Owned or Leased? Tackling Real Estate in Indiana Business Sales
The short answer: Whether the property is owned or leased is one of the first questions that shapes how an Indiana business deal gets structured, financed, and valued. When a seller owns the real estate, it almost always gets treated as a separate asset from the business itself, and the two are often sold independently or packaged together depending on the buyer’s financing. When the business leases its space, the terms of that lease become a central piece of the deal, and a bad lease can reduce the price, complicate financing, or kill the transaction entirely. Understanding how real estate fits into the deal before you get to the negotiating table saves a significant amount of time and frustration.
Most buyers who are new to the process think of a business acquisition as a single transaction: price gets agreed on, documents get signed, and the business changes hands. What they often find out mid-process is that the real estate piece, whether it’s a lease that needs to transfer or a building the seller owns outright, has its own set of complications that neither side anticipated.
I’ve worked through this on more than 871 Indiana transactions, and the real estate question comes up differently in almost every deal. Here’s what both buyers and sellers actually need to know going in.
When the Seller Owns the Property
A business where the seller owns the building outright is a structurally different deal than one that leases. The property has its own value, separate from the business’s earnings, and most experienced buyers and their advisors will want to treat them that way.
The most common approach is to value the business based on its earnings after imputing a market-rate rent, even if the owner currently pays nothing because they own the building. This is how banks and SBA lenders look at it, and it matters because a buyer who finances the acquisition needs the business’s cash flow to cover the debt service. If the valuation is inflated by the absence of a rent payment, the financing math doesn’t work. The business is worth what it earns after accounting for occupancy costs, and the real estate is worth what a commercial appraiser says it’s worth as a separate asset.
From there, sellers have a real choice to make. Selling the real estate with the business is simpler from a transaction standpoint and often makes the deal easier for buyers to finance through the SBA, since the lender can use the property as additional collateral. Keeping the real estate and leasing it back to the new owner is also common, particularly when the seller wants ongoing income after the sale and the property has appreciated meaningfully. Both approaches work, but they have different tax implications and different effects on what the seller nets, so it’s a conversation worth having with an accountant before you commit to either path.
When the Business Leases Its Space
For the majority of Main Street businesses in Indiana, the space is leased, and the lease is one of the most important documents in the deal. Buyers and their lenders look at it carefully, and what they find there affects price, deal structure, and whether SBA financing is even available.
The first thing lenders check is how much time is left on the lease. SBA loans for business acquisitions typically run 10 years, and most lenders want the lease to extend at least as long as the loan. If your lease has 18 months left and no option to renew, a financed buyer is going to have a hard time closing. Sellers who are within two years of lease expiration and thinking about selling should be talking to their landlord about a renewal before they ever list the business.
The second thing buyers look at is the rent itself, specifically whether the current rent reflects market rates and what escalation clauses are built in. A lease with a below-market rent makes the business more profitable on paper than it will be after a renewal at market rates, which creates a valuation problem. Buyers adjusting for future rent escalations may offer less than the seller expects, and if neither side is prepared for that conversation it can stall the negotiation at a frustrating point.
Assignment language matters too. Most commercial leases require landlord approval to transfer the lease to a new owner, and some landlords use that approval process as an opportunity to renegotiate terms or extract concessions. We’ve covered the assignment process in more detail elsewhere on this site, but the short version is that sellers should understand their lease’s assignment clause before they list, not after a buyer is already under contract.
What Buyers Should Be Looking For
If you’re buying a business with a leased location, the lease deserves the same scrutiny as the financial statements. A few specific things are worth checking before you’re committed.
How long is left on the lease, and what do the renewal options look like? If you’re buying a restaurant or retail business that depends heavily on its location, a lease with only one renewal option and a landlord who’s been difficult is a real risk that should be factored into your offer.
What does the lease say about permitted use? A lease written for one type of business may restrict what a new owner can do with the space. If you’re planning to change the concept, add a service, or expand the hours, the permitted use clause might create complications you didn’t expect.
Is there an exclusivity clause, and if not, can you negotiate one? Businesses in shopping centers, strip malls, or mixed-use developments can suffer significantly if a direct competitor moves in nearby. An exclusivity clause that prevents the landlord from leasing adjacent space to a competing business is worth asking for, particularly if the landlord has vacant units nearby when you’re signing.
