Lisa Forrest

SMB Acq Lender ~ SBA + Pari-passu/ Business Owner ~ actual operating experience / Supporter of #Veteran to CEO / Tweets my own have your OWN opinion /

[Lisa Forrest @LisaGForrest]

WEEKLY SBA/SMB ETA WEEKLY POWER HOURS.

ALL THINGS SBA and industry related updates each Wednesday.

REGISTER HERE:
https://t.co/DRB7nhaBuJ

POLICY~SOPs / PROCEDURES / LOAN STRUCTURING / PROCESS ROAD MAP / CASHFLOW MODELS / DEAL VETTING TEMPLATES / INDUSTRY LOW DOWN / PRE-LOI COACHING / AND MORE ~ FOR FREE

Every WEDS at 9 am PST / Noon EST ~ Click link to register and choose the dates that work for you. Join as often as you like!

When you register, you'll receive our deal-vetting templates and analysis tools for making your search process more efficient!

Interact weekly with Fellow Searchers via LIVE ZOOM and Live Q&A

[Lisa Forrest @LisaGForrest]

SEATTLE ETA/SMB MEET-UP with Special Guest

June 2

Reposting to take out the starting @. Rookie X! 😂
@sarah_m_andrews @guessworkinvest @TreewalkQOE

[Lisa Forrest @LisaGForrest]

@sarah_m_andrews and I are excited for this Seattle ETA event on June 2. We're partnering with @guessworkinvest's Kaustubh Deo and @TreewalkQOE Avnit Sekhon to present a very special program featuring Jacob Hall of Kando Capital to speak with our ETA community about the current Acquisition market conditions.

SEATTLE!
June 2
The Swedish Club
5:00 - 9:00
Networking + Program Presentation + Happy Hour!

TOPIC:
The search playbook of 2019-2021 no longer works. On June 2nd, come listen to Jacob Hall, Managing Partner at Kando Capital, talk through why that playbook is dead and what today's searchers need to do to adjust.

Jacob Hall is an active investor in search fund transactions and serves on the MBA Advisory Board at UT-Austin's McCombs School of Business. He also leads the school's Entrepreneurship Through Acquisition and Search Fund program.

REGISTER: https://t.co/h03ieoQett
@NWSB

[Lisa Forrest @LisaGForrest]

@sarah_m_andrews and I are excited for this Seattle ETA event on June 2. We're partnering with @guessworkinvest's Kaustubh Deo and @TreewalkQOE Avnit Sekhon to present a very special program featuring Jacob Hall of Kando Capital to speak with our ETA community about the current Acquisition market conditions.

SEATTLE!
June 2
The Swedish Club
5:00 - 9:00
Networking + Program Presentation + Happy Hour!

TOPIC:
The search playbook of 2019-2021 no longer works. On June 2nd, come listen to Jacob Hall, Managing Partner at Kando Capital, talk through why that playbook is dead and what today's searchers need to do to adjust.

Jacob Hall is an active investor in search fund transactions and serves on the MBA Advisory Board at UT-Austin's McCombs School of Business. He also leads the school's Entrepreneurship Through Acquisition and Search Fund program.

REGISTER: https://t.co/h03ieoQett
@NWSB

[Lisa Forrest @LisaGForrest]

@SMB_Attorney @smblawgroup @KHendersonCo @Sam_Rosati @TwoTeesSMB @RegZeller @girdley @realEstateTrent @MikeBotkin_ @WilsonCompanies @patrickdichter @moseskagan @SullyBusiness @guessworkinvest @fortworthchris @StrongpointRich @shawngorham @stephenolmon @jakelywakely If I recall correctly, one of Kevin's first SMBLaw closings was a joint one with me and @sarah_m_andrews ? The client is doing great. And I remember thinking, ok, this is how it's supposed to go!

[Lisa Forrest @LisaGForrest]

SMBash DALLAS! @_athenasimpson AQUI -MATCH

NORTHWEST BANK in the House! @NWSB

Working with aspiring entrepreneurs with tactical, actionable information.

@KHendersonCo @TwoTeesSMB @sarah_m_andrews @MrJoshFro

[Lisa Forrest @LisaGForrest]

@MrJoshFro @SMB_ash @andyharbut @BrandedBills @NewCoRisk I want the hoodie but I need small. You got one? I'm standing at the merch table. :)

[Lisa Forrest @LisaGForrest]

Thinking about buying a construction company? Read this first.

