home/terms/cremation-rate), Case volume (https://searchspheresource.com/guides/buying-a-funeral-home/terms/case-volume), Preneed trusting (https://searchspheresource.com/guides/buying-a-funeral-home/terms/preneed-trusting), Unannounced board inspection (https://searchspheresource.com/guides/buying-a-funeral-home/terms/unannounced-board-inspection), Authorizing agent (https://searchspheresource.com/guides/buying-a-funeral-home/terms/authorizing-agent). - Buying a Pharmacy: Front-end share (https://searchspheresource.com/guides/buying-a-pharmacy/terms/front-end-share), DIR fees (https://searchspheresource.com/guides/buying-a-pharmacy/terms/dir-fees), PBM (pharmacy benefit manager) (https://searchspheresource.com/guides/buying-a-pharmacy/terms/pbm-pharmacy-benefit-manager), Generic dispensing rate (https://searchspheresource.com/guides/buying-a-pharmacy/terms/generic-dispensing-rate), Closed-door pharmacy (https://searchspheresource.com/guides/buying-a-pharmacy/terms/closed-door-pharmacy), Transfer-day inventory (https://searchspheresource.com/guides/buying-a-pharmacy/terms/transfer-day-inventory), Pseudoephedrine logbook (https://searchspheresource.com/guides/buying-a-pharmacy/terms/pseudoephedrine-logbook). - Buying a Pet Boarding & Daycare Business: Repeat booking share (https://searchspheresource.com/guides/buying-a-pet-boarding-business/terms/repeat-booking-share), Boarding occupancy (https://searchspheresource.com/guides/buying-a-pet-boarding-business/terms/boarding-occupancy), Daycare versus boarding mix (https://searchspheresource.com/guides/buying-a-pet-boarding-business/terms/daycare-versus-boarding-mix), Peak-season concentration (https://searchspheresource.com/guides/buying-a-pet-boarding-business/terms/peak-season-concentration), Kennel license (https://searchspheresource.com/guides/buying-a-pet-boarding-business/terms/kennel-license), Emergency treatment notice (https://searchspheresource.com/guides/buying-a-pet-boarding-business/terms/emergency-treatment-notice), Commingling supervision ratio (https://searchspheresource.com/guides/buying-a-pet-boarding-business/terms/commingling-supervision-ratio). - Buying a Painting Business: Production rate (https://searchspheresource.com/guides/buying-a-painting-business/terms/production-rate), Repaint versus new-construction (https://searchspheresource.com/guides/buying-a-painting-business/terms/repaint-versus-new-construction), Commercial versus residential mix (https://searchspheresource.com/guides/buying-a-painting-business/terms/commercial-versus-residential-mix), Punch list (https://searchspheresource.com/guides/buying-a-painting-business/terms/punch-list), Unlicensed job ceiling (https://searchspheresource.com/guides/buying-a-painting-business/terms/unlicensed-job-ceiling), Supplier pricing tier (https://searchspheresource.com/guides/buying-a-painting-business/terms/supplier-pricing-tier), Certified renovator (https://searchspheresource.com/guides/buying-a-painting-business/terms/certified-renovator). - Buying a Fencing Business: Deposit terms (https://searchspheresource.com/guides/buying-a-fencing-business/terms/deposit-terms), Material mix (https://searchspheresource.com/guides/buying-a-fencing-business/terms/material-mix), Install versus service work (https://searchspheresource.com/guides/buying-a-fencing-business/terms/install-versus-service-work), Utility locates (https://searchspheresource.com/guides/buying-a-fencing-business/terms/utility-locates), Grandfathered local license (https://searchspheresource.com/guides/buying-a-fencing-business/terms/grandfathered-local-license), Material escalation clause (https://searchspheresource.com/guides/buying-a-fencing-business/terms/material-escalation-clause), Ticket life (https://searchspheresource.com/guides/buying-a-fencing-business/terms/ticket-life). - Buying a Sign Company: Permit lead time (https://searchspheresource.com/guides/buying-a-sign-company/terms/permit-lead-time), Fabrication versus the service tail (https://searchspheresource.com/guides/buying-a-sign-company/terms/fabrication-versus-the-service-tail), Permitting (https://searchspheresource.com/guides/buying-a-sign-company/terms/permitting), UL listing (https://searchspheresource.com/guides/buying-a-sign-company/terms/ul-listing), Sign classification (https://searchspheresource.com/guides/buying-a-sign-company/terms/sign-classification), Nonconforming sign (https://searchspheresource.com/guides/buying-a-sign-company/terms/nonconforming-sign), Sign amortization (https://searchspheresource.com/guides/buying-a-sign-company/terms/sign-amortization). - Buying a Staffing Agency: Client concentration in gross profit (https://searchspheresource.com/guides/buying-a-staffing-agency/terms/client-concentration-in-gross-profit), Spread (bill rate minus pay rate) (https://searchspheresource.com/guides/buying-a-staffing-agency/terms/spread-bill-rate-minus-pay-rate), Payroll float (https://searchspheresource.com/guides/buying-a-staffing-agency/terms/payroll-float), Order fill rate (https://searchspheresource.com/guides/buying-a-staffing-agency/terms/order-fill-rate), Successor experience test (https://searchspheresource.com/guides/buying-a-staffing-agency/terms/successor-experience-test), Temp-to-perm conversion fee (https://searchspheresource.com/guides/buying-a-staffing-agency/terms/temp-to-perm-conversion-fee), Applicant fee refund (https://searchspheresource.com/guides/buying-a-staffing-agency/terms/applicant-fee-refund). - Buying a Paving Business: Coal tar sealant prohibition (https://searchspheresource.com/guides/buying-a-paving-business/terms/coal-tar-sealant-prohibition), Mobilization cost (https://searchspheresource.com/guides/buying-a-paving-business/terms/mobilization-cost), Paving season blackout (https://searchspheresource.com/guides/buying-a-paving-business/terms/paving-season-blackout), Sealcoating (https://searchspheresource.com/guides/buying-a-paving-business/terms/sealcoating), DOT prequalification (https://searchspheresource.com/guides/buying-a-paving-business/terms/dot-prequalification), Asphalt price escalator (https://searchspheresource.com/guides/buying-a-paving-business/terms/asphalt-price-escalator), Solicitation permit (https://searchspheresource.com/guides/buying-a-paving-business/terms/solicitation-permit). - Buying a Window Cleaning Business: Glass cleaner VOC cap (https://searchspheresource.com/guides/buying-a-window-cleaning-business/terms/glass-cleaner-voc-cap), Frequency mix (https://searchspheresource.com/guides/buying-a-window-cleaning-business/terms/frequency-mix), Recurring commercial route (https://searchspheresource.com/guides/buying-a-window-cleaning-business/terms/recurring-commercial-route), Certificate of insurance (COI) (https://searchspheresource.com/guides/buying-a-window-cleaning-business/terms/certificate-of-insurance-coi), Rope descent work (https://searchspheresource.com/guides/buying-a-window-cleaning-business/terms/rope-descent-work), Hazardous weather stop (https://searchspheresource.com/guides/buying-a-window-cleaning-business/terms/hazardous-weather-stop), Business contract renewal (https://searchspheresource.com/guides/buying-a-window-cleaning-business/terms/business-contract-renewal). - Buying a Septic Service Business: Pumping interval (https://searchspheresource.com/guides/buying-a-septic-service-business/terms/pumping-interval), Managed route (https://searchspheresource.com/guides/buying-a-septic-service-business/terms/managed-route), Septage (https://searchspheresource.com/guides/buying-a-septic-service-business/terms/septage), Disposal access (https://searchspheresource.com/guides/buying-a-septic-service-business/terms/disposal-access), Septage manifest (https://searchspheresource.com/guides/buying-a-septic-service-business/terms/septage-manifest), Pumper license (https://searchspheresource.com/guides/buying-a-septic-service-business/terms/pumper-license), Maintenance entity (https://searchspheresource.com/guides/buying-a-septic-service-business/terms/maintenance-entity). - Buying a Garage Door Business: Builder versus service mix (https://searchspheresource.com/guides/buying-a-garage-door-business/terms/builder-versus-service-mix), Spring cycle rating (https://searchspheresource.com/guides/buying-a-garage-door-business/terms/spring-cycle-rating), IDA Certified Door Dealer (https://searchspheresource.com/guides/buying-a-garage-door-business/terms/ida-certified-door-dealer), Van stock (https://searchspheresource.com/guides/buying-a-garage-door-business/terms/van-stock), Entrapment protection (https://searchspheresource.com/guides/buying-a-garage-door-business/terms/entrapment-protection), Wind load rating (https://searchspheresource.com/guides/buying-a-garage-door-business/terms/wind-load-rating), Red certificate (https://searchspheresource.com/guides/buying-a-garage-door-business/terms/red-certificate). - Buying a Security Guard Business: Overtime share of hours (https://searchspheresource.com/guides/buying-a-security-guard-business/terms/overtime-share-of-hours), Qualifying agent (https://searchspheresource.com/guides/buying-a-security-guard-business/terms/qualifying-agent), Bill-pay spread (https://searchspheresource.com/guides/buying-a-security-guard-business/terms/bill-pay-spread), Post orders (https://searchspheresource.com/guides/buying-a-security-guard-business/terms/post-orders), Immediate production of records (https://searchspheresource.com/guides/buying-a-security-guard-business/terms/immediate-production-of-records), Guard card lead time (https://searchspheresource.com/guides/buying-a-security-guard-business/terms/guard-card-lead-time), Observe and report (https://searchspheresource.com/guides/buying-a-security-guard-business/terms/observe-and-report). - Buying a Tree Service Business: Wood movement quarantine (https://searchspheresource.com/guides/buying-a-tree-service-business/terms/wood-movement-quarantine), Crane work (https://searchspheresource.com/guides/buying-a-tree-service-business/terms/crane-work), Active nest halt (https://searchspheresource.com/guides/buying-a-tree-service-business/terms/active-nest-halt), Plant health care (PHC) (https://searchspheresource.com/guides/buying-a-tree-service-business/terms/plant-health-care-phc), ISA Certified Arborist (https://searchspheresource.com/guides/buying-a-tree-service-business/terms/isa-certified-arborist), Line clearance work (https://searchspheresource.com/guides/buying-a-tree-service-business/terms/line-clearance-work), Disaster contract (https://searchspheresource.com/guides/buying-a-tree-service-business/terms/disaster-contract). - Buying a Junk Removal Business: Truck day (https://searchspheresource.com/guides/buying-a-junk-removal-business/terms/truck-day), Route density (https://searchspheresource.com/guides/buying-a-junk-removal-business/terms/route-density), Tipping fee (https://searchspheresource.com/guides/buying-a-junk-removal-business/terms/tipping-fee), Diversion rate (https://searchspheresource.com/guides/buying-a-junk-removal-business/terms/diversion-rate), Certificate of convenience (https://searchspheresource.com/guides/buying-a-junk-removal-business/terms/certificate-of-convenience), Designated facility (https://searchspheresource.com/guides/buying-a-junk-removal-business/terms/designated-facility), Scale weight (https://searchspheresource.com/guides/buying-a-junk-removal-business/terms/scale-weight). - Buying a Fire Protection Business: Recurring inspection base (https://searchspheresource.com/guides/buying-a-fire-protection-business/terms/recurring-inspection-base), ITM (inspection, testing, and maintenance) (https://searchspheresource.com/guides/buying-a-fire-protection-business/terms/itm-inspection-testing-and-maintenance), Qualifier (https://searchspheresource.com/guides/buying-a-fire-protection-business/terms/qualifier), Deficiency conversion (https://searchspheresource.com/guides/buying-a-fire-protection-business/terms/deficiency-conversion), Material and test certificate (https://searchspheresource.com/guides/buying-a-fire-protection-business/terms/material-and-test-certificate), Authority having jurisdiction (https://searchspheresource.com/guides/buying-a-fire-protection-business/terms/authority-having-jurisdiction), Impairment (https://searchspheresource.com/guides/buying-a-fire-protection-business/terms/impairment). - Buying a Physical Therapy Practice: Cancellation and no-show rate (https://searchspheresource.com/guides/buying-a-physical-therapy-practice/terms/cancellation-and-no-show-rate), Payer mix (https://searchspheresource.com/guides/buying-a-physical-therapy-practice/terms/payer-mix), Visits per episode of care (https://searchspheresource.com/guides/buying-a-physical-therapy-practice/terms/visits-per-episode-of-care), Units per visit (https://searchspheresource.com/guides/buying-a-physical-therapy-practice/terms/units-per-visit), Provider agreement assignment (https://searchspheresource.com/guides/buying-a-physical-therapy-practice/terms/provider-agreement-assignment), Plan of treatment certification (https://searchspheresource.com/guides/buying-a-physical-therapy-practice/terms/plan-of-treatment-certification), Therapy assistant differential (https://searchspheresource.com/guides/buying-a-physical-therapy-practice/terms/therapy-assistant-differential). - Buying an Optometry Practice: Frame board turns (https://searchspheresource.com/guides/buying-an-optometry-practice/terms/frame-board-turns), Optical dispensary (https://searchspheresource.com/guides/buying-an-optometry-practice/terms/optical-dispensary), Medical versus routine eye care (https://searchspheresource.com/guides/buying-an-optometry-practice/terms/medical-versus-routine-eye-care), Vision plan mix (https://searchspheresource.com/guides/buying-an-optometry-practice/terms/vision-plan-mix), Billing number sale prohibition (https://searchspheresource.com/guides/buying-an-optometry-practice/terms/billing-number-sale-prohibition), Therapeutic pharmaceutical agent authority (https://searchspheresource.com/guides/buying-an-optometry-practice/terms/therapeutic-pharmaceutical-agent-authority), Eyeglass Rule (https://searchspheresource.com/guides/buying-an-optometry-practice/terms/eyeglass-rule). - Buying a Convenience Store or Gas Station: Underground storage tanks (https://searchspheresource.com/guides/buying-a-convenience-store/terms/underground-storage-tanks), Inside sales (https://searchspheresource.com/guides/buying-a-convenience-store/terms/inside-sales), Fuel margin (https://searchspheresource.com/guides/buying-a-convenience-store/terms/fuel-margin), Foodservice (https://searchspheresource.com/guides/buying-a-convenience-store/terms/foodservice), Supply agreement assignment (https://searchspheresource.com/guides/buying-a-convenience-store/terms/supply-agreement-assignment), Stop-sale order (https://searchspheresource.com/guides/buying-a-convenience-store/terms/stop-sale-order), SNAP reauthorization (https://searchspheresource.com/guides/buying-a-convenience-store/terms/snap-reauthorization). - Buying an Urgent Care Center: Door-to-door time (https://searchspheresource.com/guides/buying-an-urgent-care-center/terms/door-to-door-time), Occupational medicine (occ-med) (https://searchspheresource.com/guides/buying-an-urgent-care-center/terms/occupational-medicine-occ-med), Visits per day (https://searchspheresource.com/guides/buying-an-urgent-care-center/terms/visits-per-day), Payer credentialing (https://searchspheresource.com/guides/buying-an-urgent-care-center/terms/payer-credentialing), Supplier, not provider (https://searchspheresource.com/guides/buying-an-urgent-care-center/terms/supplier-not-provider), Center-held registration (https://searchspheresource.com/guides/buying-an-urgent-care-center/terms/center-held-registration), Maximum reimbursement allowance (https://searchspheresource.com/guides/buying-an-urgent-care-center/terms/maximum-reimbursement-allowance). - Buying an Auto Body Shop: Spray booth filter (https://searchspheresource.com/guides/buying-an-auto-body-shop/terms/spray-booth-filter), Touch time (https://searchspheresource.com/guides/buying-an-auto-body-shop/terms/touch-time), Direct repair program (DRP) (https://searchspheresource.com/guides/buying-an-auto-body-shop/terms/direct-repair-program-drp), ADAS calibration (https://searchspheresource.com/guides/buying-an-auto-body-shop/terms/adas-calibration), Cycle time (https://searchspheresource.com/guides/buying-an-auto-body-shop/terms/cycle-time), Painter certification clock (https://searchspheresource.com/guides/buying-an-auto-body-shop/terms/painter-certification-clock), Aftermarket crash part notice (https://searchspheresource.com/guides/buying-an-auto-body-shop/terms/aftermarket-crash-part-notice). - Buying a Tire Shop: National account work (https://searchspheresource.com/guides/buying-a-tire-shop/terms/national-account-work), Service attach rate (https://searchspheresource.com/guides/buying-a-tire-shop/terms/service-attach-rate), Alignment attach (https://searchspheresource.com/guides/buying-a-tire-shop/terms/alignment-attach), Road hazard warranty (https://searchspheresource.com/guides/buying-a-tire-shop/terms/road-hazard-warranty), Scrap tire license (https://searchspheresource.com/guides/buying-a-tire-shop/terms/scrap-tire-license), Tire program identification number (https://searchspheresource.com/guides/buying-a-tire-shop/terms/tire-program-identification-number), Separately stated tire fee (https://searchspheresource.com/guides/buying-a-tire-shop/terms/separately-stated-tire-fee). - Buying a Dog Grooming Business: Groomer capacity per day (https://searchspheresource.com/guides/buying-a-dog-grooming-business/terms/groomer-capacity-per-day), Rebooking rate (https://searchspheresource.com/guides/buying-a-dog-grooming-business/terms/rebooking-rate), Groomer retention (https://searchspheresource.com/guides/buying-a-dog-grooming-business/terms/groomer-retention), Commission split (https://searchspheresource.com/guides/buying-a-dog-grooming-business/terms/commission-split), Grooming license (https://searchspheresource.com/guides/buying-a-dog-grooming-business/terms/grooming-license), Table time per dog (https://searchspheresource.com/guides/buying-a-dog-grooming-business/terms/table-time-per-dog), Facility-only licensing (https://searchspheresource.com/guides/buying-a-dog-grooming-business/terms/facility-only-licensing). - Buying a Towing Business: Repossession work (https://searchspheresource.com/guides/buying-a-towing-business/terms/repossession-work), Police rotation contract (https://searchspheresource.com/guides/buying-a-towing-business/terms/police-rotation-contract), Impound storage revenue (https://searchspheresource.com/guides/buying-a-towing-business/terms/impound-storage-revenue), Motor club calls (https://searchspheresource.com/guides/buying-a-towing-business/terms/motor-club-calls), Lien clock (https://searchspheresource.com/guides/buying-a-towing-business/terms/lien-clock), Rotation suspension (https://searchspheresource.com/guides/buying-a-towing-business/terms/rotation-suspension), Breach of the peace (https://searchspheresource.com/guides/buying-a-towing-business/terms/breach-of-the-peace). - Buying an Assisted Living Facility: Move-in and move-out pace (https://searchspheresource.com/guides/buying-an-assisted-living-facility/terms/move-in-and-move-out-pace), Residential care license (https://searchspheresource.com/guides/buying-an-assisted-living-facility/terms/residential-care-license), Private pay (https://searchspheresource.com/guides/buying-an-assisted-living-facility/terms/private-pay), Level of care fees (https://searchspheresource.com/guides/buying-an-assisted-living-facility/terms/level-of-care-fees), Transferor liability (https://searchspheresource.com/guides/buying-an-assisted-living-facility/terms/transferor-liability), Acuity creep (https://searchspheresource.com/guides/buying-an-assisted-living-facility/terms/acuity-creep), Hours before independent work (https://searchspheresource.com/guides/buying-an-assisted-living-facility/terms/hours-before-independent-work). - Buying a Vending Machine Business: Planogram (https://searchspheresource.com/guides/buying-a-vending-machine-business/terms/planogram), Location contract (https://searchspheresource.com/guides/buying-a-vending-machine-business/terms/location-contract), Cashless conversion (https://searchspheresource.com/guides/buying-a-vending-machine-business/terms/cashless-conversion), Location commission (https://searchspheresource.com/guides/buying-a-vending-machine-business/terms/location-commission), Vending machine location (https://searchspheresource.com/guides/buying-a-vending-machine-business/terms/vending-machine-location), Route shrink (https://searchspheresource.com/guides/buying-a-vending-machine-business/terms/route-shrink), Calorie disclosure (https://searchspheresource.com/guides/buying-a-vending-machine-business/terms/calorie-disclosure). - Buying a Coffee Shop: Mobile order share (https://searchspheresource.com/guides/buying-a-coffee-shop/terms/mobile-order-share), Average ticket (https://searchspheresource.com/guides/buying-a-coffee-shop/terms/average-ticket), Daypart (https://searchspheresource.com/guides/buying-a-coffee-shop/terms/daypart), Roaster agreement (https://searchspheresource.com/guides/buying-a-coffee-shop/terms/roaster-agreement), Certified food manager (https://searchspheresource.com/guides/buying-a-coffee-shop/terms/certified-food-manager), Excluded food employee (https://searchspheresource.com/guides/buying-a-coffee-shop/terms/excluded-food-employee), Unearned funding (https://searchspheresource.com/guides/buying-a-coffee-shop/terms/unearned-funding). - Buying a Bakery: Overnight bake shift (https://searchspheresource.com/guides/buying-a-bakery/terms/overnight-bake-shift), Wholesale concentration (https://searchspheresource.com/guides/buying-a-bakery/terms/wholesale-concentration), Production documentation (https://searchspheresource.com/guides/buying-a-bakery/terms/production-documentation), Day-end shrink (https://searchspheresource.com/guides/buying-a-bakery/terms/day-end-shrink), Cottage food exemption (https://searchspheresource.com/guides/buying-a-bakery/terms/cottage-food-exemption), Written allergen notice (https://searchspheresource.com/guides/buying-a-bakery/terms/written-allergen-notice), Food facility registration (https://searchspheresource.com/guides/buying-a-bakery/terms/food-facility-registration). - Buying a Hair Salon: Color service share (https://searchspheresource.com/guides/buying-a-hair-salon/terms/color-service-share), Booth rental (https://searchspheresource.com/guides/buying-a-hair-salon/terms/booth-rental), Walkout risk (https://searchspheresource.com/guides/buying-a-hair-salon/terms/walkout-risk), Pre-book rate (https://searchspheresource.com/guides/buying-a-hair-salon/terms/pre-book-rate), Salon license transfer (https://searchspheresource.com/guides/buying-a-hair-salon/terms/salon-license-transfer), Patch test offer (https://searchspheresource.com/guides/buying-a-hair-salon/terms/patch-test-offer), Client list ownership (https://searchspheresource.com/guides/buying-a-hair-salon/terms/client-list-ownership). - Buying a Barbershop: Shop license (https://searchspheresource.com/guides/buying-a-barbershop/terms/shop-license), Membership plan (https://searchspheresource.com/guides/buying-a-barbershop/terms/membership-plan), Chair utilization (https://searchspheresource.com/guides/buying-a-barbershop/terms/chair-utilization), Walk-in share (https://searchspheresource.com/guides/buying-a-barbershop/terms/walk-in-share), Board jurisdiction (https://searchspheresource.com/guides/buying-a-barbershop/terms/board-jurisdiction), Unsatisfied final order (https://searchspheresource.com/guides/buying-a-barbershop/terms/unsatisfied-final-order), Online enrollment consent (https://searchspheresource.com/guides/buying-a-barbershop/terms/online-enrollment-consent). - Buying a Dry Cleaner: Wholesale plant work (https://searchspheresource.com/guides/buying-a-dry-cleaner/terms/wholesale-plant-work), Perc phase-out (https://searchspheresource.com/guides/buying-a-dry-cleaner/terms/perc-phase-out), Plant versus drop store (https://searchspheresource.com/guides/buying-a-dry-cleaner/terms/plant-versus-drop-store), Piece count (https://searchspheresource.com/guides/buying-a-dry-cleaner/terms/piece-count), Facility registration (https://searchspheresource.com/guides/buying-a-dry-cleaner/terms/facility-registration), Abandoned garment notice (https://searchspheresource.com/guides/buying-a-dry-cleaner/terms/abandoned-garment-notice), Cleanup fund eligibility (https://searchspheresource.com/guides/buying-a-dry-cleaner/terms/cleanup-fund-eligibility). - Buying a Flower Shop: Standing order accounts (https://searchspheresource.com/guides/buying-a-flower-shop/terms/standing-order-accounts), Wire service (https://searchspheresource.com/guides/buying-a-flower-shop/terms/wire-service), Holiday concentration (https://searchspheresource.com/guides/buying-a-flower-shop/terms/holiday-concentration), Event and sympathy mix (https://searchspheresource.com/guides/buying-a-flower-shop/terms/event-and-sympathy-mix), Floral dealer permit (https://searchspheresource.com/guides/buying-a-flower-shop/terms/floral-dealer-permit), Last owner of record (https://searchspheresource.com/guides/buying-a-flower-shop/terms/last-owner-of-record), Plant hold order (https://searchspheresource.com/guides/buying-a-flower-shop/terms/plant-hold-order). - Buying a Hotel: Franchise agreement term (https://searchspheresource.com/guides/buying-a-hotel/terms/franchise-agreement-term), RevPAR (https://searchspheresource.com/guides/buying-a-hotel/terms/revpar), Property improvement plan (https://searchspheresource.com/guides/buying-a-hotel/terms/property-improvement-plan), OTA commission (https://searchspheresource.com/guides/buying-a-hotel/terms/ota-commission), Transient occupancy (https://searchspheresource.com/guides/buying-a-hotel/terms/transient-occupancy), Unclaimed guest funds (https://searchspheresource.com/guides/buying-a-hotel/terms/unclaimed-guest-funds), Accessible room hold (https://searchspheresource.com/guides/buying-a-hotel/terms/accessible-room-hold). - Buying a Motel: Deferred maintenance per key (https://searchspheresource.com/guides/buying-a-motel/terms/deferred-maintenance-per-key), Per-key value (https://searchspheresource.com/guides/buying-a-motel/terms/per-key-value), Exterior corridor (https://searchspheresource.com/guides/buying-a-motel/terms/exterior-corridor), Extended-stay mix (https://searchspheresource.com/guides/buying-a-motel/terms/extended-stay-mix), Residential hotel (https://searchspheresource.com/guides/buying-a-motel/terms/residential-hotel), Lien sale residue (https://searchspheresource.com/guides/buying-a-motel/terms/lien-sale-residue), Posted liability limit (https://searchspheresource.com/guides/buying-a-motel/terms/posted-liability-limit). - Buying an RV Park or Campground: Shoulder season (https://searchspheresource.com/guides/buying-an-rv-park-or-campground/terms/shoulder-season), Full hookup (https://searchspheresource.com/guides/buying-an-rv-park-or-campground/terms/full-hookup), Site mix (https://searchspheresource.com/guides/buying-an-rv-park-or-campground/terms/site-mix), Seasonal site contracts (https://searchspheresource.com/guides/buying-an-rv-park-or-campground/terms/seasonal-site-contracts), Stay-length tier (https://searchspheresource.com/guides/buying-an-rv-park-or-campground/terms/stay-length-tier), Membership contract impound (https://searchspheresource.com/guides/buying-an-rv-park-or-campground/terms/membership-contract-impound), Design flow (https://searchspheresource.com/guides/buying-an-rv-park-or-campground/terms/design-flow). - Buying a Marina: Fuel dock (https://searchspheresource.com/guides/buying-a-marina/terms/fuel-dock), Submerged land lease (https://searchspheresource.com/guides/buying-a-marina/terms/submerged-land-lease), Dry storage (https://searchspheresource.com/guides/buying-a-marina/terms/dry-storage), Per-foot rate (https://searchspheresource.com/guides/buying-a-marina/terms/per-foot-rate), Floating home tenancy (https://searchspheresource.com/guides/buying-a-marina/terms/floating-home-tenancy), Brokered boat deposit (https://searchspheresource.com/guides/buying-a-marina/terms/brokered-boat-deposit), Spill prevention plan (https://searchspheresource.com/guides/buying-a-marina/terms/spill-prevention-plan). - Buying a Bed and Breakfast: Room permit (https://searchspheresource.com/guides/buying-a-bed-and-breakfast/terms/room-permit), Innkeeper's wage (https://searchspheresource.com/guides/buying-a-bed-and-breakfast/terms/innkeeper-s-wage), Direct booking share (https://searchspheresource.com/guides/buying-a-bed-and-breakfast/terms/direct-booking-share), Owner-occupied premises (https://searchspheresource.com/guides/buying-a-bed-and-breakfast/terms/owner-occupied-premises), Lodging license transfer (https://searchspheresource.com/guides/buying-a-bed-and-breakfast/terms/lodging-license-transfer), Transferee tax liability (https://searchspheresource.com/guides/buying-a-bed-and-breakfast/terms/transferee-tax-liability), Breakfast-only exemption (https://searchspheresource.com/guides/buying-a-bed-and-breakfast/terms/breakfast-only-exemption). - Buying a Mobile Home Park: Private utility infrastructure (https://searchspheresource.com/guides/buying-a-mobile-home-park/terms/private-utility-infrastructure), Lot rent (https://searchspheresource.com/guides/buying-a-mobile-home-park/terms/lot-rent), Park-owned home (https://searchspheresource.com/guides/buying-a-mobile-home-park/terms/park-owned-home), Utility billback (https://searchspheresource.com/guides/buying-a-mobile-home-park/terms/utility-billback), Change of use notice (https://searchspheresource.com/guides/buying-a-mobile-home-park/terms/change-of-use-notice), Deposit transfer (https://searchspheresource.com/guides/buying-a-mobile-home-park/terms/deposit-transfer), Community water system (https://searchspheresource.com/guides/buying-a-mobile-home-park/terms/community-water-system). - Buying an Adult Day Care: Van route capacity (https://searchspheresource.com/guides/buying-an-adult-day-care/terms/van-route-capacity), Census (https://searchspheresource.com/guides/buying-an-adult-day-care/terms/census), Medical model (https://searchspheresource.com/guides/buying-an-adult-day-care/terms/medical-model), Waiver rate (https://searchspheresource.com/guides/buying-an-adult-day-care/terms/waiver-rate), License forfeiture (https://searchspheresource.com/guides/buying-an-adult-day-care/terms/license-forfeiture), Background screening clearinghouse (https://searchspheresource.com/guides/buying-an-adult-day-care/terms/background-screening-clearinghouse), Waiver slot cap (https://searchspheresource.com/guides/buying-an-adult-day-care/terms/waiver-slot-cap). - Buying a Tutoring Center: Summer trough (https://searchspheresource.com/guides/buying-a-tutoring-center/terms/summer-trough), Recurring enrollment (https://searchspheresource.com/guides/buying-a-tutoring-center/terms/recurring-enrollment), Session utilization (https://searchspheresource.com/guides/buying-a-tutoring-center/terms/session-utilization), District contract work (https://searchspheresource.com/guides/buying-a-tutoring-center/terms/district-contract-work), Avocational exemption (https://searchspheresource.com/guides/buying-a-tutoring-center/terms/avocational-exemption), Instructor approval (https://searchspheresource.com/guides/buying-a-tutoring-center/terms/instructor-approval), Appropriation certificate (https://searchspheresource.com/guides/buying-a-tutoring-center/terms/appropriation-certificate). - Buying a Music School: Make-up lesson policy (https://searchspheresource.com/guides/buying-a-music-school/terms/make-up-lesson-policy), Room utilization (https://searchspheresource.com/guides/buying-a-music-school/terms/room-utilization), Instructor split (https://searchspheresource.com/guides/buying-a-music-school/terms/instructor-split), Annual attrition (https://searchspheresource.com/guides/buying-a-music-school/terms/annual-attrition), Term tuition (https://searchspheresource.com/guides/buying-a-music-school/terms/term-tuition), Teacher portability (https://searchspheresource.com/guides/buying-a-music-school/terms/teacher-portability), Engaged to wait (https://searchspheresource.com/guides/buying-a-music-school/terms/engaged-to-wait). - Buying a Driving School: Behind-the-wheel backlog (https://searchspheresource.com/guides/buying-a-driving-school/terms/behind-the-wheel-backlog), Third-party tester authorization (https://searchspheresource.com/guides/buying-a-driving-school/terms/third-party-tester-authorization), Dual-control fleet (https://searchspheresource.com/guides/buying-a-driving-school/terms/dual-control-fleet), Mandated course hours (https://searchspheresource.com/guides/buying-a-driving-school/terms/mandated-course-hours), Fraud bond (https://searchspheresource.com/guides/buying-a-driving-school/terms/fraud-bond), Approval before conveyance (https://searchspheresource.com/guides/buying-a-driving-school/terms/approval-before-conveyance), In-car hour credit (https://searchspheresource.com/guides/buying-a-driving-school/terms/in-car-hour-credit). - Buying a Swim School: Instructor pipeline (https://searchspheresource.com/guides/buying-a-swim-school/terms/instructor-pipeline), Perpetual enrollment (https://searchspheresource.com/guides/buying-a-swim-school/terms/perpetual-enrollment), Natatorium plant (https://searchspheresource.com/guides/buying-a-swim-school/terms/natatorium-plant), Class ratio (https://searchspheresource.com/guides/buying-a-swim-school/terms/class-ratio), Pool operating permit (https://searchspheresource.com/guides/buying-a-swim-school/terms/pool-operating-permit), Certified pool operator (https://searchspheresource.com/guides/buying-a-swim-school/terms/certified-pool-operator), Lifeguard threshold (https://searchspheresource.com/guides/buying-a-swim-school/terms/lifeguard-threshold). - Buying a Martial Arts Studio: Testing fee revenue (https://searchspheresource.com/guides/buying-a-martial-arts-studio/terms/testing-fee-revenue), Belt progression (https://searchspheresource.com/guides/buying-a-martial-arts-studio/terms/belt-progression), Owner-instructor centrality (https://searchspheresource.com/guides/buying-a-martial-arts-studio/terms/owner-instructor-centrality), Program agreement (https://searchspheresource.com/guides/buying-a-martial-arts-studio/terms/program-agreement), Prepaid entertainment contract (https://searchspheresource.com/guides/buying-a-martial-arts-studio/terms/prepaid-entertainment-contract), Youth-service screening (https://searchspheresource.com/guides/buying-a-martial-arts-studio/terms/youth-service-screening), Holder notice (https://searchspheresource.com/guides/buying-a-martial-arts-studio/terms/holder-notice). - Buying a Handyman Business: Handyman exemption (https://searchspheresource.com/guides/buying-a-handyman-business/terms/handyman-exemption), Property-manager service agreement (https://searchspheresource.com/guides/buying-a-handyman-business/terms/property-manager-service-agreement), Callback rate (https://searchspheresource.com/guides/buying-a-handyman-business/terms/callback-rate), Billable ratio (https://searchspheresource.com/guides/buying-a-handyman-business/terms/billable-ratio), Unsigned extra work (https://searchspheresource.com/guides/buying-a-handyman-business/terms/unsigned-extra-work), Repair contract price cap (https://searchspheresource.com/guides/buying-a-handyman-business/terms/repair-contract-price-cap), Project splitting (https://searchspheresource.com/guides/buying-a-handyman-business/terms/project-splitting). - Buying an Appliance Repair Business: First-visit completion rate (https://searchspheresource.com/guides/buying-an-appliance-repair-business/terms/first-visit-completion-rate), Warranty dispatch (https://searchspheresource.com/guides/buying-an-appliance-repair-business/terms/warranty-dispatch), Parts-first diagnosis (https://searchspheresource.com/guides/buying-an-appliance-repair-business/terms/parts-first-diagnosis), Factory authorization (https://searchspheresource.com/guides/buying-an-appliance-repair-business/terms/factory-authorization), Diagnostic fee disclosure (https://searchspheresource.com/guides/buying-an-appliance-repair-business/terms/diagnostic-fee-disclosure), In-home upsell rule (https://searchspheresource.com/guides/buying-an-appliance-repair-business/terms/in-home-upsell-rule), Warranty chargeback (https://searchspheresource.com/guides/buying-an-appliance-repair-business/terms/warranty-chargeback). - Buying a Locksmith Business: Automotive key programming (https://searchspheresource.com/guides/buying-a-locksmith-business/terms/automotive-key-programming), Master key system (https://searchspheresource.com/guides/buying-a-locksmith-business/terms/master-key-system), Access-control contract (https://searchspheresource.com/guides/buying-a-locksmith-business/terms/access-control-contract), After-hours call mix (https://searchspheresource.com/guides/buying-a-locksmith-business/terms/after-hours-call-mix), Advertised address rule (https://searchspheresource.com/guides/buying-a-locksmith-business/terms/advertised-address-rule), Emergency waiver (https://searchspheresource.com/guides/buying-a-locksmith-business/terms/emergency-waiver), VSP credential (https://searchspheresource.com/guides/buying-a-locksmith-business/terms/vsp-credential). - Buying a Pressure Washing Business: Soft washing (https://searchspheresource.com/guides/buying-a-pressure-washing-business/terms/soft-washing), Fleet washing (https://searchspheresource.com/guides/buying-a-pressure-washing-business/terms/fleet-washing), Crew-day (https://searchspheresource.com/guides/buying-a-pressure-washing-business/terms/crew-day), Wash water capture (https://searchspheresource.com/guides/buying-a-pressure-washing-business/terms/wash-water-capture), Home improvement line (https://searchspheresource.com/guides/buying-a-pressure-washing-business/terms/home-improvement-line), Door-knock sale notice (https://searchspheresource.com/guides/buying-a-pressure-washing-business/terms/door-knock-sale-notice), Discharge point (https://searchspheresource.com/guides/buying-a-pressure-washing-business/terms/discharge-point). - Buying a Carpet Cleaning Business: Restoration work (https://searchspheresource.com/guides/buying-a-carpet-cleaning-business/terms/restoration-work), Truck-mount unit (https://searchspheresource.com/guides/buying-a-carpet-cleaning-business/terms/truck-mount-unit), Repeat-customer rate (https://searchspheresource.com/guides/buying-a-carpet-cleaning-business/terms/repeat-customer-rate), Jobs per van day (https://searchspheresource.com/guides/buying-a-carpet-cleaning-business/terms/jobs-per-van-day), Close proximity rule (https://searchspheresource.com/guides/buying-a-carpet-cleaning-business/terms/close-proximity-rule), Three-day work ban (https://searchspheresource.com/guides/buying-a-carpet-cleaning-business/terms/three-day-work-ban), S500 standard (https://searchspheresource.com/guides/buying-a-carpet-cleaning-business/terms/s500-standard). - Buying an Auto Glass Business: Cash and claim mix (https://searchspheresource.com/guides/buying-an-auto-glass-business/terms/cash-and-claim-mix), Mobile installation (https://searchspheresource.com/guides/buying-an-auto-glass-business/terms/mobile-installation), Insurance panel (https://searchspheresource.com/guides/buying-an-auto-glass-business/terms/insurance-panel), Recalibration work (https://searchspheresource.com/guides/buying-an-auto-glass-business/terms/recalibration-work), Estimate overrun cap (https://searchspheresource.com/guides/buying-an-auto-glass-business/terms/estimate-overrun-cap), Buyer-requested visit exclusion (https://searchspheresource.com/guides/buying-an-auto-glass-business/terms/buyer-requested-visit-exclusion), Anti-steering (https://searchspheresource.com/guides/buying-an-auto-glass-business/terms/anti-steering). - Buying a Trucking Company: Commercial driver's license (CDL) (https://searchspheresource.com/guides/buying-a-trucking-company/terms/commercial-driver-s-license-cdl), Backhaul (https://searchspheresource.com/guides/buying-a-trucking-company/terms/backhaul), Drug and alcohol clearinghouse (https://searchspheresource.com/guides/buying-a-trucking-company/terms/drug-and-alcohol-clearinghouse), Electronic logging device (https://searchspheresource.com/guides/buying-a-trucking-company/terms/electronic-logging-device), Dedicated freight (https://searchspheresource.com/guides/buying-a-trucking-company/terms/dedicated-freight), Operating authority (MC number) (https://searchspheresource.com/guides/buying-a-trucking-company/terms/operating-authority-mc-number), BASIC percentile (https://searchspheresource.com/guides/buying-a-trucking-company/terms/basic-percentile), New entrant status (https://searchspheresource.com/guides/buying-a-trucking-company/terms/new-entrant-status). - Buying a School Bus Contractor: Spare-driver ratio (https://searchspheresource.com/guides/buying-a-school-bus-contractor/terms/spare-driver-ratio), Pupil transportation license (https://searchspheresource.com/guides/buying-a-school-bus-contractor/terms/pupil-transportation-license), S endorsement and entry-level training (https://searchspheresource.com/guides/buying-a-school-bus-contractor/terms/s-endorsement-and-entry-level-training), Inspection certificate date (https://searchspheresource.com/guides/buying-a-school-bus-contractor/terms/inspection-certificate-date), Certificate of insurance (school bus) (https://searchspheresource.com/guides/buying-a-school-bus-contractor/terms/certificate-of-insurance-school-bus), Owner-held medical report (https://searchspheresource.com/guides/buying-a-school-bus-contractor/terms/owner-held-medical-report), Detailed route sheet (https://searchspheresource.com/guides/buying-a-school-bus-contractor/terms/detailed-route-sheet). - Buying a Medical Transport Business: Recurring authorization (https://searchspheresource.com/guides/buying-a-medical-transport-business/terms/recurring-authorization), Transportation broker (https://searchspheresource.com/guides/buying-a-medical-transport-business/terms/transportation-broker), Categorical risk level (https://searchspheresource.com/guides/buying-a-medical-transport-business/terms/categorical-risk-level), Revalidation clock (https://searchspheresource.com/guides/buying-a-medical-transport-business/terms/revalidation-clock), Ambulette (https://searchspheresource.com/guides/buying-a-medical-transport-business/terms/ambulette), Tax identification fork (https://searchspheresource.com/guides/buying-a-medical-transport-business/terms/tax-identification-fork), Signed trip record (https://searchspheresource.com/guides/buying-a-medical-transport-business/terms/signed-trip-record). - Buying a Dump Truck Business: Divisible load (https://searchspheresource.com/guides/buying-a-dump-truck-business/terms/divisible-load), On-hauling (https://searchspheresource.com/guides/buying-a-dump-truck-business/terms/on-hauling), Construction hauling broker (https://searchspheresource.com/guides/buying-a-dump-truck-business/terms/construction-hauling-broker), Spring load restrictions (https://searchspheresource.com/guides/buying-a-dump-truck-business/terms/spring-load-restrictions), Carrier number transfer (https://searchspheresource.com/guides/buying-a-dump-truck-business/terms/carrier-number-transfer), Driver qualification file (https://searchspheresource.com/guides/buying-a-dump-truck-business/terms/driver-qualification-file), Short-haul time record (https://searchspheresource.com/guides/buying-a-dump-truck-business/terms/short-haul-time-record). - Buying a Courier and Delivery Business: Cost per stop (https://searchspheresource.com/guides/buying-a-courier-business/terms/cost-per-stop), Charge-back items (https://searchspheresource.com/guides/buying-a-courier-business/terms/charge-back-items), Motor carrier permit (https://searchspheresource.com/guides/buying-a-courier-business/terms/motor-carrier-permit), Virtual marketplace platform (https://searchspheresource.com/guides/buying-a-courier-business/terms/virtual-marketplace-platform), Small freight vehicle floor (https://searchspheresource.com/guides/buying-a-courier-business/terms/small-freight-vehicle-floor), Claim file number (https://searchspheresource.com/guides/buying-a-courier-business/terms/claim-file-number), Shipping paper (https://searchspheresource.com/guides/buying-a-courier-business/terms/shipping-paper). - Buying a Limousine Service: Deadhead miles (https://searchspheresource.com/guides/buying-a-limousine-service/terms/deadhead-miles), Class P permit (https://searchspheresource.com/guides/buying-a-limousine-service/terms/class-p-permit), Prearranged basis (https://searchspheresource.com/guides/buying-a-limousine-service/terms/prearranged-basis), Farm-out work (https://searchspheresource.com/guides/buying-a-limousine-service/terms/farm-out-work), Certificate transfer (https://searchspheresource.com/guides/buying-a-limousine-service/terms/certificate-transfer), Federal passenger threshold (https://searchspheresource.com/guides/buying-a-limousine-service/terms/federal-passenger-threshold), Passenger manifest (https://searchspheresource.com/guides/buying-a-limousine-service/terms/passenger-manifest). - Buying an Excavation Business: Tolerance zone (https://searchspheresource.com/guides/buying-an-excavation-business/terms/tolerance-zone), Trench competent person (https://searchspheresource.com/guides/buying-an-excavation-business/terms/trench-competent-person), Stormwater notice of intent (https://searchspheresource.com/guides/buying-an-excavation-business/terms/stormwater-notice-of-intent), Clean fill determination (https://searchspheresource.com/guides/buying-an-excavation-business/terms/clean-fill-determination), Aggregate bond limit (https://searchspheresource.com/guides/buying-an-excavation-business/terms/aggregate-bond-limit), Fill receiving site (https://searchspheresource.com/guides/buying-an-excavation-business/terms/fill-receiving-site), Potholing (https://searchspheresource.com/guides/buying-an-excavation-business/terms/potholing). - Buying a Glass and Glazing Business: Hazardous location glazing (https://searchspheresource.com/guides/buying-a-glass-and-glazing-business/terms/hazardous-location-glazing), Pay-if-paid clause (https://searchspheresource.com/guides/buying-a-glass-and-glazing-business/terms/pay-if-paid-clause), Curtain wall versus storefront (https://searchspheresource.com/guides/buying-a-glass-and-glazing-business/terms/curtain-wall-versus-storefront), Seal failure warranty (https://searchspheresource.com/guides/buying-a-glass-and-glazing-business/terms/seal-failure-warranty), Glazing classification (https://searchspheresource.com/guides/buying-a-glass-and-glazing-business/terms/glazing-classification), Float origin duty (https://searchspheresource.com/guides/buying-a-glass-and-glazing-business/terms/float-origin-duty), Safety glazing designation (https://searchspheresource.com/guides/buying-a-glass-and-glazing-business/terms/safety-glazing-designation). - Buying a Flooring Business: Slab moisture test (https://searchspheresource.com/guides/buying-a-flooring-business/terms/slab-moisture-test), Pre-1981 tear-out rule (https://searchspheresource.com/guides/buying-a-flooring-business/terms/pre-1981-tear-out-rule), Floor covering tax classification (https://searchspheresource.com/guides/buying-a-flooring-business/terms/floor-covering-tax-classification), Certified installer roster (https://searchspheresource.com/guides/buying-a-flooring-business/terms/certified-installer-roster), Builder allowance work (https://searchspheresource.com/guides/buying-a-flooring-business/terms/builder-allowance-work), Attic stock (https://searchspheresource.com/guides/buying-a-flooring-business/terms/attic-stock), Contractor use tax (https://searchspheresource.com/guides/buying-a-flooring-business/terms/contractor-use-tax). - Buying a Concrete Business: Cylinder break test (https://searchspheresource.com/guides/buying-a-concrete-business/terms/cylinder-break-test), Shoring removal strength (https://searchspheresource.com/guides/buying-a-concrete-business/terms/shoring-removal-strength), Silica exposure control plan (https://searchspheresource.com/guides/buying-a-concrete-business/terms/silica-exposure-control-plan), Ready-mix discharge limit (https://searchspheresource.com/guides/buying-a-concrete-business/terms/ready-mix-discharge-limit), Implied warranty of plans (https://searchspheresource.com/guides/buying-a-concrete-business/terms/implied-warranty-of-plans), Placement window (https://searchspheresource.com/guides/buying-a-concrete-business/terms/placement-window), Spearin doctrine (https://searchspheresource.com/guides/buying-a-concrete-business/terms/spearin-doctrine). - Buying a Drywall Business: R-value disclosure (https://searchspheresource.com/guides/buying-a-drywall-business/terms/r-value-disclosure), Level of finish (https://searchspheresource.com/guides/buying-a-drywall-business/terms/level-of-finish), Fire-rated assembly (https://searchspheresource.com/guides/buying-a-drywall-business/terms/fire-rated-assembly), Blowing agent transition (https://searchspheresource.com/guides/buying-a-drywall-business/terms/blowing-agent-transition), Schedule of values (https://searchspheresource.com/guides/buying-a-drywall-business/terms/schedule-of-values), Floor load limit (https://searchspheresource.com/guides/buying-a-drywall-business/terms/floor-load-limit), Firestopping (https://searchspheresource.com/guides/buying-a-drywall-business/terms/firestopping). - Buying a Finish Carpentry Business: Fixture classification (https://searchspheresource.com/guides/buying-a-finish-carpentry-business/terms/fixture-classification), Composite wood certification (https://searchspheresource.com/guides/buying-a-finish-carpentry-business/terms/composite-wood-certification), Payment bond notice window (https://searchspheresource.com/guides/buying-a-finish-carpentry-business/terms/payment-bond-notice-window), Preliminary notice window (https://searchspheresource.com/guides/buying-a-finish-carpentry-business/terms/preliminary-notice-window), Shop versus jobsite standard (https://searchspheresource.com/guides/buying-a-finish-carpentry-business/terms/shop-versus-jobsite-standard), Punch and closeout retainer (https://searchspheresource.com/guides/buying-a-finish-carpentry-business/terms/punch-and-closeout-retainer), Retainage release (https://searchspheresource.com/guides/buying-a-finish-carpentry-business/terms/retainage-release). Glossary (395 terms): defined in full at the end of this file, one page each under https://searchspheresource.com/glossary. ## Standing Programs That Hire Searchers, Operators, and Interns Programs that hire on a cycle rather than one-off openings, read from each firm's own pages. Kinds: Search on Salary, Residencies & Placements, Internships. - Alpine Investors: CEO-in-Training (Search on Salary) - Run a company the firm already owns, as its chief executive, from the first day of the seat. Location: Alpine portfolio companies nationwide; firm offices in San Francisco, New York, and Austin. Pay: A salaried CEO or senior-executive seat from day one. What you do: Step straight into operating a company, with no search phase of your own. Who can apply: MBA candidates at top schools; in 2022 the most-applied-to job at Stanford, HBS, and Wharton. Cycle: Rolling campus recruiting; the program has run since 2015. The firm publishes an application route and no dates against it. Apply: https://alpineinvestors.com/talent-programs/ Detail: https://searchspheresource.com/jobs/alpine-ceo-in-training - Brydon Group: CEO-in-Residence Cohort (Search on Salary) - Search inside a cohort of other chief executives in training, then lead the company you buy as its CEO. Location: Washington, DC, with a week-long cohort kickoff each May in the Bahamas. Pay: A salary set to your experience, plus equity in the platform you build. What you do: Search full time, then lead the company you buy as its CEO; five cohorts of 36 CEOs-in-residence have produced 46 acquisitions, with $30M-plus of equity behind each platform. Who can apply: Consulting partners, P&L owners, and PE-backed executives. Cycle: Applications open in December; interviews run through the winter; decisions by late March. Applications are shut for now, and the firm publishes when they reopen. Apply: https://www.brydon.com/ceo-in-residence-program Detail: https://searchspheresource.com/jobs/brydon-ceo-in-residence - Novastone Capital Advisors: Searcher Program (Search on Salary) - Search for a company with the firm's capital and its network behind you, then run it as its chief executive. Location: International; 31 companies acquired across 11 countries. Pay: