What we’re reading,
writing, and saying.
Deal analysis, operator playbooks, and honest conversations with buyers, lenders, and operators building the next generation of digital businesses.
How lenders underwrite a SaaS acquisition
SaaS looks like the easiest business a lender could finance. In underwriting it is one of the hardest, and here is exactly why.
SBA loan for a Shopify business: what changes vs FBA
Owning your storefront is a credit strength. Owning your customer acquisition cost is where the risk moves, and that is what underwriting tests.
The SBA closing timeline, week by week, from LOI to wire
Sixty to ninety days is not a plan. Here is where each of those weeks actually goes, who is blocking at every stage, and what you control.
'No money down' acquisitions: what is actually possible
Zero-down SBA acquisitions died on June 1, 2025. Here is what the injection rule really requires, and the four legitimate ways to shrink your cash at closing.
Where your SBA down payment can actually come from
The SBA does not just count your down payment. It audits where the money came from and how long it sat there. Here is what survives underwriting.
The add-backs a lender will actually credit
A CIM says $900K of SDE. The credit memo says $640K. Here is how an underwriter recasts the financials, and why the gap resets your maximum loan.
Beyond the Listing: How to Use Flippa to Build a High-Value Acquisition Pipeline
Learn how to use Flippa to build a stronger acquisition pipeline, find online businesses for sale, source off-market opportunities, screen potential deals, and move faster when the right business appears.
Why Your SBA 7(a) Term Sheet Isn't the Deal You Think It Is
The commitment letter is the deal. The term sheet is a handshake. Here's what changes between the two, and how to protect yourself before you're 45 days in.
The 12 Metrics Every Ecommerce Buyer Should Pull Before LOI
Contribution margin by SKU, return rate by channel, supplier concentration, and eight more. Most buyers look at the wrong numbers until it's too late.
The 100-Day Playbook for New Ecommerce Operators
What to do in weeks one through twelve after wire hits. Vendor renegotiation, team retention, tech stack audit, and when to touch the ad account.
Seller Notes: When to Take Them, How to Structure Them
A seller note on full standby satisfies the SBA's 5% equity injection rule. A seller note on partial standby does not. The difference costs deals.
De-Risking Your First Acquisition: 3 Red Flags to Spot in Due Diligence
A practical framework for identifying platform dependency, founder-centric operations, and financial noise before you acquire an online business.
New SBA 7(a) Rule Takes Effect March 1: Here's What's Changing
Updated SBA financing eligibility affects how lenders can structure acquisition loans. Here's what buyers need to know before submitting an application.
How Buyers Can Speed Up the Closing Timeline
Most delays in SBA acquisition closes are buyer-caused. Here's the checklist that keeps your deal moving from LOI to wire.
What First-Time Buyers Get Wrong About SBA Loans
The five misconceptions that cause first-time acquirers to either miss deals they could have financed or overpay for deals they should have passed on.
SBA 7(a) Loan Rule Changes Now in Effect
The SBA's revised lending standards took effect June 1, 2025. Here's what changed for acquisition financing and what buyers need to know.
Stephen Speer,
on the mic.
Stephen joins brokers, operators, and searchers on industry shows to talk SBA financing, deal structure, and what actually closes.
- DealQuestApr 3, 2024·42 min
Success in E-Commerce with Stephen Speer
- M&A TalkOct 26, 2023·1 hr
For New Sellers: Financing an Acquisition – What Buyers and Sellers Need To Know
- Let's Buy a BusinessJan 25, 2021·40 min
Everything You Need to Know About SBA Loans
- Seller PlexJul 30, 2024·55 min
The Truth About SBA Loans for Ecommerce from Over $250 Million in Lending with Stephen Speer
- Website ClosersMar 19, 2024·40 min
Small Businesses and SBA Loans with Stephen Speer
Reading is the easy part. Pricing the deal is what we do.
Start with the pillar guides.
Articles cover what changed this month. The guides cover the whole process end to end.
The Complete SBA 7(a) Business Acquisition Loan Guide (2026)
The complete guide to SBA 7(a) acquisition loans in 2026 — how the program works, who qualifies, equity injection mechanics, lender selection, and why deals get declined.
How to Finance a Business Acquisition: SBA Loans, Seller Financing, and Beyond
Explore SBA 7(a) loans, Capital Access, seller financing, retirement funds, home equity, and other ways to finance a business acquisition.
The Complete Guide to Business Acquisition Due Diligence
The complete business acquisition due diligence guide — financial, operational, legal, IP, and industry-specific diligence for acquisition buyers, with timeline and deal term implications.