What Separates Successful Business Acquirers From the Rest?
Buying a business is one of the most consequential financial decisions you’ll ever make. Whether you’re acquiring a local service company, a franchise, or an established manufacturing operation, the difference between a life-changing investment and a costly mistake often comes down to preparation, process, and patience.
At GoSBA Loans, we’ve helped close over 126 SBA acquisition deals and facilitated more than $320 million in funding in 2025 alone. That experience has given us a front-row seat to what works — and what doesn’t — when entrepreneurs buy businesses.
This guide distills the best practices we’ve observed from successful business buyers across industries, deal sizes, and geographies. Whether you’re a first-time buyer or a serial acquirer, these lessons can help you navigate the acquisition process with confidence.
Pre-Deal: Building a Foundation for Success
The work that happens before you ever sign a letter of intent (LOI) is arguably the most important phase of any acquisition. Successful buyers treat this stage with the seriousness it deserves.
1. Define Your Acquisition Criteria Clearly
Before you start browsing listings on BizBuySell or working with a broker, get crystal clear on what you’re looking for:
- Industry preference: Do you have domain expertise or transferable skills?
- Revenue range: What size business can you realistically afford and manage?
- Geographic constraints: Are you willing to relocate, or does it need to be local?
- Owner involvement: Do you want an absentee-owner model or a hands-on operation?
- Growth potential: Are you looking for stability or a turnaround opportunity?
Successful buyers we’ve worked with almost always have a written set of criteria they use to filter opportunities quickly. This prevents “shiny object syndrome” — chasing every deal that comes along.
2. Get Your Financing Pre-Qualified Early
One of the biggest mistakes first-time buyers make is falling in love with a business before understanding what they can actually afford. SBA 7(a) loans are the most common financing vehicle for business acquisitions, but they have specific requirements:
- Minimum credit score: Generally 680+, though some lenders are flexible
- Down payment: Typically 10-20% of the total project cost
- Relevant experience: Lenders want to see you can run the business
- Debt service coverage: The business needs to generate enough cash flow to cover loan payments
At GoSBA, we offer free pre-qualification across our network of 50+ SBA lenders. This means you’ll know your buying power before you start negotiations — a significant advantage in competitive deal environments.
3. Conduct Thorough Due Diligence
Due diligence is where deals are made or broken. Successful acquirers go beyond the surface-level financials and dig into every aspect of the business:
- Financial DD: Three years of tax returns, P&L statements, balance sheets, accounts receivable/payable aging, and bank statements
- Operational DD: Key processes, systems, vendor relationships, and employee roles
- Legal DD: Contracts, leases, licenses, permits, pending litigation, and intellectual property
- Customer DD: Customer concentration, retention rates, satisfaction levels, and contract terms
- Market DD: Industry trends, competitive landscape, and growth opportunities
The goal of due diligence isn’t to find reasons to kill the deal — it’s to understand exactly what you’re buying so you can make an informed decision and structure the deal appropriately.
4. Build Realistic Financial Projections
Lenders require financial projections as part of your SBA loan application, but smart buyers use projections as a planning tool, not just a checkbox exercise. Your projections should include:
- Conservative, moderate, and aggressive scenarios
- Realistic assumptions about revenue growth (or decline)
- Planned capital expenditures and working capital needs
- Your compensation as the new owner
- Debt service on the acquisition loan
GoSBA provides every client with a free business plan and financial projections — a service that typically costs $2,500 to $5,000 from a consultant. This ensures your projections are lender-ready and grounded in reality.
During the Deal: Navigating Negotiations and Closing
Once you’ve found the right business and completed initial due diligence, the deal process begins in earnest. This is where many acquisitions fall apart — not because of fundamentals, but because of process failures.
5. Communicate Clearly and Professionally
The acquisition process is inherently stressful for both buyers and sellers. Miscommunication, delayed responses, and unclear expectations create friction that can kill deals. Best practices include:
- Set expectations early: Agree on timelines, communication frequency, and key milestones
- Be responsive: Return calls and emails within 24 hours
- Document everything: Follow up verbal agreements with written confirmations
- Be honest about concerns: If something comes up in due diligence, address it directly rather than letting it fester
6. Assemble the Right Team of Advisors
Successful acquirers rarely go it alone. Your advisory team should include:
- SBA loan broker: To navigate the lending landscape and find the best terms (GoSBA’s service is completely free to borrowers)
- Attorney: Experienced in business acquisitions, not just general practice
- CPA/Accountant: To review financials and advise on tax implications of the deal structure
- Business broker: If you’re working with one on the seller’s side, understand their role and incentives
The cost of professional advice is a rounding error compared to the cost of a bad deal. Every successful buyer we’ve worked with has invested in quality advisors.