A lot of deals look great…
Until you realize the revenue is tied to bonding.

And bonding doesn’t automatically transfer to you.

Here’s the reality:

• If the business needs bonding, your deal depends on it
• Sureties care about your experience and your personal balance sheet
• No bonding = no jobs = no revenue

Simple as that.

Most searchers miss this early.
They underwrite the deal… but not their ability to get bonded.

And the common fallback?
“Maybe the seller will stay on and support bonding.”

That’s usually wishful thinking.

Sellers don’t want long-term obligations
And tying their personal guarantee to your future? Rarely happens.

Bottom line:
If bonding is required, it’s not a detail—it’s a gating issue.

Underwrite your ability to get bonded as hard as you underwrite the business.

Or you’re not buying a company…
You’re buying a problem.

@sarah_m_andrews @andyharbut

[Lisa Forrest @LisaGForrest]

ETA Community Spotlight:
Lisa Forrest, Northwest Bank:
https://t.co/gXynq8UFXN

Was interviewed by Jason Hunt of EBIT Community on @sarah_m_andrews and our recent move. And some of our thoughts about the current acquisition market.

EBIT Community is a weekly newsletter for acquisition entrepreneurs. It breaks down the mechanics of buying a small business and features live listings and conversations with industry experts. https://t.co/MYkb7XGuXU

[Lisa Forrest @LisaGForrest]

It should be a national holiday! Round 1 TH.

[Lisa Forrest @LisaGForrest]

Wharton ETA conf delivered!

Such a privilege to support the next gen business owner. This is important work in not only preserving Main Street jobs but also growing the economy.

Bravo to the ETA CLUB!

[Lisa Forrest @LisaGForrest]

Searchers: don’t let Deal #1 limit Deal #2
•The cheapest SBA loan isn’t always the right move
•Ask early: can this lender fund your next acquisition?
•Some lenders don’t have capacity beyond your first deal
•Switching lenders later gets tricky—
→ SBA lenders won’t go behind another SBA loan
→ Refinancing an existing SBA loan has real nuance

I’m seeing this firsthand: working on 5 deals right now trying to solve this exact constraint.

👉 If you plan to grow, pick a lender for the platform + the path Optimizing solely for rate on Deal #1 can cost you Deal #2

@sarah_m_andrews

[Lisa Forrest @LisaGForrest]

Not all SBA term sheets are created equal.

If you get a term sheet too fast and your gut says something’s off — trust it.

If a BDO isn’t asking the hard questions early, underwriting will ask them later… and that’s when deals stall.

The best lenders loop in credit from day one.

Work with those lenders.

@sarah_m_andrews @smbash

[Lisa Forrest @LisaGForrest]

@SMB_ash Can't wait!!

[Lisa Forrest @LisaGForrest]

Funded-Search CEOs — exited or close to it?

Thinking about your *next* acquisition and want 100% or near‑majority ownership?

Join Lisa Forrest & Sarah Andrews for a special session on how SBA financing can power your next deal.

DM us or email to get added to our upcoming special session in the works:

[email protected]
[email protected]

@sarah_m_andrews

[Lisa Forrest @LisaGForrest]

Customer concentration is common in LMM/SBA deals. Not always bad for the seller.

But for a high‑leverage SBA buyer? That risk hits harder.
If any customer/referral channel >20%, pay attention.
Key questions:
• Can YOU replace that revenue if lost?
• Can the industry/labor market even support growth?

Ways to mitigate:
• Price so DSCR still holds if key customer leaves
• Seller note tied to retention
• Escrow holdback
• Or: no senior debt → equity + seller note + earnout (but get a LOC before close)

Truth: sometimes the deal is fine… just not for an SBA loan ~ first‑time buyer with no industry experience + heavy leverage.

@sarah_m_andrews @AgeofHoffman @AdamMarkleySMB @smbash

[Lisa Forrest @LisaGForrest]

It was a great discussion!

[NewCo Risk @NewCoRisk]

Risks, Red Flags and Deal Breaks at the Texas ETA Summit @andyharbut @LisaGForrest