And what happens when it’s time for you to sell? This sounds premature when you’ve just agreed to buy, but a lease that’s difficult to assign or has restrictive transfer language will be your problem when you eventually exit. It’s easier to negotiate those terms before you sign than to fight them when you’re already the tenant.
When Real Estate Becomes a Deal Complication
The situations where real estate actually kills a deal or forces a renegotiation tend to follow predictable patterns. A landlord who refuses to approve the lease assignment on reasonable terms. A lease expiring too soon for SBA financing to work. A rent that’s well below market and due for a significant jump at renewal, which a buyer’s accountant catches and adjusts the valuation for. A seller who owns the building but hasn’t thought about how it affects the deal structure and is surprised when a buyer separates the two assets.
None of these are unsolvable, but they’re much easier to work through before you’re under contract than after. A seller who’s thought through the real estate question before listing, and a buyer who understands how the property situation affects their financing before they make an offer, end up in fewer of these situations.
Frequently Asked Questions
Does the real estate always come with the business when you buy it in Indiana? Not automatically. When the seller owns the property, the real estate and the business are typically valued and structured separately, and both parties negotiate whether the property is included in the deal, sold independently, or retained by the seller under a leaseback arrangement. When the business leases its space, the buyer acquires the right to operate from that location by assuming or negotiating a new lease, subject to landlord approval.
How does owned real estate affect the price of a business sale in Indiana? Owned real estate adds value to the deal, but it’s typically valued separately from the business using a commercial appraisal rather than folded into the business’s earnings multiple. Business value is calculated after imputing a market-rate rent expense, even if the seller currently pays none because they own the building. The property is then appraised on its own merits. Combining both in an SBA transaction can actually improve financing terms since the property serves as additional collateral.
What lease term do SBA lenders require when financing a business acquisition? Most SBA lenders expect the lease to run at least as long as the loan term, which for business acquisitions is typically 10 years. A lease with less than three years remaining and no renewal option will often disqualify the deal from SBA financing entirely, leaving the buyer limited to all-cash or seller-financed structures. Sellers with short lease runway should pursue a renewal before listing.
What is a leaseback and when does it make sense in a business sale? A leaseback is when the seller retains ownership of the real estate and leases it back to the buyer after the business sale closes. It’s common when the seller wants to keep an income-producing property rather than liquidate it as part of the business transaction, or when the real estate has appreciated significantly and the seller wants to retain that value. The lease terms need to be clearly defined in the purchase agreement, including rent, renewal options, and what happens if the buyer eventually wants to purchase the property.
Can a landlord refuse to let me assign the lease when I buy a business in Indiana? Landlords can refuse to approve an assignment, though their ability to do so depends on the language in the lease. Leases that say approval “shall not be unreasonably withheld” limit the landlord’s discretion. Leases without that language give landlords more room to impose conditions or refuse outright. This is one of the reasons buyers and their advisors review the lease assignment clause early in due diligence, before committing too deeply to a deal that might require landlord cooperation to close.
The Bottom Line
Real estate doesn’t have to complicate a business sale, but it does require attention from both sides early in the process. Sellers who understand how their property situation affects deal structure and financing come to the table better prepared. Buyers who review the lease or property terms before they’re under contract avoid the late-stage surprises that derail otherwise solid deals.
If you’re thinking about buying or selling a business in Indiana and want to understand how the real estate piece fits into your specific situation, I’m happy to talk through it. The conversation is confidential and it costs nothing, and most people find it more useful than trying to figure it out as they go.
Troy Frank Indiana Equity Brokers troy@indianaequitybrokers.com indianaequitybrokers.com
Am I cut out to be a business owner?
Are you “cut out” to own a business? Most successful business owners are not born with a natural “entrepreneur gene”; instead, they possess a specific combination of resilience, calculated risk-taking, and a growth mindset that is developed over time. If you have a strong desire for professional autonomy and the discipline to manage uncertainty, you likely have the foundational traits required to successfully acquire and lead a business for sale.
The path to ownership is less about perfection and more about the willingness to learn. According to data from the Small Business Administration (SBA), while about 20% of new businesses fail within the first year, those led by owners who engage in thorough preparation and professional exit planning or acquisition strategies see significantly higher sustainability rates.
Do You Have the Drive for Autonomy and Control?
The primary motivator for many entrepreneurs is the desire to control their own destiny. If you find yourself frustrated by the limitations of a corporate structure, you may be ideally suited for business ownership.