A salaried search backed by NCA's investor network. What you do: A search phase of up to 24 months, beginning once the program documents are signed and the SPV is launched, then operate the company. Who can apply: Experienced operators who arrive with one to three focus industries and relevant experience in them, which the program requires of every participant. Cycle: Rolling international intake. The firm takes applications at any time. Apply: https://novastone-ca.com/nca-searchers/ Detail: https://searchspheresource.com/jobs/novastone-searcher-program - Kingsway: Search Xcelerator (Search on Salary) - A listed holding company's operator track: source your own acquisition, then run it as CEO inside the holdco. Location: Chicago headquarters, buying US businesses at $5M to $30M of revenue and $1M to $5M of cash flow. Pay: Not published; operators join the company as employees and take the CEO seat at the business they buy. What you do: Source, acquire and then manage your own business with the firm's support behind you. Who can apply: Talented, early-in-career managers, in the firm's own words. Cycle: Rolling; each new operator-in-residence is announced by the firm. The firm publishes an application route and no dates against it. Apply: https://kingsway-financial.com/kingsway-search-xcelerator/ Detail: https://searchspheresource.com/jobs/kingsway-search-xcelerator - SMEVentures: Search with SMEVentures (Search on Salary) - A platform that raises the search capital for you, so you look full time and then run the business you buy. Location: Australia and the wider Asia Pacific region, from a Sydney contact number. Pay: Search capital covering expenses and a modest salary for up to two years, with no capital required from the searcher. What you do: Up to two years searching, then five to ten years running the acquired business as its CEO. Requires: No capital from the searcher, which the firm states outright rather than leaving unsaid. Who can apply: High-caliber operators looking to acquire and operate a business, in the firm's own words. Cycle: Rolling. Applications are open. Apply: https://www.smeventures.com/search-with-us Detail: https://searchspheresource.com/jobs/smeventures-searcher-program - WAD Capital: CEO-in-Residence Cohort (Search on Salary) - SME succession on the lane's only published terms: a fee, full funding, and equity on the day it closes. Location: Europe; the firm frames the program around European SME succession. Pay: A monthly management fee during the search, full acquisition funding, and a stake in the company on closing. What you do: About two months of thesis research and six of outreach to find a company of roughly one to five million euros in EBITDA, then run it. The program runs up to 24 months, and at 18 to 24 months without a close the firm reevaluates with you whether to continue or conclude the search. Who can apply: Proven executives ready to take over from a retiring owner. Cycle: Cohorts of 10 to 20; the firm's own page is recruiting for the 2026 cohort. The firm publishes an application route and no dates against it. Apply: https://wadcap.com/ceo-in-residence Detail: https://searchspheresource.com/jobs/wad-ceo-in-residence - Sleeping Giant Capital: CEO-in-Residence Program (Search on Salary) - Committed acquisition capital and a full-time seat to search from, then run the business you buy. Location: Portage, Michigan, on a stated place-based focus in west Michigan. Pay: A competitive salary built into the investment package, which its own FAQ sizes as six figure compensation, plus equity the firm describes only as meaningful. What you do: A full-time search the firm puts at eighteen to twenty-four months, then leading the acquired company as its CEO. Requires: More than ten years of professional experience, including senior operating responsibility. Who can apply: Readiness to leave a current role for a full-time search, and a record of leading teams or operations or owning a profit and loss. Cycle: Its own paid Acquire Program comes first, with courses starting in February, April, June and September, and a ten-week deep dive priced at $5,000. After it the firm says you may apply to the residency at any time, and past CEOs-in-residence waited between two months and a year. The firm publishes an application route and no dates against it. Apply: https://www.sleepinggiantcapital.com/aspiring-ceos/ceo-in-residence-program Detail: https://searchspheresource.com/jobs/sleeping-giant-ceo-in-residence - Search Fund Accelerator: SFA Cohort (Residencies & Placements) - Search from a shared office with committed capital behind you, then run the company you buy as its CEO. Location: New Orleans and Denver, with a nationwide search across the United States. Pay: No search-phase pay published. A single searcher earns up to 25% of the equity, and a small portion of it is exchanged for a share in every other cohort member's business. What you do: Full time from an SFA office in New Orleans or Denver, on a search the firm requires stay nationwide. Requires: Solo searchers only, with no partnerships; U.S. work authorization; and a nationwide U.S. search, since the firm does not back geography-specific or international searches. Who can apply: Typically highly motivated MBA graduates, which is the firm's description of who arrives rather than a qualification it asks for. Cycle: Cohorts start in August or March each year; entry is a conversation with the recruiting address rather than a form. Applications are open. Apply: https://www.searchfundaccelerator.com/apply-searchers Detail: https://searchspheresource.com/jobs/search-fund-accelerator-cohort - NextGen Growth Partners: CEO-in-Residence (Residencies & Placements) - Join the firm full time, acquire a business with its committed capital, then lead it as its CEO. Location: Chicago and Austin. Pay: Committed capital, up to 25% of the equity by vesting, and the option to put up to 10% into your own search. What you do: A one-to-two-year search, joining the firm full time for it. Who can apply: A leadership track record counts more than any set resume, and the application asks for the two or three industries you intend to search, each with a visible link to your own career. Cycle: Rolling, small class. Applications are open. Apply: https://nextgengp.com/entrepreneurs/ Detail: https://searchspheresource.com/jobs/nextgen-entrepreneur-in-residence - Chenmark: GVP/GA Program (Residencies & Placements) - A permanent holding company's staged path from deal work into the chief executive seat at one of its businesses. Location: Portland, Maine to start; later stages sit at the operating companies. Pay: Not published by the firm for any stage of the program. What you do: Three stages over one to three years: M&A and operations work beside the leadership team, a senior leadership seat, then CEO of one of its companies; advancement weighs performance, skillset, and whether a seat is open. The two entry titles are Generalist Associate and Generalist Vice President, which is what the initials stand for and which level you enter at. Who can apply: The firm weighs character and attitude over prior experience. Cycle: Rolling, through the firm's own applicant tracking board, which listed both generalist titles open in Portland at the last read. Applications are open. Apply: https://chenmark.com/join-our-team/gvp/ Detail: https://searchspheresource.com/jobs/chenmark-gvp-program - Teamshares: Presidents Program (Residencies & Placements) - The firm buys a small business and installs you as its President, with ownership that grows year by year. Location: Businesses across more than 30 states and 40-plus industries, with 70-plus presidents in the network. Pay: A salaried President role with employee ownership; it no longer publishes the starting share or the target. What you do: A leadership accelerator every incoming president goes through, then lead a business Teamshares has bought. Who can apply: A strong grounding in financials and data-driven decisions; it states that all capable leaders qualify. Cycle: Rolling cohorts, with about three months of paid training before placement. Applications are open. Apply: https://www.teamshares.com/leadership Detail: https://searchspheresource.com/jobs/teamshares-presidents-program - Evergreen Services Group: Executive Program (Residencies & Placements) - An MBA track into a profit-and-loss seat on day one at one of the group's acquired operating companies. Location: San Francisco headquarters, with portfolio roles across the US and desks in London and Melbourne. Pay: Not published; the seat itself is a full-time executive role at a portfolio company from the first day. What you do: Matching runs about six months, and the firm says its operating executives plan to stay for the long term. Requires: Graduation in 2027, which is the year the apply page names. Who can apply: High-performing upcoming and recent MBA graduates. Cycle: The firm says recruiting for new EXPs starts in August and asks candidates to watch its own apply page for the link. Its Apply Now button leads to that page rather than to a form. Applications are shut for now, and the firm publishes when they reopen. Apply: https://www.evergreensg.com/leaders/ Detail: https://searchspheresource.com/jobs/evergreen-executive-program - American Operator: Operator Placement (Residencies & Placements) - The firm buys the business and installs you as its chief executive, with day-one equity and a path to majority. Location: Across the US, from Texas to Maryland to Colorado. Pay: Full salary and benefits, 10% ownership on day one, and a path to majority through buyback. What you do: No search phase of your own: the firm sources and buys, and you take over at the close. Who can apply: Experienced SMB operators, general managers, and industry professionals. Cycle: Rolling, matched to acquisitions. Applications are open. Apply: https://www.americanoperator.com/become-an-owner Detail: https://searchspheresource.com/jobs/american-operator-placement - FP Partners: CEO-in-Residence (Residencies & Placements) - A two-year term to source a company with the firm's backing, then lead the one you find as its chief executive. Location: Toronto, with targets across Canada's lower middle market. Pay: No pay is published for the two-year term. What the firm does publish is what it puts into the deal: the acquisition capital, coaching, and operating infrastructure. What you do: A two-year term: source and evaluate targets through the firm's ecosystem, then step in as interim or full-time CEO after the close. Who can apply: Mid-to-late-career leaders, with business services expertise preferred. Cycle: A small annual cohort of three to five executives. The firm publishes an application route and no dates against it. Apply: https://www.fppartners.ca/ceo-in-residence Detail: https://searchspheresource.com/jobs/fp-partners-ceo-in-residence - SIG Partners: CEO-in-Residence (Residencies & Placements) - The firm acquires a business and installs you as its owner-operator, with co-investment of your own required. Location: Dallas; each CEO relocates to where the acquired business operates. Pay: Significant ownership in the company you lead; candidates invest personal capital alongside the founding partners. What you do: CEO from day one of the acquisition, with a 60-to-90-day handover from the outgoing owner, an Operating Partner beside you, and a three-person board behind you. Requires: Personal capital invested alongside the founding partners. The firm states the requirement twice and publishes no amount. Who can apply: Experienced operators across operations, sales, or marketing. Cycle: Rolling, matched to acquisitions; vetting includes behavioral assessments and background and credit checks. Applications are open. Apply: https://sigpartners.com/cir-program Detail: https://searchspheresource.com/jobs/sig-partners-ceo-in-residence - Acquisition Lab: Entrepreneur-In-Residence Program (Residencies & Placements) - Committed capital before a deal exists, for a full-time searcher who signs the personal guarantee. Location: Wherever the searcher runs the search; the program publishes no office of its own. Pay: No salary. A binding equity commitment of $500K to $1M, signed before a specific deal is found. What you do: A full-time search at twenty to thirty hours a week, sourcing the deal and signing the personal guarantee. Requires: About 3% of project costs at closing, and more than $250k of accessible capital. Who can apply: Searchers with significant operations experience. Cycle: No cohort or deadline published; the capital commitment comes first and the search follows it. The firm publishes an application route and no dates against it. Apply: https://acquisitionlab.com/capital/entrepreneur-in-residence Detail: https://searchspheresource.com/jobs/acquisition-lab-eir - Thesis Capital: Searcher & CEO-in-Residence (Residencies & Placements) - A holding company's two-track door: search with its backing, or step in to lead a platform it already owns. Location: Houston headquarters; the program publishes no geography of its own. Pay: No pay is published for the search. The firm's pages describe full capital backing and real equity in the company bought, neither of them with terms. What you do: You pick a track at selection and may take both, which is the choice the three-step process is deciding. Who can apply: Operators over resumes, in the firm's own words; the CIR track asks for proven CEOs. Cycle: Rolling, through a three-step selection: interviews, screens, then a match and launch. The firm publishes an application route and no dates against it. Apply: https://www.thesiscapital.com/entrepreneurs Detail: https://searchspheresource.com/jobs/thesis-capital-searcher-in-residence - Alpine Investors: CEO-in-Residence (Residencies & Placements) - Wait with the firm's sourcing team for a company it has not bought yet, then run that one as its chief executive. Location: Alpine portfolio companies nationwide; firm offices in San Francisco, New York, and Austin. Pay: Not published. The page names no salary, no equity and no terms of any kind. What you do: Execute the acquisition strategy alongside the firm's sourcing team, and hire your own team through its recruiters. Who can apply: Experienced operators, in contrast with the CEO-in-Training seat beside it, which recruits on MBA campuses. Cycle: No cohort or window published; the same contact route as the firm's other talent programs. The firm publishes an application route and no dates against it. Apply: https://alpineinvestors.com/talent-programs/ Detail: https://searchspheresource.com/jobs/alpine-ceo-in-residence - Guideboat Capital Partners: CEO-in-Residence Program (Residencies & Placements) - An operator seat with the firm's capital and its people behind the search, then run what you buy. Location: Dallas, Texas, investing in the lower middle market. Pay: No pay is published. The page frames the firm as the provider of the capital for the acquisition and speaks of aligned incentives without naming any. What you do: Run the acquired company day to day, with the firm participating in the search, the diligence and the close. Who can apply: Mid-career operators with deep industry experience and leadership ability. Cycle: No cohort, no window, and no application route on the page. The firm publishes an application route and no dates against it. Apply: https://www.guideboatcap.com/talent Detail: https://searchspheresource.com/jobs/guideboat-ceo-in-residence - New Majority Capital: bETA Accelerator (Residencies & Placements) - Ten weeks of hybrid training for a self-funded searcher, from finding a target to the year after the close. Location: Hybrid, with virtual sessions and in-person meetings in whichever city the cohort is running in. Pay: Free to the fellow, with hotels and meals covered for the in-person sessions and travel to them at the fellow's own cost. It is training rather than capital: the firm says outright that taking part guarantees no fellow any funding. What you do: Ten weeks per cohort, hybrid, one city at a time. Who can apply: People anywhere in the country setting out as self-funded searchers, with some seats in each cohort held for residents of that cohort's own state or region. Cycle: Cohorts run by city and season, eleven of them since 2023 across eight cities. Applications are shut, and the firm has published no reopening date. Apply: https://nmcbeta.com/beta Detail: https://searchspheresource.com/jobs/new-majority-beta-accelerator - Promise Partners: Flights (Residencies & Placements) - Peer groups of seven to ten aspiring owners, banded by how close each one is to buying something. Location: Westlake, Ohio, in the Cleveland area, with events in person. Pay: No figure published in either direction. It is a membership organization and any dues sit behind its member login. What you do: Ongoing membership in one of three bands: preparing for a future search, planning to launch one inside two years, or actively buying. Who can apply: Aspiring owners at any stage from building toward a search through actively hunting for a company. Cycle: Recruitment opens each year in May, with informational events, a membership questionnaire and interviews with current members through July and August. Applications are shut for now, and the firm publishes when they reopen. Apply: https://www.promise-partners.org/Join-Us Detail: https://searchspheresource.com/jobs/promise-partners-flights - Obran Cooperative: Social CEO (Residencies & Placements) - The cooperative buys businesses on a cadence and places a leader into one it has bought, at a published salary. Location: Placed into a business the cooperative has acquired; no office named. Pay: A salary around $150,000, in the page's own words, with an opportunity for performance-based bonuses. What you do: Six months of receiving business opportunities from the corporate development team, then leading the one that fits. Who can apply: Capable and seasoned leaders with diverse backgrounds; industry expertise is helpful but not critical. Cycle: Continuous, tied to the cooperative's acquisitions rather than to a cohort. The firm publishes an application route and no dates against it. Apply: https://www.obran.coop/social-ceos Detail: https://searchspheresource.com/jobs/obran-social-ceo - Search Fund Accelerator: MBA Summer Internship (Internships) - Summer weeks working directly with a portfolio company's chief executive on operations, sales and finance. Location: New Orleans and Denver. Pay: A paid summer internship. The program page says 10 to 12 weeks and the firm's own posting says 8 to 10, so the length is a question for the interview. What you do: Ten to twelve weeks over one summer, inside a single portfolio company rather than across the fund. Who can apply: Current MBA students. Cycle: Recruited each spring for summer. Applications are open. Apply: https://www.searchfundaccelerator.com/mba-interns Detail: https://searchspheresource.com/jobs/search-fund-accelerator-mba-internship - Relay Investments: Summer Internship Program (Internships) - Eight weeks on live deals from letter of intent to close, beside the investors funding them. Location: Boston, at the firm's Huntington Avenue office. Pay: Not published by the firm for either length option. What you do: A full summer of about eight weeks on diligence and underwriting, or a hybrid two to four weeks. Requires: Authorization to work in the United States. Who can apply: Current students at a top business school. Cycle: Recruited for the summer, with four consecutive classes named on the firm's own page. Applications are shut for now, and the firm publishes when they reopen. Apply: https://www.relayinvestments.com/internship Detail: https://searchspheresource.com/jobs/relay-investments-summer-internship - NextGen Growth Partners: MBA Associate Internship (Internships) - Work beside a chief executive in residence on the deals the firm is looking at and the ones it has done. Location: Chicago, with the option to work remotely or hybrid. Pay: Unpaid, or for course credit where a school allows it. What you do: Part time at fifteen to twenty hours a week for ten weeks, as the go-to team for one CEO-in-Residence. Who can apply: MBA students committed to entrepreneurship through acquisition. Cycle: Posted by semester on the firm's careers page. It is not among the roles posted there now. Applications are shut, and the firm has published no reopening date. Apply: https://nextgengp.com/careers/ Detail: https://searchspheresource.com/jobs/nextgen-mba-associate-internship - GT Entrepreneurs: Private Equity Analyst Intern (Internships) - An undergraduate seat at a firm that backs traditional searchers all the way through the raise. Location: Pittsburgh, Pennsylvania, in person only. Pay: Unpaid, which the firm states plainly on the listing rather than leaving unsaid. What you do: About twenty hours a week for ten weeks, on searcher outreach, the firm's proprietary data, and its newsletter. Who can apply: Undergraduate business students weighing private equity after graduation. Cycle: Three rotations a year: fall to winter, winter to spring, and summer. Applications are open. Apply: https://www.gtentrepreneurs.com/pe-analyst-intern Detail: https://searchspheresource.com/jobs/gt-entrepreneurs-pe-analyst-intern - The Brydon Group: MBA Fellow (Internships) - A semester beside the firm's investors and CEOs-in-residence, on live platform deals from both sides of the table. Location: Matched to a company at the interview stage; no office named on the posting. Pay: Not published on the posting. What you do: One semester, part-time alongside the MBA. Who can apply: Current first- or second-year students in a full-time US MBA program, ideally with at least two consecutive years of consulting before school. Cycle: Recruited by semester through the firm's own applicant board. Applications are open. Apply: https://apply.workable.com/j/2DCABEF769 Detail: https://searchspheresource.com/jobs/brydon-mba-fellow Checked and not listed, with the reason, so an absence here is a finding rather than a gap: SMBootcamp (Pursuant Capital) (A priced training cohort, $447 to $4,500 plus a monthly tier, with dated sessions in Denver and Tampa. The board lists programs that place or pay; a course a searcher buys belongs to the directory's education shelf if anywhere. Read 2026-09-04.); Search Fund Japan (A standing searcher intake with its own selection form, seminars and newsletter, in Japanese, for searches in Japan. The board's reader is searching in the United States or through an English-language international program, and a row here would send them somewhere they cannot apply. Read 2026-09-04.); Seqos (An investment internship at a Munich search-fund accelerator, starting January 2027 and ongoing, applied for by email. Investment-side and Germany-only; the intern lane admits investment interns but a reader here is not applying to Munich by email. Read 2026-09-04.); Portrait Capital (formerly Majority Search) (A talent network: the first place the firm looks when a portfolio role opens, joined by emailing a partner. Rolling and real, and not a program with an intake, which is half the bar. Recorded mainly for the name: Majority Search now redirects here and the accelerator indexes still list the old name. Read 2026-09-04.); True North Search (A Future CEOs cohort with a real application form, still advertising its 2025 cohort in September 2026. A standing program by its own words and a stale one by its own date; held until the page names a cohort that has not already happened. Read 2026-09-04.); Halstatt Legacy Partners (now Legacy 41) (The old domain serves only a moved notice pointing at l-41.com, and Legacy 41's site has no searcher or CEO-in-Residence page. The accelerator indexes still list the old name and domain. Read 2026-09-04.); Cassius Search, OLTA Nachfolge, Gen Capital Partners (Three names from a published accelerator index with no working site behind any of them: a certificate-name mismatch, a registrar's parked page, and a 114-byte empty body. A listicle is a lead on a name, never evidence a firm exists. Read 2026-09-04.); Broadtree Partners (Its careers page lists one bare Operating Partner line under open positions with no named program behind it, which is a posting rather than a standing route. Read 2026-08-16, and the same reading as 2026-07-31.); Portrait Capital (Formerly Majority Search, now redirecting to a new domain. What it offers is a talent network joined by emailing a partner, with no program, no cycle and nothing published about pay. Read 2026-08-16.); Beacon Software (Its Executive Leadership Program exists only in a third-party job posting whose board now reports itself no longer active. The firm's own site and its live board carry no such program, so the program a searcher would find does not exist where the firm speaks for itself. Read 2026-08-16.); Permanent Equity (A 1,096-page sitemap read whole and nothing program-shaped in it. The firm writes prolifically about operating businesses and does not offer a seat. Read 2026-08-16.); Pacific Lake Partners, Search Fund Partners, Trilogy Search Partners (Three long-running backers of searchers, all offering capital and support to a searcher who already has a search, which is the other side of the transaction from a seat someone can apply to. Read 2026-08-16.); Endurance Search Partners (A 27-page site walked whole, all of it education material for searchers it might back, with no program page and no seat anyone applies to. Read 2026-08-16.); Regenerative Capital Group (A real CEO-in-Residence program whose own page says it is not currently recruiting for its next cohort, with 2024 the last one shown. Held as a reopener rather than a decline: the page is honest, and the program returns when the page says so. Read 2026-08-16.); All Interests Aligned (A management buy-in program where the money runs the other way. It asks ten to fifteen weeks at forty hours a week and publishes nothing paid, so it is a route worth knowing about and not a paid seat. Read 2026-08-16.); Kellogg Heizer summer internship stipends (Pays well and is current, but its purpose spans six career paths and a search-fund-acquired company is one host type among venture, growth capital, private-equity-backed, family-owned and founder-led. A stipend that happens to permit this route is not a route. Read 2026-08-16.); Stanford GSB Entrepreneurial Summer Internship Program (The closest miss, and the most useful one. It publishes real money, a recommended employer minimum of $1,000 a week plus a school stipend up to $550 a week, and it names search-fund-backed companies inside the program definition. But it is a school funding a student rather than a firm offering a seat, so its home is the MBA survey, where Stanford's funding row had been recording nothing at all. Read 2026-08-16.); Enduring Ventures (Its own domain serves an under-construction placeholder of about a thousand bytes. Nothing to read. Read 2026-08-16.); Tyto Capital (Reachable only past an expired certificate, and past it the site carries no program. Read 2026-08-16.); Alpine Investors Investor-in-Residence (The third program on Alpine's talent page, and the one that does not belong here. Its own words put the seat beside an Alpine-backed CEO rather than in the chair: the resident identifies the target market for the next platform, then joins it to build the acquisition strategy alongside somebody else who runs it. That is the investing side of the same table, which is the second test and the one it is most expensive to get wrong. Read 2026-08-25, and it converts if the page ever describes the resident running the company.); HalBar Partners (A named CEO-in-Residence program, and its own sentence is the reason it is held: experienced SELF-FUNDED searchers join through it in select cases. A searcher bringing their own capital to a backer is the class this board already declined for Pacific Lake and Search Fund Partners, which is capital offered to somebody who already has a search rather than a seat somebody is hired into. Read 2026-08-25.); Sleeping Giant Capital Acquire Program (A second program at a firm already on the board, and the money runs the wrong way: a $5,000 course fee for ten to fifteen hours a week of curriculum, described on its own page as the starting point for the CEO-in-Residence program beside it. Nobody is hired. Held as a course rather than a seat. Read 2026-08-25.); Golden Corral Operating Partner Program (The clearest franchise-platform example the search returned, and it publishes real money: over $100,000 average total compensation and a refundable $25,000 deposit that can go toward franchising the restaurant. It fails on fit. Eligibility requires already working as a general manager at a company-operated restaurant for a year, so it is an internal promotion into a single brand rather than an outside seat into an independently acquired business. Read 2026-08-25.); EGADE Business School search fund accelerator (A 2021 launch announcement with no evidence of current activity, and it would fail on shape anyway: mentoring, introductions and methodology for entrepreneurs raising their OWN search capital, with no salary and no seat. The same class as the capital backers already declined, routed through a business school. Read 2026-08-25.); Constellation Software operating groups (Volaris, Jonas, Harris) (The clearest example of an employer archetype worth naming rather than re-searching. These groups buy small vertical-market software companies continuously and install general managers to run them, with real published pay, which is exactly the work this board exists for. There is no named program: only rolling individual postings on a jobs platform, which is the first test's own exclusion at high volume. Read 2026-08-25, and it converts the day any of them wraps the hiring in a cohort or a program page.). Based outside the United States, or hiring into it: Novastone Capital Advisors (International; 31 companies acquired across 11 countries.); WAD Capital (Europe; the firm frames the program around European SME succession.); FP Partners (Toronto, with targets across Canada's lower middle market.). The rest hire into US roles. Dated readings of the subjects' own pages, carried on each row's page, so an absence here is a finding rather than a gap: 10 on a job-board program whose apply route names no timing (acquisition-lab-eir, alpine-ceo-in-residence, alpine-ceo-in-training, fp-partners-ceo-in-residence, guideboat-ceo-in-residence, kingsway-search-xcelerator, obran-social-ceo, sleeping-giant-ceo-in-residence, thesis-capital-searcher-in-residence, wad-ceo-in-residence). The board: https://searchspheresource.com/jobs. ## MBA Programs: Courses, Clubs, Conferences, and Fellowships What 21 business schools publish for students who want to buy a company, read from each school's own pages between 2026-09-04 and 2026-09-04. The list is scoped to the top 25 US MBA programs (US News 2026), so a school outside that ranking is absent by scope rather than for publishing nothing. Ordered in two tiers: the M7 schools with Yale, Stern, and Tuck first (by ETA relevance), then the rest by MBA prestige blended with what each publishes. Not advice about which school suits a particular person. A field is absent for one of three reasons, and each row says which: "Checked and none published" lists the facets whose catalog or pages were read and carried nothing, which is a finding; "Could not be read" lists facets at schools that refuse automated requests, where the answer sits on the school's own page and is not ours to report; anything else missing has simply not been read yet, and is not evidence either way. Across the 21: 18 teach a named course (Stanford GSB, Harvard Business School, Chicago Booth, Kellogg, Wharton, Dartmouth Tuck, Columbia Business School, NYU Stern, Yale SOM, UVA Darden, Michigan Ross, Duke Fuqua, UT Austin McCombs, Carnegie Mellon Tepper, UCLA Anderson, USC Marshall, Indiana Kelley, Berkeley Haas). 17 run a club. 10 publish money a student can apply for (Stanford GSB, Harvard Business School, Chicago Booth, Kellogg, Wharton, Dartmouth Tuck, Columbia Business School, UVA Darden, Michigan Ross, Rice Jones). 12 run or co-host a recurring conference (Stanford GSB, Harvard Business School, Chicago Booth, Kellogg, Wharton, MIT Sloan, UVA Darden, Michigan Ross, Duke Fuqua, UT Austin McCombs, UCLA Anderson, Georgetown McDonough). - Stanford GSB (https://www.gsb.stanford.edu/experience/about/centers-institutes/ces/research/search-funds) - https://searchspheresource.com/resources/mba-eta/stanford-gsb: Where the model began, and the study. Courses: Entrepreneurship Through Acquisition (STRAMGT 543); Search Fund Garage (a project-based workshop) (STRAMGT 549). Pages: Search funds at the Grousbeck-Holloway Center https://www.gsb.stanford.edu/experience/about/centers-institutes/ces/research/search-funds; The center itself https://www.gsb.stanford.edu/experience/about/centers-institutes/ces; The 2025 CEO conference, the fifth https://www.gsb.stanford.edu/newsroom/school-news/stanford-gsbs-search-fund-conference-focuses-ceos. Taught and led by: H. Irving Grousbeck, who described the search fund in 1984; Charles A. Holloway, who co-founded the center with him in 1996. Club: A Search Fund Club, for students exploring the path and students already committed to it. Money: A stipend of up to $550 a week through the Entrepreneurial Summer Internship Program, on top of the $1,000 a week the school recommends the host company pay, for an eight to ten week internship at a company acquired within the last two years. Awarded on a rolling basis until the year's funds run out. Conference: The Search Fund CEO Conference, held on campus each year for searchers who have already bought a company rather than for students exploring the path. Open to readers outside the school: The Search Fund Primer, the field's standard introduction, free to read. The Search Fund Study, published biennially since 1996 and the source of the returns figures most of this field quotes. A companion study following the funds raised outside the United States and Canada, which the main study leaves out. - Harvard Business School (https://www.hbs.edu/mba/student-life/activities-government-and-clubs/student-clubs/entrepreneurship-through-acquisition-club) - https://searchspheresource.com/resources/mba-eta/harvard-business-school: The clearest money for self-funded search. Courses: Field Course: Entrepreneurship through Acquisition, taught by Richard Ruback and Royce Yudkoff; The Financial Management of Smaller Firms, taught by Richard Ruback and Royce Yudkoff. Pages: ETA Club https://www.hbs.edu/mba/student-life/activities-government-and-clubs/student-clubs/entrepreneurship-through-acquisition-club; Search Fund Fellowship https://www.hbs.edu/mba/financial-aid/career-support-and-exploration-funds/search-fund-fellowship; MBA course catalog https://coursecatalog.mba.hbs.edu/. Taught and led by: Richard Ruback, Baker Foundation Professor; Royce Yudkoff, Professor of Management Practice. Club: An ETA Club whose stated purpose is the network and resources a searcher needs. Money: The Search Fund Fellowship: $65,000 a year for graduating students pursuing a self-funded search, renewable once for $130,000 in total, and pointed at small companies in underserved communities that its graduates have not traditionally gone to. A second and smaller door sits beside it: the school's career support and exploration funds make one-time awards of $5,000 to $15,000 as a loan reduction at graduation. A fully self-funded acquisition search is named as eligible, for graduates whose guaranteed pay sits at or below $130,000. Conference: An Entrepreneurship Through Acquisition Conference, which the school lists on its own calendar of the conferences its student clubs run. Open to readers outside the school: Think Big, Buy Small, the podcast the two course faculty host on buying a small company. The HBR Guide to Buying a Small Business, written by the same pair. - Chicago Booth (https://polsky.uchicago.edu/programs-events/entrepreneurship-through-acquisition/) - https://searchspheresource.com/resources/mba-eta/chicago-booth: Co-hosts the field's largest conference. Courses: Entrepreneurship Through Acquisition (34302), taught by Mark Agnew and Brian O'Connor teach it as adjuncts; the catalog lists seven instructors in one block across the year. Pages: ETA at the Polsky Center https://polsky.uchicago.edu/programs-events/entrepreneurship-through-acquisition/; The resources it shares https://polsky.uchicago.edu/programs-events/entrepreneurship-through-acquisition/resources; Conference agenda, with the case competition https://www.etaconference.com/13etaconference/12056520. Taught and led by: Brian O'Connor and Mark Agnew, who teach the course as adjuncts and practice in the field. Club: Two groups: the ETA Group for full-time students and an ETA Club for part-time students. Money: ETA Fellows Program, which runs from October into May, under the two faculty advisers, with mentorship, programming and a dedicated research and travel budget whose amount is not published. Conference: The Booth-Kellogg ETA Conference, held each autumn and co-hosted with Kellogg, which Booth's own pages call the country's largest ETA conference. Open to readers outside the school: An ETA resources page whose workshop descriptions are public and whose recordings sit behind a student login, pointing at the Stanford primer and a practitioner blog on fundraising, searching and operating. Workshops across legal work, self-funded search, diligence, structures and leadership, with the recordings for students and alumni only. A podcast and a newsletter, both open to anyone rather than to enrolled students. - Kellogg (https://library.kellogg.northwestern.edu/entrepreneurship/eta) - https://searchspheresource.com/resources/mba-eta/kellogg: A course, a funded track, a conference. Courses: Entrepreneurship Through Acquisition (ENTR-905-5), taught by Alex Schneider and Matt Littell; Acquisition & Management of a Small Business (ENTR-910-0). Pages: ETA research guide https://library.kellogg.northwestern.edu/entrepreneurship/eta; Zell Fellows Program https://www.kellogg.northwestern.edu/academics-research/entrepreneurship/zell-fellows/; The school on why acquisition is entrepreneurship https://insight.kellogg.northwestern.edu/article/entrepreneurship-through-acquisition; Conference agenda, with the case competition https://www.etaconference.com/13etaconference/12056520. Taught and led by: Alex Schneider and Matt Littell, who teach the course and lead the funded ETA track. Club: ETA@Kellogg, whose stated aim is graduates pursuing ETA within five years of leaving. Money: The Zell Fellows Program runs an ETA track, led by the faculty who teach the course. Conference: The Booth-Kellogg ETA Conference, co-hosted with Chicago Booth, whose agenda carries an ETA case competition run by Entrepreneurship at Kellogg with a sponsoring investor. Open to readers outside the school: A library research guide anyone can read, pointing at the field's other conferences and trade associations as well as its own. An article in the school's own ideas publication arguing that buying a company is entrepreneurship rather than a lesser version of it, free to read and open to anyone. The Kellogg Search Fund Primer, written by the student private equity club and listed on the library's own research guide. - Wharton (https://venturelab.upenn.edu/ETA) - https://searchspheresource.com/resources/mba-eta/wharton: The deepest classroom offering. Courses: Entrepreneurship Through Acquisition (MGMT 8110); Search Fund Entrepreneurship (MGMT 8140), taught by Jim Vesterman, who raised a search fund and ran the company he bought; Entrepreneurship Through Acquisition (undergraduate) (MGMT 2130). Pages: ETA at Venture Lab https://venturelab.upenn.edu/ETA; The Wharton ETA Club https://whartoneta.com/; The Wharton ETA Summit https://whartonetaconference.swoogo.com/2026. Taught and led by: Jim Vesterman, a searcher who acquired and led a company before teaching the class. Club: A Wharton ETA Club, established in 2019, whose stated mission is to train students who want to acquire, own, and operate their own businesses. Money: The $50,000 Perlman ETA Fellowship, awarded competitively, and only to master's and doctoral students in their final year of study. Conference: The annual Wharton ETA Summit, held on campus each spring; the April 2026 edition sold out. It gathers students, searchers, investors, and faculty. Open to readers outside the school: A workshop and events series the venture lab opens to every student at the university, not to the business school alone. - Dartmouth Tuck (https://ce.tuck.dartmouth.edu/center-activity/programs/entrepreneurship-through-acquisition-programming) - https://searchspheresource.com/resources/mba-eta/dartmouth-tuck: Built its program one piece at a time. Courses: Entrepreneurship through Acquisition, taught by Mark Anderegg. Pages: ETA programming at the Center for Entrepreneurship https://ce.tuck.dartmouth.edu/center-activity/programs/entrepreneurship-through-acquisition-programming; The course itself https://tuck.dartmouth.edu/courses/mgmt-eta. Taught and led by: Mark Anderegg, who teaches the elective. Club: An ETA Club created in 2023, working with the Center for Entrepreneurship on a speaker series that has run since 2019. Money: A student pathway fellow post working with the center rather than a cash award, created in 2025. The center's own people page now names five fellow labels, entrepreneurship, builder, starter, partner organization and acquirer, with the acquirer fellows the ones on the acquisition track. Open to readers outside the school: A speaker series that two students founded in 2019 and the entrepreneurship center has run since. Checked and none published: conference. - MIT Sloan (https://sloangroups.mit.edu/eta/home) - https://searchspheresource.com/resources/mba-eta/mit-sloan: A club and a summit, not a syllabus. Pages: ETA Club https://sloangroups.mit.edu/eta/home; The club's events and summit https://sloangroups.mit.edu/eta/events/. Club: An ETA Club built around search funds and micro private equity, putting owners, investors and advisers in front of students. Conference: The MIT ETA Conference, in its tenth year, which the club's own events page dates to February 27 and 28, 2026 at the Samberg Event Center. Open to readers outside the school: An annual summit whose sessions are open to the wider ETA community, not only to students. Checked and none published: courses, funding. - Columbia Business School (https://cbseta.com/) - https://searchspheresource.com/resources/mba-eta/columbia-business-school: Club-led, with investor introductions. Courses: Entrepreneurship Through Acquisition (B8523), taught by William Bressman and Gerald King take one autumn half-term section, Tom Jackson and Clayton Sachs the other. Pages: Columbia ETA club https://cbseta.com/; The club inside the school https://groups.gsb.columbia.edu/CETA/. Club: Columbia Entrepreneurship Through Acquisition, whose stated aim is producing search fund entrepreneurs rather than introducing the idea. Money: Lang Summer Fellowship: a salary supplement for rising second-years working full-time at an early-stage company, a small VC, or a search fund, 35 hours a week for 8 to 12 weeks, one stipend per host. The host pays at least $400 a week, the center tops the total up to a ceiling of $1,000 a week, and its own share is capped at $4,000 for the summer. Open to readers outside the school: A club-run calendar of panels and workshops with investors and operators. Checked and none published: conference. - NYU Stern (https://nyustern.campusgroups.com/seta/) - https://searchspheresource.com/resources/mba-eta/nyu-stern: Investor-facing, and it teaches sellers. Courses: ETA Search Pipeline Deal Sourcing, an experiential project open to the full-time, Andre Koo and Langone MBAs (reported 2024), taught by Andrew Breen. Pages: Stern ETA club https://nyustern.campusgroups.com/seta/; ETA at the Berkley Center https://nyusternberkleycenter.com/entrepreneurshipthroughacquisition/. Taught and led by: Andrew Breen, the adjunct who runs the deal-sourcing project and the fund students pitch into. Club: Stern Entrepreneurship Through Acquisition, which connects students to the investors who pay a salary to search. Open to readers outside the school: A center initiative that gathers students, alumni, executives and owners rather than students alone. Checked and none published: funding, conference. - Yale SOM (https://groups.som.yale.edu/ETAC/) - https://searchspheresource.com/resources/mba-eta/yale-som: Four ETA courses and a library of cases. Courses: Entrepreneurship Through Acquisition (MGT 671), taught by A. J. Wasserstein; Entrepreneurship Through Acquisition (intensive elective) (MGT 416), taught by A. J. Wasserstein; Leading Small and Medium Enterprises (MGT 674), taught by A. J. Wasserstein; Rollups, Consolidations and Programmatic Acquisitions (MGT 677), taught by A. J. Wasserstein. Pages: ETA Club https://groups.som.yale.edu/ETAC/; What the club runs https://groups.som.yale.edu/etac/events/; The courses and the writing https://som.yale.edu/faculty-research/faculty-directory/aj-wasserstein. Taught and led by: A. J. Wasserstein. Club: An ETA Club whose stated job is training students to search, acquire and then steward a business someone else built. Open to readers outside the school: Training, workshops and resources the club runs for SOM students, with a separate door for Yale alumni in ETA. Over a hundred cases and notes on search funds and ETA, published by the school and readable without enrolling. Checked and none published: funding, conference. - UVA Darden (https://www.darden.virginia.edu/batten-institute/entrepreneurship/entrepreneurship-through-acquisition) - https://searchspheresource.com/resources/mba-eta/uva-darden: Three courses and a named fellows program. Courses: Entrepreneurship Through Acquisition (GBUS 8629); Tactical Topics for Entrepreneurship Through Acquisition (GBUS 8509); Acquisition of Closely-Held Enterprises (GBUS 8106). Pages: ETA at the Batten Institute https://www.darden.virginia.edu/batten-institute/entrepreneurship/entrepreneurship-through-acquisition; The courses https://www.darden.virginia.edu/batten-institute/entrepreneurship/entrepreneurship-through-acquisition/education; The clubs directory, where the ETA Club is listed https://www.darden.virginia.edu/mba/culture-community/clubs-organizations/entrepreneurship-through-acquisition; Southeast ETA Conference https://www.darden.virginia.edu/batten-institute/entrepreneurship/entrepreneurship-through-acquisition/conference. Taught and led by: Lester F. Alexander III, John Glynn Endowed Professor and Professor of Practice; Hunter Reichert and Randolph Seibert, adjunct lecturers. Club: An ETA Club whose events, on the school's own ETA hub, are regular lunch and learns, office hours and information sessions with investors, searchers, operators and lenders. Money: Batten ETA Fellows, a named program giving graduating students financial support and resources to search for, acquire and operate a business after graduation; the page publishes no amount and no count. The Batten Venture Internship Program beside it offers matching grant funding to search funds and recently acquired companies that hire Darden summer interns. Conference: Co-hosts the Southeast ETA Conference with three other schools; the 2026 edition meets at Duke. Open to readers outside the school: A regional conference written for mid-career professionals as well as for students. - Michigan Ross (https://michiganross.umich.edu/courses/entrepreneurship-acquisitions-4481) - https://searchspheresource.com/resources/mba-eta/michigan-ross: An elective, a club, and a funded track. Courses: Entrepreneurship via Acquisitions (ES 516), taught by David Hiemstra, an intermittent lecturer in business. Pages: The course in the catalog https://michiganross.umich.edu/courses/entrepreneurship-acquisitions-4481; ETA Club, in the school's club listing https://michiganross.umich.edu/our-community/students/clubs-organizations/browse-all?page=1. Taught and led by: David Hiemstra, who teaches the elective as an intermittent lecturer. Club: An ETA Club gathering students, alumni, investors and owners around lower-middle-market deals. Money: The Zell Entrepreneurs program runs an Entrepreneurship Through Acquisition track for second-year MBA students searching for a company to buy or lead, one of its two named tracks alongside a venture track. The program publishes funding of up to $10,000, which its own page describes as money to invest in a new venture rather than in a search, so read the amount as the program's rather than the track's. Conference: An annual conference, hosted by the ETA Club itself. - Duke Fuqua (https://entrepreneurship.duke.edu/mba-entrepreneurship-through-acquisition/) - https://searchspheresource.com/resources/mba-eta/duke-fuqua: The course runs as an independent study. Courses: Entrepreneurship through Acquisition (independent study), taught by Shawn Munday. Pages: MBA ETA at Duke Innovation & Entrepreneurship https://entrepreneurship.duke.edu/mba-entrepreneurship-through-acquisition/; ETA Club https://fuquaconnect.duke.edu/organization/entrepreneurship-through-acquisition-club. Taught and led by: Shawn Munday, whose introduction to ETA the school publishes. Club: ETA@Duke, whose stated aim is the resources and investor contacts a member needs to buy a company. Conference: The Southeast ETA Conference, which the ETA club's own events calendar lists as a public event in the Geneen Auditorium on September 18. UVA Darden's own page describes the same series as one it co-hosts with three other schools. Open to readers outside the school: A published interview series with ETA practitioners: an entrepreneur actively searching, an operator running an acquired business, an investor, and a deal lawyer. Checked and none published: funding. - UT Austin McCombs (https://www.mccombs.utexas.edu/centers-initiatives/brumley-institute/) - https://searchspheresource.com/resources/mba-eta/ut-austin-mccombs: A practicum taught with a working buyer. Courses: Entrepreneurship Through Acquisition and Search Fund Practicum, taught by Mellie Price, who directs the school's graduate entrepreneurship institute, with Jacob Hall, a managing partner at an acquisition firm. Pages: Brumley Institute for Graduate Entrepreneurship https://www.mccombs.utexas.edu/centers-initiatives/brumley-institute/; MBA student organizations, where the ETA club is listed https://www.mccombs.utexas.edu/graduate/mba/full-time-mba/student-experience/student-organizations/; How the school built its ETA teaching https://news.mccombs.utexas.edu/magazine/owning-a-business-the-eta-way/. Taught and led by: Mellie Price, executive director of the Brumley Institute for Graduate Entrepreneurship; Jacob Hall, managing partner at Kando Capital, who teaches the practicum with her. Club: An ETA club, which the school's student-organizations page describes as educational, networking and professional-development opportunities for students interested in acquiring and operating small to mid-sized businesses through search funds or self-funded acquisitions, with access to industry experts, workshops and alumni mentorship. Conference: A student-led ETA symposium on campus, whose one published edition ran in February 2026. Open to readers outside the school: A published account of how the course, the club and the symposium were built, open to anyone. Checked and none published: funding. - Carnegie Mellon Tepper (https://www.cmu.edu/swartz-center-for-entrepreneurship/mentorship-and-programs/entrepreneurship-through-acquisition/index.html) - https://searchspheresource.com/resources/mba-eta/cmu-tepper: An MBA track option built around ETA. Courses: Entrepreneurship Through Acquisition (45-817); Entrepreneurship Through Acquisition Workshop (45-917). Pages: The Swartz Center's ETA page, with the required course list and the alumni showcase https://www.cmu.edu/swartz-center-for-entrepreneurship/mentorship-and-programs/entrepreneurship-through-acquisition/index.html; The MBA Entrepreneurship track, where the ETA option sits https://www.cmu.edu/tepper/programs/mba/curriculum/tracks/entrepreneurship-in-organizations; The Swartz Center for Entrepreneurship https://www.cmu.edu/swartz-center-for-entrepreneurship/. Open to readers outside the school: A public showcase of alumni search funds and what each one acquired, from Blacktail Capital in Seattle to KeelBoat and its fourteen operator backers. Checked and none published: club, funding, conference. - UCLA