7. Structure the Deal to Protect Both Parties
Deal structure matters as much as price. Key structural elements to consider include:
- Asset sale vs. stock sale: Most SBA acquisitions are structured as asset sales for tax and liability reasons
- Seller financing: A seller note (typically 10-20% of the purchase price) demonstrates the seller’s confidence in the business
- Earn-outs: Performance-based payments can bridge valuation gaps
- Transition assistance: Negotiate a training and transition period with the seller
- Non-compete agreements: Protect your investment with reasonable non-compete terms
8. Be Patient — Good Deals Take Time
The average SBA acquisition takes 60-120 days from LOI to closing. Some take longer. Rushing the process leads to mistakes, and impatience signals desperation to sellers. Successful buyers understand that:
- Lender underwriting takes time — especially for larger deals
- Third-party appraisals and environmental reviews have their own timelines
- Legal document preparation and review requires thoroughness
- Seller cooperation on due diligence items can be unpredictable
Patience doesn’t mean passivity. Stay engaged, follow up regularly, and keep the process moving forward — but don’t sacrifice thoroughness for speed.
Post-Deal: The First 100 Days and Beyond
Closing the deal is a milestone, not the finish line. What you do in the first 100 days of ownership will set the trajectory for years to come.
9. Execute a Thoughtful Transition Plan
The transition from previous owner to new owner is a critical period. A structured transition plan should include:
- Seller training period: Typically 2-4 weeks of hands-on training, with additional phone support for 3-6 months
- Customer introductions: Have the seller personally introduce you to key customers and accounts
- Vendor relationships: Meet critical vendors and suppliers to establish your own relationships
- Process documentation: Ensure all key processes, passwords, vendor contacts, and operational details are documented
- Financial systems: Set up your own accounting, banking, and payment systems
10. Prioritize Employee Retention
Employees are often the most valuable asset in a small business — and the most vulnerable during a transition. Successful acquirers:
- Communicate early and honestly about the transition and what it means for employees
- Listen before changing: Understand how things work and why before making changes
- Identify key employees and create retention incentives if necessary
- Respect institutional knowledge: Long-tenured employees understand the business in ways you don’t yet
- Be present: Show up, be accessible, and build trust through consistent engagement
11. Protect and Grow Customer Relationships
Revenue doesn’t come from the business — it comes from customers. Protecting existing customer relationships is your highest priority in the first 100 days:
- Personally reach out to the top 20% of customers (who typically generate 80% of revenue)
- Maintain service quality and consistency — no disruptions
- Gather feedback on what customers value most and where there’s room for improvement
- Honor existing commitments, pricing, and agreements
- Look for quick wins that demonstrate your commitment to the customer relationship
12. Don’t Change Everything at Once
This is perhaps the most common mistake new owners make. You bought the business because it was successful — respect what made it work before introducing changes. A good rule of thumb:
- First 30 days: Observe, listen, and learn
- Days 30-60: Identify opportunities and develop a plan
- Days 60-90: Implement small, low-risk improvements
- Days 90+: Begin larger strategic initiatives based on data and understanding
How GoSBA’s Experience Informs These Best Practices
These aren’t theoretical recommendations. They’re distilled from real experience across 126 closed SBA acquisition deals. At GoSBA, we’ve seen first-hand what separates buyers who build wealth through acquisitions from those who struggle.
Our role goes beyond simply finding you a loan. We help you:
- Navigate the lending landscape: With 50+ lenders in our network, we match your deal with the right lender — maximizing approval odds and minimizing costs
- Prepare lender-ready applications: Including a free business plan and financial projections (a $2,500-$5,000 value)
- Structure your deal effectively: Our experience across hundreds of deals means we know what lenders want to see
- Close on time: We manage the lending process so you can focus on due diligence and transition planning
And our service is completely free to borrowers. We’re compensated by lenders upon successful closing, which means our incentives are aligned with yours.
Ready to Acquire a Business the Right Way?
If you’re considering buying a business and want to work with a team that’s been through the process over 126 times, we’d love to hear from you. Whether you’re just starting your search or have a deal under LOI, GoSBA can help you navigate the financing process with confidence.
Contact GoSBA today for a free consultation — no obligation, no cost, just expert guidance from a team that’s helped fund over $320 million in SBA loans in 2025.
Your acquisition journey starts with the right financing partner. Let’s make it happen.