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Decision-Making: As an owner, you are the final authority on company direction.
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Value Alignment: You have the power to build a culture that mirrors your personal ethics.
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Future Planning: Ownership allows you to build equity in an asset you own, rather than just earning a salary.
However, control comes with the weight of responsibility. Leading a company through a company valuation or a growth phase requires a sense of optimism that can withstand temporary market fluctuations.
Are You a “Calculated” Risk-Taker?
A common misconception is that business owners are reckless gamblers. In reality, the most successful owners are experts at risk mitigation. When looking at a business for sale, a successful buyer doesn’t just jump in; they perform rigorous due diligence.
To succeed, you must be comfortable with:
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Financial Investment: Understanding that capital is a tool for growth, not just a personal expense.
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Strategic Patience: Recognizing that the ROI on a business acquisition may take 2–3 years to fully materialize.
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Resilience: The ability to pivot when a strategy fails without losing sight of the long-term goal.
Industry best practices suggest that the most “ready” entrepreneurs are those who have a “Plan B” but the focus and drive to make “Plan A” work.
Do You Have a Growth and Value-Creation Mindset?
Entrepreneurship is the art of building value where it didn’t previously exist. Successful owners are energized by the prospect of scaling operations and increasing the bottom line. This mindset is vital whether you are starting from scratch or acquiring an existing firm through a business broker.
Growth-oriented owners typically focus on:
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Process Improvement: Constantly looking for ways to make the business run more efficiently.
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Market Expansion: Identifying new customer segments or product lines.
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Asset Appreciation: Operating the business with an eventual exit in mind. Even if you don’t plan to sell soon, preparing for exit planning early ensures the business remains a high-value asset.
Do You Value Professional Relationships and Mentorship?
While the title says “owner,” the role is actually one of a “facilitator.” No successful business is an island. High-performing owners excel at building teams and leveraging the expertise of others.
Successful owners frequently collaborate with:
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Internal Teams: Empowering employees to handle day-to-day operations.
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External Advisors: Working with accountants, attorneys, and specialized firms like Indiana Equity Brokers to navigate complex transactions.
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Customers: Listening to feedback to refine the product or service.
Emotional intelligence (EQ) is often cited by M&A experts as a top predictor of success during the transition period of a business sale. The ability to build trust with a departing seller or a new staff is invaluable.
Is Now the Right Time to Buy or Start?
The final question isn’t just “Am I cut out for this?” but “Is the timing right?” Readiness involves both a mental state and a financial reality. Before taking the leap, it is highly recommended to seek a professional company valuation of the types of businesses you are interested in. This provides a realistic view of what your investment can buy and what the expected cash flow will look like.
Many prospective owners find that buying an existing business is a safer “entry point” than starting from zero, as it provides immediate cash flow and established systems.
Conclusion: Taking the Next Step
The transition into ownership is a journey of professional evolution. You don’t need to have all the answers on day one. With the right support system, a clear strategy, and a commitment to the process, you can transform from an aspiring entrepreneur into a successful business leader.
About the Author: Troy Frank, President of Indiana Equity Brokers, leverages over two decades of hands-on experience in business brokerage to help aspiring entrepreneurs identify the right opportunities and guide them through the complexities of business acquisition.
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Why Buy an Existing Business?
Established businesses offer proven cash flow, documented performance, and operational infrastructure that dramatically reduce uncertainty. For buyers seeking stability, predictability, and faster returns, acquiring a business for sale frequently outperforms launching a new startup.
Below, we break down why purchasing an existing company is often the preferred option—and how working with an experienced business broker can help buyers make informed, confident decisions.
Why Is Buying an Existing Business Less Risky Than Starting a Startup?
Buying an existing business is less risky because it has a verifiable operating history. Startups, no matter how well planned, are built on assumptions. Market demand, pricing, customer acquisition, and costs are all educated guesses.
By contrast, an established company provides real data:
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Historical revenue and profit trends
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Customer retention rates
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Supplier costs and margins
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Seasonality and cash flow patterns
According to widely cited Small Business Administration data, a significant percentage of new businesses fail within their first five years. The primary reasons include cash flow issues, lack of market demand, and operational missteps—many of which are already resolved in a mature business.
When you buy a business, you are investing in a proven model rather than testing an unproven idea.
How Does Past Performance Help Buyers Make Better Decisions?