Anderson (https://www.anderson.ucla.edu/about/clubs-and-associations/institutions/entrepreneur-association-ea/entrepreneurship-through-acquisition) - https://searchspheresource.com/resources/mba-eta/ucla-anderson: Hosts the West Coast's ETA conference. Courses: Entrepreneurship Through Acquisition, an Executive MBA capstone, taught by Kent Weaver. Pages: ETA at the Entrepreneur Association https://www.anderson.ucla.edu/about/clubs-and-associations/institutions/entrepreneur-association-ea/entrepreneurship-through-acquisition; The SoCal ETA Conference https://www.anderson.ucla.edu/alumni/event-details?eid=9932; What Is Your ETA?, the school's feature https://www.anderson.ucla.edu/news-and-events/what-your-eta; The ETA capstone https://www.anderson.ucla.edu/degrees/executive-mba/academics/capstone. Taught and led by: Kent Weaver, whom the school's ETA pages name as its search fund and ETA lecturer, and an investor. Club: An ETA group inside the Entrepreneur Association, whose pages lead with what it runs rather than a mission: the roundtable and the conference. Conference: The SoCal ETA Conference, whose third annual edition ran in April 2026 at the Luskin Conference Center. Open to readers outside the school: A public news feature on ETA as the middle path between a startup and private equity, on the school's own site. Checked and none published: funding. - USC Marshall (https://students.marshall.usc.edu/graduate-students/elective-course-guide/concentrations-and-career-paths/entrepreneurship) - https://searchspheresource.com/resources/mba-eta/usc-marshall: An elective taught by a former searcher. Courses: Acquiring Your Own Business or Opportunity (BAEP 560). Pages: The entrepreneurship elective guide, where the course is catalogued https://students.marshall.usc.edu/graduate-students/elective-course-guide/concentrations-and-career-paths/entrepreneurship; Dustin Sellers's faculty page https://www.marshall.usc.edu/people/dustin-sellers; The Greif Center's faculty, where both are listed https://www.marshall.usc.edu/departments/lloyd-greif-center-entrepreneurial-studies/faculty; The Lloyd Greif Center, where the elective sits https://www.marshall.usc.edu/institutes-and-centers/lloyd-greif-center-for-entrepreneurial-studies. Taught and led by: Dustin Sellers, adjunct professor of entrepreneurship, who co-teaches the school's introduction to ETA and bought ProService through the search model, returning 22x to his investors; Chris Lueck, adjunct professor of entrepreneurship, who acquired Permitium and Scribbles Software through a search fund and now runs the holding company they sit under. Checked and none published: club, funding, resources. Could not be read (the school blocks automated requests, so check https://students.marshall.usc.edu/graduate-students/elective-course-guide/concentrations-and-career-paths/entrepreneurship directly): conference. - Indiana Kelley (https://kelley.iu.edu/faculty-research/courses/course.html?ID=BUS-F515-470) - https://searchspheresource.com/resources/mba-eta/indiana-kelley: One elective, inside the finance faculty. Courses: Topics in Finance: Entrepreneurship through Acquisition (BUS-F 515). Pages: The course in the catalog https://kelley.iu.edu/faculty-research/courses/course.html?ID=BUS-F515-470; The university's own catalog entry https://academics.iu.edu/courses/bloomington/bus-f-515-entrepreneurship-through-acquisition.html; What the entrepreneurship center's students run https://kelley.iu.edu/faculty-research/centers-institutes/entrepreneurship-innovation/students/activities-and-organizations.html. Checked and none published: club, funding, conference, resources. - Berkeley Haas (https://ewmba.haas.berkeley.edu/student-life/student-activities) - https://searchspheresource.com/resources/mba-eta/berkeley-haas: A finance-side course and its own club. Courses: Search Funds, taught by Jan Simon. Pages: The club directory, where the ETA club is listed https://ewmba.haas.berkeley.edu/student-life/student-activities; The founding story, on the school's blog https://blogs.haas.berkeley.edu/the-berkeley-mba/making-space-and-making-a-difference-as-an-entrepreneur-through-acquisition; The course, in the school's own newsroom https://newsroom.haas.berkeley.edu/how-search-funds-turn-mba-searchers-into-young-ceos/. Taught and led by: Jan Simon, a former Goldman Sachs executive, who teaches the Search Funds course; Bill Rindfuss, the finance group's executive director of strategic programs, who proposed it. Club: An Entrepreneur Through Acquisition Club, listed by name in the directory; the school records two MBA students splitting it out of the Finance Club so ETA had its own home, resources, and internships. Open to readers outside the school: A school-published account of an MBA's path into ETA and why the club got its own home. A newsroom piece on how the search model turns MBAs into young CEOs, with the course's own numbers in it. Checked and none published: funding, conference. - Rice Jones (https://business.rice.edu/rice-entrepreneurship-acquisitions-lab) - https://searchspheresource.com/resources/mba-eta/rice-jones: An acquisitions lab and alumni money. Pages: The Rice Entrepreneurship Acquisitions Lab https://business.rice.edu/rice-entrepreneurship-acquisitions-lab; The Acquisitions Fund's investment partners, who supply the equity a lender requires https://business.rice.edu/rice-entrepreneurship-acquisitions-fund/investment-partners; Success stories from the Acquisitions Fund https://business.rice.edu/rice-entrepreneurship-acquisitions-fund/success-stories. Money: The Rice Entrepreneurship Acquisitions Fund, whose alumni investment partners supply equity capital and subordinated debt so a buyer can meet a senior lender's requirement on an SBA or other acquisition loan. No amount is published, and the school is explicit that finding and qualifying the business is the buyer's own work first. Open to readers outside the school: A public roster of the Acquisitions Fund's alumni investment partners, which is a readable list of who supplies the equity and subordinated debt a senior lender asks for. Success stories from the fund, each naming the buyer and the business bought, open to anyone rather than to enrolled students. Checked and none published: conference, courses, club. - Georgetown McDonough (https://msbgeorgetown.campusgroups.com/ETA/) - https://searchspheresource.com/resources/mba-eta/georgetown-mcdonough: An ETA club its own hub omits. Pages: The Entrepreneurship Through Acquisition club https://msbgeorgetown.campusgroups.com/ETA/; The school's MBA entrepreneurship hub, which names ten venture-side programs and not this club https://eship.georgetown.edu/your-mba/. Club: Entrepreneurship Through Acquisition, which states its purpose as preparing students for the ETA career path through in-person panels, qualitative and quantitative training, networking and shared resources. Conference: Co-hosts the Southeast ETA Conference. The conference names Georgetown McDonough as one of its four host schools, alongside Duke, UNC Kenan-Flagler and UVA Darden, and the 2026 edition meets at Duke. Checked and none published: funding, courses. Could not be read (the school blocks automated requests, so check https://msbgeorgetown.campusgroups.com/ETA/ directly): resources. Full comparison: https://searchspheresource.com/resources/mba-eta. ## Glossary: Set Up & Fund the Search (50 terms) - Follow-on investment - https://searchspheresource.com/glossary/follow-on-investment: More money from the same backers, after the first round is in. It is the question that decides whether a backed searcher can buy a second business or fix a first one, and it is rarely on the term sheet. Investors who reserve capital for follow-ons can fund an add-on or a bad year without a new raise. Investors who do not will send you back to the market at the worst possible moment, from a position where they already own most of the equity. Ask directly what is reserved and on what test it gets released, because the answer changes what kind of company you should be hunting. In numbers: A $400,000 follow-on into a business that raised $2.5 million at close is another 16% of the original equity. - SBA affiliation rule - https://searchspheresource.com/glossary/sba-affiliation: The SBA rule counting businesses under common control as one. A buyer who already controls other businesses can push a target over the size limit without realizing it, because the SBA adds up every business under common control before deciding whether a deal qualifies. Control counts, not just how much stock you hold: running a company can be enough. A searcher who owns other things should check this rule before assuming a deal can be financed. In numbers: A searcher whose other company already employs 400 people buys a 150-employee target; counted together the 550 employees exceed a 500-person size standard, and the $4M 7(a) the deal was built on evaporates. - Sweat equity - https://searchspheresource.com/glossary/sweat-equity: Ownership earned by putting in work instead of money at closing. It is the phrase most often used to describe what a searcher contributes, and it is the one an SBA lender cares least about: the program wants a cash injection, and hours worked are not cash. Where it is real is between partners, where one puts in money and the other puts in the years. There the honest version is a written vesting schedule, not a handshake about who deserves what later. In numbers: A partner earning 20% over four years of full-time work is receiving about $200,000 a year of value in a business bought for $4M, which is a salary decision as much as an ownership one. - Drag-along and tag-along rights - https://searchspheresource.com/glossary/drag-along-and-tag-along: Cap-table terms deciding who can force a sale and who can join one. Together they decide whether you control your own exit, and a self-funded buyer never meets them while an investor-backed one signs both. A drag-along lets holders above a threshold compel everyone else into a sale they have agreed, which is how a minority operator can be sold out of the company they run. A tag-along is the protection in the other direction: if the majority sells, you can put your shares into the same deal at the same price rather than being left holding a minority under a new owner. Read the threshold and the price protection together, because a drag with no tag beside it is one-way. In numbers: On a cap table where investors hold 75% and the drag threshold is a simple majority, an offer they accept is an offer you sell into; a tag-along is what lets your 25% go out at the same per-share price rather than staying behind. - Equity injection - https://searchspheresource.com/glossary/equity-injection: The buyer's own cash in an SBA deal, the part no loan covers. It is the lever that turns your savings into a maximum purchase price: at a 10% requirement, every dollar of injection supports about ten dollars of deal. Run that math backward, from the cash you actually have to the largest business you can finance, and it is the first reality check on any target. Then comes the question everybody asks second, which is whether the cash can be borrowed, and the loan program's own rules answer it in a line. A personal loan counts where repayment can be shown to come from a source other than the business's cash flow, and the salary the business pays you is named as not qualifying. Seller debt counts only on full standby for the life of the SBA loan, and only up to half the required injection. And the rule written for this audience by name: money raised from investors is treated as debt instead of equity if their paper lets them recover the investment before the guaranty is released, whatever it is called, search funding included. In numbers: At a 10% injection, $120k of cash supports up to a $1.2M total project; the same math run backward is how the SBA Calculator turns savings into a maximum price. - Private placement memorandum (PPM) - https://searchspheresource.com/glossary/private-placement-memorandum: The disclosure a searcher gives investors when raising a fund. Investors in the traditional lane expect one before committing units, and posting or sending it is effectively the raise going live. A sloppy PPM reads as a preview of sloppy reporting. The securities rules behind it are real law, so counsel drafts it, not a template. In numbers: A searcher raising $450k of search capital across 15 units circulates a PPM stating the unit price, the 150% step-up on conversion into deal equity, the budget by year, and the risk that the search ends with no acquisition at all. - Equity gap - https://searchspheresource.com/glossary/equity-gap: The shortfall between the equity a deal needs and the cash you have. It is the reason self-funded searchers raise outside money at all, usually as deal-by-deal minority checks pooled into one SPV after the LOI. Gap capital is the thinnest lane of the search ecosystem, so the raise takes longer than first-timers plan for. In numbers: A $4M deal needing a $600k injection when the buyer has $300k leaves a $300k equity gap; investors filling it typically come in post-LOI through a single SPV the lender can underwrite cleanly. - SBA 7(a) loan - https://searchspheresource.com/glossary/sba-7a: The government-guaranteed loan most small acquisitions run on. It is the reason an individual can buy a one-to-five-million-dollar business with roughly 10% down: the government guarantee lets a bank lend against goodwill it could never collateralize alone. Its rules then shape nearly every self-funded deal, from the equity injection to seller-note standby to the personal guarantee, so learning the program is learning the structure. In numbers: On a $1.5M service-business acquisition, the 7(a) lends $1.35M over ten years and the buyer injects $150k. The trucks and equipment might appraise at $200k, so the other $1.3M of the price is goodwill; a conventional bank has almost nothing to repossess, which is why it says no and the guaranteed loan says yes. - Distribution waterfall - https://searchspheresource.com/glossary/distribution-waterfall: The order a deal's cash is divided, each tier paid before the next. In an investor-backed search it decides how much of the upside the searcher keeps: return of capital and a preferred return come first, then carried interest steps up as investor returns clear agreed hurdles. What comes off the top at a sale is the liquidation preference, and whether it participates decides if investors are paid twice out of the same proceeds. Model it before agreeing to anything, because the same headline carry pays very differently depending on where the tiers sit and whether the preferred return compounds. A modest-looking split with an early first hurdle can beat a generous one that starts too high to reach. In numbers: A common split returns investor capital first, then a preferred return around 8%, then an 80/20 split to investors above it. - Preferred return (hurdle) - https://searchspheresource.com/glossary/preferred-return: The return investors are owed before the operator shares profits. It is the first meaningful tier of the waterfall: until investors have earned it and recovered their capital, the searcher's carry pays nothing at all, which points the operator squarely at getting investors whole before taking a share. Two details decide how hard that is. Whether it compounds annually or accrues simply changes the hurdle materially over five years, and whether unpaid amounts carry forward decides what a slow year costs you later. In numbers: On a $2,000,000 equity raise with an 8% preferred, investors are owed $160,000 a year before the searcher's carry pays anything; hold the business five years and roughly $800,000 of preferred plus the $2,000,000 of capital comes back before the split reaches the operator. - Liquidation preference - https://searchspheresource.com/glossary/liquidation-preference: What investors take off the top of a sale before anyone else is paid. It decides who is made whole when the business sells, and it bites hardest in the outcomes nobody models. A one times preference returns the invested capital first and the rest is split; a multiple returns more than was put in before the searcher sees a cent. The word that matters most is participating: a participating preference takes the capital back AND then shares in what is left, so investors are paid twice out of the same sale, while a non-participating one makes them choose between the preference and their percentage. On a strong exit the choice is academic. On a middling one it is the difference between a life-changing number and nothing, so read which kind you signed before you model anything. In numbers: On a $2,000,000 raise with a 1x participating preference and 30% of the common, a $3,000,000 sale returns the $2,000,000 first, then hands investors 30% of the remaining $1,000,000. The searcher keeps $700,000. Make that preference non participating and investors take the larger of $2,000,000 or 30% of $3,000,000, so the searcher keeps $1,000,000. - LBO (Leveraged Buyout) - https://searchspheresource.com/glossary/leveraged-buyout: A purchase funded mostly with debt secured by the business itself. Nearly every SBA acquisition is a small leveraged buyout, whatever it is called at the closing table. The leverage that lifts the return on your equity raises the risk in exactly the same proportion, which is why the lender underwrites whether the cash flow can carry the debt before it funds anything. The practical consequence is that a modest miss on earnings is not a modest miss on your outcome: at 90% debt, a fifth off the profit can take the whole cushion. In numbers: Buy for $1,000,000 with $100,000 of equity and $900,000 of debt: a 10% check controls the whole asset. Sell later for $1,500,000 with the debt paid down to $600,000 and the $100,000 has become $900,000, the same leverage that would have wiped it out if the price had fallen. - Carried interest (carry) - https://searchspheresource.com/glossary/carried-interest: The operator's share of profits, once investors are made whole. It is where a searcher's own upside lives. A common structure grants the searcher up to a third of the equity, vesting in tranches as investor returns cross agreed hurdles. The carry pays for clearing the bar, not merely for closing a deal, so the hurdle schedule deserves as much attention as the percentage. In numbers: On $10M of profit above the preferred return, a 20% carry pays the sponsor $2M and leaves $8M for the investors. - GP / LP (General Partner / Limited Partner) - https://searchspheresource.com/glossary/gp-lp: The two sides of a fund: one runs it, the other puts up the money. In a traditional search the searcher is effectively the general partner and the backers are the limited partners, and the waterfall is what enforces the split between them. The limited partners take their capital and a preferred return first, and the general partner earns carry for the work after that, which is why the searcher's outcome depends far more on the deal's performance than on the headline percentage. It also explains the governance: passive capital still votes on the things that protect it. In numbers: Limited partners putting in $2M against a searcher's $50,000 supply about 98% of the money while the general partner does all of the work, which is the imbalance carry exists to price. - Anchor investor - https://searchspheresource.com/glossary/anchor-investor: The first sizable commitment in a raise, whose name pulls the rest in. Investors move in convoys, and the anchor is the one who moves first: a respected fund committing early is diligence other investors borrow, and the same round with no anchor is twenty people waiting to see who goes. Ask a prospective anchor directly whether their name may be used with the others, because that permission is most of what the anchor is worth. A raise stuck at soft circles usually does not need more names on the list; it needs one of the names already on it to sign first. In numbers: A $500,000 anchor from a known fund is a third of a $1.5M raise committed in one signature, and the name gives the remaining $1M a reason to follow. - Soft circle - https://searchspheresource.com/glossary/soft-circle: A verbal yes an investor has not signed or funded anything to back up. It is the number a raise dies on. Soft circles are collected early, counted as progress, and then fall out at the rate people change their minds, so a searcher who adds them to their committed total is reading a figure that has never once been true. In numbers: Six investors soft-circle $600,000 between them. Four sign for $380,000, one goes quiet, and one asks to see a live deal first; the raise was never at $600,000. - Subscription agreement - https://searchspheresource.com/glossary/subscription-agreement: The document an investor signs to buy into the fund at agreed terms. It is the line between an intention and money: until it is signed there is nothing to enforce and nothing to show a lender or a seller as evidence the equity exists. Searchers underestimate the gap between a yes on a call and a countersigned document, and the gap is where a schedule slips. In numbers: An investor agrees to $150,000 in March and signs in May. The nine weeks in between are not a formality; they are nine weeks the searcher cannot commit that money to a deal. - Search capital - https://searchspheresource.com/glossary/search-capital: Money that pays a searcher to look, before there is any business to buy. It is the rarest kind of money in this market and the reason the traditional path exists at all: almost every other lane asks the searcher to fund their own salary and expenses for two years. It is priced accordingly, usually converting into equity at a step-up when a deal closes, so it is the most expensive capital in the structure and the only kind that buys time. And the question investors ask first: it is equity in the search vehicle and not a loan, so a search ending without a purchase is written down by the people who funded it and the searcher repays nothing. The step-up is what pays for carrying that risk. In numbers: A $500,000 search fund covers roughly two years of a modest salary, travel, and deal costs, and typically converts at a step-up into the acquisition equity when a deal closes. - Step-up on conversion - https://searchspheresource.com/glossary/step-up-on-conversion: The premium at which search capital turns into equity once a deal closes. It is the price of the two years somebody paid for while you looked, and it is set before you have found anything. A raise of units at a stated step-up turns each dollar of search money into more than a dollar of deal equity, and the difference comes out of the searcher's own stake at closing. The number is negotiable and rarely negotiated, because a first-time searcher raising from strangers has little to trade. Ask what the step-up is in the same breath as the raise size: two funds of the same headline amount can leave a searcher holding very different fractions of the same company. In numbers: A $25,000 unit bought during the search converts at a 150% step-up into $37,500 of deal equity at closing. - Unit - https://searchspheresource.com/glossary/unit: One equal share of a search fund raise, priced so investors can take several. It is how a traditional raise is denominated and how the cap table stays legible: a fund raising in units of $25,000 can say what a backer is in for in one number, and the step-up on conversion applies evenly. It also sets the floor on who can participate, which quietly decides how many conversations a searcher needs. In numbers: A $450,000 raise sold in $25,000 units needs eighteen units; a backer taking two is in for $50,000 and roughly eleven per cent of the search capital. - SPV (special purpose vehicle) - https://searchspheresource.com/glossary/spv: A company formed to hold one acquisition and nothing else besides it. It is how gap equity usually arrives in a self-funded deal. Instead of ten investors on the operating company's cap table, they subscribe to one entity that owns the shares, which keeps the lender underwriting a single clean borrower and keeps the searcher managing one investor relationship instead of ten. It also sets where the waterfall lives and who signs what at closing. In numbers: Nine investors put $300,000 into an SPV that holds the buyer's equity; the lender sees one borrower and one guarantor rather than a cap table it would have to diligence. - Blind pool - https://searchspheresource.com/glossary/blind-pool: Money raised to buy a business that nobody has identified yet. It is what a traditional search fund is, and the reason its terms look the way they do. Backers are buying the searcher before any deal exists, so they take a step-up on conversion, information rights, and a say in what gets bought. It also explains why the raise is hard for a first-timer with no record, and why the deal-by-deal route exists for people who would rather find the business first. In numbers: A $500,000 search fund is a blind pool: eighteen backers fund two years of looking on the strength of the searcher, the thesis, and the terms, with no business named. - Capital call - https://searchspheresource.com/glossary/capital-call: A fund asking investors to wire part of what they pledged. In a traditional search the backers commit up front but fund in stages. A searcher who cannot count on a call being met while a deal is under LOI has a financing risk hiding inside a signed commitment, which is why the quality of the backers weighs as much as the amount. In numbers: Investors who committed $2M are not asked for it at once. A $400,000 draw funds diligence and closing when the deal is real, and the other $1.6M stays with them until the next one. - IRR (Internal Rate of Return) - https://searchspheresource.com/glossary/irr: The annualized return on cash flows, which compares unlike deals. It is the yardstick the search-fund studies report in, with aggregate IRRs running roughly 18% to 34% across the major datasets, and it is the threshold a distribution waterfall's later steps often key off. A fast small exit and a long large hold can hand back the same dollars at very different IRRs. Read it beside the multiple and the hold length. In numbers: Turning a $500k equity check into $1.5M over five years is about a 25% IRR; the same 3x multiple stretched to ten years is only about 12%, because IRR charges for time. - MOIC (Multiple on Invested Capital) - https://searchspheresource.com/glossary/moic: Total cash returned over cash put in, ignoring how long it took. A $500k stake that pays back $1.5M is a 3.0x MOIC, and unlike IRR it ignores how long the money was out. It is the number the search-fund studies report beside IRR, and aggregate returns cluster near 2.0x across the major datasets. IRR alone can flatter a fast, small exit, so read the multiple and the hold length together. A 2.0x in three years and a 2.0x in ten years hand investors the same dollars at very different annual rates. In numbers: Investors put $2,000,000 into a deal and receive $5,000,000 when it sells: a 2.5x MOIC, whether the hold ran four years or eight. - ROBS (Rollovers as Business Start-ups) - https://searchspheresource.com/glossary/robs: A rollover structure that buys a business with retirement savings, penalty-free. It turns retirement money into equity injection without new debt, at the price of strict ongoing compliance and of concentrating your retirement in the business you now run. The compliance is not a formality. The C corporation has to keep a real plan, offer it to employees, and file for it every year. A structure that lapses can be unwound as a prohibited transaction, with taxes and penalties attached. Weigh it against the plainer alternatives first, because a bad year hits your savings and your income at the same time. In numbers: Rolling $150k of a 401(k) into a ROBS structure funds that much of the injection with no early-withdrawal penalty or new loan; the cost is putting retirement savings into the single business you are also betting your income on. - Franchise tax - https://searchspheresource.com/glossary/franchise-tax: A state's annual fee for keeping an entity alive; no franchise involved. The name has nothing to do with franchising: it is what several states charge a corporation or LLC for existing, and it lands on the entity a buyer forms to hold the business. The shape varies by state, from flat minimums to margin-based reports, and the deadline runs on the state's calendar rather than the IRS's. It matters because missing it can suspend or dissolve the entity, and the entity is the borrower on the loan and the counterparty on every contract you just signed. Put it on the compliance calendar the week the entity is formed. In numbers: A California LLC owes the $800 minimum franchise tax every year it exists, and a Texas entity files a margin report even in years it owes $0; letting either lapse can suspend the entity that signed your SBA note. - Self-employment tax - https://searchspheresource.com/glossary/self-employment-tax: The Social Security and Medicare tax an owner pays on their own business income. How the business is taxed decides who pays it. An LLC member owes it on the whole distributive share, while an S corporation owner splits the money into a reasonable salary, which carries payroll tax, and a distribution, which does not. The choice is not free: the salary has to be defensible and the payroll adds administration. Model both before closing, because the same business pays the same person two different amounts depending on an election made on paper. In numbers: On $120,000 of net business income, an LLC member owes self-employment tax on the full amount, while an S corporation owner paying themselves a $70,000 salary carries payroll tax on $70,000 and takes $50,000 as a distribution. - Dry powder - https://searchspheresource.com/glossary/dry-powder: Money a fund has raised and not yet spent, available to bid today. When funds are flush with it, more bidders chase the same businesses and entry multiples drift up, so a searcher feels dry powder as tougher competition and higher asking prices. When it is scarce the field thins and patient buyers get better entries, which is part of why timing and persistence pay as much as the model does. In numbers: A fund that raised $50M and has deployed $35M holds $15M of dry powder, which is the only figure that says whether it can bid on the business in front of it. - Cap table - https://searchspheresource.com/glossary/cap-table: The record of who owns what share of the entity that is making the acquisition. Anyone raising outside equity negotiates this before the deal closes, and the figure that decides the outcome is not the percentage on day one. It is what is left for you after the investors get their preferred return and their share of the profits. Build the waterfall before agreeing to terms, because the same headline split can pay very differently depending on where the money starts flowing to you. In numbers: With $600,000 of investor equity carrying an 8% preferred return, a $2M sale three years later returns about $755,000 of capital and preference first, and the searcher's 25% is paid only on what remains. - Accredited investor - https://searchspheresource.com/glossary/accredited-investor: Someone the securities rules let you raise from privately. Raising search capital or filling an equity gap almost always means staying inside a private-offering exemption, and that exemption is written around who your money comes from rather than what you tell them. A check from a friend who does not qualify can unwind a raise long after it is spent, which is why the question gets asked before the wire and in writing. In numbers: The usual tests are $200,000 of individual income, or $300,000 with a spouse, in each of the last two years, or $1M of net worth counted without the family home. - Buy-sell agreement - https://searchspheresource.com/glossary/buy-sell-agreement: What happens to a co-owner's stake when they die, quit, or want out. Anyone buying with a partner wants this before the first disagreement rather than after it. It fixes the trigger events, how a departing share is valued, and who is obliged to buy it, which is the difference between an orderly exit and a forced sale of the whole business. Fund it deliberately as well: an obligation to buy out a partner's half with money you do not have is a promise that breaks at exactly the moment it is needed. In numbers: A 50/50 partnership with no agreed valuation method can spend more arguing than the stake is worth. Fixing it now at 4x SDE, or at an appraisal both sides accept, costs $0 today. - Management fee - https://searchspheresource.com/glossary/management-fee: The recurring fee an investor-backed buyer draws for running things. In a funded search it is the salary the backers pay while you look, and in a sponsor deal it is an ongoing charge to the acquired company for oversight. Either way it is negotiated and it is contentious, because a fee taken from the business is earnings those same investors are being asked to value. Read it beside the carry rather than on its own: a generous fee with a thin profit share pays you while nothing is working, and a thin fee with a real share pays only when the deal does. In numbers: A $500,000 search fund paying a $120,000 salary is spending 24% of the raise every year, which is why backers price a search window in months rather than in years. - Equity - https://searchspheresource.com/glossary/equity: Ownership in the business, and the layer of money that sits under the debt. Being underneath is the whole of it: the lender is paid first out of every dollar the business earns, and what is left belongs to whoever holds this. That makes it the riskiest money in an acquisition and the only money that keeps the gain. A searcher's comes from three places that behave differently, the cash the buyer puts in, the cash investors put in, and the shares earned by doing the work, and only the first has a floor set by anybody else. Ask who holds what and in what order they are paid before the price is agreed, because the split is far harder to move afterwards. In numbers: Buy at $4M with $3.2M of debt and the equity is $800,000, which is 20% of the purchase and the whole of what is left once the lender is paid. - Catch-up - https://searchspheresource.com/glossary/catch-up: The tier where the operator collects its share after the preferred. It is the clause that makes a preferred return look more generous than it is. Once investors have received their preference, the catch-up sends most or all of the next dollars to the operator until the split reaches the agreed ratio, and only after that does money divide the way the headline says. Whether it is full or partial decides how much of an ordinary exit reaches each side, and it is the tier most often skimmed in a term sheet because it sits between two numbers that are easier to read. In numbers: With an 8% preferred and a full catch-up to 20%, the operator receives nothing until investors clear the preference, then takes 100% of the next dollars until it holds 20% of the profit. - Board observer - https://searchspheresource.com/glossary/board-observer: A seat at the board table with every right except the vote. Search fund investors take these often, and a searcher usually meets one before they meet a director. The observer gets the papers, sits through the meeting and speaks, so the influence is real while the accountability is not: they carry none of a director's duties and none of the liability. Two things are worth negotiating in the same breath as the seat, because both are easy to give and hard to take back. Who exactly may attend, and whether they can be asked to leave a session where their own firm's interests are the subject. In numbers: Three investors on the cap table of a $4M business can produce two directors and four observers, which is nine people in the room. - Information rights - https://searchspheresource.com/glossary/information-rights: A promise to send investors particular reports on a schedule. Every investor has them, and the version signed decides how much of a first year goes into reporting instead of operating. The usual package is monthly financials within a set number of days, an annual budget, and the right to inspect the books. The trap is the deadline rather than the work: a monthly package due on the tenth, from a company whose bookkeeping closes on the twentieth, is a promise broken in month one. Match the dates to the close the business actually runs, and say so before signing. In numbers: On a $4M business, statements due within 15 days of month end is twelve deadlines a year against a close that takes twenty. - Protective provisions - https://searchspheresource.com/glossary/protective-provisions: A list of decisions the company cannot make without investor consent. This is how a minority holder keeps a veto without holding a majority, and in a search fund deal it is usually the real governance rather than the board seats are. The standard list covers selling the company, taking on debt above a threshold, issuing new equity, and changing what the business does. Read the debt line hardest of the four: a threshold set low enough puts a routine equipment purchase in front of the cap table, which is a delay measured in weeks at exactly the moment a machine has broken. In numbers: A $250,000 debt consent threshold turns a $300,000 truck replacement into a shareholder vote. - Vesting cliff - https://searchspheresource.com/glossary/vesting-cliff: A date before which none of a grant has been earned at all. A searcher's own stake usually vests over years with a cliff at the first one, and so does the stock granted to a key manager after close. Leaving a day early means leaving with nothing, which is the whole point of the design. What matters in an acquisition this size is how it lines up with the seller's transition: when a manager's cliff falls after the seller has already gone, there is a window where the person who knows the customers has no reason yet to stay. Set it against the handover rather than the calendar. In numbers: A four-year vest with a one-year cliff means 25% of a 10% grant, so 2.5% of the company, is the first thing anybody earns. - QSBS (qualified small business stock) - https://searchspheresource.com/glossary/qsbs: A federal rule that can exempt gain on stock in a small C corporation. This is a tax question to ask before closing, not at exit, because eligibility turns on how the purchase was structured years earlier. The company has to be a C corporation. The shares have to be issued to you instead of bought from somebody else, and there is a holding period to clear. Most acquisitions at this size are asset purchases by a pass-through, and none of that qualifies. The reason to know the name is to ask an advisor early whether the structure in front of you forecloses it, since asking then costs nothing and it cannot be fixed later. In numbers: The exclusion runs to the greater of $10M of gain or ten times what you put in, which on a business bought for $4M is the second by a distance. - Co-investor - https://searchspheresource.com/glossary/co-investor: An investor who joins a round on terms somebody else has already set. A round needs somebody to price it, so a raise made only of these does not close, and the order of a searcher's calls follows from that one fact. For the investor it means accepting a valuation and a governance package they did not negotiate, which is why most of the work here is diligence on the firm that priced it instead of on the company. For the searcher it changes what each call is for: the first is a negotiation and the rest are a distribution. Ask a firm which of the two it does before sending anything, because the answer decides whether you are asking for terms or asking for a check. In numbers: A $450,000 search raise sold in fifteen units is one investor pricing the unit and fourteen following it, and the fourteen do not exist until the first one signs. - Equity tranches - https://searchspheresource.com/glossary/equity-tranches: The gates a searcher passes to earn each slice of their own equity. A searcher's stake is granted at the start and owned almost none of it on day one. The convention splits it three ways: a slice for raising the search itself, a slice for actually closing an acquisition, and the largest slice earned across years of operating, usually against a return the investors have to see first. Which gate carries which share is the whole negotiation, because the first two are events a searcher controls and the third is a number a business has to produce. Ask for the split and the hurdle in the same sentence, and ask what happens to the unvested part if the investors sell early. In numbers: A 25% grant split evenly across three gates leaves a searcher holding about 8% the day they close, with the rest to be earned. - Vesting schedule - https://searchspheresource.com/glossary/vesting-schedule: The dates over which a granted stake is actually earned by staying. A searcher's equity almost never arrives at closing. It is earned across years and often across performance gates, and the schedule is where a backer's headline percentage becomes what a searcher will really hold. It governs a key manager's grant the same way. Ask for it in writing before a term sheet is signed, because the difference between a four-year and a seven-year schedule on the same headline number is most of the outcome. Firms very rarely publish this, so it has to be asked for. In numbers: A 25% stake vesting in equal quarters over four years is 6.25% earned for each year of staying. - Delayed draw - https://searchspheresource.com/glossary/delayed-draw: Committed debt a borrower may take later, in tranches, not at close. A lender that commits a delayed draw is agreeing today to fund an amount you have not needed yet, usually for add-on acquisitions or capital projects. It matters to a buyer for two reasons that pull in opposite directions. It is the cheapest growth money you will ever be offered, because the terms are set while the lender still wants your business. And it is a commitment you pay for whether or not you use it, through an unused-line fee, and through covenants measured against the whole facility while you are only using part of it. In numbers: A $5M facility drawn $3M at close leaves $2M available. At a 0.5% unused fee that costs $10,000 a year to keep open before a dollar of it is borrowed. - Equity co-investment - https://searchspheresource.com/glossary/equity-co-investment: Equity a lender or fund puts in beside its own loan to you. Several firms that back searchers do not write straight equity at all: they lend, and take a slice of ownership alongside the loan. That structure is cheaper than pure equity on the day and more expensive later, because the debt is serviced from the same cash flow you are trying to grow while the equity keeps its claim on the exit. Read which half of the money is which before comparing two offers, since a headline number that mixes them is not comparable to one that does not. In numbers: A $5M package of $4M debt and $1M equity for 20% of the company costs you interest on $4M and a fifth of everything the sale is worth. - Committed capital - https://searchspheresource.com/glossary/committed-capital: Money a backer has contractually agreed to fund when called. The word doing the work is committed. An investor who says it has capital available is describing a fund it may raise, an appetite, or a network; one that says its capital is committed has signed for it, and can be called on while you are under a letter of intent. That difference decides whether a seller believes your proof of funds. Ask whether the commitment is signed, what conditions release the backer from it, and how long it stands, because all three are negotiated and none of them is standard. In numbers: A signed commitment of $1M against a $4M purchase covers the 25% a lender wants; an unsigned indication of the same size covers nothing at all. - Search runway - https://searchspheresource.com/glossary/search-runway: How many months the search money lasts before you are out of time. Almost everything a searcher decides is priced in months. It sets how many targets you can afford to walk away from, how long a stalling seller can cost you before you fold, and whether a deal that dies in diligence ends the search or costs a quarter of it. A buyer who runs short takes the deal in front of them, which is the most expensive thing a thin runway does. Count living costs, deal costs and a buffer for one dead deal, then add the months a close actually takes after a signed letter of intent. In numbers: Save $90,000 against $5,000 a month of living and deal costs and the runway is eighteen months, which buys one full search and no second one. - Controlling interest - https://searchspheresource.com/glossary/controlling-interest: Enough of the ownership to decide things without anyone's agreement. Percentages and control are two different questions and a deal can hand you one without the other. The operating agreement decides what actually needs a vote, so a majority holder can still be blocked on selling, borrowing or hiring if those are reserved matters, and a minority holder with the right consent rights can stop a company cold. The number matters separately for the loan: anyone at or above a fifth of the equity signs the guarantee, so a small stake given to a partner is a signature you are asking them for. Read the agreement before the cap table. In numbers: Two partners at 50% each control nothing alone, while one at 51% decides everything, and the SBA treats anyone above 20% as an owner who guarantees the loan. - Board seat - https://searchspheresource.com/glossary/board-seat: A voting place on the board that governs the company you bought. An observer watches and a director decides, and the gap between them is the whole of it: directors hire and fire the chief executive, approve the budget and the debt, and carry duties to the company that an observer does not. So the number of seats and who fills them is a control question, negotiated alongside the money and hard to reopen afterwards. Count the votes, not the people, and ask what needs board approval before you sign, because a short list of reserved matters can hand back most of what the seat count gave you. In numbers: On a five-seat board where investors hold three, a 60% bloc can replace you without a single other vote. - Deal-by-deal funding - https://searchspheresource.com/glossary/deal-by-deal: Raising the equity for one acquisition at a time, with no fund behind it. A committed fund pays a searcher to look and has the money ready when a deal closes. A deal-by-deal raise has neither, so the search runs on savings and the equity is found again for every acquisition. The cost is speed and certainty, since any investor can pass on any deal and a seller watching a diligence clock will notice. What it buys is control: nobody holds a claim on the next company, the terms are set once against a real business instead of in advance against a hypothetical one, and the searcher keeps more of what they build. In numbers: Buying a $4M business with 80% debt leaves $800k of equity to raise, found from scratch again on the next one. ## Glossary: Source & Screen Deals (86 terms) - Controlled auction (limited auction) - https://searchspheresource.com/glossary/controlled-auction: A sale run to a short invited list of buyers on the seller's timetable. It changes what you are doing from negotiating to bidding, and most searchers meet one without being told that is what it is. The tells are a banker instead of a broker, a dated process letter, and a request for a first-round number before you have met the owner. Two consequences follow. Your edge is no longer being the only buyer at the table, so it has to be certainty and speed instead. And the price is set by whoever is least disciplined in the room, which is a reason to write your walk-away number down before the first round and not after it. In numbers: A buyer who fixes 3.4x as the walk-away before the first round leaves at 3.6x; one who fixes it afterwards is still in the room at 4.1x, because in an auction the price is set by whoever is least disciplined. - Co-brokerage (co-broke) - https://searchspheresource.com/glossary/co-broke: Two brokers splitting one commission, each having brought a side. It is the arrangement behind most buy-side representation at this deal size, and it decides who your broker actually works for. In a co-broke your representative is paid out of the seller's commission, so their fee exists only if you close and only at whatever price closes. That is not a reason to avoid them, and it is a reason to ask the question directly: who pays you, and what happens to your fee if I walk away. A buy-side advisor paid a flat fee by you has a different set of incentives, and both arrangements are legitimate as long as you know which one you are in. In numbers: A 10% fee on a $2.4 million sale is $240,000, and an even co-broke books $120,000 to each firm. - SDE (Seller's Discretionary Earnings) - https://searchspheresource.com/glossary/sde: Owner earnings: profit with the owner's pay and perks added back. Nearly every main-street listing is priced as a multiple of this figure, so it sets the asking price before you negotiate a thing. Because the add-backs are where an owner dresses the number up, most of screening is really an argument over what honestly belongs in SDE, and at a 3x multiple every soft dollar you accept costs three dollars of price. In numbers: A shop reporting $300k of pre-tax profit, a $150k owner salary, and $60k of one-time and personal expenses shows $510k of SDE; at 3x that supports a $1.53M asking price. - EBITDA - https://searchspheresource.com/glossary/ebitda: Profit before interest, taxes, depreciation, and amortization. Larger deals price on EBITDA multiples rather than SDE, and the two never compare because EBITDA already subtracts a market manager's pay. So the first question on any listing is which measure the multiple is built on, since putting an SDE multiple against an EBITDA business overpays by a full salary's worth of earnings. In numbers: A business showing $510k of SDE would show about $360k of EBITDA after paying a $150k manager to replace the owner, which is why an SDE multiple and an EBITDA multiple are never comparable. - Add-backs - https://searchspheresource.com/glossary/add-backs: Expenses added back to profit to show what an owner really earned. Telling the honest add-backs from the aggressive ones is most of what screening is, because a legitimate one reflects a cost you genuinely will not carry while an inflated one is price dressed up as profit. Every soft dollar you accept gets multiplied, so a $60k phantom add-back at a 3x multiple is $180k of price for earnings that were never there. In numbers: A $60k marketing spend added back as 'one-time' but recurring every year inflates SDE by $60k; at a 3x multiple, that is $180k of price for earnings that do not exist. - CIM (Confidential Information Memorandum) - https://searchspheresource.com/glossary/cim: The broker's marketing document, shared after an NDA and written to sell. It is your main screening input, and the thing to hold onto is that it is advocacy, not disclosure: a broker wrote it to sell. Read it for what is missing as much as what is there, and always against the tax returns rather than instead of them, because the gaps are where the real diligence questions start. In numbers: A CIM for the same $4,000,000 deal runs 25 to 50 pages behind the NDA: three years of financials, the customer mix, org chart, lease terms, and the asking multiple's justification. Reading one against the tax returns, not instead of them, is where screening actually starts. - IOI (Indication of Interest) - https://searchspheresource.com/glossary/ioi: A short, non-binding letter naming a rough range to show real interest. Cheap to write and non-binding, it lets you signal real interest and earn a management meeting without opening the terms fight an LOI touches off. Confusing the weight of the two is a first-timer tell: an IOI floats a range, while the LOI that follows names one price and asks for exclusivity. In numbers: An IOI might say 'we would value the business at $1,100,000 to $1,300,000, subject to diligence': a range, not a commitment, used to earn a management meeting. The LOI that follows names one price and asks for exclusivity; confusing the two documents' weight is a first-timer tell. - LOI (Letter of Intent) - https://searchspheresource.com/glossary/loi: A mostly non-binding letter agreeing price and key terms; it starts exclusivity. Most of it is non-binding, but the exclusivity clause is not, and that is the part that counts: once signed, the no-shop clock starts and so does real money on legal, quality-of-earnings, and lender fees. Settle the headline price here, because reopening it after you have spent that money is where the bargaining power quietly slides to the seller. In numbers: A two-page LOI at $1.5M with a 60-day exclusivity window and financing and diligence outs opens the books; everything in it except exclusivity and confidentiality stays non-binding. - Cash-on-cash return - https://searchspheresource.com/glossary/cash-on-cash-return: A year's cash after debt service divided by the cash you put in. It is the number a self-funded or SBA buyer actually lives on. IRR and MOIC score the whole hold; cash-on-cash answers what the deal pays you each year on the equity at risk. It also turns on how much you put down, so on the very same business a thin injection posts a high figure and a heavy one starves it. In numbers: Put $250,000 of equity into a deal that throws off $90,000 of cash after debt payments and a market owner salary, and the cash-on-cash return is 36%; finance the same business with $500,000 down and it halves to 18%. - CapEx (Capital Expenditures) - https://searchspheresource.com/glossary/capex: Money spent on assets that last years, not on day-to-day running costs. It is the cost SDE and add-backs quietly leave out. A seller who has deferred replacing an aging fleet shows earnings the business cannot sustain. So a buyer charges maintenance capex as a real annual expense and treats only genuine growth capex as optional spending. In numbers: A landscaping company reporting $600k of SDE but averaging $90k a year to replace mowers and trucks is really producing closer to $510k once maintenance capex is charged. A lender that sizes debt on the higher figure leaves the buyer short the day a truck dies. - Related-party rent - https://searchspheresource.com/glossary/related-party-rent: Rent paid to a landlord the seller controls, at a price nobody negotiated. When the seller owns the building, the rent on the profit and loss is a number they chose, and it can sit far under market to flatter the earnings or far over to move income into the other entity. Either way the earnings you are pricing are wrong until the rent is reset to what an unrelated landlord would charge, and the correction moves the price by the whole multiple. Get a market rent figure from comparable space before you agree a number, and negotiate the lease at the same table as the purchase, because a seller who keeps the building keeps a lever over you after closing. In numbers: Rent set $3,000 a month under market lifts reported earnings by $36,000, which at a 3x multiple is $108,000 of price that is not really there. - Trade area - https://searchspheresource.com/glossary/trade-area: The area a business actually draws its customers from, not the map around it. Two businesses with the same revenue and different trade areas are different assets. A dense one is defensible and hard to grow without cannibalizing itself; a wide one is fragile, because the customers at its edge are somebody else's next week. It also decides what a second location does: open inside the existing area and the two split one book, open outside it and you start again with none of the referral flow that made the first one work. Ask for the customer addresses instead of the seller's opinion, then look at where the last hundred jobs actually came from, because an owner's sense of their own reach is almost always wider than the map says. In numbers: A shop drawing 80% of its jobs from inside four miles is a different asset from one drawing 30% from inside four miles, at identical revenue. - Proprietary deal flow - https://searchspheresource.com/glossary/proprietary-deal-flow: Deals found by approaching owners before a broker lists them. Reaching owners before they list means less competition and better prices, but it is bought with months of unglamorous outreach for every deal that lands. Most serious searches run both channels at once, using brokered listings to learn a market while off-market outreach works the targets nobody else is talking to. In numbers: A searcher mailing 200 owners a quarter at under $1 a letter might earn a few real conversations a month; deals sourced this way rarely appear on a listing site, so few other buyers are bidding. - Cap rate - https://searchspheresource.com/glossary/cap-rate: Net operating income over price, how property-heavy deals are quoted. An 8% cap rate on $200k of NOI is a $2.5M price. Self-storage, car washes, and anything priced on its real estate trade on a cap rate rather than a multiple of earnings, and the two are not interchangeable. A searcher who quotes an SDE multiple at a storage seller is speaking a different language from the person across the table. In numbers: The same $200k of NOI is worth about $2.86M at a 7% cap rate and $3.33M at 6%; one point of cap rate moved the price nearly half a million dollars. - Multiple - https://searchspheresource.com/glossary/multiple: The ratio of price to earnings a business is priced at. A multiple only means something when the earnings measure and what is baked into it match, so an SDE multiple and an EBITDA multiple are different languages. And an asking multiple is an opening position, not a comp: what a business is actually worth turns on the revenue mix and risk behind the number, which is what the industry guides unpack. In numbers: A landscaping business with $600k of SDE listed at $1.95M is asking 3.25x; whether that is fair depends on the revenue mix behind the number, which is what the industry guides unpack. - Teaser - https://searchspheresource.com/glossary/teaser: A one-page anonymous summary, circulated before anyone signs an NDA. It is your first filter, meant to earn an NDA without revealing whose business it is. Read it for what it will not say: a teaser that hides the industry and geography entirely, or leans on adjectives where numbers belong, is telling you something before you have signed a thing. In numbers: A teaser for a $1,900,000 listing runs one page: 'Midwest commercial cleaning company, $3.4M revenue, $620,000 SDE, 70% contract-recurring, owner retiring.' No name, no city; specific enough to earn an NDA, vague enough to protect the seller if it does not. - NDA (Non-Disclosure Agreement) - https://searchspheresource.com/glossary/nda: A confidentiality contract signed to see a listing's name and financials. Signing them is routine, and you will sign dozens, which is exactly why they are worth reading rather than clicking through. Watch for non-solicitation and non-compete creep: a normal NDA protects the seller's identity and financials, but the occasional draft quietly tries to bar you from buying any similar business for years. In numbers: The NDA behind a $1,400,000 listing typically binds for 2 to 3 years, covers the business's identity and financials, and often bars soliciting its employees. What it must not do is bar you from buying a similar business ever after, and the occasional 5-year, industry-wide draft is why you read before signing. - Backlog - https://searchspheresource.com/glossary/backlog: Work a contractor has won and not yet built, measured in dollars. It is the closest thing a project business has to recurring revenue, and it is the number most often quoted without the two facts that give it meaning. The first is how change orders are handled, because the original bid is a guess and the changes are where a disciplined shop recovers cost; signatures beat verbal agreements. The second is what the work is worth at completion, not at bid. A shop with almost no change orders is either bidding generously or absorbing scope, and one with a great many on every job may be underbidding to win. Ask to see the last ten completed jobs at bid and at final before you price a backlog at all. In numbers: A $3,000,000 backlog is worth less than a $2,000,000 one if the first bids at 8% margin and finishes at 2% while the second holds. - Recast - https://searchspheresource.com/glossary/recast: Redrawing the financials so the profit a buyer keeps becomes visible. This is the number the whole price is built on, so a careful buyer reproduces it from the tax returns rather than accepting the seller's spreadsheet, and the gap between the two versions is the negotiation. Work line by line and ask of every adjustment whether the cost genuinely disappears when the owner does. A vehicle the business still needs, a family member who does real work, and rent set below market all get added back routinely and none of them should be. In numbers: A P&L showing $330,000 of net income recasts to $520,000 of SDE after adding back the owner's $150,000 salary, $25,000 of personal vehicle costs, and a $15,000 one-time lawsuit settlement; every add-back must survive the question 'will this cost exist for the buyer?' - Churn - https://searchspheresource.com/glossary/churn: The rate a recurring-revenue business loses customers or revenue. For anything sold on retention this is the number under the number, because a business adding customers while quietly losing them is worth far less than its top line suggests. Ask for it by cohort rather than in aggregate: a stable overall figure can hide new customers leaving fast while a loyal old base holds the average up, and you are buying the future, not the base. Losses concentrated right after a price change or a service issue tell you which one you are inheriting. In numbers: A gym billing $120,000 of monthly memberships at 4% monthly churn loses $4,800 of that base every month, and must sell $57,600 of new memberships a year just to stand still. At 2% churn the same gym grows on half the sales effort, which is why the churn rate moves the multiple more than the revenue does. - Valuation - https://searchspheresource.com/glossary/valuation: What a business is worth to a buyer, stated as a price or a range. The word names an opinion produced by a method, and the method is what a buyer argues with. A broker's asking price, a lender's appraisal and a buyer's own model can all be called the valuation of one business, and they land far apart. Each answers a different question: what the seller hopes for, what an institution will lend against, and what the earnings support once the owner's work is paid for. So ask which method produced any number you are shown, and what it assumed goes with the business. A valuation of the assets and a valuation of the earnings are not two estimates of one thing. In numbers: A business with $1.5M of SDE is a $4.5M business at 3x and a $6M business at 4x, and which of those it is decides whether the deal is financeable. - Enterprise value - https://searchspheresource.com/glossary/enterprise-value: The whole business to everyone who funded it: equity plus debt, less cash. A multiple quoted on EBITDA usually lands on enterprise value rather than on the equity check you write, and treating the two as one number misprices the deal by whatever debt is on the books. Move between them deliberately: subtract the debt you assume, add the cash you keep. On main-street deals quoted cash-free and debt-free the two collapse into each other, which is exactly why the distinction gets forgotten on the first deal where they do not. In numbers: A shop with $500,000 of EBITDA at a 3.5x multiple is a $1,750,000 enterprise value; assume $250,000 of equipment debt and keep $50,000 of cash and the equity you buy is about $1,550,000. - Bottom line - https://searchspheresource.com/glossary/bottom-line: The profit line at the bottom of an income statement, after every cost. It is the line a buyer trusts least in a small business, and for a good reason: the owner decides most of what sits above it. A salary, a spouse on payroll, a vehicle, travel and one-off legal work all pull it down without changing what the business produces, which is why SDE and EBITDA exist and why a broker quotes those instead. Read this line for the tax story and the add-backs for the earnings story, then ask which of those add-backs a new owner would really stop paying. In numbers: A shop reporting $40,000 of bottom-line profit on $310,000 of SDE is not earning $40,000; the gap is the owner's pay and the add-backs, and every one has to be argued line by line. - Top line - https://searchspheresource.com/glossary/top-line: The revenue line at the top of an income statement, before any costs. It is the number a seller leads with and the one a buyer prices last. Revenue says how much money moves through the business and nothing about how much stays, so two shops with the same top line can be worth three times different amounts. Read it for direction and for concentration, then go straight to the earnings line. The gap between the two is the whole question, and a seller who talks only about revenue growth is usually steering the conversation away from margin. In numbers: A route business turning over $2,400,000 with $310,000 of SDE runs a 13% margin; the same $310,000 earned on $900,000 of revenue is 34%, and the two do not trade alike. - Going concern - https://searchspheresource.com/glossary/going-concern: A business sold whole and still trading, not broken up for its parts. It is the difference between buying a business and buying its equipment. A going concern arrives with its customers, its staff, its licenses where they transfer, and its trading history, and it is priced on the earnings that whole produces. Break the same company up and what is left is the auction value of the vans and the racking, which is almost always less. The phrase carries a second meaning in audited accounts: an auditor who doubts the business can keep trading for another year writes a going-concern note, and that note belongs in diligence long before it belongs in a negotiation. In numbers: A machine shop earning $500,000 a year can trade at 3.5x as a going concern and return well under half of that figure if it is wound down and the equipment is auctioned. - Market wage - https://searchspheresource.com/glossary/market-wage: What the open market pays someone to do the job the owner does today. Every earnings figure a seller quotes assumes somebody runs the place, and when that somebody is the seller working sixty hours for nothing, the number is not repeatable. Subtracting a market wage for the role is what turns SDE into EBITDA, and it is the line that decides whether a deal clears its debt, because a lender underwrites coverage after the buyer has been paid like an employee. Look the number up by occupation instead of guessing it: a seller's own draw is evidence of what they chose to take, not of what the job costs to fill. In numbers: A seller shows $700,000 of SDE and works in the business full time. Pay the replacement $120,000 and the earnings a lender underwrites are $580,000, which is a 17% haircut before a single add-back is argued. - Book of business - https://searchspheresource.com/glossary/book-of-business: The recurring clients or contracts a firm serves, priced as one asset. It is what you are really buying in an agency, a practice or a route: not equipment, but a list of people who keep paying. Price follows how sticky that list is, so ask for retention by year and by client, ask how many of the relationships sit with one departing person, and ask what happens to the book the day that person leaves. A book concentrated in a handful of accounts, or held together by the owner's own name, is worth materially less than the same revenue spread across hundreds of them. In numbers: An agency renewing 92% of its book each year is worth far more than one renewing 78%, because the second gives up about a fifth of its revenue every twelve months and has to replace it to stand still. - Broken deal costs - https://searchspheresource.com/glossary/broken-deal-costs: What a buyer has already spent on a deal that then dies before closing. It is the cost nobody budgets and every searcher pays several times: a quality of earnings, a lawyer's first pass at a purchase agreement, and a lien search are all spent whether or not the deal closes. Each check looks proportionate on its own. The number that matters is what they add up to across the deals that went nowhere. That total is what decides whether the next three thousand dollars is a question or a reflex. In numbers: Two dead deals at $6,000 and $11,000 of diligence is $17,000 of a $150,000 search budget gone before a business is bought. - Customer concentration - https://searchspheresource.com/glossary/customer-concentration: How much of the revenue rides on the largest customer or few. Above roughly a third of revenue in one customer, lenders balk and buyers should too, because you would be buying a relationship you do not have and cannot inherit by contract. Diligence should map the top few accounts by revenue and by tenure, since one account that can leave on thirty days' notice is the risk the multiple is quietly paying for. In numbers: A $2,000,000-revenue company whose top customer is $700,000 of it is 35% concentrated: lenders start asking questions near 20%, and a buyer models losing that account in year one against the loan payment before deciding what the business is worth. - Private equity - https://searchspheresource.com/glossary/private-equity: Investor funds that buy companies outright, usually partly with debt. On this site the phrase almost always means the other bidder. These funds raise money from institutions and wealthy families, then take control with a mix of that money and bank debt. They aim to sell in roughly three to seven years. So they price a business against what it will be worth to the next owner rather than against what it earns for its current one. That is why a fund can outbid a first-time buyer without either of them misjudging the business. It also cuts the other way at the end of your own hold: a fund already active in your trade is your competition today and one of the few plausible buyers when you sell. In numbers: On $600,000 of EBITDA, a fund bidding 6x offers $3.6M and a self-funded buyer bidding 3.5x offers $2.1M, which is the size of gap a searcher usually loses a contested auction by. - Roll-up / add-on acquisition - https://searchspheresource.com/glossary/roll-up: Buying several small companies in a trade onto one platform. The same strategy is called buy-and-build, a consolidation play, or a programmatic acquisition, and the buyer running one is often called a consolidator. It explains why some competing buyers pay prices that look aggressive: an add-on is worth more to a platform that can strip out duplicate overhead and buy scale than to a first-time owner running one location. Knowing a roll-up is active in your trade tells you both who you are bidding against and who might buy you at exit. In numbers: A platform paying 7x EBITDA for its anchor can pay 5x for a $500k-EBITDA add-on and still profit, because the combined company trades at the platform's multiple; a first-time buyer bidding 3.5x loses that auction without being wrong. - MRR (Monthly Recurring Revenue) - https://searchspheresource.com/glossary/mrr: Revenue contracted to repeat monthly, as against project work. Recurring revenue survives an ownership transition far better than relationship-won project work, which is why buyers and lenders pay more for a dollar of it than for a dollar of anything else. Test that the contracts behind it are real: month-to-month arrangements a customer can end with an email are recurring in the spreadsheet and optional in practice. Check who can cancel on a change of ownership as well, since that clause turns the most durable revenue on the page into a permission. In numbers: A pool route billing 900 customers at $150 a month runs $135k of MRR; at the 10x to 12x monthly billing pool routes trade at, the route alone prices between $1.35M and $1.62M. - ARR (Annual Recurring Revenue) - https://searchspheresource.com/glossary/arr: The annualized value of a subscription business's recurring revenue. For a monthly-billed product it is twelve times MRR. ARR multiples price growing, team-run software companies, while the founder-run SaaS a searcher buys trades on profit instead, so translate any ARR-multiple ask back to SDE before comparing. In numbers: A product with 900 customers paying $99 a month runs about $1.07M of ARR; at searcher size the price will still usually anchor to its SDE, not to an ARR multiple. - Cash-free, debt-free - https://searchspheresource.com/glossary/cash-free-debt-free: The seller keeps the cash and clears the debt, so you buy operations. Most small-business deals are quoted this way without anyone saying so, and knowing the convention keeps you from paying for cash that leaves with the seller or inheriting debt nobody priced. The argument that follows is never about the phrase but about what counts as debt: deferred revenue, accrued vacation, customer deposits, and unpaid taxes all behave like debt and all get argued as working capital. Name each of them in the LOI rather than discovering the seller's definition at closing. In numbers: On a $1.2M cash-free debt-free deal, the seller keeps the $80k in the operating account and pays off a $150k equipment loan at closing; the buyer funds fresh working capital on top of the price. - TTM (Trailing Twelve Months) - https://searchspheresource.com/glossary/ttm: The most recent twelve months, rolling, whatever the fiscal year says. Trailing figures catch the trajectory a year-old tax return hides, and a business running well below its prior fiscal year is declining no matter how the annual statements read. Ask which months the window covers before comparing anything, because a seasonal business can be made to look like it is growing purely by choosing where the twelve months start. The safest read is the trailing period beside the same period a year earlier, not beside the last full year. In numbers: A business that earned $420k over the trailing twelve months but $360k in the last calendar year is priced on the $420k; the fresher window is the fair one when momentum is real, and the flattering one when it is not. - Key-person risk - https://searchspheresource.com/glossary/key-person-risk: Dependence of revenue or licenses on one person, usually the owner. This is the most common reason a small business is worth less than its earnings suggest, and diligence exists partly to map exactly what walks out with the seller. Work through it concretely: who the customers actually call, whose name is on the license, who sets pricing, who the crew will follow. Whatever comes back is either a cost to replace, which belongs in the price, or a reason to lengthen the transition and hold money back until the relationships have moved. In numbers: If the owner personally holds the relationships behind $800,000 of a company's $2,000,000 revenue, the business's transferable value is closer to what survives the handshake than to the P&L. Pricing the deal, a buyer models year one without 20% of that owner-held revenue and sees whether the loan still covers. - Goodwill - https://searchspheresource.com/glossary/goodwill: The part of a price paid above the hard assets, for the earnings. SBA lending finances it where a conventional bank often will not, which is why so many acquisitions run through the 7(a) program in the first place. It also explains the collateral shortfall on most service-business deals, since a lender holding mostly intangible value leans on cash flow and a personal guarantee instead. In an asset purchase the amount booked here is written off against taxable income over fifteen years, so how the price is allocated between it and the hard assets is worth real money to both sides. In numbers: A $4M business with $600k of equipment and inventory carries $3.4M of goodwill: the price is 85% for the earnings and relationships, which is exactly the part a conventional asset-based lender will not touch and the 7(a) will. - Right of first refusal (ROFR) - https://searchspheresource.com/glossary/right-of-first-refusal: A right to step in and buy on the terms a seller already agreed. A franchisor or landlord holding one can take your deal at the price you spent months reaching, which is the whole risk in a single sentence. Ask for its status in writing before the LOI rather than during underwriting, because the holder usually has a fixed window to exercise it and that window has to run inside your exclusivity, not after it. Where one exists and cannot be waived, treat the diligence spend as at risk until the window closes. In numbers: A landlord's ROFR on the building means that when you later try to buy it for $650,000, the landlord's chosen party can step in at that price first. A franchisor's ROFR on the business itself means your negotiated $1,200,000 sale can be taken over on identical terms, which some buyers learn only at their own exit. - CBI (Certified Business Intermediary) - https://searchspheresource.com/glossary/cbi: A broker certification requiring coursework, exams, and closed deals. Directory membership alone is a paid listing, while this credential is the closest thing Main Street brokerage has to vetting, and holders are a minority worth filtering for. Business brokerage is unlicensed in most states, so a buyer has almost nothing else to sort a careful intermediary from someone who took a weekend course. It is a filter rather than a guarantee: what a credentialed broker gives you in practice is cleaner financials, a seller who has been prepared for diligence, and fewer listings that fall apart at underwriting. In numbers: Two brokers list the same $4M shop; one carries the CBI mark, which says they cleared the IBBA's coursework and ethics bar. It says trained, not honest: verify the numbers the same either way. - Proof of funds - https://searchspheresource.com/glossary/proof-of-funds: Documentation that your cash for the deal exists and is yours. Brokers filter first inquiries on it, so having a current statement ready is the difference between reading the CIM this week and getting a form reply. Screenshots and verbal assurances do not count, and neither does a balance you would have to borrow against. Prepare a redacted PDF showing the institution, the date, and the balance but not the account number, and pair it with a lender prequalification letter: together they answer the only two questions a broker has about a stranger. In numbers: A broker asking for proof of funds wants to see the $150,000 injection actually exists: a statement dated this month, balances visible, account numbers redacted. A screenshot of a brokerage app from last quarter reads as a buyer who is not ready. - Revenue mix - https://searchspheresource.com/glossary/revenue-mix: The split between work that repeats and work you have to win again. Two businesses with the same revenue are not worth the same money if one of them starts every January at zero. Recurring work carries a contract or a route and renews unless somebody cancels, so the selling was done once. Project work has to be sold again every year, so the sales effort is a permanent cost and never a one-off at the start. Every trade names its own version of this split, which is why it is easy to miss when you move between them: a maintenance contract against enhancement work, a service tail against fabrication, repaint against new construction. Ask what share of last year's revenue would arrive again if nobody sold anything, and price the two halves differently. In numbers: A landscaping company billing $1.2M with $900,000 on annual maintenance contracts starts the year 75% sold; one billing the same on project work starts at zero and sells it all again. - Schedule C - https://searchspheresource.com/glossary/schedule-c: The tax form where a sole proprietor reports the business. A sole proprietor cannot pay themselves a salary, so this page of the personal tax return shows the business's earnings before any owner pay comes out. Reading a sole proprietor's tax return mostly means reading this page. The totals the IRS publishes from this form are also the closest public match to the SDE margin an industry actually runs at. In numbers: A two-truck operator reports $415k of net profit on Schedule C; that line, not the bank balance, is what a lender reads as earnings, and published industry margins are built from millions of these filings. - Net margin - https://searchspheresource.com/glossary/net-margin: Profit as a share of revenue, which compares unlike businesses. For an owner-run business the useful version is SDE over revenue, since the owner's own pay sits inside the profit. Before spending anything on diligence, check whether a listing's margin is even believable for its trade. The IRS publishes totals by industry. A margin far above what profitable filers in that trade actually keep is really a claim about add-backs. In numbers: A business with $3.6M of revenue and $540k of SDE runs a 15% SDE margin; if the trade's profitable filers average 12%, the extra three points are the add-backs you have to defend line by line. - Dual agency - https://searchspheresource.com/glossary/dual-agency: One broker representing both sides of the same deal, disclosed or not. Most listing brokers work for the seller, who pays them, and a buyer who forgets that will read advocacy into what is marketing. Dual agency is the sharper case: the same broker, or brokerage, on both sides of one transaction, which several states require be disclosed and consented to in writing. It is not automatically disqualifying, but it changes what you can safely tell them, because anything you share about your ceiling or your nerves can reach the other side of the table. Ask who represents whom in the first call, and keep your walk-away number out of the room either way. In numbers: A buyer tells the listing broker their real ceiling is $4.5M against a $3.9M ask; in a dual-agency setup that sentence is worth $205k to the other side, and a counter near your ceiling should surprise nobody. - Charge-off - https://searchspheresource.com/glossary/charge-off: A lender writing a loan off as a loss and no longer expecting repayment. In the SBA's loan-level data it is the visible failure marker for acquisition loans. Charge-off rates by industry are the closest public record of which acquisitions actually fail, and lenders price and screen with them whether or not the buyer ever looks. In numbers: In the SBA's own loan-level file, roughly 4% of the FY2018-19 acquisition loans had been charged off within about seven years: the bank wrote off the balance, and the personal guarantee kept the borrower attached to it. - SBA size standards - https://searchspheresource.com/glossary/sba-size-standards: The limits, by industry, a business must be under to use SBA money. A target above its industry's size standard is ineligible for 7(a) money, which quietly rules out some larger deals before you even model them. The standard runs on revenue or employee count and counts affiliates too, so a searcher who controls other businesses checks it early rather than finding the ceiling after an LOI. In numbers: Most searcher targets clear the bar easily; the alternative size standard caps at about $20M tangible net worth and $6.5M average net income, well above a typical Main Street deal. - Net revenue retention (NRR) - https://searchspheresource.com/glossary/net-revenue-retention: The share of recurring revenue kept from existing customers in a year. Above 100% means the base grows without a single new customer, which is why subscription buyers pay premium multiples for it and take it apart carefully in diligence. Ask which half of the number is doing the work: retention held up by genuine expansion is durable, while retention held up by a single annual price increase is a lever that can only be pulled so many times. A business under 100% has to win new customers every year just to stand still. In numbers: A SaaS business keeping $95k of every $100k cohort and expanding it to $110k has 110% net revenue retention. - Customer acquisition cost (CAC) - https://searchspheresource.com/glossary/customer-acquisition-cost: The fully loaded sales and marketing spend it takes to win one new customer. Set against what a customer is worth over their life, it tells you whether growth is profitable or simply bought at a loss. A rising cost per customer is an engine breaking down quietly. Look for how long the spend takes to pay itself back as well as the ratio. A business that recovers its acquisition cost in three months can grow from its own cash, while one that takes eighteen has to borrow to grow. Ask what the number would be if the owner's own unpaid selling time were priced in. In numbers: A shop spending $40k on ads and sales in a quarter to land 200 customers has a $200 customer acquisition cost. - Lifetime value (LTV) - https://searchspheresource.com/glossary/lifetime-value: What one customer is worth across the whole time they keep buying. It is the other half of the acquisition cost, and neither number means anything on its own: two hundred dollars to win a customer is cheap against a thousand of lifetime gross profit and ruinous against three hundred. Two things make it harder here than in software. Almost nobody in a small business tracks it, so it has to be built out of the books, from the average sale, how often a customer buys, the gross margin on that work, and how long they stay. And it is most fragile in the businesses that look safest: a route or a contract book carries a long customer life right up until the one relationship holding it walks out with the seller. Read it per segment, because a handful of long-lived accounts will hold up an average that hides churn underneath it. In numbers: A pest control route billing $110 a quarter at a 55% gross margin to a customer who stays four years is worth about $970 in lifetime gross profit, so a $200 cost to win one pays back inside the first year. - Pricing power - https://searchspheresource.com/glossary/pricing-power: Whether the business can raise prices without losing the customers. It is the cheapest growth there is and among the first things to test, because a price rise falls almost whole to the bottom line while a volume rise brings costs along with it. What caps it is rarely the customer. It is a contract fixing the rate for a term, a payer or a franchisor setting the price, a legacy plan the seller never repriced, or a bid market where the next quote is a phone call away. Read three years of rate changes and who left after each one. An owner who has not moved prices since before the last round of wage inflation is not showing restraint, they are showing a business that cannot ask. And a seller who raised them the quarter before listing has already pulled the lever you were buying. In numbers: A business doing $1.2M at a 12% net margin that raises prices 3% and loses no customers keeps another $36,000, which is a quarter more profit than it made before. - Income statement (P&L) - https://searchspheresource.com/glossary/income-statement: What a business earned and spent over a period, ending in profit. It is where the asking price comes from, because the multiple is applied to earnings this statement reports, so every line a seller has understated or left out moves the price. Do not read it on its own. The version prepared for a sale and the version filed with the IRS are both true statements about the same year, and where they disagree is the most useful question a buyer can ask. In numbers: Revenue of $2M less $1.2M of cost of sales and $600,000 of operating expenses leaves $200,000 of pre-tax profit, which is the line every add-back argument starts from. - Balance sheet - https://searchspheresource.com/glossary/balance-sheet: What a business owns and owes on one date, the difference its equity. The income statement tells you whether the business earns; this tells you what condition it is in, and the two disagree more often than a first-time buyer expects. A profitable company with stretched payables, aging receivables, and a lien on its equipment is a different purchase from an identically profitable one without them, and the working-capital level you will argue over at closing is read from here. In numbers: A business with $2,400,000 of assets against $1,500,000 of liabilities shows $900,000 of equity, and the working capital inside those two figures is what you have to fund on day one. - Cash flow statement - https://searchspheresource.com/glossary/cash-flow-statement: The statement tying reported profit to the cash actually collected. It answers the question that unsettles every first-time buyer, which is why a profitable business can be short of money. Profit is an accounting result and cash is a fact, and the gap between them is inventory bought, receivables not yet collected, and debt repaid. A buyer servicing a loan is paid out of the cash, not the profit, so this is the statement that says whether the deal survives its own debt. In numbers: A shop shows $600k of profit and a falling bank balance; the cash flow statement shows why, with $270k gone into receivables and inventory, which is the working-capital story the P&L cannot tell. - Strategic versus financial buyer - https://searchspheresource.com/glossary/strategic-vs-financial-buyer: A competitor who buys for the fit, compared with an investor buying the return. A strategic buyer can pay more because the purchase removes a cost or hands it a customer list it already knows how to serve. A financial buyer underwrites the cash flow and the debt it will carry, which is the same arithmetic you are doing on the same numbers. In numbers: A rival already running the back office can strip $200,000 of overhead on day one, so a price that is 4x your earnings is closer to 3x theirs. That is how it outbids you and still pays less. - Net debt - https://searchspheresource.com/glossary/net-debt: Interest-bearing debt minus cash, the bridge from value to price. In a cash-free, debt-free deal the seller keeps the cash and clears the debt at closing, so net debt is what turns an agreed enterprise value into what actually changes hands. A buyer who overlooks it can settle on a headline price and then be surprised by a materially different equity check once the balance sheet is trued up. In numbers: A business with a $5M enterprise value carrying $1.2M of debt and $300k of cash has $900k of net debt, so the equity price works out to about $4.1M. - Percentage rent - https://searchspheresource.com/glossary/percentage-rent: Rent that rises with sales above a floor, common in retail leases. It changes what growing the business is worth to you, because a share of every dollar above the breakpoint goes to the landlord rather than to earnings. That makes it a valuation input and not a lease footnote: a buyer modeling 20% growth on a percentage-rent lease is modeling a rent rise they may not have priced. Find the breakpoint, check whether it is stated or natural, and run the earnings forecast with the rent it implies. In numbers: A lease at $4,000 a month plus 6% of sales above a $1.2M breakpoint costs $48,000 a year at $1.2M of sales and $66,000 at $1.5M, which is $18,000 straight off SDE. - Gross margin - https://searchspheresource.com/glossary/gross-margin: What is left of revenue after the direct cost of delivering it. It is the first number that says whether a business can carry overhead and a loan payment, and it separates two businesses with identical revenue into one that works and one that does not. Compare it against the trade rather than against other trades: 30% is thin for software and strong for a distributor. Watch its direction across three years more than its level in any one, since a margin sliding two points a year is a pricing problem that a good current number hides. In numbers: A business doing $2M of revenue at a 38% gross margin keeps $760,000 to cover rent, admin, the owner and the debt, where the same revenue at 28% keeps $560,000. - Fixed assets - https://searchspheresource.com/glossary/fixed-assets: The equipment, vehicles, and property the business owns and uses. They decide two things at once: how much of the purchase price a lender will secure against, and how much cash the business will need for replacements you did not budget. Ask for the depreciation schedule with dates and get the fleet's real ages, because a book value near zero can mean either a well-maintained asset long since paid for or a replacement bill arriving in year two. On an asset sale the allocation across these also sets your future depreciation. In numbers: A $4M deal with $1,150,000 of appraised equipment gives a lender real collateral, while the same deal with $40,000 of it is financed almost entirely against goodwill. - SLA (Service-Level Agreement) - https://searchspheresource.com/glossary/sla: The promised response and uptime a service contract holds the provider to. Price and promise travel together, so a contract that pays 20% more with a four-hour response promise can be the worst account in the book once the staffing to honor it is costed. In diligence, read the SLAs against the current roster rather than against the sales copy: penalty credits, after-hours coverage, and the accounts whose promises only one employee can keep are all margin already spent. The tightest promises are usually attached to the customers everyone is proudest of. In numbers: An SLA promising 1-hour response around the clock needs paid on-call coverage that can cost $60,000 a year, which can reprice a flagship account from the best in the book to roughly break-even. - Change order - https://searchspheresource.com/glossary/change-order: A signed mid-job amendment adding scope and price to an existing contract. In project trades the change-order discipline is the margin: scope grows on nearly every job, and whether that growth gets priced and signed or absorbed decides the year. Unsigned change orders are free work while the job runs and dispute fuel when it ends, so in diligence compare change-order revenue to the receivables fights, and ask who on the crew is allowed to promise work. A seller who says the customers would never sign paperwork is describing the margin they leaked. In numbers: A $180,000 paving job that grows 15% in scope carries $27,000 of change orders, and whether that lands as revenue or as an argument depends entirely on when it was signed. - Purchase order - https://searchspheresource.com/glossary/purchase-order: A customer's written order for goods or work, priced, with no long contract. Revenue that arrives by purchase order re-competes on every order, so a customer list is not a contract book however loyal it looks. The screen is what share of revenue is contracted versus ordered, and how long the ordering relationships have actually run. It is also a word buyers trip on at the worst moment. The purchase agreement that buys the company is a different document entirely, and diligence requests that confuse the two waste a week. In numbers: A machine shop doing $1.8M a year where 80% arrives as purchase orders from three customers is a concentration screen and a re-compete risk in one number. - Prequalification letter - https://searchspheresource.com/glossary/prequalification-letter: A lender's written, non-binding read that a buyer looks financeable. Brokers ask for one before they share financials, so it is the artifact that opens doors during sourcing, not a financing step to leave for later. It commits nobody: the number moves once the lender reads the actual deal, and it is a different thing from a commitment letter, which arrives after underwriting. Several desks turn one around in 48 to 72 hours from a personal financial statement. Get one early from a lender whose box fits your size, and refresh it when your target range changes so you are not mailing a stale figure. In numbers: A buyer with a $400k injection asks a desk quoting 48-to-72-hour prequalification for a letter supporting a $4M purchase, and walks into broker calls with it attached. - Management presentation - https://searchspheresource.com/glossary/management-presentation: The session where the seller walks a buyer through the business itself. It is the one scheduled hour where the owner explains the numbers instead of you reading them, and the questions you bring are diligence you get before paying for any. Ask what happened in the worst month of the last three years, who the business would struggle to replace, and which customers would be hardest to keep through a change of ownership. An owner who cannot answer those without turning to the broker has told you how much of the business lives in their own head, which is the single thing that most often reprices a deal later. - Supplier concentration - https://searchspheresource.com/glossary/supplier-concentration: How much of what a business buys comes from one or two vendors. Customer concentration gets the attention and supplier concentration does the damage more quietly. A single distributor behind most of the cost of goods can reprice at renewal, tighten terms from net thirty to cash on delivery, or decline to serve the account under new ownership. Any of the three moves the margin the whole deal was priced on. Ask whether the supply agreement transfers, whether the pricing is tiered on volume you may not hit in year one, and whether a second source has ever actually been used rather than merely identified. In numbers: A shop buying 70% of its materials from one distributor gives up about $84,000 of annual margin if that supplier lifts prices 6% on $2M of purchases. - Right of first offer - https://searchspheresource.com/glossary/right-of-first-offer: A holder's right to bid first before the owner can shop the business. It is the softer sibling of a right of first refusal, and the difference decides how much it can cost you. A first offer only obliges the seller to come to the holder before going to market, and if they cannot agree the seller is free. A first refusal lets the holder match whatever you negotiate, which turns your bid, your diligence and your legal spend into the stalking horse for somebody else. Read which one a landlord, a franchisor or a minority holder actually has before you spend anything, because one of them can take the deal at the end of it. In numbers: The difference is what your diligence is worth: $40k of accountants and lawyers buys a deal against a first offer, and buys somebody else a matched price against a first refusal. - Gross revenue multiple - https://searchspheresource.com/glossary/gross-revenue-multiple: A price expressed as a multiple of sales rather than of earnings. It is the crudest of the common multiples and the one most often quoted to a first-time buyer, because it needs no adjustment and hides everything that matters. Two businesses at the same revenue multiple can differ by half in what they actually pay an owner. Use it as a sanity check against the earnings multiple you are really underwriting, never as the price, and be suspicious when a listing leads with it, since revenue survives a weak year looking almost unchanged while earnings do not. In numbers: A 0.6x revenue multiple on $2M of sales is $1.2M, which is 4x earnings at a 15% margin and 8x at 7.5%. - Run rate - https://searchspheresource.com/glossary/run-rate: A recent short period stretched out to look like a full year. A seller quotes it when the last twelve months do not flatter them. It is legitimate exactly when the change behind it is permanent and already in the numbers: a signed contract, a price rise that has fully landed, a location open all year that was not. It is not legitimate when the recent months are the busy season. The test takes one question and is worth asking every time: what does the figure become if the last three months repeat, and will they? In numbers: A shop quoting $900k of run-rate revenue off a $225k quarter is annualizing its busiest one; the trailing twelve months read $760k, and the price should follow the smaller figure. - Lehman formula - https://searchspheresource.com/glossary/lehman-formula: A sliding broker fee: a falling percentage on each million of price. Sell-side fees below the middle market are quoted this way as often as a flat percentage, and the sliding scale means the rate you hear first applies only to the opening slice of the price. Doubled and tripled versions are common on smaller deals, so read which one an engagement letter names rather than assuming. It also matters less than it looks on a small deal, because almost every engagement carries a minimum fee that governs until the price is large enough for the scale to beat it. In numbers: A double Lehman on a $3M price charges 10% of the first million, 8% of the second and 6% of the third, which is $240k against $150k at a flat 5%. - Buy-side versus sell-side - https://searchspheresource.com/glossary/buy-side-versus-sell-side: Which side of a deal an advisor is paid by, and therefore works for. Almost every business listed for sale is represented by somebody the seller hired, and that person owes their loyalty to the seller however helpful they are to you. A buy-side advisor is the mirror image: you hire them, you pay them, and the duty runs your way. Knowing which one is on the call changes what you volunteer, because anything you tell a listing broker reaches the person you are negotiating against, and it is not a leak when it happens. It is the job. In numbers: A sell-side firm earning 10% of a $3M sale collects $300,000 out of the seller's proceeds, and none of it depends on the buyer paying a fair price. - Engagement letter - https://searchspheresource.com/glossary/engagement-letter: The contract that hires an advisor, setting the fee and the term. Sellers sign one before a listing goes live, and buyers sign one when they hire representation of their own. A handful of clauses decide almost everything else in it: what is charged and when, how long the exclusivity runs, and what tail survives after the letter ends. Read those before the rest, because together they answer the only two questions that matter later, which are what this costs and who has to be paid if the business sells a year from now to somebody the advisor once emailed. In numbers: A twelve-month engagement at a $10,000 monthly retainer costs $120,000 before a single dollar of success fee is earned. - Retainer - https://searchspheresource.com/glossary/retainer: A fee paid up front for an advisor's time, whether or not a deal closes. It buys attention rather than an outcome, and that cuts both ways. A firm charging one has a reason to work the file from the first week instead of waiting to see whether a buyer turns up, while a firm charging nothing earns only on a closing, so its incentive is volume. The question to ask is whether the retainer credits against the success fee at the end. A credited retainer is a timing question; an uncredited one is a real cost that never comes back, whatever happens to the deal. In numbers: A $5,000 monthly retainer credited against a $150,000 success fee costs the seller nothing extra when the deal closes in month six. - Tail period - https://searchspheresource.com/glossary/tail-period: The window after an engagement ends when a fee is still owed. Advisors negotiate it so a seller cannot fire them and close next month with a buyer they introduced, which is fair enough to protect. Where it goes wrong is scope: a long one running against every party the advisor ever emailed can make an unrelated second process expensive. Ask for it to run only against a written list of named buyers delivered on the day the engagement ends, and ask how many months it runs, before signing rather than after. In numbers: A 12-month tail on an 8% fee means a sale closing eleven months after termination still owes roughly $240,000 on a $3M price. - Broker of record - https://searchspheresource.com/glossary/broker-of-record: The licensed broker legally responsible for an office and its agents. Most states license business and real-estate brokers individually and require an office to operate under one designated licensee. That reaches a buyer in two places. Under a franchise or office-network brand, the person answering your inquiry may be an agent whose accountability runs to a local principal rather than to the national name on the sign, so it is worth asking who that principal is. And in any argument about disclosure or commission, that is the party a state regulator will name. In numbers: A $3M sale handled by an agent still settles a 10% commission dispute with the office's designated licensee rather than with the national brand. - Gross retention - https://searchspheresource.com/glossary/gross-retention: The share of last year's revenue you keep before any expansion. It is the harder half of the retention question and the half a seller volunteers last. Net retention can look healthy while the base is leaking, because a handful of customers buying more covers a steady stream leaving. This one cannot hide that, since it counts only what stayed. Ask for it by cohort rather than in total: an average across a growing customer base is flattered by the newest customers, who have not had time to leave yet. In numbers: A business at 95% net retention and 80% gross retention is losing a fifth of its base a year and buying the difference back through upsells. - Pipeline coverage - https://searchspheresource.com/glossary/pipeline-coverage: How many live targets you need at the top to close one at the bottom. Search is a funnel with brutal ratios, and coverage is the number that says whether the top of yours is wide enough to produce a closing at all. A searcher with four live conversations does not have a thin pipeline, they have no pipeline, and working those four harder does not change it. Compute it from your own history once you have any, and from the published ratios before then. Then read a stalled search as an arithmetic problem at the top instead of a persuasion problem at the bottom. In numbers: At a 2% NDA rate and a 10% close rate on those, 500 owners contacted works out to one closing. - Stage conversion rate - https://searchspheresource.com/glossary/stage-conversion-rate: The share of targets that move from one pipeline stage to the next one. A total deal count hides where a search is actually failing. A searcher whose contacts convert well and whose letters of intent die in diligence has a pricing or a screening problem; one whose emails go unanswered has a targeting problem; the two need opposite work and the totals look identical. The rate by stage is what separates them. Track it from the first outreach onward, because the sample is never large enough to be significant and is always large enough to be useful. In numbers: 20 NDAs from 200 contacts is a 10% rate at that stage, and 2 LOIs from those 20 is another 10%. - Deal aging - https://searchspheresource.com/glossary/deal-aging: How long a target has sat in the same stage without anything happening. A pipeline lies by accumulation: every target that ever entered it is still on the board, so a list of forty looks like momentum when thirty-two of them have not moved in a quarter. Aging is what turns the list back into a fact. It also decides where the next week goes, since a target untouched for two months needs either a real reason to still be live or a dead stamp. Set an age at which a target must be worked or closed out, and hold to it. In numbers: Thirty-two of forty targets untouched for 90 days means 80% of the board is a list, not a pipeline. - Territory rights - https://searchspheresource.com/glossary/territory-rights: The area a franchisee is promised, and whether anyone may sell into it. A franchise resale is bought on the territory as much as on the store, and there are two questions: what the map covers, and whether it is exclusive, protected only against another franchisee's location, or not protected at all. Delivery, online ordering and a franchisor's own national accounts can all reach inside a territory that looks exclusive on paper. Read Item 12 of the disclosure document and the franchise agreement itself, because the summary a seller gives is almost always the generous reading. In numbers: A territory promised at 50,000 residents and delivered at 15,000 is 70% less market than the price assumed. - Hours of service (HOS) - https://searchspheresource.com/glossary/hours-of-service: Federal limits on how long a commercial driver may drive and work. Hours of service is the ceiling on a trucking company's capacity, and it is why revenue growth at a carrier has to be read against headcount. A fleet already running its drivers to the weekly limit cannot grow by asking for more; it grows by hiring, which is a cost the seller's trailing numbers may not carry. Electronic logs make the record auditable, so this is one of the few operating claims in diligence a buyer can check instead of believe, and a pattern of edits or unassigned driving time is what to look for. In numbers: A fleet already at the 60-hour weekly limit cannot absorb another run without hiring, so a seller showing 15% revenue growth on the same drivers is claiming something the logs should support. - Load board - https://searchspheresource.com/glossary/load-board: An online market where brokers post freight and carriers book it. How much of a carrier's freight comes off a load board is a direct read on the quality of its revenue. Board freight is spot freight: priced by the day, won on availability, and gone the moment a cheaper truck appears. Contract freight from direct shippers is slower to win and far harder for a buyer to lose. A carrier whose loads mostly come off boards has a business you can replicate with a truck and a subscription, and a valuation should say so; one with named shippers and standing lanes has something a buyer is actually paying for. In numbers: A carrier taking 40% of its loads off a board is exposed to the spot market, where a lane at $2.10 a mile can sit at $1.60 for a quarter without anybody doing anything wrong. - Certified payroll - https://searchspheresource.com/glossary/certified-payroll: The weekly wage report a public-works contractor files to prove pay. Public-works jobs pay above private rates and cost more to administer, and certified payroll is where that cost lives. Every week, for every worker on the job, the contractor files what was paid and at which classification, signed. Getting a classification wrong is not a clerical matter: it underpays a worker and is recoverable years later, which is why an unresolved wage claim belongs in the price. Ask who prepares these reports at the target, because at a lot of contractors the answer is one person nobody has ever backed up. In numbers: Retainage on a public job commonly runs 5% to 10%, so a missed filing can leave $150,000 of a $2M contract sitting unpaid until the paperwork clears. - Rule of 40 - https://searchspheresource.com/glossary/rule-of-40: A software screen: growth rate plus profit margin should clear 40. Investors in recurring-revenue software use it to decide whether a company is allowed to be unprofitable. A business growing 30% at a 15% margin clears it; one growing 10% at a 10% margin does not, and no story about future scale fixes the arithmetic. For a buyer the useful part is the trade it makes explicit. Every point of margin you spend on growth has to buy more than a point of growth, and a seller who has been buying growth expensively will show it here before it shows anywhere else. In numbers: A company growing 22% with a 12% EBITDA margin scores 34, under the bar; the same growth at a 20% margin scores 42 and clears it. - Buyer representation - https://searchspheresource.com/glossary/buyer-representation: A broker you engage and pay, whose duty on the deal is to you. Nearly everyone a buyer meets in this market is paid by the seller, so the ordinary state of affairs is that no one at the table works for you. Engaging someone who does changes what you get told: a firm on your side will argue the price down, name the risks a listing broker would leave for diligence to find, and say when to walk. The cost is real and it is yours. It does not come out of the seller's fee; it is added to it, so ask what the engagement covers and whether any part of it is contingent before you sign. In numbers: A buy-side engagement might charge 2% of the price, so $80,000 on a $4M deal, and it is money you pay on top of the seller's 10% rather than a share of it. - Buyer registration - https://searchspheresource.com/glossary/buyer-registration: Joining a broker's buyer list to see the deals it is already selling. It is access and not advocacy, and the two get confused because the paperwork feels like being taken on as a client. Signing up puts you on a list, gets you the listings first, and changes nothing about who the firm is working for, which is the seller who pays it. Read what you sign anyway: some registrations include a non-circumvention clause that ties you to that firm for any business it introduced, for a period after you stop talking. Useful for deal flow, and never a substitute for someone on your side of the table. In numbers: Registering costs nothing and buys access to that firm's own listings, while the seller still pays the success fee, commonly 10% of a $1.2M sale. - Fuel surcharge - https://searchspheresource.com/glossary/fuel-surcharge: A billed add-on that moves with a published fuel index instead of the job. Route and haul businesses quote a base rate and add a separate line that rises and falls with diesel, which moves the fuel risk onto the customer and off the operator. The index is usually the federal weekly on-highway diesel average, published every Monday, and the contract names a base price and a miles-per-gallon assumption that turn the gap into cents per mile. What decides value in diligence is coverage, not the mechanism: a book where half the revenue carries the clause and half does not is two businesses with different exposure to one price. Read which contracts have it, what base each names, how often it resets, and when each was last repriced. In numbers: A 40 cent gap over the contract base at 6 miles per gallon is about 7 cents a mile, so a 600 mile run bills $40. - Truck roll - https://searchspheresource.com/glossary/truck-roll: One dispatched visit: the van, the technician and the hour it costs. Every trade that sends somebody out sells its work by the visit and pays for it by the trip, and the two are not the same count. A first visit that fixes the problem is one truck roll billed once. A second trip for the part that was not on the van is a truck roll nobody pays for, and it costs the same fuel, the same hour and the same slot another customer wanted. That is why first-visit completion is the number these businesses run on: it converts an operations statistic into the P&L. A buyer will not find the cost on a profit and loss, because a return visit is filed under the same labor and vehicle lines as the job that earned money. It is in the dispatch software, which counts callbacks, second trips and the parts that went out wrong, and a seller who cannot produce that report is telling you something about the business. In numbers: A shop running 8 calls a day at 70% first-visit completion sends a van back on about 2 of them, so roughly a fifth of its dispatches earn nothing and its true cost per completed job is a fifth higher than the schedule shows. ## Glossary: Diligence & Close the Deal (200 terms) - Unemployment rate transfer - https://searchspheresource.com/glossary/unemployment-rate-transfer: Whether the seller's state unemployment tax rate follows the business to you. A state sets each employer's unemployment insurance rate from its own layoff history, and the spread between a clean rate and a bad one is real money on a payroll of thirty people. Whether it transfers depends on the state and on the structure, and states have rules against picking the better of two rates on purpose. So it belongs in the payroll model and not in a footnote. A buyer who assumes the new entity starts at the standard new-employer rate can be wrong in either direction. The answer is a call to the state agency, not a clause in the agreement. In numbers: A shop with thirty people on a $1.2M payroll pays about $12k a year at a 1% rate and about $66k at 5.5%, so which rate the new entity inherits is a $54k line nobody negotiated. - Orderly liquidation appraisal - https://searchspheresource.com/glossary/orderly-liquidation-appraisal: A valuation of used equipment at what it would fetch in an unhurried sale. It is the difference between a lender counting half your equipment and counting eighty percent of it, which on a fleet or a shop full of machines is the difference between fully secured and a shortfall the guaranty has to cover. Without one the program values used equipment at half of net book value; with one it may go to eighty percent. So it is worth commissioning before the file goes up instead of after a collateral gap appears, and the cost of the appraisal is small against the equity it can save. In numbers: A fleet carried at $800k of net book value counts as $400k of collateral unappraised, and up to $640k with an orderly liquidation appraisal, which is $240k less of a shortfall for the guaranty to carry. - Credit box - https://searchspheresource.com/glossary/credit-box: The band of deals a lender will actually write, whatever its site says. Every SBA lender works from the same program rules, and almost none of them lend on the same deals. The box is the bank's own overlay on top of those rules. It sets a minimum size, a list of trades it will not touch, a view on goodwill, and a floor on how long the seller has owned the business. None of it is published. This is why the practical move is more than one lender instead of a better application, and why an early decline is usually information about the bank and not about the deal. In numbers: A lender advertising up to $5 million whose file shows nothing above $1.8 million has a box that stops at $1.8 million. - Credit memo - https://searchspheresource.com/glossary/credit-memo: The write-up your loan officer takes to committee, arguing your deal. It is the document that actually gets approved, and you never see it. Your file is raw material for it: the officer restates your numbers, adds the bank's own view of the industry and the risks, and recommends. That is the practical reason to hand over a file that is already argued and not merely complete, because whatever you did not explain gets explained by somebody who has met you twice. Ask your officer what the memo will say about the weakest part of the deal, and answer that in writing before it goes up. - Loan committee - https://searchspheresource.com/glossary/loan-committee: The bank group that approves or declines a loan, and never meets you. Approval is a meeting you are not in, decided on paper written by somebody else, which changes what you should optimize for: the file exists to survive a room that has never spoken to you or the seller. It also explains the timeline. A lender who says yes on a call has said the deal fits the box. The committee date is when the answer becomes real. A closing schedule built on the officer's enthusiasm instead of the committee calendar is the commonest reason a financing contingency runs out. In numbers: A committee sitting every other week turns a verbal yes on the 3rd into a decision on the 17th, so a financing contingency of 45 days holds two of those meetings and not five. - SBSS score - https://searchspheresource.com/glossary/sbss-score: A small-business credit score some lenders screen SBA applicants with. It blends the business credit file with the owner's personal credit, which is the part that surprises people: a company with no borrowing history of its own is scored largely on the buyer, before anybody has read the deal. Lenders use it as a first cut and not a decision, so a low score does not end an application, it moves it out of the fast lane and into a full manual review. The practical consequence is that cleaning up personal credit is worth doing months before you have a business under contract, not after. In numbers: SOP 50 10 8 sets the minimum acceptable SBSS at 165 for a 7(a) Small Loan, and a 164 does not end the application: it leaves the scored fast lane for a full manual read that takes weeks instead of days. The successor edition deletes the screen outright, so the number worth watching is the edition rather than the score. - Eligible passive company (EPC) - https://searchspheresource.com/glossary/eligible-passive-company: A holding entity the SBA lets own property the operating business uses. The SBA does not lend to businesses that merely hold assets, so buying the building along with the company needs a structure the program recognizes: one entity operates and one holds the real estate, leasing it across at a rent the lender will accept. It matters to a buyer for two reasons that arrive at different times. It is what makes a real-estate-inclusive purchase financeable at all, and the lease between the two entities becomes a document the lender underwrites, so the rent cannot be set to whatever suits the tax return. In numbers: An EPC borrowing $900,000 at $6,400 a month may charge the operating company that payment plus its real holding costs, so $1,100 of taxes, insurance and upkeep supports rent of $7,500. A lease carrying the seller's old $9,500 market rent sits $2,000 above what 13 CFR 120.111(a)(3) allows, and gets rewritten before closing rather than after. - Unbilled receivables - https://searchspheresource.com/glossary/unbilled-receivables: Work already done and not yet invoiced, so it is earned but not billed. It sits between the job and the invoice, which is exactly where a working-capital argument starts. A seller who slows down invoicing before a sale shows a cleaner receivables aging and hands you a pile of work you have to bill and then collect, and one who bills aggressively ahead of delivery does the opposite. Because the number is not on a standard balance-sheet line for many small businesses, ask for it directly instead of deriving it, and put the answer into the working capital peg while there is still a negotiation to have. In numbers: $85,000 of delivered work not yet invoiced is $85,000 the seller wants in the price and the peg may leave out. - Break fee - https://searchspheresource.com/glossary/break-fee: Money one side owes the other for walking away from a signed deal. It is rare at this deal size and it turns up in two places worth watching for. A seller who has been burned before may ask for one inside the exclusivity period, which converts your right to walk after diligence into a priced option. And a purchase agreement may carry one running the other way, payable if the seller takes a better offer. Either version is negotiable and both are worth reading against the deposit: a large earnest money deposit that is non-refundable after a date is a break fee wearing different clothes. In numbers: A $125,000 break fee on a $5 million deal is 2.5% of the price, owed whether or not diligence ever started. - DSCR (Debt Service Coverage Ratio) - https://searchspheresource.com/glossary/dscr: Cash available for debt payments divided by the payments themselves. It is the test that turns an asking price into financeable or not, because a lender sizes the loan to hold coverage above its line, commonly 1.25x after a market owner salary. Run it before you fall for a deal: if the price only clears the ratio by underpaying yourself, the business cannot actually carry the debt you would be signing for. In numbers: A business producing $600k of cash flow against $400k of annual debt payments has a DSCR of 1.5x; at $500k of debt payments it drops to 1.2x, under the 1.25x line many lenders want. - Tail insurance - https://searchspheresource.com/glossary/tail-insurance: Run-off cover a seller buys so claims filed after closing are still paid. Most small-business liability and professional policies are claims-made, meaning they answer only while the policy is live. The day the seller cancels theirs, a customer suing over a job finished two years ago has nobody to bill except the business you now own. Who buys the tail, for how many years, and at whose cost is a purchase-agreement term, not an afterthought. It is cheap enough that a seller refusing to buy one is telling you something. In numbers: A three-year tail on a $1M professional policy commonly runs 150% to 250% of one annual premium, so a $4,000 premium becomes a $6,000 to $10,000 line in the closing costs. - Cash sweep - https://searchspheresource.com/glossary/cash-sweep: A loan term that sends surplus cash to the lender before the owner sees it. A buyer underwrites a deal on the cash left after debt service and then discovers the loan claims a share of that too, usually a percentage of excess cash flow measured once a year. It changes what the business is worth to you without changing what it earns: the same company, the same payments, and less of the surplus reaching your pocket until the balance is gone. Read the definition of excess cash flow in the credit agreement rather than assuming it, because the arithmetic behind it decides whether the sweep bites in a good year or every year. In numbers: A 50% sweep on $200,000 of excess cash flow sends $100,000 to the lender and leaves $100,000 for the owner, which is a real reduction in what the year returned. - Bulk sales law - https://searchspheresource.com/glossary/bulk-sales-law: A state rule that a seller's creditors hear before the assets are sold. Where it still applies, skipping the notice can leave a buyer answerable for debts they never agreed to take on, which is exactly the outcome an asset purchase was chosen to avoid. Most states repealed their version and a few kept rules for particular trades, so this is a question for counsel in the state the business sits in rather than a general answer. Ask it before signing, since the fix is a notice period and notice periods take time. In numbers: A retailer turning $2.4M a year collects roughly $12k of sales tax a month, so two unremitted quarters is about $72k, and where the notice was skipped that balance can follow the assets to the buyer. - Work in progress (WIP) - https://searchspheresource.com/glossary/work-in-progress: Jobs started and unfinished on closing day: costs spent, nothing billed yet. In any trade that quotes a job and finishes it weeks later, this is the largest number nobody negotiates. The seller spent the materials and the labor, the customer pays you, and whoever wrote the purchase agreement decides who keeps that cash. Get a job-by-job schedule with cost incurred and amount billed, and settle it inside the working-capital peg rather than as a side letter. Treat a seller who cannot produce the schedule as a seller whose books do not track it. In numbers: A roofing company with $480,000 of started-and-unbilled jobs at closing is handing over roughly 12% of a $4M purchase price in value or in cost, depending entirely on who the agreement says owns it. - Section 338(h)(10) election - https://searchspheresource.com/glossary/section-338-election: A joint filing that taxes a stock purchase as though it were an asset one. It is the way out of the fight that stalls more small deals than any other. You want an asset purchase for the tax step-up and the clean liability line. The seller wants a stock sale for the single layer of tax. On an S corporation this election can give you both at once. Buyer and seller file it together, so it is a term you negotiate, and it belongs in the letter of intent beside the price. It also moves money: the seller usually pays more tax under it and will ask you to cover the difference. Bring it to your accountant before the letter, not after. The eligibility rules are narrow, and the answer changes the price. In numbers: A step-up that lets a buyer amortise $1,500,000 of goodwill over 15 years is worth roughly $100,000 a year of deductions, which is why a seller's tax gross-up request is negotiable rather than absurd. - Novation - https://searchspheresource.com/glossary/novation: Replacing a party to a contract so the original one is released. An assignment can move a contract to you while leaving the seller on the hook, and a novation substitutes you for them, which means the counterparty has agreed in writing to deal with you instead. That difference decides whether the revenue on the schedule actually travels: a customer who never signed anything can leave the week after closing and owes you no notice. Ask which of the contracts carrying real revenue will be novated rather than assigned, and start those conversations when the letter of intent is signed, because the other side has no reason to hurry. In numbers: A supplier agreement worth $240,000 a year that is assigned but never novated can be ended at the supplier's discretion, so the price paid for that revenue bought nothing. - Technology diligence - https://searchspheresource.com/glossary/technology-diligence: The check on whether the software a business runs on transfers with it. Specialist firms sell this as its own report beside a quality of earnings, scoped anywhere from a two-page red-flag review to a full assessment of architecture, security and the people who maintain it. On a Main Street deal the useful version is narrower and nobody sells it: list every system the business could not run a week without, then ask who the license belongs to, what it costs, and whether it moves on a change of ownership. A booking or dispatch account in the seller's own name is the ordinary finding, and it is cheap to fix before closing and expensive to discover after. In numbers: A dispatch system at $340 a month is $4,080 a year of cost that comes with the business, and the $1,200 the vendor charges to move the account is the cheap half of finding out after closing. - QoE (Quality of Earnings) - https://searchspheresource.com/glossary/qoe: An accounting review that verifies the earnings you are paying for. It is the single most-skipped and most-regretted diligence spend, because the earnings are the whole basis of the price and the seller's bookkeeping is not neutral. A good one routinely moves the price by more than it costs, catching revenue booked before it was earned, add-backs that will not survive you, and customer concentration a clean P&L hides. What one actually costs is worth reading off the providers themselves: the shelf carries each firm's own current range against the deal sizes it quotes for, which is a narrower answer than any figure repeated here would stay. In numbers: A single $40,000 add-back that does not survive the review is worth $120,000 of price at a 3x multiple, which is the arithmetic that decides whether the engagement pays for itself. - Seller note - https://searchspheresource.com/glossary/seller-note: Part of the price the seller finances, repaid to them after closing. A listing that says seller financing or owner financing means this. It keeps the seller invested in a clean handoff and stretches your cash across the gap the bank will not cover, which is why almost every SBA deal carries one. But when the note counts toward your equity injection it falls under strict standby rules, so how it is structured decides whether it actually lowers the cash you bring to close. If a seller will not carry one, that money comes from somewhere else: a larger injection out of your own pocket, or a lender willing to size the loan higher against the same cash flow. The standby route disappears with the note, so losing it can cost more cash than the note's own face value. In numbers: On a $4M purchase, $400k of buyer cash plus a $600k seller note leaves $3M for the bank loan; the note keeps the seller answering the phone through the transition. - Full standby - https://searchspheresource.com/glossary/full-standby: A seller note that receives no payments while the SBA loan runs. It changes the seller-note negotiation materially, because a seller on full standby collects nothing for years and is betting on your success to ever be paid. That is also why the note can count toward your equity injection: the SBA treats money the seller cannot touch as if it were your own cash in the deal. In numbers: A $100,000 seller note on full standby for a 10-year loan pays the seller nothing, principal or interest, until the 7(a) is retired. Under the mid-2025 rules it can also satisfy at most 50% of the required injection, so it replaces $50,000 of the buyer's cash at close, not $100,000. - Partner buyout - https://searchspheresource.com/glossary/partner-buyout: Buying out a partner's stake so one owner ends up holding it all. The rules do not waive an injection here so much as set a gate on financing more than 90% of the price. Two tests, and both have to pass. The remaining owner certifies they have been actively participating and have held the same or an increasing stake for at least the past 24 months. The balance sheet for the last full year and the current quarter has to show debt-to-worth no worse than 9 to 1 before the change. What happens when a test fails is the part worth knowing, because it is not a flat 10 percent. The owner contributes cash either sufficient to bring debt-to-worth to 9 to 1, or 10 percent of the purchase price, WHICHEVER IS LESS. So a buyout that misses the certification can still close on far less cash than a normal acquisition, and the certified financials that decide it are the gating homework. In numbers: Two 50/50 partners agree on a $1.2M buyout of one side. Both tests pass, so the lender finances more than 90% and the buyer's cash to close is closing costs rather than $120k of equity. Had the certification failed, the contribution would have been whichever is less of $120k and the cash it takes to reach 9-to-1. - Working capital - https://searchspheresource.com/glossary/working-capital: The cash the business runs on day to day: receivables and stock, less payables. Every deal needs enough of it on day one to make payroll and pay suppliers before customers pay you, and whether a normal level conveys with the purchase is one of the most-fought lines in the agreement. Buyers who raise it into the deal keep their own cash; buyers who forget it fund the gap out of the first month's receipts, which is how tight months start on day one. In numbers: A shop that collects in 45 days but pays suppliers in 15 needs roughly a month of operating costs in cash at all times; on $2.4M of revenue that can mean $200k the buyer must hold or raise on day one. - Working capital peg - https://searchspheresource.com/glossary/working-capital-peg: The working capital the business must be delivered with at closing. A missing or sloppy peg is how a buyer discovers on day one that they bought a company with no cash to run it, then funds the gap out of pocket. Set it to a real normal, usually a trailing average rather than the closing-day snapshot a seller would prefer, because the level you agree is what the price gets trued up against. In numbers: If the business needs $250k of working capital to run and the closing balance sheet delivers $200k, a peg adjusts the price down $50k; without one, the buyer funds that gap the day after closing. - Reps & warranties - https://searchspheresource.com/glossary/reps-and-warranties: The seller's statements of fact, with indemnity if they prove false. They are your main legal recourse after the money moves: when a stated fact turns out false, the indemnification tied to them is how you claw the loss back. Their scope, the survival period, and the basket and cap that gate a claim are worth real negotiation, because a rep that expires in six months protects the seller far more than it protects you. In numbers: A seller reps that the $2,100,000 of revenue is real and the equipment works. When the reps turn out false, say $200,000 of it was already-cancelled contracts, the indemnification machinery (basket, cap, survival period) decides how much of the loss comes back. - Escrow / holdback - https://searchspheresource.com/glossary/escrow-holdback: Purchase money held at closing to cover claims that surface later. It is the practical security behind the reps and warranties on deals too small for the insurance products larger transactions use. When a rep breaks, recovery is a claim against money already set aside rather than a lawsuit chasing a seller who has retired on the proceeds, so the size and release timing of the holdback are worth negotiating up front. In numbers: A 10% holdback on a $4M deal parks $400k with a neutral agent for 12 to 18 months; when a rep breaks, recovery is a claim against known money rather than a lawsuit against a retired seller. - Certificate of need - https://searchspheresource.com/glossary/certificate-of-need: A state permission slip some health facilities need before changing hands. In certificate-of-need states the rule reaches past building and expanding: acquiring an existing facility, or transferring ownership of one, can require a state agency to review the deal and approve it first. That turns a closing date into something a regulator sets, and it is the kind of condition a buyer first meets under LOI. Ardent Health, a listed operator of thirty hospitals and forty-five urgent care centers, states exactly this exposure in its own annual filing. Ask early which of your target states run a program, whether your transaction shape is caught by it, and how long the agency has historically taken, because the answer belongs in the closing timeline instead of the surprises. In numbers: A $2,000,000 urgent care purchase can sit for months waiting on a state review that a $2,000,000 landscaping purchase in the same state never touches. - Earnest money - https://searchspheresource.com/glossary/earnest-money: A deposit at signing, credited to the price or forfeited if you walk. On main-street deals it is often small or waived entirely, and exactly what forfeits it is negotiated in the agreement rather than assumed from how house sales work. Read the outs before you sign: a deposit that survives a financing decline and a diligence walk is cheap credibility, while one that only returns if the seller defaults is a bet on an underwriting process you do not control. Where it is held matters too, since money in the broker's account and money in escrow behave differently when a deal turns sour. In numbers: Unlike real estate, most SMB deals close with no earnest money at all; when a broker asks for it, $10,000 to $25,000 held in escrow against a $1,000,000 LOI is the shape it takes, and the buyer's question is what, exactly, forfeits it. - Purchase agreement (APA/SPA) - https://searchspheresource.com/glossary/purchase-agreement: The binding contract that governs the sale and any later dispute. This is where the letter of intent stops being a handshake and becomes enforceable, and the clauses that decide who pays for a problem found after the money moves are buried well past the price. Read the indemnification, the survival periods, and the working-capital true-up first, in that order, because those three carry most of the money at risk. Everything agreed informally during diligence counts for nothing unless it appears here. In numbers: A $4M asset deal's purchase agreement runs long past the LOI's two pages: the price, what conveys, the reps about the business, the indemnities behind them, and every closing condition, each negotiated by counsel. - Loan assumption - https://searchspheresource.com/glossary/loan-assumption: Taking over the seller's loan, which SBA rules rarely allow. A buyer hoping to inherit a cheap old rate from a business financed years ago is almost always disappointed, and the disappointment is expensive if it was in the model. Price every deal on a new loan at today's rate rather than the seller's, because the payment that made the business look comfortable was set in a different rate environment. Where an assumption genuinely is on the table, it usually comes with the lender's own approval of you and the same underwriting a fresh loan would need anyway. In numbers: A seller's loan at 5% looks like a gift when new money costs 10%, and on a $600k balance the rate gap is worth roughly $30k a year. But the SBA usually requires a fresh loan on a change of ownership, so underwrite today's rate, not the seller's. - Reps & warranties insurance (RWI) - https://searchspheresource.com/glossary/reps-and-warranties-insurance: A policy that pays a buyer for a breach instead of the seller paying. It is uncommon at the smallest deals and more common as size climbs. The policy can shrink the escrow holdback and speed a close. But a premium and a retention both cost real money, so it earns its place mainly when the seller's covenant is thin or the seller is leaving entirely. In numbers: A policy written at 10% of a $5M price covers $500,000 of claims, and the recovery runs against the insurer rather than against a seller who has already spent the proceeds. - Physical plant - https://searchspheresource.com/glossary/physical-plant: The buildings, utilities and fixed systems a business actually runs on. In a premises-heavy business it decides more deals than the profit and loss does. Roofs, paving, drainage, septic and well capacity, electrical service, life-safety systems: each one carries a permit whose transferability and current compliance are checkable facts, and each one has a replacement cost that arrives whether or not the seller ever booked it. A licensed trade compounds the problem, because the regulator inspects the building as well as the operator, so a deferred item can gate the license and not merely the budget. Price the upgrade plan before arguing the multiple. In numbers: A park needing $250,000 of septic and pedestal work carries that bill whether or not the accounts show it, which is more than a year of net income on a small one. - General contractor - https://searchspheresource.com/glossary/general-contractor: The builder holding the owner's contract, who hires the trades under it. Buy a specialty trade and you are usually buying a book billed to general contractors, which changes what the revenue is worth. You are not paid when you finish, you are paid when the contractor is paid and after retainage is released, so the working capital a lender underwrites has to carry months of completed work. The contractor's own credit becomes yours, and a book where three of them are most of the revenue is concentration in a form a customer count will not show. Read the subcontracts and not the invoices: the payment clause, the retainage percentage, and who may charge back a delay decide when the money arrives and whether it arrives at all. In numbers: A drywall shop bills $4M a year with $600,000 of receivables, and half of it sits behind one contractor's schedule of values. At 10% retainage the shop is also financing $400,000 of finished work it cannot invoice until the job closes out. - Materiality scrape - https://searchspheresource.com/glossary/materiality-scrape: A clause that deletes the word material from the reps when damages are counted. It quietly decides who eats the small stuff. Without it, a seller who promised no material litigation owes nothing for a string of small claims; with it, every claim counts toward the basket and the deductible does the filtering instead. Buyers ask for it, sellers resist it, and it is one of the last points to settle in a purchase agreement. In numbers: A seller warrants no material customer disputes. Four claims of $30,000 arrive after closing; with a double scrape they all count toward the basket, and without one the buyer argues each is immaterial and loses. - Deal fatigue - https://searchspheresource.com/glossary/deal-fatigue: The point where everyone stops fighting for a deal because it has dragged. It is a real cause of dead deals, not a mood. An owner who has answered questions for five months starts thinking about the customers they have not called, a lender's file goes stale and gets re-underwritten, and a buyer stops arguing points worth arguing. Speed is a term of the deal, which is why exclusivity periods are short and why a diligence list that arrives in one batch beats three. In numbers: A deal signed at 60 days of exclusivity is on its second extension at month five, and the $9,000 of diligence already spent is much of the reason either side is still at the table. - Pro rata - https://searchspheresource.com/glossary/pro-rata: A share of something split in proportion to what each party already holds. It appears twice in a searcher's life and means the same thing both times. First, an investor's right to keep their percentage by funding their share of the next round. Second, the closing adjustment that splits rent, wages, and prepaid contracts between seller and buyer on the day itself. In numbers: A closing on the 20th of a 30-day month leaves the seller owing $2,000 of the $3,000 rent, credited to the buyer on the closing statement. - Bridge loan - https://searchspheresource.com/glossary/bridge-loan: Short-term money that funds a gap until permanent capital lands. At searcher scale it appears rarely and pointedly. It covers an equity shortfall for a few weeks, or holds a deal together while an SBA package finishes. The money is priced for speed, so it earns its cost only against a hard, near-term takeout you can name before you borrow. In numbers: A $200,000 bridge carried for 90 days at 12% costs about $6,000 in interest, which is cheap against losing exclusivity and expensive if the takeout slips to nine months. - Due diligence - https://searchspheresource.com/glossary/due-diligence: The phase between LOI and closing where the price gets checked. Deals die here more than anywhere else; the discipline is sequencing it tightly and reacting to findings with proposals, not panic. What turns up decides three things: whether you close at all, whether the price holds or gets renegotiated, and which problems you inherit knowingly rather than by surprise. The spending is real and mostly non-refundable, so the order of work matters, with the cheap tests that could kill the deal run before the expensive ones. In numbers: On a $1,000,000 deal, a buyer might spend $15,000 to $30,000 across a QoE, legal review, and insurance checks, figures assembled from the vendors' own published pricing. Finding that a third of revenue came from one customer who just left is what makes that the cheapest money in the deal. - Management services organization (MSO) - https://searchspheresource.com/glossary/management-services-organization: A structure where a clinician owns the practice and a company owns the rest. Some states do not let anyone but a licensed clinician own a medical, dental, optometry, or veterinary practice. The MSO is the legal way around that: the clinician keeps the practice, and a separate company the buyer owns runs everything else and is paid for it. It is settled law but different in every state, so it belongs at the start of the process, not the closing. In numbers: A dentist sells a $600k-SDE practice to a buyer who cannot hold the clinical license; the MSO owns the equipment, leases, and staff and bills a management fee, while a licensed dentist owns the clinical entity. - Phase I environmental assessment - https://searchspheresource.com/glossary/phase-i-environmental: A records-and-site review of a property's history, with no sampling. For any deal whose real estate ever held fuel, chemicals, or a dry cleaner (gas stations, auto shops, restoration), it is the step that finds the liability buried in the ground before it becomes yours. A lender often requires it. A Phase II follows only where the Phase I flags a concern, sampling soil or groundwater at the spot. It is a buyer-side diligence cost and belongs in your sources and uses beside the legal fee, so the thing worth negotiating is not who pays for it. It is who may RELY on it: a report addressed to one party is not automatically usable by another, and a lender arriving late can require its own unless a reliance letter was asked for at the start. In numbers: A Phase I on a gas station runs roughly $2,000 to $5,000 and reads the paper trail. If it flags an old tank, the Phase II that follows costs several thousand more, and remediation of an actual leak can reach into six figures, which is why it goes first. - Worker classification (W-2 vs 1099) - https://searchspheresource.com/glossary/worker-classification: Employee or contractor, decided by who controls the work, not the paperwork. Treating employees as contractors to avoid payroll taxes and workers' compensation is a liability that travels with the business, and back taxes with penalties can be assessed for years already gone. Any labor-heavy trade belongs in diligence for exactly this reason, painting, fencing, cleaning, moving, and home care most of all. Reclassifying after you buy also raises the real cost of the labor you priced, so the finding changes the model as well as the risk. In numbers: A crew of 15 paid as 1099 subcontractors while working set hours under supervision can trigger a reassessment of back payroll taxes and penalties, often 20% to 40% of the misclassified wages, and the buyer usually inherits the bill. - SBA 504 loan - https://searchspheresource.com/glossary/sba-504: The SBA program for real estate and heavy equipment, not the business. If the deal comes with real estate, the 504 and 7(a) pairing can change the whole structure: the 504 carries the property at a fixed rate over a 25-year term while the 7(a) covers the business and goodwill. Splitting the financing this way often lowers the blended rate and frees 7(a) capacity, so it is worth pricing whenever a building is part of the purchase. In numbers: A $1.5M owner-occupied building under 504 commonly splits 50% bank first mortgage, 40% CDC debenture, and 10% borrower equity ($150k), with the debenture at a long fixed rate; the operating business is financed separately, often under 7(a). - SBA guaranty fee - https://searchspheresource.com/glossary/sba-guaranty-fee: The upfront fee for the SBA's guarantee, scaled to the loan size. It is one of the closing-cost lines first-time buyers forget until the settlement statement, and on a larger loan it runs into real money. Model it early, because it is financed into the deal and moves both your cash to close and the loan balance you will carry. In numbers: A $1M loan is 75% guaranteed ($750k); at the FY2026 rate of 3.5% on that portion the upfront fee runs about $26,250, usually financed into the balance rather than paid at the table. - Loan covenants - https://searchspheresource.com/glossary/loan-covenants: Promises in the loan agreement that keep binding you after closing. Your operating freedom after close is written here: distribution limits, minimum coverage ratios, and the reporting a lender can demand. Read them before signing rather than during the first tough quarter, because tripping a covenant can hand the lender power over a business that is still paying on time. In numbers: A covenant to keep DSCR above 1.25x tested each quarter means a soft quarter that dips to 1.1x can technically default the loan even while payments are current; knowing the ratio and the test date is how you manage to it. - Indemnification - https://searchspheresource.com/glossary/indemnification: The seller's promise to cover losses their statements cause. It is the enforcement mechanism behind every promise in the purchase agreement; the basket and cap numbers decide what a breach is actually worth to you. Just as important is whether anything backs it: a claim against a seller who has spent the proceeds is a lawsuit, while a claim against money held in escrow is a deduction. That is why the escrow amount and how long it is held often matter more in practice than the size of the cap itself. In numbers: With a $40k basket and a 10% cap on a $4M deal, a $24k breach is yours to eat (under the basket) while an $800k one recovers only to the $400k cap; the two numbers, not the promise, set your real protection. - Non-compete (seller) - https://searchspheresource.com/glossary/non-compete: The seller's promise not to start or join a rival, for a set time. The business's durability assumes the seller does not start a new company down the road and take the customers back, which is why lenders expect one and why its terms deserve a lawyer's eyes rather than a template's. Enforceability varies by state and an overreaching clause can be struck down entirely, so a narrow one that holds is worth more than a sweeping one that does not. Check who signs it as well: a non-compete binding the selling entity but not the individual behind it protects nothing. In numbers: A seller's non-compete might run 5 years within 50 miles, and the purchase price allocation assigns it a value, say $165,000 of a $4,000,000 deal. A buyer who skips it learns why if the seller opens across the street eighteen months later with the customer list in memory. - F reorganization - https://searchspheresource.com/glossary/f-reorganization: A restructure letting an S corporation stock sale be taxed like an asset deal. Sellers' advisors propose it when the buyer wants asset-deal tax treatment but the company's contracts, licenses, or EIN would not survive an asset transfer. The seller reorganizes first, the buyer purchases the new entity's interests, and the tax result mirrors an asset purchase with the operating history intact. It adds legal cost and weeks to the timeline, so the LOI should say who runs it and who pays for it, and the lender needs to see the structure early because the borrower entity changes. In numbers: On a $2,000,000 S corporation deal, an F reorg can preserve the buyer's asset-basis step-up, worth six figures of future depreciation, while keeping the company's licenses and contracts in place. - Deferred revenue - https://searchspheresource.com/glossary/deferred-revenue: Cash a business has collected for goods or services it has not delivered yet. The seller keeps the cash and you inherit the obligation to deliver, so a balance nobody accounted for is a hidden price increase paid after closing. Put it in the working-capital negotiation by name instead of trusting the peg to catch it, and ask for the schedule behind it. Prepaid annual contracts, unredeemed gift cards, and memberships sold at a discount all have to be honored by you, at a cost the seller already banked. In a business that sells a year ahead, this line can be larger than the down payment. In numbers: A gym that sold 3,000 annual memberships at $600 collected $1.8M for a year of service it still owes; if the seller keeps that cash, the buyer delivers the workouts, which is why it belongs in the working-capital math. - Retrade - https://searchspheresource.com/glossary/retrade: Cutting an agreed price after the LOI, usually on a diligence finding. Legitimate when diligence surfaces a real problem and toxic when it is tactical, and the difference is visible from the outside. Brokers remember buyers who reprice at the last moment, and in an ecosystem this small that reputation reaches the next seller before you do. If the finding is genuine, bring it with the working papers behind it and name the adjustment it implies, which is a conversation about a number rather than an ambush. In numbers: Finding $50k of add-backs that do not hold up supports cutting the price by the multiple times that gap; the same cut with no finding behind it is the retrade a broker remembers. - Equity rollover - https://searchspheresource.com/glossary/equity-rollover: A seller reinvesting part of the proceeds as minority ownership. Rollover keeps the seller economically invested through the transition and reduces the cash a buyer has to raise, at the price of sharing future upside and some governance with the person you just bought from. Settle the minority rights before closing rather than after, because a seller with a blocking vote on decisions you were hired by your lender to make is a slow problem. Note the SBA takes a view on this: a seller keeping equity may not be able to walk away as cleanly as both sides assume. In numbers: A seller rolling 20% of a $4M deal keeps $800k invested alongside you; that is $800k less to raise, and a seller with a reason to want year two to go well. - Mezzanine debt - https://searchspheresource.com/glossary/mezzanine-debt: Junior debt above equity, priced higher and repaid after the bank. The cost is real and it is not only the rate. Mezzanine paper usually carries covenants of its own and warrants that dilute you later, so the cheap-looking gap it fills is paid for in equity you do not feel yourself giving up on closing day. In numbers: On a $4M deal where the bank lends $2.7M, $530k of mezzanine at 14% plus warrants can bridge to a smaller equity check. The extra debt raises the payment and the risk, so it earns its place only when the cash flow clears both layers. - Merchant cash advance (MCA) - https://searchspheresource.com/glossary/merchant-cash-advance: Short-term financing repaid from a business's daily card sales or deposits. It is the most expensive money a small business commonly takes, and it hides well. The daily debits run through the bank statements while the P&L shows nothing unusual. Some agreements carry a confession of judgment, which lets the funder take a judgment without a lawsuit. A