Past performance allows buyers to evaluate what works, what doesn’t, and where value can be created. This is a core advantage of acquiring an established business.
With proper due diligence, buyers can:
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Review financial statements and tax returns
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Analyze margins and cost structures
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Identify growth opportunities through pricing, marketing, or operational efficiencies
This historical insight also plays a critical role in company valuation. Business valuation is typically based on cash flow, risk profile, and market comparables—none of which exist in a startup environment.
A qualified business broker helps interpret this data and normalize earnings so buyers understand the true economic performance of the business.
Why Do Established Relationships Matter When Buying a Business?
One of the most underestimated benefits of buying an existing business is the value of its relationships.
Established businesses already have:
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Loyal customers
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Trusted suppliers
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Banking relationships
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Industry credibility
These relationships take years to build and are often essential to ongoing success. When ownership changes hands, continuity matters. Vendors continue delivering. Customers keep buying. Employees remain engaged.
This continuity reduces transition risk and preserves enterprise value—something startups cannot offer.
How Do Proven Supply Chains and Customers Create Stability?
Reliable supply chains and recurring customers are foundational to operational stability.
New businesses often struggle to:
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Secure favorable supplier terms
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Maintain consistent inventory or service delivery
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Build predictable revenue
An existing business has already vetted vendors and refined processes. Long-term customers provide repeat revenue, which smooths cash flow and improves forecasting accuracy.
Predictable revenue is especially important for buyers using financing, as lenders prioritize stability when evaluating loan approvals.
Why Is Immediate Cash Flow So Important?
Cash flow is the lifeblood of any business. Many startups fail not because the idea is bad, but because they run out of cash before reaching profitability.
When you buy a profitable business for sale, you typically acquire:
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Immediate positive cash flow
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Established billing and collections systems
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Known working capital requirements
This allows new owners to focus on growth and optimization rather than survival. Historical financials also enable more accurate forecasting, making exit planning and long-term strategy far more achievable.
What Role Do Employees Play in a Successful Acquisition?
A business is only as strong as its people. Established businesses usually come with trained employees and, in many cases, experienced management.
These teams:
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Understand day-to-day operations
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Maintain customer relationships
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Provide continuity during ownership transitions
Hiring and training from scratch is time-consuming, expensive, and risky. Retaining an experienced team significantly reduces disruption and accelerates post-acquisition success.
Why Work With a Business Broker When Buying a Business?
Working with a professional business broker or M&A advisor improves outcomes for buyers.
Industry best practices include:
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Confidential marketing of businesses for sale
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Accurate company valuation
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Structured due diligence processes
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Negotiation support and deal structuring
Firms like Indiana Equity Brokers specialize in guiding buyers through complex transactions, ensuring deals are properly vetted and aligned with long-term goals.
Buyers can explore available opportunities by visiting
👉 https://www.indianaequitybrokers.com/buy-a-business
Is Buying an Existing Business the Right Path for You?
For many entrepreneurs, executives, and investors, buying an established business is the most efficient way to achieve ownership, income, and long-term equity.
Compared to starting from scratch, acquiring a proven company:
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Reduces risk
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Provides immediate cash flow
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Offers operational infrastructure
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Improves financing options
For owners thinking ahead, understanding the acquisition side also strengthens future exit planning when it’s time to sell your business. More insights on the selling process can be found at
👉 https://www.indianaequitybrokers.com/sell-your-business
Author Bio
Troy Frank, President of Indiana Equity Brokers, has spent decades advising buyers and sellers on business acquisitions, valuations, and exit strategies across multiple industries.
Read MoreBuying an Existing Business: Why It Might Be the Smarter Move
What Are the Key Steps to Buying a Business Successfully?
Buying a business offers a faster path to entrepreneurship than starting from scratch, with established revenue, customers, and operations. In 2025, the small business acquisition market is active, with small business acquisitions jumping 5% year-over-year and transaction values increasing 15%, driven by retiring owners and favorable financing options like SBA loans.
Understanding the process and potential challenges upfront significantly boosts your success rate when acquiring a small or established company for sale.
Why Buy an Existing Business Instead of Starting One?
Many entrepreneurs choose to buy a business rather than build one anew. While millions of new businesses form annually, acquiring an existing one provides immediate cash flow and reduces startup risks.