target that has taken one is telling you something about its cash flow. Read three months of bank statements for daily fixed debits before trusting any earnings figure. In numbers: A shop that took a $80,000 advance repays $104,000 through 15% of daily card sales; the debits show in the bank statements, not the P&L, which is where diligence finds them. - Landlord waiver - https://searchspheresource.com/glossary/landlord-waiver: The landlord's consent letting a lender reach collateral on leased premises. A landlord has a claim on what sits inside their building when rent goes unpaid, and a lender securing equipment wants that claim waived before funding. The landlord owes the deal nothing, so this signature is a common late surprise: it arrives with the lease assignment, it cannot be forced, and some landlords use the moment to ask for something. Send it early with the assignment paperwork, and tell the lender which one is still out. In numbers: A lender's checklist asks for a landlord waiver on the $6,500-a-month premises; the landlord signs away the right to seize equipment for unpaid rent, and closing can wait days on that one signature. - SBA Express - https://searchspheresource.com/glossary/sba-express: The Express version of a 7(a): faster, less paperwork, capped at $500,000. Express trades size and guarantee for speed: the cap is $500,000 and the government guarantees half instead of three-quarters, so banks decide faster and lean on their own credit box harder. For a business acquisition it is usually the wrong door, because most deals need more money and the full guarantee is what makes goodwill lending work. Where it earns its place is beside the deal: a working-capital line or an equipment loan after closing, from a bank that already knows the file. In numbers: A $350,000 working-capital line closes as an Express loan in days, not weeks; the bank keeps only a 50% guarantee, so it underwrites the deal harder than a 7(a) desk would. - Letter of credit - https://searchspheresource.com/glossary/letter-of-credit: A bank's promise to pay a landlord or supplier if the business does not. It appears at this size in two places: a landlord who wants security deeper than a deposit, and a supplier extending terms to a company they do not know yet, which after a change of ownership can mean you. The bank charges an annual fee to stand behind it and treats it like lending, so it consumes borrowing capacity and usually wants collateral. If the seller's lease or supplier terms lean on one, plan for the bank conversation before closing, not after. In numbers: A landlord asks for a $40,000 letter of credit instead of a cash deposit; the bank charges 1-2% a year to stand behind it and counts it against the company's borrowing capacity. - Invoice factoring - https://searchspheresource.com/glossary/invoice-factoring: Selling unpaid invoices at a discount for cash now, not in sixty days. It is expensive money. For a business that funds weeks of payroll or inventory before it collects, it can also be the difference between growing and running out of cash. Find out whether the target relies on it, and at what cost, before trusting its margins. In numbers: A staffing agency factoring $500k of receivables at a 2% fee pays $10k to be paid weeks early; on thin temporary-staffing margins that fee is a real slice of the profit, which is why the factoring cost belongs in the earnings you underwrite. - Days sales outstanding (DSO) - https://searchspheresource.com/glossary/days-sales-outstanding: The average days a business waits to be paid after invoicing. Roughly, it is accounts receivable divided by revenue times the days in the period, a measure of how much cash is tied up in unpaid invoices. It sizes the working capital a business needs to run. The longer the DSO, the more cash sits in receivables you have to fund. So a rising DSO or a book of slow-paying clients belongs in diligence before the margins do. In numbers: A business with $1.2M of receivables on $7.3M of revenue runs a DSO near 60 days ($1.2M / $7.3M times 365); every extra week of DSO ties up roughly $140k more cash, which is real money at a searcher's scale. - No-shop (exclusivity) - https://searchspheresource.com/glossary/no-shop: The LOI clause taking the business off the market during diligence. Exclusivity is the real currency an LOI buys, which is why sellers grant it reluctantly and why letting it lapse without progress costs a buyer their credibility. Ask for a window that genuinely covers an SBA timeline rather than the one that sounds decisive, since a 30-day no-shop on a loan that takes 60 to close guarantees you will be renegotiating from a weaker position. Watch for the version that keeps running after the deal dies, which quietly bars you from the seller's next conversation. In numbers: A 60-day no-shop means the seller stops marketing while you spend $20,000+ on diligence; without it, you are financing the diligence that prices the deal for the next bidder. Sellers commonly grant it because serious buyers tend to walk without it. - SOP 50 10 (SBA Lending Rules) - https://searchspheresource.com/glossary/sop-50-10: The SBA's official lending rulebook, which settles what lenders may do. When two lenders disagree about what the SBA allows, this document is the referee, and one of them is usually quoting a version that has been replaced. Major revisions change deal structures overnight: an edition can move the equity injection, rewrite how a seller note is treated, or bring back a franchise directory that had been gone for two years. Ask a lender which edition they are working from when their answer surprises you, because policy and habit are not the same thing. In numbers: SOP 50 10 8 is the edition in force, and it reset the change-of-ownership rules, the franchise review, and the 10% equity injection in one release. - SBA preferred lender (PLP) - https://searchspheresource.com/glossary/preferred-lender-program: A bank the SBA lets approve and close 7(a) loans in-house. It is why the searcher-favorite banks are nearly all preferred lenders. A PLP can commit and close weeks faster than a bank that routes every file through the SBA, and on a deal with a financing contingency and a closing clock, those weeks are the whole difference. In numbers: A PLP bank approves a clean $1.2M change-of-ownership loan on its own authority in days; the same file at a non-delegated bank waits in the SBA's own queue behind everyone else's. - Change of ownership - https://searchspheresource.com/glossary/change-of-ownership: The SBA's category for a loan that buys an existing business. The acquisition-lending figures published from SBA data are filtered to it, and banks underwrite these deals on the target's own cash flow rather than a projection. That distinction works in a buyer's favor, because a business with a provable operating history is a far easier credit than a plan on paper. It also brings its own rules, including how the seller may stay involved afterward and what happens to the seller's existing debt, so knowing a deal sits in this category tells you which requirements will shape the closing. In numbers: The SBA files a searcher's acquisition as a change of ownership: the 10% injection rule, the seller-standby treatment, and the loan-level acquisition counts all key on that flag rather than on startup lending. - Amortization - https://searchspheresource.com/glossary/amortization: The schedule repaying a loan's principal, more with each payment. Each level payment is mostly interest early and mostly principal late, and SBA acquisition loans usually run about ten years. A longer payback lowers the monthly bill and lifts the coverage ratio a lender tests, which is much of why an SBA ten-year term closes deals a five-year note cannot. In numbers: A $900k loan at 10.5% over ten years costs about $12,100 a month; the same loan over five years costs about $19,300, which is often the whole difference between a deal that covers and one that does not. - Balloon payment - https://searchspheresource.com/glossary/balloon-payment: Principal due at the end of a loan its payments did not repay. An SBA 7(a) loan avoids one by amortizing fully, so a balloon on a bank or seller note is a date you must be ready to refinance or pay off. That date is a real risk to underwrite, because refinancing depends on the business performing and on credit conditions years from now, neither of which you control. Model whether the company could carry a replacement loan at a higher rate, and treat a near-term balloon as a reason to negotiate the term rather than a detail buried in the note. In numbers: A $900k note amortized over ten years but due in five still owes about $565k at maturity, because early payments are mostly interest; that $565k is the balloon, and the plan for it is part of the deal. - Prime rate - https://searchspheresource.com/glossary/prime-rate: The benchmark variable SBA loans are priced against, plus a spread. It moves with the Federal Reserve, and the borrower's payment moves with it. That is why an acquisition loan's rate is rarely fixed for the life of the deal, and why the payment you model today can be different by the time you close. Underwrite at a rate above today's. The coverage that barely clears a lender's line at the current number is the coverage you lose first. The spread over prime is negotiable even when prime is not. In numbers: A loan priced at prime plus 2.5% costs 9.25% when prime sits at 6.75%; if prime rises half a point, so does the loan, and the monthly payment follows. - Funds flow - https://searchspheresource.com/glossary/funds-flow: The closing document listing every wire, in the order they go. Walking this memo line by line the day before closing is the last chance to catch a payoff nobody obtained or a prorated figure computed from the wrong date. It is also the moment to verify every wire instruction by phone, on a number you already had rather than one in the email. Spoofed instructions arriving the morning of a closing are how buyers lose a down payment with no recourse. Confirm receipt of each wire before releasing the next. In numbers: On a $1,000,000 close, the funds flow might read: $900,000 loan plus $100,000 injection in; $180,000 to the seller's equipment lender, $28,000 of fees and costs, and $792,000 to the seller. Every dollar in and out on one page, agreed before the wire, not after. - Payoff letter - https://searchspheresource.com/glossary/payoff-letter: A creditor's written figure that retires a debt on a given date. You are buying assets free and clear, and these documents are the proof; money should not move until every seller debt has one in hand. A lien nobody retired stays attached to the equipment you now own, which makes it your problem to clear and your lender's reason to hold up funding. The figures also drive the closing statement, since the amount that retires each debt comes straight off the seller's proceeds. In numbers: If the seller's business still owes $180,000 on an equipment loan, the closing needs that lender's payoff letter stating the exact amount good through the closing date; the funds flow sends $180,000 there first, and the seller keeps what remains. - Lease assignment - https://searchspheresource.com/glossary/lease-assignment: The landlord's transfer of the lease, usually needing written consent. When the location is the business, this third party can kill a deal or reprice it late, and they have every incentive to take their time about it. Make consent a closing condition and start the conversation the week the LOI is signed, since a landlord who learns of the sale from your lender is a slower landlord. Read what remains on the term as carefully as the consent itself: a lease with two years left on a business you are financing over ten is a repricing appointment you have already agreed to. In numbers: A buyer assuming a $6,500-a-month lease needs the landlord's written consent, and landlords use the moment: a bump to $7,200, a fresh personal guarantee, or a bigger deposit are all common asks. On a thin-margin business, that $700 a month is a 1.6% cut to a $520,000 SDE. - SNDA (non-disturbance agreement) - https://searchspheresource.com/glossary/snda: The agreement keeping your lease alive if the landlord's lender forecloses. A lease signed after the building's mortgage sits junior to it, so a foreclosure can wipe the lease out no matter what the landlord promised you. The subordination, non-disturbance, and attornment agreement is the three-way fix: you accept the lender's seniority, the lender agrees not to disturb your tenancy if it takes the building, and you agree to pay whoever ends up owning it. Ask whether the seller has one during lease review, in the same conversation as the estoppel certificate, and push for one whenever you are financing a build-out or the location is the business. In numbers: A buyer spends $150,000 building out a clinic in a building carrying a $3M mortgage senior to the lease. Without non-disturbance, a foreclosure could void the lease and strand the build-out; with the SNDA, the new owner must honor the term. - CAM charges (common area maintenance) - https://searchspheresource.com/glossary/cam-charges: The landlord's pass-through of shared-space costs on top of base rent. In a triple-net or modified-gross lease, base rent is the start of the occupancy bill, not the end: common area maintenance, property taxes, and building insurance ride on top, usually estimated monthly and trued up in an annual reconciliation. Underwrite the whole occupancy cost, not the rent line, and read the seller's reconciliation history in diligence, because a landlord's catch-up bill for a prior year arrives on the new owner's watch. Check whether controllable CAM carries a cap and what the escalator has actually run. In numbers: A 2,000-square-foot unit at $24 per foot base carries another $7 per foot in CAM, taxes, and insurance: true occupancy is $62,000 a year, not $48,000, and a 4% annual escalator on the CAM half compounds quietly. - Asset schedule - https://searchspheresource.com/glossary/asset-schedule: The list attached to the purchase agreement naming what actually transfers. Everything you assume comes with the business either appears on this list or does not come. The phone number the customers dial, the domain, the review profile, the social accounts and the tools in the van are separate items, and each one stays somebody else's property until the schedule says otherwise. Sellers rarely withhold them on purpose. They forget, or the number lives in a personal mobile account nobody thought about, or the reviews are attached to a login the bookkeeper set up. Walk the schedule against what you watched the business actually use, and ask who holds the login for each line on it. - Establishment license - https://searchspheresource.com/glossary/establishment-license: The license a business or its premises holds, separate from any worker's own. Two permissions usually stand between a trade and its customers, and a buyer who checks one has checked half. The individual credential belongs to the person and walks out of the door with them. The establishment license belongs to the company or to the address, and a failed inspection of the premises suspends it while a worker's own lapse suspends only the worker. They renew on different clocks and in several states they are issued by different offices. Ask for both, and ask which one the seller is personally named on, because that is the one that does not come with the business. - Global cash flow - https://searchspheresource.com/glossary/global-cash-flow: A lender's review of the business's cash flow and your household's, together. A deal that covers its own debt comfortably can still be declined because your side of the ledger fails, which is the decline first-time buyers least expect. The fix is on your side too: document a spouse's income, pay down a car loan or a credit line, and clear up anything on your credit report before applying rather than arguing the business's numbers harder. Ask a lender early what they include, since student loans and a mortgage are treated differently from bank to bank. In numbers: A business covering its $300k of debt at a healthy 1.4x can still be declined if the buyer's household adds $90k of income against $70k of mortgage, car, and living costs; the lender tests both sides together, not the business alone. - Form 1919 - https://searchspheresource.com/glossary/form-1919: The SBA form where every owner answers the character questions. Answers here are checked rather than taken on faith, and a matter discovered later is far worse than the same matter disclosed early with an explanation attached. Read the form before you sign an LOI, not after, so that nothing on it surprises your lender at the point where you have already spent money on diligence. An old charge that was resolved is usually workable; the version that ends deals is the one the lender finds themselves. Older checklists still cite Form 912, the separate personal-history statement; the SBA retired it, and its questions live in this form now. In numbers: Every 20%-plus owner of the buying entity signs a 1919; an answer about citizenship or a past charge that surfaces late is how approved files reopen in underwriting, so it is answered completely the first time. - Form 413 - https://searchspheresource.com/glossary/form-413: The SBA statement of what each owner owns, owes, and has guaranteed. Lenders read this beside the deal itself, because your side of the ledger is half the underwrite and a thin balance sheet can decline a business that covers its own debt comfortably. Fill it conservatively: an optimistic value contradicted by the statement behind it costs credibility on every other number you have given them. Do not leave the contingent liabilities blank either, since a guarantee on someone else's loan surfaces in the credit pull anyway. In numbers: The 413 lists what you own and owe, and the lender reconciles it against statements: a $250k brokerage line that is really $180k after a market dip is the kind of gap that reopens an approved file. - Seasoning of funds - https://searchspheresource.com/glossary/seasoning-of-funds: The rule that your injection has sat in your own accounts a while. A gift or a last-minute transfer is not disqualifying, but an undocumented one stalls underwriting at the worst possible moment, which is inside exclusivity with a closing date already promised. Move the money into one account early, keep the statements that show where it came from, and get a signed gift letter the same week rather than the week the lender asks. The rule exists because the SBA wants the injection to be genuinely yours and not a second loan wearing a friend's name. In numbers: A lender tracing a $200,000 injection wants two or three months of statements showing where it sat; $60,000 that appeared last week needs a paper trail, and if it was a gift, a signed gift letter saying no repayment is expected. - Data room - https://searchspheresource.com/glossary/data-room: The folder where a seller stages the documents diligence asked for. How it is organized tells you how prepared the sale is, and what is missing from it is a diligence finding in its own right rather than an oversight to chase quietly. Download and keep your own copy of everything as it arrives, because access is usually revoked the day a deal dies and you may want those documents if the seller comes back in six months. Watch what gets added late, too: a document that appears after you ask a pointed question is worth reading twice. In numbers: A well-run data room for a $4,000,000 deal holds three years of returns and financials, the top-20 customer revenue list, every lease and key contract, and payroll by role. When 40% of the request list is still empty two weeks in, the diligence calendar, not the seller's story, is what slips. - Document request list (DRL) - https://searchspheresource.com/glossary/document-request-list: The itemized list of records a buyer sends the seller once the LOI is signed. Sending a complete one on day one starts the diligence clock cleanly, while dribbling requests out over weeks reads as disorganization and burns the exclusivity you paid for. It also becomes the record of what was asked and what never arrived, which is where a retrade or a walk gets its footing. Send it grouped by workstream so the seller's bookkeeper, lawyer, and landlord can each work their own section in parallel rather than queueing behind one another. In numbers: A first request list for a $4,000,000 acquisition typically runs 40 to 60 items across financials, tax, customers, employees, contracts, and legal; sending it the day after the LOI is signed, complete rather than in dribbles, is what keeps a 90-day close on schedule. - Interim financials - https://searchspheresource.com/glossary/interim-financials: In-house financial statements covering the months since the last tax return. Deals close mid-year, so the freshest numbers are always unaudited ones, and lenders require them anyway because a tax return from last spring cannot show what the business is doing now. A seller who cannot produce them within a few days is telling you something about the bookkeeping you are buying. Read them against the same months last year rather than against the annual return, and expect them to be tidied up: internally prepared statements are where optimism lives. In numbers: A CIM built on last December's numbers is stale by June. Diligence asks for interim financials, the year-to-date P&L and balance sheet, and a lender wants them current within about 60 days of underwriting. A $40,000 revenue slide hiding in the interims is exactly what they exist to catch. - Term sheet - https://searchspheresource.com/glossary/term-sheet: A lender's written but non-binding summary of the loan it expects. Holding two or three at once is the only real bargaining power a first-time borrower has. Competing offers rarely disagree on just one number, which is what makes them hard to compare in your head. Read past the rate to the fees, the term, the covenants, and what the lender still has to confirm. A quarter point is worth far less than a year of amortization or a covenant you will breach in month eight. Nothing here is binding, so treat it as the lender's opening position rather than a decision. In numbers: A lender's term sheet on a $1,100,000 loan might read: 10 years, prime plus 2.75%, a 10% injection with half allowed as a standby seller note, and a lien on business assets. None of it is a commitment yet; it is the shape the commitment will take if underwriting agrees. - True-up - https://searchspheresource.com/glossary/true-up: A post-closing payment squaring what was promised with what was delivered. It lands months after close, on numbers nobody is watching by then, and it moves real money in whichever direction the arithmetic points. Agree the accounting method in the purchase agreement itself, down to how receivables over ninety days are valued and whether inventory is counted at cost. A method left open is a dispute scheduled for a date when both lawyers have moved on. Put a deadline and a tie-breaker in as well, or the settlement simply never happens. In numbers: A deal closes on an estimated $250k of working capital; when the final balance sheet lands 60 days later showing $230k actually delivered, the true-up bills the seller back the $20k shortfall, or the buyer if it came in high. - Survival period - https://searchspheresource.com/glossary/survival-period: How long each representation stays enforceable after closing. A breach discovered after the clock runs out is nobody's problem but yours, so the periods deserve the same negotiation attention as the price. The practical test is whether a period outlasts the time it would realistically take to discover that kind of problem. Tax and environmental issues often surface only when an authority comes calling, which is why those reps are usually written to last longer. A short general period paired with a modest cap quietly converts the seller's promises into your risk. In numbers: With an 18-month survival period on general reps, a misrepresented customer list discovered at month 20 is the buyer's problem: the $150,000 claim that had a contract behind it at month 17 no longer does. - Fixed charge coverage ratio (FCCR) - https://searchspheresource.com/glossary/fccr: Cash flow measured against every fixed obligation, not just the debt. Some lenders underwrite to this stricter test instead of plain DSCR, folding in fixed obligations like lease payments and owner draws that DSCR leaves out. A deal that clears one ratio can fail the other, so ask which test your lender uses before you build an offer around a coverage number. In numbers: A business with $600k of cash flow against $360k of debt service and a $180k lease shows a 1.11x FCCR. - Material adverse change (MAC) - https://searchspheresource.com/glossary/material-adverse-change: A clause letting a buyer walk if the business is badly damaged. It is the buyer's escape hatch when the business or the world turns badly between signing the purchase agreement and closing. How broadly it is drafted decides whether a lost key customer or a soft quarter actually lets you walk or renegotiate, so it is one of the clauses most worth lawyering rather than accepting as boilerplate. In numbers: Between LOI and close, a customer worth 30% of revenue gives notice; the MAC clause is what lets the buyer walk or reprice instead of closing on a business that no longer exists as priced. - Conditions precedent - https://searchspheresource.com/glossary/conditions-precedent: The requirements that have to be satisfied before a closing happens. A signed purchase agreement is not a done deal: the close only happens once every one of these is cleared, from lender approval to lease assignments to clean lien searches. Tracking them like a checklist is what keeps a deal from stalling in the weeks between signing and funding, where many quietly die. In numbers: The $1.35M financing commitment, the landlord's consent, the license transfer, and a clean lien search each sit as conditions precedent: any one unmet on closing day and no one is obligated to wire. - Standby creditor agreement - https://searchspheresource.com/glossary/standby-creditor-agreement: The seller's signed acceptance of no payments for a set period. It is how a seller note fills part of the required equity injection: the lending rules, not the parties' preference, set the standby terms, commonly no payments for the life of the SBA loan. A seller who signs one is effectively financing part of your down payment and betting on your success to ever be repaid. In numbers: On a $4M deal, a $400,000 seller note counted toward the 10% injection takes no payments at all while it is on standby, which on most SBA acquisition loans means 24 months. - Bill of sale - https://searchspheresource.com/glossary/bill-of-sale: The closing document that transfers the assets themselves from seller to buyer. This is what actually delivers the property at close, separate from the purchase agreement that promised it: one is the contract, the other is the handover. It matters most where specific assets need clear title to change hands, so what it lists, and leaves off, is worth checking against the schedule in the agreement. In numbers: At closing the bill of sale conveys the trucks, tools, and $80k of inventory the agreement listed; the deed does the real estate and the assignment does the contracts, and together they are what you bought. - Bonus depreciation - https://searchspheresource.com/glossary/bonus-depreciation: Expensing qualifying assets in year one instead of over their lives. After a purchase price allocation, the equipment, vehicles, and furniture classes can often be written off immediately instead of depreciated over years, which turns part of the price into a first-year deduction and real cash. Under current law the first-year percentage is back at one hundred for qualifying property, but the boundary does the work: buildings, land, and goodwill never qualify, and goodwill amortizes over fifteen years instead. This is why buyers push allocation toward equipment, sellers push it away, and the schedule gets negotiated line by line. Model the year-one tax cash with your CPA before you price the deal's returns. In numbers: A $4M asset deal allocating $400k to trucks and equipment can expense that $400k in year one under current law; at a 30% combined rate that is $120k of tax cash the same allocation pointed at goodwill would spread over fifteen years. - Tied-house rules - https://searchspheresource.com/glossary/tied-house-rules: The federal bar on a drinks supplier holding an interest in a retailer. They decide who may put money into a business that sells alcohol, which quietly removes a financing route a buyer might otherwise assume exists. The federal rule makes it unlawful for a supplier to induce a retailer to buy its products to the exclusion of others by acquiring an interest in the retailer's license or property, or by furnishing equipment, fixtures, signs, supplies, money or services. The line that catches people is the mortgage. Taking a mortgage on the retailer's real or personal property counts as an interest in that property, so a distributor cannot quietly finance the store, and a note from a supplier is a different conversation from a note from the owner. The federal part also exempts nobody from a state's own version, and several states are stricter. Ask who holds every lien before assuming a source of capital is available. In numbers: On a $4M deal, a distributor offering to carry $400,000 against a mortgage on the coolers is an interest in the retailer's property, whatever the paper calls it. - Asbestos survey - https://searchspheresource.com/glossary/asbestos-survey: The separate inspection a Phase I does not do and a renovation requires. A Phase I looks for contamination in the ground and the groundwater, and a buyer holding a clean report often believes the building was cleared with it. Asbestos in the building materials is a separate question, with a separate survey and a separate bill. The federal rule is the part that surprises people: before a demolition or renovation begins, the owner or operator must thoroughly inspect the affected part of the facility for asbestos, including the nonfriable categories, whatever any earlier report said. That makes it a cost attached to your plans and not to the purchase. Ask what the seller has ever surveyed, and price the inspection into any first-year plan that opens a wall or a ceiling. Lead paint, radon and mold sit outside a standard Phase I for the same reason, and each has an inspection of its own. In numbers: A $4M deal on a building from 1968 with a first-year plan to move two walls owes the asbestos inspection before that work starts, whatever the Phase I found. - Goodwill amortization - https://searchspheresource.com/glossary/goodwill-amortization: Writing off acquired goodwill and similar intangibles over fifteen years. Section 197 of the tax code puts one clock on almost every intangible a buyer acquires, and it runs longer than most first-time buyers expect. The deduction is the adjusted basis spread evenly over fifteen years, beginning in the month the intangible was acquired, and the statute bars any other depreciation or amortization on the same asset. What lands on that clock is broad: goodwill, going concern value, the workforce in place, customer lists, books and records, a license or permit granted by a government body, franchises and trade names. A covenant not to compete is on it too whenever it is entered into in connection with buying the business, so a three-year covenant still writes off over fifteen. That is why allocating price to a covenant buys a buyer no speed at all, and why the argument worth having is about the equipment classes. In numbers: On a $4M asset deal allocating $2.4M to goodwill, the deduction is $160,000 a year for fifteen years, and moving $200k of that into a covenant not to compete changes nothing about the timing. - Indemnification basket - https://searchspheresource.com/glossary/indemnification-basket: The losses a buyer absorbs before any claim can be made at all. It sets how much post-close risk you absorb yourself before the seller's promises pay out, and the mechanism matters as much as the number. A true deductible pays only the losses above the threshold, while a tipping basket pays from the first dollar once the threshold is crossed, and on the same figure those two are a materially different deal. Negotiate the type and the cap together, since a low basket under a low cap protects far less than either number suggests alone. In numbers: On a $4M deal with a 0.75% basket, the buyer absorbs the first $30,000 of claims before any indemnification is owed. - Wage base carryover - https://searchspheresource.com/glossary/wage-base-carryover: Whether the seller's year-to-date wages count toward the buyer's FICA cap. The Social Security wage base is counted per employer per year, so a mid-year sale can make the buyer pay employer FICA a second time on wages the seller already paid it on. The regulation carries it across on three conditions and all three are required. The buyer acquired substantially all the property used in the trade or business, or in a separate unit of it. The employee worked for the seller immediately before the sale and works for the buyer immediately after. And the wages were paid earlier in the same calendar year. How the deal was structured does not matter, which is the part that surprises people, because the rule says outright that the method of acquisition is immaterial. It bites hardest where somebody is paid above the cap, which in a small business usually means the owner and one or two managers. Get the seller's year-to-date payroll register at closing, and do not let a week pass between the last payroll and the first. In numbers: A manager already paid $150,000 by the seller by August costs the buyer employer Social Security tax on that pay all over again if the three conditions are not met. - Cash conversion cycle - https://searchspheresource.com/glossary/cash-conversion-cycle: The days between paying for inventory and collecting on the sale. A long cycle ties up working capital you have to fund, so a growing business with a slow one can be cash-starved while perfectly profitable. That is the trap the first year after closing springs on buyers who read the profit line and nothing else: growth consumes cash before it produces any. The cycle is what the working-capital peg is really trying to price, and a business with a negative one, paid before it pays, funds its own growth. In numbers: 40 days of inventory plus 55 days to collect minus 30 days to pay suppliers is a 65-day cash conversion cycle, often $50k or more of working capital the owner must fund. - Assignment and assumption agreement - https://searchspheresource.com/glossary/assignment-and-assumption: The closing document moving a contract or lease to the buyer. Many contracts and leases cannot move without the other party's consent, so which ones assign and on what terms is real diligence rather than a formality handled at the table. Read the consent language in every agreement that carries revenue, because the ones that need a signature are exactly the ones a counterparty can reprice while you are committed. Start those conversations the week the LOI is signed: consents are the closing condition most often waiting on somebody who has no reason to hurry. In numbers: The $6,500-a-month premises lease, the fleet leases, and the three service contracts worth keeping all move by assignment and assumption: the seller assigns, you assume, and the landlord's consent is the slow one. - Prepayment penalty - https://searchspheresource.com/glossary/prepayment-penalty: A fee for repaying early, protecting the interest the lender expected. SBA 7(a) loans with terms of fifteen years or more carry a declining penalty of 5%, then 3%, then 1% of the prepaid amount across the first three years. It shapes refinancing and early-exit math, and because it only applies to longer-term loans, the amortization you choose at closing decides whether you ever face it. In numbers: An SBA 7(a) loan of 15 years or longer carries a declining penalty on early payoff: 5% in year one, 3% in year two, 1% in year three, then none. - Change of control provision - https://searchspheresource.com/glossary/change-of-control: A clause letting the other party act when ownership changes. It can quietly undo the value you are buying, because a top customer or a franchisor able to walk at the sale turns a signed revenue stream into a permission you still have to win. Find these clauses early by reading the contracts behind the largest revenue lines rather than sampling, and treat each one as either a consent to obtain before closing or a number to discount. The dangerous version is the clause requiring consent that nobody thought to ask for, since it can be enforced long after the deal closes. In numbers: A franchise agreement's change-of-control clause means a $1.2M resale needs the franchisor's approval before closing; miss it and the brand rights you priced do not transfer with the assets. - Estoppel certificate - https://searchspheresource.com/glossary/estoppel-certificate: A counterparty's signed confirmation of what a lease currently says. It locks down what the lease actually says at the moment you take over, so you inherit the real terms rather than the seller's summary of them. Ask for one on every lease and on any contract large enough to matter, because a landlord who signs it cannot later claim rent arrears or an unrecorded side agreement you knew nothing about. What comes back is also information in itself: a counterparty who will not sign one is telling you where to look next. In numbers: The landlord's estoppel confirms the lease runs four more years at $6,500 a month with no defaults; without it, the seller's word about the site's biggest fixed cost is all a lender has. - Disclosure schedules - https://searchspheresource.com/glossary/disclosure-schedules: The seller's exceptions to the representations they just made. They are where the real business hides behind the clean language of the representations, so reading them line by line is diligence rather than paperwork review. A representation that the business has no disputes means nothing once a schedule lists four, and the schedule is what actually survives into any later claim. Treat a thin or evasive one as a finding in itself: a seller who cannot describe their own exceptions has either not looked or would rather you did not. In numbers: The reps say no litigation and no liens except as disclosed; the schedules are the except: a $40k customer dispute, the equipment lien, the handshake deal with the neighbor, each narrowing a promise. - Collateral shortfall - https://searchspheresource.com/glossary/collateral-shortfall: The gap between a loan and the hard assets securing it. Lenders bridge it with the SBA guaranty and with your own signature, so a shortfall does not sink a good deal, but it does explain why the loan leans on cash flow instead of anything it could repossess. It is also why a lender may look to other property you own where there is equity in it, which is a question to ask before underwriting starts, not after. A deal bought mostly for goodwill will always look like this: the collateral test is not the one that decides it. In numbers: A $1M loan backed by $600k of assets has a $400k collateral shortfall; the SBA does not decline for it alone, but it drives the lien on a home. - Security agreement - https://searchspheresource.com/glossary/security-agreement: The contract that gives a lender its claim on the assets, before any filing. The UCC-1 everyone talks about is only the public notice; this is the document that creates the claim, and it is where the collateral is actually described. Read the schedule, not the summary, because the phrase that decides everything is whether it covers named assets or all assets now owned and later acquired, and the second version reaches equipment you have not bought yet. It also carries the default terms, which is what turns a missed covenant into a right to take the collateral, so the clause worth negotiating is the cure period and not the rate. In numbers: An all-assets agreement on a $900,000 loan attaches to the $150,000 of equipment bought in year three as well, so a buyer planning to finance that purchase separately finds the collateral already pledged. - UCC filing (UCC-1) - https://searchspheresource.com/glossary/ucc-filing: The public notice a lender files to record its lien on a business's assets. Two of these matter to a buyer, in opposite directions. The ones already on file against the business are the seller's debts. They have to be paid off and released at closing, or the equipment you just bought still answers to somebody else. That is why payoff letters and lien releases belong in the funds flow, not in a promise for next week. The one your own lender files is what turns the loan documents into a claim on everything the business owns, so read what it covers before signing, not after. Somebody has to go looking for the first kind, and it is usually your closing attorney, not the lender. The lender's own check protects the lender and runs late. Order yours early, in every state the business has operated in and under every name it has traded as, because a filing sits under the name it was made against. In numbers: A search of the public filings turns up a UCC-1 on all equipment from a $90k loan the seller paid off years ago and never terminated; clearing the stale filing before closing is cheaper than discovering it after. - Successor liability - https://searchspheresource.com/glossary/successor-liability: The rules leaving a buyer answerable for some of a seller's debts. Buying assets rather than stock is meant to leave the seller's problems behind, and mostly it does. But several categories follow the business itself no matter what the paperwork says. This is why a lawyer asks for state tax clearance certificates before closing, and why a holdback is worth arguing for. An unpaid payroll tax balance can arrive at your door a year after the wire, addressed to the company you now own. In numbers: A seller who leaves $40,000 of unpaid state sales tax behind can hand that bill to the buyer months later. A clearance certificate costs a few hundred dollars, and a 10% holdback on a $4M deal keeps $120,000 within reach while the certificates come back. - Key-person life insurance - https://searchspheresource.com/glossary/key-person-insurance: A policy on the buyer's life, assigned to the lender as collateral. The lending rules make it a requirement in one specific case and leave it to the lender otherwise. Where a 7(a) loan is not fully secured, life insurance is required in the amount of the COLLATERAL SHORTFALL, for a sole proprietor, a single-member LLC, or any business dependent on one owner's active participation. That last clause is most acquisitions of this size. Two things follow that buyers get wrong. The policy is sized to the gap between the loan and the collateral behind it, not to the loan, so more collateral means less insurance. And an existing policy can be pledged: the rules say a lender may accept one, and that credit life and whole life should not be required, so a term policy already in force may do the whole job. Price it while you are still choosing a lender, because a health condition that adds weeks to underwriting costs far less to find before the exclusivity clock is running. In numbers: A $4M loan secured by $2.6M of collateral has a $1.4M shortfall, so the policy is written for $1.4M and not for the loan; on a 10-year term for a healthy buyer in their thirties that is roughly $15 to $25 a month. - Business appraisal - https://searchspheresource.com/glossary/business-appraisal: A third-party valuation the lender orders, which caps what the loan will finance. It arrives after the LOI and it can end a deal outright, because the SBA will not lend against a price above the appraised value. A number under your agreed price forces the seller down, forces you to bring more cash, or kills the deal, so it is worth testing the price against comparable sales before you sign anything. Ordering it is the lender's call and the fee is yours either way. In numbers: A $1.2M price with $150,000 of equipment and no real estate leaves $1.05M of goodwill being financed, past the $250,000 line that triggers an independent appraisal, and the fee runs roughly $3,000. - Subordination - https://searchspheresource.com/glossary/subordination: A creditor's agreement to be paid after another lender is paid. Your bank will not fund until everyone else agrees to be paid second, so the seller's willingness to sign is a financing condition wearing the clothes of a courtesy. Read what the document actually restricts rather than assuming: the ordinary version stops the seller accelerating, suing, or taking collateral while the bank is owed anything, and the SBA's full standby version stops the payments themselves. In numbers: On a $4M deal funded with a $3.2M bank loan and a $400,000 seller note, subordination is what keeps the seller from collecting ahead of the bank after a missed payment, and full standby holds those note payments for the loan's first 24 months. - NewCo - https://searchspheresource.com/glossary/newco: The new company a buyer forms to sign for and own the business. Buying through a fresh entity is how a seller's history stays out of what you own, and it is also where the ownership split, the voting rules, and any investor rights get written down. It has to exist, have its own bank account, and be ready to sign well before the closing date, so forming it belongs on the early list rather than the closing-week one. In numbers: The buyer forms an LLC three weeks before close; the newco signs the purchase agreement, borrows the $1.35M loan, and holds the assets, so the buyer's savings sit behind the guarantee rather than inside the company. - Operating agreement - https://searchspheresource.com/glossary/operating-agreement: The document setting who owns, decides, and is paid inside your entity. Most buyers form an LLC to make the purchase and then treat this as a filing fee, which is where partner disputes are born. It names the members and their percentages, who can sign a loan or sell an asset, how a deadlock breaks, and what happens when one of you wants out or simply stops working. Your lender will read it and your investors will negotiate it, and if you ever fall out with a partner it is the only document that decides anything. In numbers: Two partners splitting 60/40 still have to say whether a decision needs a majority or both signatures, because at 60% one of them can otherwise sell the business the other spent 5 years running. - Clawback - https://searchspheresource.com/glossary/clawback: A right to take money back once the results behind it fail to hold. It turns up wherever cash moves before the facts are final: an earnout paid on a quarter that later reverses, a distribution to investors a later loss makes excessive, or a commission on revenue that never collected. The version worth having is the one written into the purchase agreement, because recovering money from a seller who has already spent it is a lawsuit, while withholding it is a deduction. Ask what actually backs any clawback you are offered. In numbers: A $150,000 earnout paid on a record quarter that later reverses is recoverable only if the agreement says so, while the same $150,000 held in escrow for 12 months needs no lawsuit at all. - Entity type - https://searchspheresource.com/glossary/entity-type: The legal form you buy or form: an LLC, an S corp, or a C corp. It decides how the profits are taxed, what the SBA will lend against, and whether a stock sale is even possible, so it is a decision made with an accountant before the purchase agreement is drafted rather than after. Funding a purchase with retirement money forces the answer outright, because that structure requires a C corporation. The seller's form matters as much as yours: buying the assets of an S corporation and buying its stock are different transactions with different tax bills on both sides. You are not required to have one before you start looking, and forming it early buys nothing. The entity is created to sign the purchase agreement, and its form is decided by the lender's rules, the seller's own form, and where the money comes from. In numbers: The same $500,000 of profit can leave a very different amount in your pocket depending on the form, which is why an accountant's fee of a few thousand dollars before closing is the cheapest money in the deal. - SBA authorization - https://searchspheresource.com/glossary/sba-authorization: The terms a lender must close an SBA loan under, once approved. It is the moment the loan stops being a proposal, and it names the conditions that have to be satisfied before any money moves: the life insurance assignment, the standby agreement, the landlord consent, the equity injection proof. Read it the day it arrives rather than the week of closing, because every line is a task with an owner, and the ones that involve a third party are the ones that slip. A closing date set before this document exists is a hope. In numbers: A file approved with 8 conditions attached is 8 separate errands, and the 2 or 3 needing a landlord, an insurer, or a state office decide whether the date holds. Missing one on a $1.2M loan does not reprice the deal, it moves it. - Sources and uses - https://searchspheresource.com/glossary/sources-and-uses: A table of what a deal costs against where every dollar comes from. Lenders and investors read this table first, because it shows at a glance whether the deal is fully funded and how much of the buyer's own cash is at risk. The SBA looks for its minimum equity injection here, and the mix of loan, seller note, and buyer equity sets both the day-one debt load and how much room a buyer has if the first year runs light. In numbers: A $4M purchase plus $300k of working capital and $240k of costs is $4.54M of uses, funded by a $910k SBA loan, a $100k seller note, and $125k of equity, about 11% of the project. - Capital stack - https://searchspheresource.com/glossary/capital-stack: The layers of money in a deal, ordered by who gets paid back first. The order is the whole point, because it decides who absorbs a bad year. The bank sits at the bottom with a lien and gets paid first. The seller note sits above it, usually on standby, so the seller waits while the bank is made whole. The buyer's own equity sits on top and is what disappears if the business is worth less than the debt. Every dollar moved down the stack is cheaper and more dangerous; every dollar moved up costs more of the company. A lender reads the stack to see whether anyone but them is taking real risk. In numbers: A $4M purchase funded by a $3M SBA loan, a $600k standby seller note, and $400k of buyer equity puts 10% of the price in the layer that is wiped out first. - Cross-collateralization - https://searchspheresource.com/glossary/cross-collateralization: A lender taking your other property as security for this loan. This is the clause that reaches past the business. An SBA lender that finds the company's assets worth less than the loan is expected to look for collateral elsewhere, and a house with equity in it is the usual answer. The lender takes a lien on the house, and the lien stays until the loan is repaid or refinanced. Lenders differ on how much of a shortfall they will tolerate before asking, so this is negotiable in practice. Ask every lender where they draw that line before a term sheet is signed, not at closing. In numbers: A $1.5M loan against a business appraising at $1.1M leaves a $400k shortfall, which a lender will usually want covered by a lien on other property. - Blanket lien - https://searchspheresource.com/glossary/blanket-lien: One security interest covering every asset the business owns. An acquisition lender almost always takes one, and it is filed publicly as a UCC-1, so it shows up in any search a future lender or buyer runs. Two things follow. Equipment financing and a line of credit both become harder while it sits there, because a second lender has nothing left to secure against unless the first agrees to release or subordinate a piece. And when you sell, the lien has to be paid off and released at closing, which is why a payoff letter is on every closing checklist. Ask what it covers and what gets released