In today’s market, over 3 million businesses are listed for sale, creating opportunities for buyers. SBA-backed financing remains popular, with record approvals in recent years supporting acquisitions through low down payments (often 10%) and terms up to 10-25 years.
Step 1: Understand Confidentiality and Sign an NDA
The process typically begins with signing a Non-Disclosure Agreement (NDA). This standard practice protects the seller’s sensitive information, such as financials and customer lists, while allowing you access.
Sellers require NDAs to maintain confidentiality, especially in competitive industries. Be prepared to provide your financial qualifications and background—serious buyers demonstrate credibility early.
Skipping or rushing this step can limit your options, as reputable business brokers and sellers only share details post-NDA.
Step 2: Prepare for the Financing and Lending Process
Securing funding is often the most time-intensive challenge in buying a business. SBA 7(a) loans are a top choice for acquisitions, offering up to $5 million with down payments as low as 10%.
In FY2025, the SBA guaranteed billions in loans, many for business purchases. However, the process involves extensive paperwork, credit checks, and business valuations—often taking months.
Patience and preparation are essential: Gather tax returns, personal financial statements, and a solid business plan. Lenders scrutinize cash flow projections, as the acquired business must support debt service.
Common hurdles include stricter underwriting post-2025 policy updates, but qualified buyers benefit from competitive rates.
Step 3: Submit a Non-Binding Offer (LOI)
A Letter of Intent (LOI) or non-binding offer outlines your proposed terms—price, structure, timeline—without legal commitment.
This step allows negotiation and feasibility assessment. It signals serious intent while providing flexibility to refine details or walk away.
Best practices include basing your offer on preliminary company valuation data. Experienced business brokers can guide pricing to avoid overbids or lowballs that derail talks.
Step 4: Conduct Thorough Due Diligence
Due diligence is your critical investigation phase, verifying the seller’s claims on financials, operations, legal status, inventory, contracts, and more.
This period—typically 30-90 days—uncovers risks like hidden liabilities or declining revenues. Request documents, interview key employees (confidentially), and hire experts for financial and legal reviews.
Thorough due diligence protects you: It grants the right to renegotiate or exit if issues arise. Many deals fail here due to surprises, so allocate time and resources wisely.
Step 5: Seek Professional Guidance from Lawyers and Advisors
Engage attorneys early to review contracts and protect interests. While their input is vital for spotting risks (e.g., unfavorable leases or litigation), remember you make the final decision.
Lawyers prioritize legal safeguards, which may highlight concerns potentially delaying closing. Balance their advice with your goals.
Additionally, involve accountants for tax implications and valuation experts for accurate assessments.
Step 6: Partner with a Business Broker or M&A Advisor
Working with a business broker or M&A advisor streamlines the entire process. They help source businesses for sale, negotiate terms, coordinate due diligence, and navigate financing.
In the lower middle market, brokers facilitate discreet deals and match qualified buyers with sellers. Their expertise reduces stress, saves time, and improves outcomes—many buyers credit advisors for successful closings.
Firms like Indiana Equity Brokers specialize in confidential transactions, ensuring smooth acquisitions.
For insights on finding the right opportunity, explore our resources on businesses for sale or the buying process.
Overcoming Common Challenges in Buying a Business
The full timeline often spans 6-12 months from search to closing. Challenges include financing delays, due diligence discoveries, and valuation gaps.
Preparation mitigates risks: Build strong credentials, budget for professionals, and stay patient. With 2025’s improving M&A optimism and SBA support, motivated buyers can capitalize on abundant opportunities.
Buying a business demands diligence but rewards with proven operations and growth potential.
Troy Frank, President of Indiana Equity Brokers, draws on decades of experience in business brokerage, having successfully guided countless buyers through complex acquisitions by emphasizing thorough preparation and professional partnerships.
Why Business Acquisitions Fail: Key Reasons and How to Avoid Them
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SBA Loans for Business Acquisition: The Complete 2025 Guide
Buying an existing business is one of the fastest paths to entrepreneurship, yet securing financing remains the biggest hurdle for most buyers. SBA loans for business acquisition solve this challenge by offering government-backed guarantees that dramatically reduce lender risk and open doors for buyers who might not qualify for conventional bank loans.
What Are SBA Loans and Why Are They Ideal for Buying a Business?
SBA loans are partially guaranteed by the U.S. Small Business Administration but issued through approved private lenders (banks, credit unions, and specialized non-bank lenders). The SBA typically guarantees 75–90% of the loan, which encourages lenders to finance business acquisitions that traditional underwriting might reject.