as the balance falls. In numbers: An acquisition loan of $3.6M is usually secured by a blanket lien over 100% of the company's equipment, receivables, and inventory. - Packaging fee - https://searchspheresource.com/glossary/packaging-fee: What a lender charges to assemble and submit your SBA loan file. It is a real cost at closing and it is not the guaranty fee, which goes to the government. The packaging fee goes to the lender or to the third party that prepares the application, it is commonly financed into the loan rather than paid in cash, and it varies enough between lenders to be worth asking about early. A lender that quotes a rate without quoting its fees has quoted half a price, so put it beside the rate on every term sheet you compare. In numbers: A packaging fee of $2,500 on a $1M loan is a quarter of a point, small next to the rate but large next to the difference between two lenders' rates. - Non-solicitation - https://searchspheresource.com/glossary/non-solicitation: A clause barring a seller from luring away the staff or customers. Where a non-compete stops the seller from opening a rival, a non-solicitation protects the two assets a buyer most depends on keeping: the staff who run the business and the customers who pay it. A weak or short clause lets a departing owner quietly rebuild their old book, so its scope and length deserve as much attention as the price. In numbers: The seller's non-compete keeps them from opening across town; the non-solicitation keeps them from calling the top 20% of customers and the two best technicians, which is what actually protects year one. - Prorations - https://searchspheresource.com/glossary/prorations: The split of prepaid and unpaid bills between seller and buyer at closing. Rent, utilities, property taxes and insurance rarely land on the closing date, so somebody has paid for days the other party will own. Prorations settle that arithmetic, and they are one of the last numbers to move: a closing that slips a week moves every one of them. They are also where a small surprise shows up as real cash, because the party who prepaid is asking to be repaid at the table rather than invoicing later. In numbers: A closing on the 20th of a month with $6,500 rent already paid puts about $2,167 of that month back to the seller, and a $9,600 annual property tax bill unpaid at closing sends roughly $5,300 the other way. - General liability insurance - https://searchspheresource.com/glossary/general-liability-insurance: The policy covering claims the business injured someone or their property. This is the cover a lender and a landlord both name, and the one a commercial customer asks to see before signing. It has to be bound in the buying entity by the closing date, which means starting the application weeks earlier: an insurer underwrites the new owner, not the old policy. Buying the business does not carry the seller's policy across, and a gap of even a day is a day of trading uninsured. In numbers: A $1M per occurrence and $2M aggregate policy is the common requirement, and on a trades business around $500k of SDE it runs roughly $1,500 to $4,000 a year depending on payroll and claims history. - Business interruption insurance - https://searchspheresource.com/glossary/business-interruption-insurance: Cover replacing lost income while a closed business gets back on its feet. A fire or a flood stops the revenue but not the loan payment, and this is the policy that bridges the two. It matters more on a debt-financed acquisition than it did for the seller who owned the place outright, because a debt schedule does not pause for a rebuild. Read the waiting period and the maximum indemnity period rather than the limit alone: a policy that starts paying after 72 hours and stops after 12 months is a different promise from one that starts at 24 and runs 24. In numbers: A business earning $500k of SDE and paying about $8,000 a month in debt service needs cover for both, so a 12-month indemnity period at $45,000 a month of gross earnings is the shape to ask for. - Insurance binder - https://searchspheresource.com/glossary/insurance-binder: Temporary written proof of cover, issued before the policy itself arrives. A policy document can take weeks, and closings do not wait, so the binder is what a lender and a landlord accept at the table. It is a real contract with an expiry on it, usually 30 to 90 days, which is the part people forget: a binder that lapses before the policy issues leaves the business uninsured with paperwork that looks fine. Ask the broker for it in writing at least two weeks before closing and diarise its expiry date. In numbers: A lender requiring $1M of liability cover and a loss-payee endorsement commonly closes on a binder, then asks for the issued policy inside 60 days. - Closing agent - https://searchspheresource.com/glossary/closing-agent: The neutral party that holds the money and records the deal at closing. Usually a title company or an escrow agent, sometimes the buyer's attorney, and they are the reason the money and the documents move at the same moment rather than on trust. They also produce the settlement statement every party signs, which is the document that proves who paid what. Agree who is doing this and who pays their fee early: it is a small line that gets negotiated late and badly when nobody raised it. In numbers: A closing agent on a $4M acquisition typically charges $1,500 to $3,500, and the fee is commonly split or assigned to the buyer in the purchase agreement. - Option to renew - https://searchspheresource.com/glossary/option-to-renew: A tenant's right to extend the lease on terms already written into it. When the location is the business, the years left on the lease are the years the business is safe, and an option to renew is what turns three remaining years into thirteen. Check who holds the option after an assignment, since some leases extinguish it on transfer. Read how the renewal rent is set as well. An option to renew at market rate is a promise of a negotiation, not a promise of a price. A loan amortizing over ten years against a lease with three left is a repricing you have already agreed to. In numbers: A lease with 3 years remaining plus two 5-year options at a 3% annual bump gives 13 years of certainty, which is what a 10-year loan needs. - Interest-only period - https://searchspheresource.com/glossary/interest-only-period: Months at the start of a loan when payments cover interest, not principal. It is the cheapest breathing room in an acquisition, and it exists because the first months after closing are when revenue is least certain and cash needs are highest. The trade is that nothing is paid down in that window, so the amortisation that follows is steeper against a shorter remaining term. Ask for it explicitly rather than hoping for it: it is a term the lender can grant and rarely offers unprompted. In numbers: On a $1M loan at 10.5%, six interest-only months cost about $8,750 a month instead of roughly $13,500 fully amortising, which frees around $28,500 of cash in the half-year when it matters most. - Zoning - https://searchspheresource.com/glossary/zoning: The local rules setting what a property may lawfully be used for. A business can run for twenty years in a place it would not be permitted to open today, protected as a legal non-conforming use, and that protection can end when the use lapses or the property changes hands. That makes it a question for diligence rather than an assumption: confirm the current use is permitted, and ask what happens if the building is damaged. It also caps what you can add, so a plan to put a service bay behind the shop is a zoning question before it is a capital one. In numbers: A shop operating as a legal non-conforming use can lose that status after a vacancy of as little as 6 months in some codes, and rebuilding to current code on a $4M acquisition can add $265,000 of work nobody priced. - COBRA - https://searchspheresource.com/glossary/cobra: The right to stay on an employer health plan after leaving, at full cost. Buying the company does not quietly carry the seller's health plan across, and the continuation right follows whoever ends up maintaining a plan. In an asset sale where the seller's plan dies at closing, the duty to offer continuation to their former employees can land on the buyer's plan. In numbers: Continuation premiums run the full cost plus a 2% administration charge, so an employee paying $180 a month through payroll can see a $700 bill for the same family plan. - 401(k) plan termination - https://searchspheresource.com/glossary/401k-plan-termination: Shutting the seller's retirement plan before close so it is never inherited. In a stock sale the company keeps its retirement plan and the plan's compliance history comes with it, so buyers routinely require the seller to adopt a termination resolution dated before closing. Adopted after, the buyer's own plan can be treated as a successor and absorb the old plan's defects. In an asset sale the plan stays behind and the rehired staff simply enroll in yours. Ask which shape applies the week the LOI is signed, and get the resolution date in writing. In numbers: A plan holding $2M for 30 employees takes 60 to 90 days to wind down, and the resolution has to be dated before the closing date to keep it off the buyer's books. - Accrued PTO - https://searchspheresource.com/glossary/accrued-pto: Vacation and sick time already earned by staff but not yet taken. It is a debt the business owes its people, and it changes hands with them. Rehired employees expect their balances honored, and several states require unused vacation paid out in cash the day employment ends, which an asset sale technically triggers for everyone at once. Get the accrual report in diligence, decide honor-or-payout before the announcement, and put the balance into the working-capital negotiation so the first payroll cannot surprise you. In numbers: Twenty employees averaging 60 banked hours at $28 an hour is a $33,600 obligation that appears on no broker teaser. - Experience modifier - https://searchspheresource.com/glossary/experience-modifier: The workers comp multiplier set by three years of a business's own claims. It travels with the business, which is what makes it a diligence item and not an insurance detail. Above 1.00 it says this payroll has cost its insurer more than the average shop in the same class code. It is computed from three years of claims with the most recent year left out. So a bad year keeps pricing the premium long after the crew that caused it has gone. It is also the one insurance number a buyer can move: claims age out on a published schedule, so knowing which year drops off next tells you what the premium does without anybody changing anything. Ask for the loss runs and the current rating worksheet before the price is agreed. In numbers: A crew at $600,000 of covered payroll and a 1.35 modifier pays about 35% more than the identical crew at 1.00, every year the modifier stays there. - Casual sale exemption - https://searchspheresource.com/glossary/casual-sale-exemption: Sales tax on the assets themselves, which some states charge and some call casual. A buyer models the price, the fee and the working capital, and then a state asks for tax on the equipment it just bought. Whether it is owed turns on a rule with the opposite answer in the two states read. Ohio exempts casual sales by a person. Washington charges the retail sales tax on a casual or isolated sale where the seller is engaged in business and registered, which nearly every seller is, and then exempts a transfer made by adjusting the beneficial interest in the business. That last clause is the asset-versus-equity decision arriving in a line nobody put in the model. Ask which the state does before the letter of intent fixes the structure, because the answer moves real money and is not negotiable afterward. In numbers: A $4,000,000 asset purchase with $1,200,000 allocated to equipment carries about $96,000 of tax at an 8% rate, and nothing at all in a state that treats the sale as casual. - Workers comp - https://searchspheresource.com/glossary/workers-comp: State-required cover for employee injuries, priced per $100 of payroll. Nearly every state makes it mandatory from the first employee, and a lapse is not a fine but personal exposure plus, in some states, an order to stop working. The premium is a class code rate times payroll times a multiplier set by the claims the business has had. That multiplier can follow the business across a sale, so a seller's history can price your first year whether or not you keep their carrier. Get the loss runs in diligence and have your own policy bound for day one, beside the liability cover. In numbers: A $600,000 payroll in a class rated $4.50 per $100 runs about $27,000 a year at a neutral modifier, and a 1.3 modifier inherited from the seller's claims lifts it to roughly $35,000. - Cyber liability insurance - https://searchspheresource.com/glossary/cyber-liability-insurance: Cover for a data breach: forensics, notification, and the ransom response. A small service business with card numbers on file and one shared email login is a target precisely because nobody is defending it, and general liability explicitly excludes the whole category. The cover pays for the forensic firm, the state-required customer notifications, and the negotiators a ransomware note demands, none of which a twenty-person company can improvise. Ask in diligence what customer data the business actually stores; the answer is usually more than the seller thinks. In numbers: At this deal size a $1M limit is commonly quoted around $1,500 to $3,000 a year, against state notification duties that can cost more than that per hundred affected customers. - Auto-renewal clause - https://searchspheresource.com/glossary/auto-renewal-clause: A contract term that renews the agreement by itself unless someone cancels. Recurring revenue often rests on this one sentence, so read it in diligence rather than assuming it: what the notice window is, whether renewal needs the customer to do anything, and whether the clause survives assignment to a buyer. A book of evergreen contracts is also a cancellation calendar, and if most of them renew in the same month, that month is where the revenue risk lives. Some states limit enforcement against consumers, which matters for any home-service book. In numbers: A monitoring book worth $40,000 a month across 300 evergreen contracts with a 30-day notice window can lose 10% of itself in one renewal season if the transition is handled badly. - Master service agreement - https://searchspheresource.com/glossary/master-service-agreement: The umbrella contract customers sign once, with each job added under it. Two layers decide the revenue. The master agreement carries the legal terms, including the assignment and change-of-control language that decides whether the book transfers in a sale at all. The work itself arrives as statements of work or purchase orders underneath it. Read both in diligence. A friendly master agreement over expired statements of work is a customer relationship, not a contract, and the reverse is a book that dies at closing. In numbers: A commercial account doing $250,000 a year under a master agreement whose change-of-control clause requires consent is $250,000 that needs a signature before it is yours. - Statement of work (SOW) - https://searchspheresource.com/glossary/statement-of-work: The contract attachment defining one project's scope, deliverables, and price. The master agreement carries the legal terms; the statements of work under it carry the money, one project at a time, each with its own end date. That split is what diligence has to price: revenue arriving through SOWs is re-won project by project however recurring the relationship feels, so read the active ones against the invoices and note which expire before closing. A seller's 'recurring' book is often a master agreement over SOWs that each end within the quarter. In numbers: $450,000 of a $1.5M 'recurring' services book turned out to be statements of work rebid each quarter; the contracted floor was $1.05M, and that is the number to underwrite. - Termination for convenience - https://searchspheresource.com/glossary/termination-for-convenience: A clause letting the customer end the contract at will on short notice. A contract the customer can end whenever they like is worth its notice period, not its term, and government work carries this clause as standard. In diligence, read every large account for it before crediting the backlog: what the notice window is, whether wind-down costs get reimbursed, and whether the clause runs one way. A pipeline of multi-year agreements terminable on thirty days' notice is a pipeline of thirty-day agreements wearing long contracts, and the price should say so. In numbers: A $250,000-a-year contract terminable for convenience on 30 days' notice commits about $20,800, one month, and the rest is a relationship you are underwriting on faith. - Registered agent - https://searchspheresource.com/glossary/registered-agent: The person or service that receives legal papers for the company in a state. Every entity has to name one in its home state and in every state where it registers, and the address on file is where lawsuits arrive. Buy the stock and the old listing follows the company, so update it on day one or a suit gets served to the seller's accountant and becomes a default judgment nobody saw. An asset-sale buyer's new entity needs its own agent before closing, and a commercial service costs about as much a year as one hour of the lawyer it saves. In numbers: A registered-agent service runs $100 to $300 a year per state, against a default judgment that starts at whatever the plaintiff asked for. - Sales tax permit - https://searchspheresource.com/glossary/sales-tax-permit: The state registration that lets a business collect and remit sales tax. Permits do not transfer in an asset sale, so the buyer registers before day one or cannot legally ring up the first taxable sale. The sharper trap is behind, not ahead: many states hold a business buyer liable for the seller's unpaid sales tax unless a clearance certificate is requested before closing, which is the successor-liability and bulk-sales machinery doing exactly what it says. Ask the state for the clearance in diligence; the seller cannot grant it themselves. In numbers: A seller two quarters behind on remittance at $8,000 a quarter is a $16,000 bill that follows the business, not the person, in a state where no clearance was requested. - Revenue-based financing - https://searchspheresource.com/glossary/revenue-based-financing: Debt repaid as a share of monthly revenue instead of fixed payments. It is the rare lane where no personal guarantee is the product. The lender takes a share of revenue until a capped amount is repaid, so your house never enters the deal. The price is real: rates run several points above a bank's, and total borrowing caps out near 2 to 3x EBITDA against what an SBA structure reaches. The lane exists almost entirely for SaaS and online businesses with subscription revenue. A main-street buyer reads about it and still ends up at the 7(a). An online-business buyer prices the guarantee they keep against the rate they pay. The vendor set churns fast, so the first call should confirm the product still exists. In numbers: On a SaaS business earning $600k EBITDA, a revenue-based lender advancing 2.5x lends up to $1.5M with no personal guarantee, at rates from 16% where a bank quotes single digits. - Encumbrance - https://searchspheresource.com/glossary/encumbrance: Legal claims and rights attached to an asset that survive a sale. Every purchase agreement promises the assets arrive free and clear of encumbrances, and the word covers more than debt. A lien is one kind. So is an easement across the yard the trucks park in, a lease assignment the landlord can refuse, a license that does not transfer, and a judgment nobody mentioned. Each one is a right somebody else holds over something you are paying for. The search that finds them is cheap and the surprise after closing is not, because an encumbrance you did not know about is still yours the day you own the assets. In numbers: A $40 lien search turning up a $22,000 equipment loan is the difference between the seller paying it at closing and you inheriting it. - Certificate of good standing - https://searchspheresource.com/glossary/certificate-of-good-standing: A state's written proof that a company still legally exists and has filed. The state issues it only when the entity's annual reports are current and its franchise or filing fees are paid, so it is a one-page test of whether the company you are buying has kept its own paperwork. Lenders ask for it before closing and so does the closing agent, and a company that cannot produce one is not necessarily in trouble, but it has an administrative problem someone has to fix before money moves. Ask early rather than at signing, because reinstating a lapsed entity takes weeks in some states. In numbers: Most states issue one for $10 to $50 within a few days, and reinstating a lapsed entity can run several hundred dollars plus every missed annual fee. - Financing contingency - https://searchspheresource.com/glossary/financing-contingency: The clause letting a buyer walk, deposit intact, if the loan does not come. It is the single term that decides who carries the risk of a bank saying no, and on an SBA deal the bank says no often enough to matter. Without it, a lender declining after your deposit is committed can cost you the deposit and leave you arguing about whose fault the decline was. Sellers resist a contingency with no end date, so the negotiation is usually about its length rather than its existence: name the number of days, name what counts as satisfying it, and keep the clock long enough for a real underwrite. In numbers: A 45-day financing contingency on a deal with a $30,000 deposit is what makes that deposit refundable when the bank declines in week six. - Fraud carve-out - https://searchspheresource.com/glossary/fraud-carve-out: The exception that removes every cap on a claim when the seller lied. Indemnification is normally bounded by a basket at the bottom, a cap at the top, and a survival period that ends it. The fraud carve-out lifts all three for claims of actual deception, which is why sellers negotiate its wording hard and why buyers should read it before the cap. What counts as fraud is the whole argument: some agreements limit it to knowing misstatements inside the written reps, which is far narrower than fraud as a reader imagines it. Ask which definition you are signing. In numbers: Under a $250,000 cap, a fraud carve-out is what lets a buyer pursue a $900,000 loss when the seller knowingly hid it. - Accounts receivable aging - https://searchspheresource.com/glossary/accounts-receivable-aging: Receivables grouped by how long each one has gone unpaid. The report sorts what customers owe into buckets, current, 30, 60, 90 days and beyond, and the shape of it says more than the total does. A balance concentrated in the oldest bucket is not an asset, it is a collection problem the seller is asking you to buy at face value. It also feeds two negotiations at once: which receivables transfer and at what discount, and where the working capital peg gets set. Read it beside the customer list, because one slow payer that is also the largest account is a different risk from ten slow small ones. In numbers: Of $180,000 in receivables, $54,000 sitting past 90 days is a 30% share that belongs in the price conversation rather than on the balance sheet. - Title search - https://searchspheresource.com/glossary/title-search: A records check confirming who owns an asset and what is owed on it. In a business purchase the search runs on more than real estate. A UCC search at the secretary of state shows every lender with a filed lien on the equipment, the receivables, or the company itself, and those filings survive a change of ownership until somebody releases them. The point is not to discover a surprise at the closing table but to know weeks earlier which payoff letters and lien releases have to be in the file before the wire goes out. A lien nobody terminated is how a clean-looking asset purchase turns into an argument about a truck. In numbers: A $4M acquisition can carry three UCC-1 filings at once: a $510,000 equipment note, a $215,000 line of credit, and one stale filing from a lender paid off years ago that nobody ever terminated. - Franchise 14-day rule - https://searchspheresource.com/glossary/franchise-14-day-rule: The wait the FTC requires between getting an FDD and signing anything. The federal Franchise Rule requires the franchisor to put the disclosure document in your hands at least fourteen calendar days before you sign a binding agreement with it or pay it any money. Buying an existing franchised business puts you on two clocks at once, because the seller wants to close while the franchisor still has to approve you and disclose to you. Treat the fourteen days as a floor rather than a schedule: the document is the only place the transfer fee, the term you inherit, and the remodel obligations are all written down together. In numbers: A franchisor that hands over the disclosure document on the 3rd cannot take a signature or a $45,000 transfer fee until the 17th. - State tax clearance certificate - https://searchspheresource.com/glossary/state-tax-clearance-certificate: A state's written confirmation that a seller owes it no back taxes. Successor liability is the reason it exists. Several states can pursue a buyer for a seller's unpaid sales or payroll tax even in an asset purchase, and the certificate is the state saying in writing that there is nothing outstanding. Request it early, because the turnaround runs to weeks in some states and the request can itself prompt a look at the account. Where the certificate will not arrive before closing, the working answer is an escrow sized to the exposure rather than a promise written into the purchase agreement. In numbers: Where a state takes six to eight weeks to answer, a $40,000 sales-tax exposure usually sits in escrow rather than holding up the closing. - Off-balance-sheet obligations - https://searchspheresource.com/glossary/off-balance-sheet-obligations: Commitments a company owes that its balance sheet does not show. Small-company books are kept for the tax return rather than for a buyer, so the commitments that matter most often sit outside them. Look for personal guarantees the owner signed, equipment on operating leases, a deferred-payment arrangement with a supplier, an earnout still owed on something the seller bought, and an unfunded promise to a departing employee. Every one of them is a claim on the cash you are underwriting. Ask for the lease schedule, the loan agreements and every contract with a payment in it, then put those payments into the debt service you are modeling. In numbers: Four operating leases at $1,900 a month add $91,200 of obligation over two years that never appears as debt anywhere on the balance sheet. - Commitment letter - https://searchspheresource.com/glossary/commitment-letter: The bank's written offer to lend, with the conditions it will lend on. It is not the same document as the SBA authorization, and the difference matters whenever a closing date is at stake. The commitment letter is the bank's own offer, and it is where the conditions live: the injection it expects, the collateral it wants, the life insurance assignment, the landlord agreements it needs signed, and the date the whole thing expires. Read the conditions before the rate. A term sheet with a rate you like and a condition you cannot satisfy is not financing, and finding that out late costs a closing. In numbers: A commitment that expires in 45 days with a 10% injection condition on a $4M deal means $400,000 has to be seasoned and documented before it lapses. - Cash basis vs. accrual - https://searchspheresource.com/glossary/cash-basis-vs-accrual: Books that count money when it moves, or when it is earned and owed. Almost every small business a searcher looks at keeps cash books, because that is what the tax return wants, and cash books hide two things a buyer pays for. Work finished in December and invoiced in January lands in the wrong year, so a strong final quarter can look like a weak one or the reverse. And money already collected for work not yet delivered reads as profit when it is a debt the buyer inherits. The quality of earnings engagement converts the books before anyone argues about a multiple, and the conversion is where the price usually moves. In numbers: A $40,000 December job invoiced in January counts in next year on cash books and in this year on accrual. - Proof of cash - https://searchspheresource.com/glossary/proof-of-cash: A diligence test that ties reported revenue to money in the bank. It catches the two things a tax return cannot show: revenue booked that nobody ever paid, and cash taken out before it reached the statements. A quality of earnings engagement runs it as a matter of course, and it is the single procedure most worth paying for on a business whose books are kept on a cash basis by the owner's spouse. Do not confuse it with proof of funds, which is the opposite direction: that is what a broker asks YOU for before showing a listing. In numbers: A seller reporting $2.4M of revenue whose deposits total $2.1M over the same twelve months has a $300k question to answer before any multiple is applied. - Intercreditor agreement - https://searchspheresource.com/glossary/intercreditor-agreement: The agreement between two lenders over who gets paid first. With a bank loan and a seller note in the same deal, the two lenders have to write down what the junior one may do when payments get tight, and the answer is usually close to nothing. It governs whether the seller note can be paid at all during a standby period, whether the seller may accelerate or sue, and who reaches the collateral first. Sellers regularly meet it for the first time a week before closing, which is the worst moment to discover that the note they negotiated cannot be enforced for two years. In numbers: A $250k seller note behind a $1.5M SBA loan on full standby pays the seller $0 of principal for the first two years, whatever the note itself says. - Sale leaseback - https://searchspheresource.com/glossary/sale-leaseback: Buying the business and renting the building the seller keeps. Most main-street sellers hold their building in a separate entity, so what looks like one deal is two, and the rent agreed at closing moves the earnings the price was built on. A below-market rent flatters the multiple you just paid and resets the day the lease renews; an above-market one hands the seller a second raise every year. Negotiate the term, the renewal options and the escalator with the same care as the price, because a lender sizes the loan on what is left after that rent. In numbers: A $60k rent on space worth $45k of market rent costs $15k of SDE a year, which at a 3x multiple is $45k of price paid for earnings the lease removes. - Financial covenant - https://searchspheresource.com/glossary/financial-covenant: A ratio the borrower must keep hitting for as long as the loan runs. Most SBA acquisition loans carry few of these, which is one of the quiet advantages of the program over conventional debt, but a bank pairing a 7(a) with a conventional tranche of its own will usually attach them to the second piece. The two that turn up are a coverage test and a leverage ceiling, measured quarterly or annually off statements you have to deliver on time. Breaching one is a technical default even when every payment has been made, so settle what the cure period is and who does the measuring before you sign anything. In numbers: A 1.25x coverage covenant on a $1.5M loan can be breached by one bad quarter, with every payment made on time. - Springing covenant - https://searchspheresource.com/glossary/springing-covenant: A condition that sits dormant until a trigger wakes it up. It is the compromise a borrower and a lender reach when neither wants a test running from day one. Nothing is measured while the business performs; cross a line, usually a liquidity floor or an availability threshold, and the full test starts applying with the reporting to match. The danger is built into the design: it arrives at the worst possible moment, because the trigger is a bad month. Ask what wakes it, how long it stays awake, and what puts it back to sleep. In numbers: A covenant springing when cash falls under $250,000 can start testing coverage in the same quarter revenue dropped 10%. - Collateral assignment of life insurance - https://searchspheresource.com/glossary/collateral-assignment-of-life-insurance: A policy on the buyer, assigned to the lender until the loan is repaid. SBA lenders routinely require this where a business depends on one person, which in a company this size is usually you. The policy is yours and so is the premium; what the assignment does is put the lender first in line for the death benefit, up to the balance outstanding. Two things are worth settling early. The amount is normally the loan rather than a round number somebody picks, and the timing matters because underwriting a policy takes weeks and is a common reason a closing slips. In numbers: A $1.5M loan usually needs $1.5M of coverage assigned, and the premium on a healthy 40-year-old runs a few hundred dollars a month. - Interest rate cap - https://searchspheresource.com/glossary/interest-rate-cap: A contract that limits how high a variable rate can climb. Most SBA 7(a) acquisition loans float against prime, so the payment you modeled is not the payment you will be making in year six. A cap is bought separately, from a bank or a dealer, and pays you the difference whenever the index rises past a strike you choose. It costs money up front, priced on how far away the strike sits and how long the term runs, so the honest comparison is against simply underwriting the deal at a higher rate and seeing whether it still works without one. In numbers: On a $1.5M loan, every 1% the rate rises costs roughly $15,000 a year before amortization, which is what a cap is priced against. - Indemnification cap - https://searchspheresource.com/glossary/indemnification-cap: The ceiling on what a seller can be made to pay for a broken promise. Read it beside the basket, because the pair together decides how much risk actually transfers. A common shape at this size is a ceiling somewhere between ten and twenty percent of price, with a few carve-outs sitting outside it: title, taxes, and fraud. Which promises are capped matters more than the number, since a low ceiling over everything is a different deal from a low one with those three carved out. The figure on its own tells a buyer almost nothing. In numbers: A 10% cap on a $4M deal stops at $400,000, whatever a later tax assessment turns out to be worth. - Bring-down certificate - https://searchspheresource.com/glossary/bring-down-certificate: A signature at closing saying the promises are still true that day. The seller made representations when the agreement was signed, and weeks pass before any money moves. This is the document saying they are still accurate at close, not only on the day they were written, and it is what makes a change inside that window somebody's problem rather than nobody's. It is also where a quiet loss surfaces: a customer who left in the gap has to be disclosed here, which is why this and the closing-conditions list are read together. In numbers: A customer worth 8% of revenue leaving between signing and closing is disclosed here, and it is what a walk-away right is written against. - Sandbagging - https://searchspheresource.com/glossary/sandbagging: Claiming on a broken promise you already knew had been broken. The agreement usually settles this one way or the other, and a buyer has to know which. A pro-sandbagging clause keeps the claim alive whatever the buyer knew, which puts the cost of a poor disclosure on the seller. An anti-sandbagging clause says knowledge kills it, which quietly turns every diligence finding into a choice: raise it and lose the indemnity, or stay quiet and hope. Silence in the contract is the worst of the three, because the answer then rests on state law nobody in the room has read. In numbers: Under an anti-sandbagging clause, a $120,000 problem found in diligence and left unpriced is a $120,000 problem you own. - Specific indemnity - https://searchspheresource.com/glossary/specific-indemnity: A named risk the seller covers outright, outside the usual limits. Diligence turns up things that are neither dealbreakers nor rounding errors: an unfiled sales tax return, a misclassified contractor, a lawsuit still open. Rather than repricing the whole deal, the parties name that one item and the seller carries it, usually without the basket applying and often above the cap, sometimes with money held back against it. This is the mechanism that lets a deal close over a known problem, and it is the first place to look when a finding has no obvious price. In numbers: Three years of unfiled sales tax returns can be handled with a $150,000 holdback and this clause rather than with a lower price. - Closing binder - https://searchspheresource.com/glossary/closing-binder: The assembled record of everything signed at a closing. Somebody has to put it together, and where nobody is named it does not get done. This is what a lender asks for when it audits the file, what a future buyer's diligence starts from, and what settles an argument three years later about who agreed to what. Ask at the start of closing who is compiling it and when it arrives, because chasing signature pages from four parties months afterward is a job nobody wants and somebody always ends up doing. In numbers: A $4M acquisition can close with forty signed documents across five parties, and this is the only place all forty sit together. - Licensee-in-charge - https://searchspheresource.com/glossary/licensee-in-charge: The individual whose personal license the business itself operates under. Several trades will not issue an operating permit without one, so the seller is often the person named and the license can lapse at closing unless a qualified replacement is on file the same day. That makes it a closing condition and not a first-week task: the business stops trading, not merely stops complying. Ask early who is named, whether they are staying, and what the board requires of a successor, because some trades want years of licensed experience nobody can shorten. In numbers: A shop turning $1.8M a year trades about $7k on a working day, so a permit that lapses for the two weeks a board takes to record a successor is roughly $70k of trading nobody budgeted. - License transfer - https://searchspheresource.com/glossary/license-transfer: Whether the permit to operate moves with the business or stops. Some licenses travel with an entity and die in an asset sale. Some are personal to the holder and cannot travel at all. Some require the buyer to qualify before the state will reissue. Which of the three applies decides the deal structure instead of following from it, so the answer belongs in the first week of diligence rather than the last. Where a qualifying individual is required, that individual is often the seller, which turns the transition agreement into a condition of operating. In numbers: Where a license is personal to the seller, a buyer either qualifies themselves or hires a qualifier, and on a $4M deal that can move the closing date by months. - DEA registration - https://searchspheresource.com/glossary/dea-registration: The federal certificate a practice must hold to handle controlled substances. It is issued to one registrant at one address, and 21 CFR 1301.52(a) terminates it the moment that registrant ceases legal existence or discontinues the practice, with no filing by anyone and no notice from the agency. Nothing signs it over either: 1301.52(b) permits a transfer only on written consent and on conditions the agency names one deal at a time. So the buyer's own certificate belongs on the closing checklist, and the first day nobody is registered is the first day the cabinet cannot be opened. Ask which entity holds it, whether a satellite address carries its own, and how far along the buyer's application already is. In numbers: A buyer who applies in the closing week dispenses nothing until their own certificate issues, and on a $4M practice the payroll runs the whole time. - Joint employer - https://searchspheresource.com/glossary/joint-employer: When two businesses share legal responsibility for the same worker. A staffing agency's people, a franchisor's brand standards and a subcontracted crew can each put a second name on the same employee, and the second name is usually the one with money in it. What that buys is unpaid overtime, discrimination claims and bargaining obligations for people who never appeared on the payroll you priced. The governing test moves with the agency and the administration, so the durable thing to look at is the arrangement. How many workers arrive through somebody else, who sets their hours and their pay, and whether the contract shifts the liability back or merely says it does. In numbers: A shop running 20% of its labor through an agency can find that same 20% counted as its own for wage and hour purposes, and the back pay follows the business. - I-9 audit - https://searchspheresource.com/glossary/i-9-audit: A federal inspection of the forms proving each employee may work here. The government gives three business days of notice before it reads the file, and by then the file is whatever the seller left in it. Every form is kept for three years after the hire or one year after the person leaves, whichever ends later, so the record outlives most of the jobs inside it. A buyer keeping the staff has a choice the rule spells out at 8 CFR 274a.2: complete fresh forms for everyone, or carry the seller's forward, which is allowed only where you obtain and maintain them. Carrying the file forward carries its errors too, which is why this is a document request and not a first-week task. In numbers: Someone hired 5 years ago and gone 18 months is clear on both clocks; someone hired 4 years ago and gone 6 months is not, because the file is kept 3 years from the hire or 1 year from the exit, whichever ends later. - Design-build versus plan-and-spec - https://searchspheresource.com/glossary/design-build-versus-plan-and-spec: Whether the builder also drew it, which decides who owns a defect. On a plan-and-spec job the owner supplies the drawings and warrants that building to them will work, so a contractor who followed them is not answerable for a design that fails. On a design-build job the same company drew it and built it, and both halves of the failure are theirs. That line decides where the tail liability on every completed job sits, it is invisible in the profit and loss, and it changes what insurance the business needs. Ask which side each of the last three years of work fell on, contract by contract, because a company can run both and most of them do. In numbers: A $400,000 foundation that settles is a claim against the designer on a plan-and-spec job and against the company you just bought on a design-build one, on identical work. - Biometric consent - https://searchspheresource.com/glossary/biometric-consent: The written permission a fingerprint or face scan needs before it is taken. Illinois requires informed written consent and a published retention schedule before a business collects a scan, and it gives the employee a private right of action, which is why nearly every case is a class action. A buyer keeping a workforce that has been clocking in on a fingerprint reader inherits the exposure for scans taken before closing, and an asset purchase does not reliably cut that off, because successor liability follows the operation and the claims are already accrued. Texas and Washington have their own versions enforced by the attorney general instead. Ask what the time clock reads and ask for the consent forms and the retention schedule by name. In numbers: At $1,000 for each negligent violation, 40 employees who signed nothing is a $40,000 exposure before anybody argues about how often a scan counts. - Economic nexus - https://searchspheresource.com/glossary/economic-nexus: The sales threshold that makes another state's sales tax yours to collect. Since 2018 a state can tax a seller with no office, no staff and no warehouse inside it, on volume alone, and most states set the line at $100,000 of sales into the state or a couple of hundred separate transactions. A seller who crossed that line in states they never registered in has an unfiled liability in each one, and it does not show up in the financials because nobody ever computed it. This bites hardest on the trades where it is easiest to miss: anything selling online, shipping, or licensing software. Ask for the state-by-state sales figures and count the thresholds yourself, because the seller's accountant may never have been asked to. In numbers: Crossing $100,000 of sales into six states and registering in none of them is six unfiled returns, and at a 6% rate that is $6,000 a state for every year it ran, before penalties. - E-Verify - https://searchspheresource.com/glossary/e-verify: The federal check on whether a new hire is allowed to work here. It is voluntary under federal law and mandatory under several state laws, and which of those a business sits under is decided by the address and not by the industry. An asset purchase makes the buyer a new employer, so the retained staff need fresh forms, and in a state that mandates enrollment each of those hires becomes a case the buyer has to run. Ask two things in diligence: whether the seller is enrolled, and whether any case ever came back unresolved, because a workforce that has never been checked is a different risk from one that has been checked and cleared. In numbers: The window is 3 business days from the first day of work, so a buyer rehiring the whole staff at closing opens every case inside the same 3 business days as everything else that week. - PEO (professional employer organization) - https://searchspheresource.com/glossary/peo: A payroll firm that becomes a co-employer of record for your staff. A great many small businesses run payroll, benefits and workers comp through one of these, and the agreement almost never survives a sale, so the buyer chooses between signing their own and standing all three up from nothing. The second is more work than a first-time owner expects and it lands in the same weeks as everything else. The other half is the workers comp rating, which the arrangement can pool: leaving one resets a good experience modifier or exposes a bad one that the pooled rate was hiding. Find out which entity is actually named on the comp policy before the add-backs are priced. In numbers: At an administrative fee of 3% of gross payroll, a business paying $900,000 in wages is carrying $27,000 a year for the arrangement, which is a live add-back question when the agreement will not survive the sale. - Breach notification - https://searchspheresource.com/glossary/breach-notification: The legal duty to tell people when their data has gotten out. Every state imposes one, and a practice holding health records carries a federal duty on top. Under 45 CFR 164.404 the limit is sixty calendar days from discovery. Discovery is dated from when anyone on the staff should reasonably have known, not from when the owner was told. The buyer's exposure is the incident that already happened and was never reported, since the duty travels with the entity in a stock deal and the facts travel either way. Ask what incidents have been logged, who assessed each one, and whether any of it is written down outside one person's memory. In numbers: A practice that discovers a breach on the first of the month has 60 days to notify the people in it, and at 500 or more it also tells the media and the Secretary. - PCI DSS - https://searchspheresource.com/glossary/pci-dss: The card industry's security rules for any business that takes cards. No statute creates it and no regulator enforces it. It reaches a business through the merchant agreement with whoever processes its cards, which is why it survives a change of owner exactly as far as that contract does and no further. What a buyer inherits is the gap: an old terminal, a point of sale system holding card numbers it should never have kept, a self assessment nobody has completed since the last owner did one. After a breach the card brands assess the processor and the processor charges the merchant, so a business with no compliance file has an open number sitting on it. Ask for the last attestation and who signed it. In numbers: A restaurant taking 40% of its revenue on cards is inside the rules whatever its size, and the assessment after a breach lands on the merchant, never on the processor. - 1031 exchange - https://searchspheresource.com/glossary/1031-exchange: A tax deferral for real estate swapped into other real estate. It reaches a business buyer through the building rather than through the business. A seller who owns the property may want the real estate treated as a like-kind exchange, which changes what they will accept on the building and can leave them indifferent to price there while caring intensely about timing. The deadlines are strict and they are the seller's problem until they become the closing's: a replacement property has to be identified inside forty-five days and closed inside a hundred and eighty. In numbers: On a deal where $900,000 of a $4M price is the building, the seller's exchange clock rather than the buyer's lender can set the closing date. - Refresh obligation - https://searchspheresource.com/glossary/refresh-obligation: The franchisor's right to make you rebuild the store on its own schedule. It is the largest number in a franchise resale that appears on no financial statement. The agreement usually lets the brand require a remodel on a cycle, on renewal, or as a condition of approving the transfer itself, and the last of those lands on the buyer in the first year, not on the seller in the last. A store that looks tired is not a bargaining chip; it is a bill somebody is about to receive. Ask what the current agreement requires, when the store was last done, and whether approval of this sale is being conditioned on doing it. In numbers: A brand conditioning its approval on a refresh can add six figures to a $4M purchase before the doors reopen, and none of it appears in the earnings you priced. - Discovery day - https://searchspheresource.com/glossary/discovery-day: The franchisor's meeting where an incoming owner is vetted and approved. Buying an existing unit does not skip it. The brand is choosing an operator as much as you are choosing a brand, and its approval is a closing condition you cannot negotiate with the seller. What it actually tests is whether you clear the financial minimums the brand publishes, whether you intend to operate the store yourself, and whether you will sign the current agreement, not the one the seller signed. Get the meeting scheduled before diligence spending starts, because a no ends the deal after the money is spent. In numbers: A brand publishing a $500,000 liquidity minimum applies it to you as the incoming owner, whatever the seller's balance sheet looks like. - Cargo insurance - https://searchspheresource.com/glossary/cargo-insurance: Cover for the freight itself while it sits in a carrier's care. Cargo insurance is separate from the liability policy on the trucks, and buyers routinely assume one covers the other. The limit matters more than the premium: shippers set a minimum before they will tender freight at all, so a limit below what a lane requires is not a savings, it is a class of customer the business cannot serve. Read the exclusions as carefully as the limit, because refrigerated freight, high-value electronics and unattended trailers are commonly carved out of a standard policy and are exactly the freight that pays best. In numbers: A $100,000 limit is standard on dry van freight and thin for electronics, where one trailer can carry $500,000 of product and the shipper will ask for a certificate before tendering it. - Shrink - https://searchspheresource.com/glossary/shrink: Stock that the books say exists and the shelves say does not. In any business whose price is partly its inventory, shrink is the difference between what you are buying and what you are paying