According to the SBA’s fiscal year 2024 data, the agency guaranteed over $41 billion in 7(a) loans alone, with a significant portion used for ownership transfers and business purchases. This makes SBA financing the most widely used tool for acquiring small to mid-sized companies across the U.S.
Key advantages for buyers include:
- Financing up to 90% of the purchase price (in many cases)
- Terms up to 10 years for the business acquisition portion and 25 years when real estate is involved
- Competitive interest rates (currently ranging from roughly prime + 2.25% to prime + 2.75%)
- Potential for no additional collateral beyond the business assets being purchased
Top SBA Loan Programs for Business Acquisition in 2025
SBA 7(a) Loan – The Go-To Choice
The 7(a) program remains the most flexible and popular option for buying an established business. Maximum loan amount is $5 million, and proceeds can cover:
- Goodwill/blue sky
- Furniture, fixtures & equipment
- Inventory
- Working capital
- Real estate (when bundled with the business)
In 2024–2025, the SBA raised the guaranty percentage to 90% for loans of $1 million or less, making approvals easier than ever for acquisitions under this threshold.
SBA 504 Loan – When Real Estate Is Part of the Deal
The 504 program excels when the transaction includes commercial real estate. It provides long-term, fixed-rate financing through a unique structure involving a Certified Development Company (CDC) and a conventional lender.
Who Qualifies for SBA-Backed Business Acquisition Financing?
While requirements have become more buyer-friendly, lenders still evaluate:
- Reasonable owner credit (typically 680+ FICO preferred, though some lenders accept lower scores)
- Relevant industry or management experience
- At least 10% cash injection from the buyer (sometimes less with strong seller financing)
- Evidence the business can service the debt (usually 1.15–1.25x debt service coverage)
The business being purchased must be for-profit, U.S.-based, and meet SBA size standards (most companies under $15–40 million in revenue qualify, depending on NAICS code).
Recent Changes That Make 2025 a Strong Year for SBA-Financed Acquisitions
- Faster processing: Many 7(a) loans under $500,000 now close in 30–45 days thanks to SBA’s continued digital modernization.
- Higher guaranty percentages on smaller loans (90% for ≤$1MM).
- Renewed emphasis on underserved markets, including veterans, women, and minority buyers.
- Elimination of some franchise directory restrictions, opening more franchise resale opportunities.
How Business Brokers and M&A Advisors Add Value in SBA Deals
Experienced business brokers and M&A advisors serve as the bridge between buyer, seller, lender, and the SBA. They help buyers:
- Identify businesses that are truly “lender-ready”
- Structure deals to maximize SBA eligibility and financing percentage
- Prepare the required company valuation and quality-of-earnings analysis
- Coordinate with SBA-preferred lenders who close acquisition loans quickly
At firms like Indiana Equity Brokers, advisors routinely guide buyers through transactions where 80–90% of the purchase price is financed via SBA 7(a) loans—often closing in 60–90 days from accepted offer.
Ready to explore current businesses for sale that qualify for maximum SBA financing? Visit our Current Business Listings page or learn more about the business acquisition process with professional guidance.
Steps to Secure SBA Financing for Your Business Purchase
- Get pre-qualified with an SBA-experienced lender (many brokers can make introductions).
- Partner with a business broker to target lender-friendly opportunities.
- Order a third-party company valuation early—lenders almost always require it.
- Prepare two years of personal tax returns, a personal financial statement, and a detailed resume.
- Draft a comprehensive business plan or acquisition summary showing post-closing cash flow.
Preparation is everything. Buyers who arrive with organized financials, a realistic valuation, and professional representation close faster and on better terms.
Final Thoughts
SBA loans remain the most powerful tool available for entrepreneurs who want to buy an established, cash-flowing business rather than starting from scratch. With higher guaranty percentages, faster processing, and continued strong lender participation in 2025, there has rarely been a better time to leverage SBA financing for business acquisition.
About the Author: Troy Frank is the Managing Director of Indiana Equity Brokers, a leading business brokerage and M&A advisory firm that has closed hundreds of millions in SBA-financed transactions across the Midwest. With over two decades of experience guiding buyers and sellers through complex ownership transfers, Troy is a recognized authority on maximizing SBA loan structures for successful business acquisitions.
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