for. It comes from theft, breakage, spoilage, and miscounting, and only the last of those is recoverable. A seller who has not counted recently is not hiding it so much as not knowing it, which is why a physical count at closing is normal in retail deals and reads as diligence, not distrust. Price the count, not the ledger. In numbers: A store carrying $400,000 of stock at 2% shrink loses $8,000 a year, and a count that comes in 5% light takes $20,000 off what the inventory is worth at close. - Possessory lien - https://searchspheresource.com/glossary/possessory-lien: A claim on somebody's property that lasts only while you hold it. It is the opposite of the lien a lender files. A blanket lien is recorded and follows the asset anywhere; this one exists because the property is in your hands and dies the moment you give it back. Whole trades run on it: a tow yard holding a car, a marina holding a boat, an innkeeper holding a guest's baggage, a self-storage operator holding a locker, a mover holding furniture. What a buyer inherits with the business is not just the claims but the notice discipline behind them. Every state that grants the lien also sets the letters, the waiting periods and the advertising a sale needs. A sale that skips a step can be voided. Read the aged-receivable list as a list of held property. In numbers: A tow operator holding a car for $1,200 of charges cannot sell it for 35 days in Florida, and must mail notice of the sale 30 days ahead. - Investment committee (IC) - https://searchspheresource.com/glossary/investment-committee: The investor group that approves or declines the equity in a deal. Every funded deal answers to one, and it is the equity side's version of the bank's loan committee: a room you are not in, deciding on a memo written by the partner who backed you. Two things follow. The calendar is real, so a partner's yes on a call is an intention and the vote is when it becomes money, which is how a financing contingency quietly runs short. And the memo is what gets judged, so what wins a vote is a clean thesis, a price the room can defend, and a diligence file it can check without calling you. In numbers: A fund that votes on the first Tuesday of the month is a real date: sign on 5 March, two days after the 3 March vote, and the $1.4M of equity is not approved until 7 April. - Deal fee - https://searchspheresource.com/glossary/deal-fee: A cash fee the sponsor charges the deal at closing for finding it. This is how an unpaid searcher gets paid for the work that reached a signing, and it comes out of the money raised to buy the business, so every dollar of it is a dollar not sitting in the company on day one. Investors read its size as a statement about the searcher: modest and disclosed early reads as alignment, large and produced late reads as a second negotiation. Lenders read it as a use of funds and want it on the closing statement, so a fee agreed by handshake and produced at the table can hold up an approval. In numbers: A 2% deal fee on a $6M purchase is $120,000 paid at closing, funded out of the same loan and equity as the purchase price itself. - Mechanic's lien - https://searchspheresource.com/glossary/mechanics-lien: A builder's claim against property for work nobody paid them for. Nothing about it is stopped by the purchase agreement, which is the part buyers get wrong. The claim attaches to the PROPERTY and follows it to whoever owns it next, so an indemnity from the seller is a promise to reimburse you after you have already paid. The window to file runs months past the last day of work, so a search that comes back clean at closing is not proof that one is not coming. Ask what construction has been done in the past year, get lien waivers from every contractor on it, and hold back enough to cover the window. In numbers: A roofer owed $40,000 on work finished before closing can file against the building, and the claim outranks a buyer who paid the seller in full for a clean title. - Tax lien - https://searchspheresource.com/glossary/tax-lien: A government claim over everything the business owns for unpaid tax. It is the one claim that does not queue politely. A filed federal tax lien reaches assets acquired after it was filed and outranks lenders who secured their position first, which is why a bank will not close over one and why it has to be paid and released at the table. The payroll trust-fund portion is the sharpest edge, because responsible people can be assessed personally for it and a buyer who keeps the same entity can inherit that argument. Ask for account transcripts from every taxing authority, not a screenshot of a balance. In numbers: An unpaid $60,000 payroll tax bill becomes a filed claim against every asset, and it is paid before the bank on a sale even though the bank filed first. - Non-bank lender - https://searchspheresource.com/glossary/non-bank-lender: An SBA lender that lends its own capital and takes no deposits. It is the smallest of the four kinds of lender in this market and the one worth knowing about when a bank says no. Without depositors it answers to its own investors, which usually means a wider credit box, a faster answer, and a higher rate for the same paper. The license is the thing to check, because only a limited number of these hold the SBA authority to make 7(a) loans at all. Ask whether the firm lends or brokers before you send a file. The two answers mean completely different things about who is deciding. In numbers: A non-bank lender funded by its own capital can hold a $4.5M acquisition loan a deposit-funded bank turns down, and it prices the risk accordingly. - Lead-safe firm certification - https://searchspheresource.com/glossary/lead-safe-firm-certification: The EPA certification a firm holds before it disturbs paint for pay. 40 CFR 745.89(a)(1) requires firms performing renovations for compensation in target housing and child-occupied facilities to apply to EPA for certification, and 745.89(b) makes them re-certify every five years, with each certificate expiring no more than five years after the application is approved. The certification belongs to the FIRM. An asset purchase into a new entity therefore buys the crews and the contracts and not the permission to put either on a house the rule covers, which is a closing condition and not a first-year project. Read the certificate and its expiry beside the contractor licenses, because the two run on different clocks and only one of them is a state matter. In numbers: A firm certificate expires no more than 5 years after EPA approved the application, under 40 CFR 745.89(b). One in its 58th month leaves 2 months to re-apply; a crew booked on a pre-1978 house in month 61 is working uncertified, and the firm carries that, not the crew. - Unclaimed property - https://searchspheresource.com/glossary/unclaimed-property: Money a business still holds that belongs to somebody it lost track of. Uncashed payroll checks, customer credit balances, unreturned deposits and old vendor overpayments do not become the company's money by sitting still. State unclaimed funds law sets a dormancy period for each kind and then requires the holder to report the money and remit it. Ohio's schedule under 169.02 runs one year on wages over fifty dollars and on rent and utility deposits, three years on other retail customer credits and on layaway merchandise, and five years on demand and savings deposits. Buyers are surprised by it because the obligation attaches to whoever is holding the funds, so an asset deal does not always shed it. Ask for the last filed report, and where there has never been one, ask what is sitting in the aged credit balances. In numbers: Twelve uncashed payroll checks averaging $700 is $8,400 the buyer reports and remits, not keeps. - Plan of correction - https://searchspheresource.com/glossary/plan-of-correction: The written fix a licensed provider files after a survey finds it deficient. A survey of a licensed or certified provider ends in a statement of deficiencies, and the provider answers it in writing. Federal rules make that answer a condition of taking part at all. Under 42 CFR 488.28(a) a deficient provider may participate in Medicare only if it has submitted an acceptable plan of correction within a timeframe the agency accepts. Section 488.28(d) says compliance is ordinarily expected within sixty days of notice. For a buyer the plan is worth more than the deficiency list beside it, because it records what the seller promised to change and by when, and an open one arrives as an operating constraint, not a piece of history. Ask for every statement of deficiencies and its plan across the last three survey cycles, then ask which items were cited more than once. In numbers: A survey ends, the provider files a plan of correction, and 42 CFR 488.28(d) ordinarily expects compliance within 60 days of the notice. Close on day 45 and you inherit the last 15 days of somebody else's promise, plus the revisit that checks it, on a license you have owned for two weeks. - Bait advertising - https://searchspheresource.com/glossary/bait-advertising: An offer made to draw a customer in with no intention of selling it. Federal guides define it as an alluring but insincere offer to sell a product or service which the advertiser in truth does not intend or want to sell. The same part reaches the conduct that follows, which is discouraging the purchase of the advertised item and switching the customer after the sale. For a buyer the exposure is rarely the headline offer. It is the standing lead-generation practice underneath it, the coupon no crew is scheduled to honor, the price that exists only to book the visit. Several trades write their own version of the rule into licensing law, so a seller's advertising history can be a license problem and not only a marketing one. Read a year of offers against what the schedule actually delivered. In numbers: A $99 advertised job that converts at $650 on the doorstep is the pattern the rule names. - Readily achievable barrier removal - https://searchspheresource.com/glossary/readily-achievable-barrier-removal: The ADA's duty to remove access barriers from an existing building. It is the building obligation that does not grandfather. New construction has to meet the design standards outright. An older building has to remove barriers wherever doing so is easy and inexpensive, measured against the business as it stands. A buyer inherits that duty on the day they close, and the size the test is applied against becomes the buyer's own. Two things follow in diligence. Price the obvious items, a parking space, a door width, a ramp, a restroom stall, before somebody else prices them in a demand letter. And ask whether the premises have ever drawn a complaint, because the duty attaches to whoever operates the premises, so a change of owner does not reset it, and a plaintiff who has written once about a property commonly writes again. In numbers: The 2010 Standards cap a ramp at a 1:12 slope, which is 8.33%, so a 6 inch rise needs 6 feet of run and a 32 inch clear door width is the floor. - Recognized environmental condition (REC) - https://searchspheresource.com/glossary/recognized-environmental-condition: What a Phase I actually reports: a sign contamination may be present. The report is not the finding. A Phase I either comes back clean or names one or more of these, and everything a buyer does next hangs off which. It may be a Phase II to put a number on it, an indemnity from the seller, a holdback against the price, or a walk. The clock matters as much as the finding. The federal all-appropriate-inquiries rule that earns a buyer the landowner defense puts an age limit on the report, so a study the seller commissioned well before the process started can be worth nothing to the person closing. Ask for the report itself and the date it was signed, and read what it says about the neighbors: contamination arrives by groundwater and does not respect a property line. In numbers: A $50,000 escrow against a $2M price is 2.5% of it, which is the shape one unresolved condition commonly takes. - Loss run - https://searchspheresource.com/glossary/loss-run: The insurer's own record of every claim a business has filed. It is the one diligence document that prices something the buyer will pay for personally, every year, starting on day one. Underwriters quote the new owner off the same history, so a book of claims a seller has stopped thinking about becomes the buyer's premium. Three to five years is the usual ask, from the carrier or the broker of record and not from the seller's own summary, because a summary is a memory and a loss run is a ledger. Read it for pattern before total: one large claim is an event, and a steady drip of small ones is how the business runs. It also names what the seller never told you, since a claim is a written record of something going wrong. In numbers: A 20% swing at renewal on a $40,000 premium is $8,000 a year, on the same business with the same revenue. - WARN Act - https://searchspheresource.com/glossary/warn-act: The federal notice a large employer owes before a mass layoff. It reaches employers at a headcount threshold and requires written notice a fixed number of days ahead of a qualifying closing or layoff, to the workers, the state and the local government. A buyer who plans to consolidate a site, cut a shift or close a location is the party who triggers it, so the duty arrives with the plan and not with the purchase. The penalty is money: back pay and benefits for every day of the shortfall, per affected worker, which turns a scheduling mistake into a per-head bill. Several states set lower thresholds and longer notice periods than the federal floor, so the state where the people work decides the real answer. Settle the timing before the announcement, since notice cannot be given backwards. In numbers: Thirty days of notice where sixty were owed is thirty days of back pay per worker, so fifty people at $200 a day is $300,000. - Trademark assignment - https://searchspheresource.com/glossary/trademark-assignment: The paper that moves a brand from the seller's name to the buyer's. An asset sale transfers what the agreement lists, so a mark nobody listed stays with the seller, who is then free to use it. That is the whole exposure and it is easy to miss on a business whose value is mostly a name people have trusted for twenty years. A registered mark moves by a signed instrument recorded with the trademark office, and federal law voids an assignment made apart from the goodwill of the business it identifies. That is why the mark and the customer list travel together or neither is worth much. Rights in an unregistered name follow use, so a seller who keeps operating anything under it keeps a claim. Three more things live beside the mark and appear in no schedule by default: the domain, the social accounts, and the phone number the customers dial. In numbers: A $1.2M price built on a twenty-year-old name, with an agreement listing the vans and omitting the mark, transfers the vans. - Certificate of occupancy - https://searchspheresource.com/glossary/certificate-of-occupancy: The local permission for a building to be used the way you use it. It names a USE and not an owner, which is what makes it a buyer's problem: the question is whether the certificate on file covers the business actually running there. It often does not, because a previous owner changed what the space does or built something without pulling a permit, and nothing forces that to surface until somebody applies for a license or an inspector walks in. Work done without a permit becomes the new owner's to legalize, at the new owner's cost and on the inspector's schedule. Ask for the certificate itself, read the use it states against the business you are buying, and check whether the jurisdiction requires a fresh one on a change of ownership, because several do and the application is where unpermitted work gets found. In numbers: A $6,000 a month lease on a space whose certificate does not cover the use is $72,000 a year for a room the business can be ordered to stop using. - Occurrence versus claims-made - https://searchspheresource.com/glossary/occurrence-versus-claims-made: Whether a policy pays for when it happened or for when you claim. The other form, occurrence, covers whatever happened during the term whenever the claim turns up, and the difference decides who carries the years before closing. A claims-made policy that ends at closing leaves everything the business did before it uninsured the moment the policy lapses, and the thing that surfaces after a sale is usually the thing nobody knew about. Professional liability, employment practices and directors and officers cover are commonly written this way, and general liability commonly is not, so the answer is per policy and the seller's broker can state it in a sentence. Ask which form each policy is before pricing anything, because the tail exists only for this one and its cost belongs in the deal and not in the first year of operating. In numbers: A claim reported a month after a policy ends is 100% uninsured under this form, however long the business had been paying for it. - Innocent landowner defense - https://searchspheresource.com/glossary/innocent-landowner-defense: The federal shelter a buyer earns by looking before they buy. Federal cleanup law reaches an owner for contamination somebody else caused, which is the exposure that makes a Phase I worth its fee. The shelter is not automatic and it is not bought with the report alone. It requires all appropriate inquiries before the purchase, on a clock, and it requires the buyer to keep behaving reasonably afterwards, which means not making things worse and cooperating with the agency. Two consequences for a deal. A report the seller commissioned for its own refinance years ago is evidence of nothing for the buyer, and a report that sits too long between signing and closing has to be refreshed, which takes days the schedule may not have. Both are cheap to fix in the schedule and impossible to fix afterwards. In numbers: The inquiries must sit within one year of the purchase, and five of their components within 180 days, so a study signed thirteen months earlier shelters nobody. - Work made for hire - https://searchspheresource.com/glossary/work-made-for-hire: The narrow rule that decides whether you own what somebody built. The default runs the other way from what most owners assume. Copyright in something an EMPLOYEE makes inside their job belongs to the business; copyright in something a CONTRACTOR makes belongs to the contractor, and calling it a work made for hire in an email does not move it. The freelancer who drew the logo, built the site or wrote the software owns it unless a signed assignment says otherwise, and what the business has instead is an implied permission to keep using it. For a buyer that is a diligence line with a cheap fix and an expensive absence: ask for the assignment on every mark, site and codebase the price depends on, and where none exists the seller can usually still get one before closing. Afterwards the leverage is gone. In numbers: A logo a freelancer drew for $800 and never assigned is the asset a $4M purchase agreement cannot transfer. - Copyright assignment - https://searchspheresource.com/glossary/copyright-assignment: The signed paper that moves a logo, a website or code to the buyer. A trademark assignment does not carry it and a bill of sale does not either. Copyright moves only by a signed writing from whoever owns it, which on a small business is usually the freelancer who built the site, drew the logo, or wrote the code the operation runs on. Two things make a real one: it names the works, by file, repository or address, and it is signed by the person who made them even where an agency did the billing. A blanket line assigning all intellectual property binds the seller, who frequently never owned the copyright to give. Ask for it while the seller still needs your money, because a contractor with no further business from either side has no reason to sign afterward. In numbers: On a $4M deal the website, the logo and the booking code came from one contractor paid $18,000, and a single signed assignment is what moves all three. - Wage and hour audit - https://searchspheresource.com/glossary/wage-and-hour-audit: A federal or state look at how a business paid the people who work in it. It is the exposure most likely to be sitting in a business that looks clean, because the mistakes that cause it are ordinary. A manager paid a salary who does not meet the test for it. A technician whose drive time between jobs was never counted. A tip pool a supervisor shares in, or a bonus left out of the overtime rate. None of that shows in the numbers a buyer is shown, and the back pay is counted in years. Two things make it a buyer's problem and not only the seller's. The people who could complain stay on after closing, and in an asset deal a buyer who keeps the same workforce doing the same work under the same practices has usually bought the practice along with the crew. Read the pay records for the roles the seller treats as exempt, and read them against what those people actually do. In numbers: Two managers misclassified for three years at ten unpaid overtime hours a week is roughly 3,000 hours, and at a $25 half-time premium that is $75,000 before penalties. - TCPA exposure - https://searchspheresource.com/glossary/tcpa-exposure: What a business owes for texting or calling customers without consent. Almost every trade here talks to customers on a phone number: the appointment reminder, the route confirmation, the review request after the job. The federal statute behind that gives a private right of action whose damages count each message, not each case, and treble where a court finds the sending was willful, and there is no cap. A list built over ten years without a record of who agreed to what is therefore an asset and a liability in the same file. What a buyer asks for is not the list but the CONSENT: where each number came from, what the person was told when they gave it, and whether an opt-out was honored and recorded. A seller who cannot produce that has a marketing channel the buyer may not be able to use. In numbers: The statute sets $500 for each message and up to three times that where a court finds it willful, so a single reminder blast to 2,000 unconsented numbers is a $1M exposure before any multiplier. - Cooling-off rule (right to cancel) - https://searchspheresource.com/glossary/cooling-off-rule: The customer's three business days to cancel a sale made at their home. The federal rule reaches a sale of twenty five dollars or more at the customer's home and a hundred and thirty anywhere else it covers, the workplace included, and it counts visits the customer invited. What it owes is three business days and a detachable notice of cancellation in duplicate. States build upward from there: Ohio bars the seller from starting the work at all during those days, California voids a storm-repair contract solicited within a week of the disaster, North Carolina makes a willful paperwork failure a misdemeanor. Every exclusion is narrow and every one begins with the customer having made the first call, so a business that sells at the door owns the whole apparatus. Read the ticket before pricing the revenue. In numbers: A $6,000 job sold at the door and cancelled on day two is refunded in full within 10 business days, and in Ohio a crew that had already started collects nothing for the work. ## Glossary: Operate & Grow the Business (23 terms) - Consulting agreement - https://searchspheresource.com/glossary/consulting-agreement: A paid contract keeping the seller on as an advisor, not an owner. It is how an SMB buyer defuses key-person risk without leaving the seller any ownership. A few months of the seller introducing customers and staff on a fixed fee is often worth more than an indemnity clause. SBA change-of-ownership rules cap the seller's involvement at twelve months, so the term is written to that ceiling. In numbers: A $4M acquisition often pairs a 12-month consulting agreement near $5,000 a month, keeping the seller reachable through the first full renewal cycle instead of gone at closing. - Open-book management - https://searchspheresource.com/glossary/open-book-management: Sharing the company's real numbers with the staff who move them, on a schedule. A new owner arrives with a debt schedule and a team that has never seen a P&L, which is the gap this closes: people who know the gross margin on a job price it differently from people who do not. The discipline is a weekly or monthly number posted where the crew works, tied to something they can change, and it fails when the numbers arrive without the authority to act on them. It is also the cheapest retention tool a first-time owner has, because a team shown the arithmetic stops guessing what the new owner is taking out. In numbers: A crew of twelve shown a weekly gross margin of 38% against a 42% target will chase the four points; the same crew shown only revenue has no number to chase. - Retained earnings - https://searchspheresource.com/glossary/retained-earnings: Profit the company has kept over its life and never paid out to owners. It is the line a new owner meets on their own balance sheet and misreads first, because it is not cash. The money was earned and spent on equipment, stock and payroll years ago, so a large retained earnings figure sits happily beside an empty bank account. Which of the two you inherit depends on how you bought. A stock purchase carries the balance sheet across with its history intact; an asset purchase starts the account at zero on day one, because the entity is new. Ask which one your deal is before reading anything into the number. In numbers: A company showing $800,000 of retained earnings and $40,000 in the bank has spent the difference on assets and working capital, which is the ordinary case rather than a warning. - Tax distribution - https://searchspheresource.com/glossary/tax-distribution: Cash a pass-through business pays owners so they can pay its tax bill. Two things decide whether the clause works, and the rate everybody argues about first is only one of them. It lives in the operating agreement rather than in a decision made each spring, so a percentage drafted around one person's bracket quietly underpays anybody in a higher one the year profit is larger. The other is the lender: a credit agreement that blocks payments to owners blocks this one too, which is how a good year turns into a bill somebody funds out of savings. Ask for the clause and the lender's consent together, because either on its own is worth very little. In numbers: A 30% assumed rate on $250,000 of allocated profit distributes $75,000 to cover the tax, and an owner in a higher bracket funds the rest themselves. - Management incentive plan - https://searchspheresource.com/glossary/management-incentive-plan: A plan setting how much of the upside the managers you keep will share. Phantom equity and a retention bonus are instruments; this is the plan that decides how large the pool is, who is inside it, and what has to happen before anybody is paid. A first-time owner usually inherits managers who hold the customer relationships and have no reason to stay through a change of control, and the pool is the answer to that. Size it before the first conversation, because a number offered under pressure becomes the floor for everyone who hears about it, and let the trigger be a specific event: a sale, a refinancing, or a stated multiple reached. In numbers: A 10% pool on a business bought for $4M is worth $400,000 at the same price, and nothing at all if a sale never happens. - Phantom equity - https://searchspheresource.com/glossary/phantom-equity: A contract paying a key employee as if they owned a share of the business. A buyer financed by an SBA loan usually cannot give away real equity: the lender underwrote a specific ownership structure and a personal guarantee attaches to it. Phantom equity keeps the manager who holds the customer relationships without a cap table, a shareholder agreement, or a minority owner you would have to buy out later. Write the trigger and the valuation formula into it at the start, because both get much harder to agree once the number is large. In numbers: Granting 5% phantom equity in a business bought for $4M costs nothing at signing and roughly $200,000 if it is sold at the same price, paid out of the proceeds rather than out of cash flow. - Retention bonus - https://searchspheresource.com/glossary/retention-bonus: Cash promised to a key employee for staying through the transition. The people who actually run a small business rarely have contracts, and a sale is exactly when a competitor recruits them. A retention bonus buys the buyer time to earn the team's trust on its own merits. Diligence should price the cost of holding the two or three people the business cannot lose. In numbers: Offering the lead technician a $40,000 bonus to stay 12 months costs about 1% of a $4M deal and is cheaper than losing the person half the customers ask for by name. - Knowledge transfer - https://searchspheresource.com/glossary/knowledge-transfer: The handover of what a departing owner knows and never wrote down. In an owner-run business most of the value lives in the owner's head, and the crews call the rest of it tribal knowledge: the undocumented habits the long-tenured staff carry and nobody has written down. The first hundred days are a race to move both into systems and people before the seller leaves. A buyer plans the transfer: shadowing, warm introductions, and written SOPs. Left to happen on its own, it does not happen. In numbers: A buyer who spends the seller's 90-day transition documenting the 20 accounts behind 60% of revenue is protecting the number the whole valuation rests on. - Transition services - https://searchspheresource.com/glossary/transition-services: The seller's committed training and availability after closing. How long the seller stays on and on what terms is negotiated rather than assumed, and verbal goodwill evaporates surprisingly fast once the wire clears. Get the hours, the duration, the compensation, and what specifically is being handed over onto paper, because 'available for questions' means one thing to a buyer learning the business and another to a seller on a boat. Note that a long paid engagement can raise its own problem: staff keep taking direction from the old owner while you are the one carrying the debt. In numbers: A typical structure: the seller stays 90 days full time at $0 added cost, priced into the deal, then is available by phone for a year; a seller who will only commit to two weeks is telling you something the CIM did not. - Owner draw - https://searchspheresource.com/glossary/owner-draw: Taking cash out of the business as an owner, outside of any payroll. Which way you pay yourself is set by the entity and the loan, not by preference. A draw moves cash without payroll taxes withheld, which is normal for a sole proprietorship or partnership share and wrong for an S corporation owner-operator, who the IRS expects on a reasonable salary first. After an SBA acquisition there is a third constraint: distributions beyond your salary typically need the loan agreement's blessing while the note is young. Decide the split with your CPA before the first month's cash feels like yours, and benchmark the salary line against what a hired manager would cost. In numbers: An S corp owner taking $400k of draws on a $0 salary is a payroll-tax audit waiting; the workable shape is a $150k salary with payroll taxes paid, then distributions above it, sized to what the loan covenants allow. - Operating partner - https://searchspheresource.com/glossary/operating-partner: Someone who runs the business with you, or for you, after close. The word covers two arrangements a buyer meets under one name, and confusing them is expensive. An investor's operating partner is a shared resource: an experienced operator the fund puts in front of several companies, useful for a specific problem and never accountable for your week. A partner in your own deal is the opposite, taking equity and a seat, and is worth it when the business needs an owner in a place or a discipline you cannot cover. Ask which one is on offer before you value it, because the first is help and the second is a co-owner. In numbers: A fund offering an operating partner is offering perhaps a day a month across its portfolio; a partner taking 20% of the equity to run operations is giving up a salary elsewhere to be there daily. - Revolving line of credit - https://searchspheresource.com/glossary/revolving-line-of-credit: A credit line the business draws on and repays as its cash swings. An acquisition loan buys the business; it does not fund the weeks when payroll lands before the receivables do. The revolver is the instrument that covers that gap, and it is arranged at the close or not at all, because a lender's appetite is never higher than the day it underwrote you. Ask what the limit is, what formula sizes it, and whether the bank has committed to it or may cancel at its own discretion. A buyer who skips it funds the swing out of the equity they were going to live on. In numbers: A business collecting in sixty days and paying in thirty carries about a month of costs in the gap, so on $2.4M of annual costs that is $200,000 the line has to cover. - Borrowing base - https://searchspheresource.com/glossary/borrowing-base: The share of receivables and inventory a credit line will lend against. A line of credit is not a fixed amount, it is a formula, and the formula is what decides whether cash is there in a slow month. A lender typically advances against recent receivables and a smaller share of inventory, excludes anything aged past ninety days, and excludes balances owed by a customer who is also a supplier. Two consequences for a new owner: collections discipline directly raises how much can be drawn, and a single large slow-paying customer can shrink the line at exactly the moment it is needed. Ask for the formula in writing before signing. In numbers: Advancing 80% on $300k of current receivables and 50% on $100k of inventory gives a $290k line, not the $400k of assets behind it. - At-will employment - https://searchspheresource.com/glossary/at-will-employment: Employment either side can end at any time, for any lawful reason. It is the default in most states and it cuts both ways: the staff a buyer is counting on can leave the week after closing, and that is the risk worth planning for rather than the freedom to dismiss. Two things quietly override it, and diligence should find both: a written employment agreement, and a handbook or offer letter promising a process. Montana is the standing exception, where a probation period converts to good-cause protection. In numbers: A business whose two licensed technicians are at-will and unbonded can lose 60% of its billable capacity with two weeks' notice, which is why retention money at closing is often worth more than a price concession. - OSHA - https://searchspheresource.com/glossary/osha: The federal workplace safety regulator, and the rules it enforces. For a trades or manufacturing business it is a live liability, not paperwork: citation history transfers with the operation in practical terms, and an open case is something to find before closing. Ask for the 300 log, any citations from the last five years, and the written safety programs the standards require. A business with no recordable injuries and no written program is not compliant, it is lucky. In numbers: Serious violation penalties run to roughly $16,550 per violation and wilful or repeat ones to about $165,500, which is a real number against a business earning $500,000. - Workout - https://searchspheresource.com/glossary/workout: A renegotiated loan agreed with the lender instead of a default. It is what actually happens first when a business cannot make its payments, and almost nobody looks it up until they need it. A lender's alternative to a workout is a liquidation that recovers less, so the conversation is more available than it feels: deferred principal, a longer term, or interest-only for a stretch. What decides it is being early and being honest, because a lender who learns from a missed payment has fewer options than one who heard about the problem a quarter ahead. In numbers: Six interest-only months on a $1M loan at 10.5% frees about $28,500 of cash, which is often the difference between a rough year and a default. - Forbearance - https://searchspheresource.com/glossary/forbearance: A lender's written agreement to pause enforcement for an agreed period. It buys time without forgiving anything, which is exactly what a business with a fixable problem needs and exactly what one with a broken model should not mistake for a rescue. The missed payments usually still accrue and are added back to the balance or the term. Get it in writing every time: an informal assurance from a relationship manager is not a defense against the collection process the loan documents already allow. In numbers: A 90-day forbearance on an $8,000 monthly payment defers about $24,000, which lands back on the loan rather than disappearing. - Deficiency - https://searchspheresource.com/glossary/deficiency: What is still owed after the collateral is sold and the proceeds applied. This is where the personal guarantee stops being an abstraction. Business assets rarely fetch their book value in a forced sale, so the gap between what the loan owes and what the sale raises is a personal debt, pursued from the guarantor, not the company. It is the number that makes collateral coverage worth checking before closing, and the reason a deal financed almost entirely against goodwill carries a different personal risk from one secured by equipment. In numbers: A $900,000 balance against equipment and inventory that raise $350,000 at auction leaves a $550,000 deficiency the guarantor owes personally. - Offer in compromise - https://searchspheresource.com/glossary/offer-in-compromise: A settlement of an SBA deficiency for less than the full balance owed. It is the formal route out of a deficiency, and it turns on what the guarantor can actually pay rather than on what is owed: the agency weighs current income, assets and prospects against the cost of pursuing the debt. Refusing to engage does not make it quieter, since an unresolved federal debt can be referred to Treasury for collection and offset against tax refunds. Documented cooperation early is worth more here than any argument about the business. In numbers: A guarantor with a $550,000 deficiency, no assets worth selling and modest income may settle for cents on the dollar, but the process runs on filed financial statements rather than on a phone call. - Accountability chart - https://searchspheresource.com/glossary/accountability-chart: A one-page map of every seat in a company and the numbers each seat owns. Buyers meet this in the first month, because so many small companies run on the operating system that named it, and the chart is where a seller's real structure shows. Two names in one seat, or one name in four, is the finding: it tells you which jobs walk out with the owner and which the team already carries without them. Draw it for the business you are bought into, before you promise anybody a title. The distance between that drawing and the one you would like in a year is your hiring plan, and it is cheaper to see it in week one than to discover it when the seller's transition period ends. - EPLI - https://searchspheresource.com/glossary/epli: Cover for employment claims: wrongful termination, discrimination, harassment. The first year of new ownership is exactly when employment claims happen, because that is when terminations, schedule changes, and pay decisions happen, and the person making them is new to being the defendant. General liability excludes employment claims entirely, so without this policy a single wrongful-termination suit is paid out of the company. Carriers commonly bundle it with the rest of the day-one package, and the application asks for a handbook, which is worth having anyway. In numbers: A $1M EPLI limit for a business with 20 employees commonly runs $2,000 to $5,000 a year, against defense costs that pass $50,000 before a weak claim is dismissed. - EIN (Employer Identification Number) - https://searchspheresource.com/glossary/ein: The federal tax ID a business runs payroll and files returns under. Which EIN survives the deal follows the structure, and the bank will ask before the wire. An asset purchase runs through your new entity, which needs its own EIN from day one. A stock purchase keeps the company's existing number and its filing history with it. In numbers: The application is free and takes minutes online, but a $4,000,000 asset purchase needs the buyer's EIN weeks before closing for the bank account, payroll setup, and license filings that all key off it. - Stock appreciation right - https://searchspheresource.com/glossary/stock-appreciation-right: A promise to pay a manager the increase in value, without shares. It is the incentive a buyer reaches for when they want a key employee thinking like an owner and do not want a second name on the cap table. The right pays cash on a trigger, usually a sale or a fixed date, measured against a starting value agreed at the grant. Settle two things before granting one: what that starting value is, and who computes the later one, because a right written against an undefined number becomes an argument at exactly the moment the business is being sold. In numbers: A right granted at a $4M value paying 5% of the increase is worth $100,000 if the business sells for $6M. ## Glossary: Selling a Business (12 terms) - Recapitalization (recap) - https://searchspheresource.com/glossary/recapitalization: A change in who owns the equity, short of the company changing hands. It is the most common way a private-equity purchase of a founder-run business gets announced, and the word is doing real work. A majority recap sells control while the owner keeps a slice, and a minority recap takes cash off the table and leaves the owner in charge. For a searcher reading exit news, the distinction decides whether the operator actually sold. For an owner reading a term sheet, it decides whether the second sale is the one that matters, since the stake you keep is priced by the buyer's exit on the buyer's timing. In numbers: In a majority recap at a 6x multiple on $2M of EBITDA, an owner selling 70% takes about $8.4M off the table and keeps 30% of whatever the next sale brings. - Second bite of the apple - https://searchspheresource.com/glossary/second-bite: The payday on the equity you rolled, when the new owner sells again. It is the argument for taking less cash at close, and it is an argument rather than a promise: the rolled stake is minority equity in a company somebody else now controls, priced at their exit on their timing. What decides whether it pays is the same list every time, and none of it is on the headline number. Whether the buyer adds leverage, whether your shares sit behind a preferred return, and whether you have any say in when they sell all change the answer more than the multiple does. In numbers: Rolling 20% into a $12M recap leaves a $2.4M stake; if the buyer sells five years later at $30M, that stake is worth about $6M before any preferred return ahead of it. - Exclusive listing agreement - https://searchspheresource.com/glossary/exclusive-listing-agreement: The contract making one broker the only one who can sell a business. It is the document a seller signs and a buyer never sees, and it sets three things that shape the whole process. The commission, how long the exclusivity runs, and the tail period. During the tail the broker is still owed a fee if the business sells to somebody they introduced. For a buyer, the tail is the clause worth knowing about, because it is why a broker who showed you a business two years ago may still be owed on it. For a seller, the length is the term to negotiate hardest, since an underperforming listing is otherwise locked up for its full run. In numbers: A 10% success fee on a $1.8 million sale is $180,000, and an exclusive owes it no matter who found the buyer. - Asset sale vs. stock sale - https://searchspheresource.com/glossary/asset-vs-stock-sale: Buying the assets and leaving the liabilities, or buying the entity. The structure drives taxes, which liabilities you inherit, whether key contracts and licenses carry over, and whether you have to rehire everyone or simply inherit them, so it is worth real money to whichever side it favors. It also decides the paperwork a new owner spends the first week on. An asset purchase runs through a new entity, so it needs its own EIN from day one, while a stock purchase keeps the company's existing number and its filing history. The trade name is an asset like any other: an asset purchase carries it only where the agreement conveys it and the buyer registers it, and a stock purchase keeps the name because the company keeps itself. Name the structure in the LOI, not the closing week. Nearly every SBA-size deal is an asset purchase for the clean liabilities and the stepped-up basis, and a seller pushing for a stock sale is usually protecting something. In numbers: Pay $1,500,000 for the assets and that price becomes your tax basis, written off over the years ahead: the equipment quickly, the goodwill over fifteen years. Buy the stock instead and nothing resets: the company keeps depreciating the $300,000 its equipment cost years ago, most of it already used up, and its old liabilities come along too. Those write-offs are why nearly every SBA-size deal papers as an asset purchase. - Earnout - https://searchspheresource.com/glossary/earnout: Price paid only if the business hits agreed targets after closing. It bridges the gap between what a seller believes the business is worth and what a buyer will pay today by putting part of the price on future results. It also breeds disputes over how those results are measured once the buyer runs the company, and on an SBA 7(a) deal the rules restrict it, so it rarely rides the loan. In numbers: A $4M deal with a $667k earnout paid only if revenue holds above $6M for two years puts a sixth of the price on future performance; on an SBA-financed deal that structure usually cannot ride the loan. - Purchase price allocation - https://searchspheresource.com/glossary/purchase-price-allocation: How an asset sale's price is split across asset classes for the IRS. The split sets your depreciation and amortization schedule and the seller's tax bill at the same time, which makes it a negotiation rather than paperwork. What you want and what the seller wants point in opposite directions: dollars in the equipment classes write off faster for you, dollars in goodwill are taxed more gently for them. A covenant not to compete is on goodwill's own fifteen-year clock, so it buys you no speed, and it is taxed to the seller as ordinary income, which is why both sides usually prefer the goodwill line. Agree the allocation while price is still being discussed, because raising it in closing week means reopening a deal both sides think is done. Both sides report the agreed split to the IRS on Form 8594, and mismatched filings invite questions neither side wants. In numbers: On a $4M asset deal, allocating $1.6M to equipment (depreciated over years) versus goodwill (amortized over 15) changes your near-term tax deductions and the seller's gain treatment; the two sides pull opposite ways, which is why it is negotiated. - Installment sale - https://searchspheresource.com/glossary/installment-sale: A sale paid over time, taxed as the payments actually arrive. For a seller it can soften a single large tax year, but the relief is paid for by carrying the buyer's credit risk, so it is a trade-off to price, not free money. For a buyer it is the reason a seller note and the deal structure interact with the seller's tax planning. In numbers: On a $1M gain taken $200k a year over five years, the seller is taxed on roughly the gain in each year's payment instead of the whole $1M at once. That can keep more of it in lower brackets, but if the business falters the later payments are at risk. - Broker commission - https://searchspheresource.com/glossary/broker-commission: The success fee a broker earns at closing, paid by the seller out of the price. Buyers do not pay it directly but feel it in the asking price, and it explains why a broker pushes back hardest on the last few percent of a negotiation. A finder's fee is the opposite arrangement and worth telling apart. It buys an introduction instead of a process, and it is usually owed by whoever wanted the introduction, which on an off-market deal is the buyer. Agree the number and the trigger before the introduction, because afterwards the leverage has moved. Sellers should get the rate, the minimum, and the tail period in writing before signing an engagement, since the tail is what obliges them to pay a commission on a buyer who appears months after the listing ends. The largest listing marketplace puts the typical range at ten to fifteen percent of the price up to about a million dollars and a reduced percentage above that, with flat fees common at the smallest end. Your engagement letter is still the only rate that binds you. In numbers: A 10% success fee on a $1.2M sale is $120,000, paid from the seller's proceeds at close. - Step-up in basis - https://searchspheresource.com/glossary/step-up-in-basis: The buyer's tax benefit: the price becomes the new depreciable basis. It is a large part of why buyers prefer asset sales and sellers often prefer stock sales: the buyer gets to depreciate a freshly stepped-up basis while the seller may face a heavier tax bill on the same structure. Because the benefit and the cost land on opposite sides of the table, the gap is real money and it is negotiable in the price. In numbers: Allocating $1.6M of a $4M asset deal to equipment lets the buyer depreciate that $1.6M anew; in a stock sale they inherit the seller's remaining basis and lose the deduction. - Depreciation recapture - https://searchspheresource.com/glossary/depreciation-recapture: Gain taxed as ordinary income because it reverses past depreciation. It raises the seller's tax bill in an asset deal, part of why sellers push for stock sales, so the structure is a price negotiation and not just paperwork. The same allocation that creates it gives the buyer a stepped-up basis to depreciate, which means the two sides are trading a real tax cost against a real tax benefit line by line. Expect the split of the price across equipment, goodwill, and a non-compete to be negotiated in its own right, because each bucket lands differently on both tax returns. In numbers: Equipment depreciated to $50k and sold for $150k recaptures the $100k of prior depreciation as ordinary income, taxed near 25% rather than at the lower capital-gains rate. - ESOP (Employee Stock Ownership Plan) - https://searchspheresource.com/glossary/esop: A retirement trust that buys the company on the employees' behalf. It is a rival bidder a searcher meets without seeing, because an owner who wants the team to inherit the business will take less money to get it and needs no diligence on the buyer. It is also an exit route worth knowing when you sell: the tax treatment can be favorable to a seller, and the buyer is a trust rather than a person who has to be convinced. The trade is that setting one up is expensive and slow compared with selling to an individual. In numbers: An ESOP buying a $6M company might use $2M of bank debt and a $4M seller note, so the employees own it outright while the seller is paid over years rather than at closing. - Holding period - https://searchspheresource.com/glossary/holding-period: The number of years between buying a business and selling it. A return is a rate, not a total, so the same gain is a different answer at four years than at ten, and that rate is what an investor is solving for before a price is agreed. It also decides what the paperwork has to survive: a seller note amortizing over seven years outlives a five-year hold and has to be settled out of the sale, and a preferred return compounds every year the hold runs. Searchers who plan an exit plan the hold first, because almost every other number moves with it. In numbers: A business bought for $5M and sold for $15M is 3x either way: about 32% a year over a four-year hold, and about 12% over a ten-year one. Short index: https://searchspheresource.com/llms.txt