Ankney Business Law Review: Legal Counsel for SBA Business Acquisitions
Finding the right attorney for your business acquisition is one of the most important decisions you’ll make as a buyer. Ankney Business Law, a firm recognized in the SMB acquisition community and listed on the VerSquare platform, provides legal services tailored to entrepreneurs buying businesses. In this review, we’ll look at what Ankney Business Law offers and how they can support your next deal.
About Ankney Business Law
Ankney Business Law is a legal practice focused on serving business buyers and entrepreneurs in the acquisition space. The firm is listed on VerSquare — a verified review and data platform designed to help SMB deal participants find trusted service providers. Key facts about the firm:
- Business acquisition-focused practice with experience in SBA-financed deals
- VerSquare-listed provider, indicating recognition in the SMB deal community
- Focus on helping entrepreneurs navigate the legal complexities of buying a business
- Experience with the unique requirements of SBA 7(a) loan transactions
- Commitment to practical, deal-oriented legal advice
Services Offered by Ankney Business Law
SBA Acquisition Legal Support
One of Ankney Business Law’s key differentiators is their understanding of SBA-financed acquisitions. This includes:
- Structuring purchase agreements to comply with SBA requirements
- Drafting and negotiating standby seller notes that meet SBA guidelines
- Ensuring equity injection requirements are properly documented
- Coordinating with SBA lenders on closing documentation
- Reviewing and negotiating lease assignments required by SBA lenders
- Handling the unique timing requirements of SBA-financed closings
Business Purchase Transaction Support
- Letter of Intent (LOI) drafting and negotiation
- Asset Purchase Agreement and Stock Purchase Agreement preparation
- Legal due diligence — reviewing contracts, leases, employee agreements, and corporate records
- Negotiation of representations, warranties, and indemnification provisions
- Non-compete and employment agreement drafting
- Closing document preparation and coordination
Entity Formation and Structuring
- Creating the right legal entity (LLC, S-Corp, C-Corp) for your acquisition
- Operating agreement drafting for multi-member acquisitions
- Partnership and joint venture structures
- Holding company and subsidiary arrangements
Post-Acquisition Support
- Contract transitions and vendor/customer notification
- Employee onboarding and HR compliance
- Ongoing business legal counsel
- Dispute resolution related to purchase agreement provisions
What Makes Ankney Business Law Stand Out?
1. SBA Deal Expertise
Not every business attorney understands the intricacies of SBA-financed acquisitions. Ankney Business Law’s experience in this area means they know the common pitfalls that can delay or derail an SBA deal:
- Purchase agreements that don’t properly reflect the SBA’s equity injection requirements
- Seller notes that violate standby provisions
- Lease terms that don’t meet SBA lender requirements
- Missing or incorrect SBA-required closing language
- Timing issues that cause SBA loan commitment expirations
By understanding these issues upfront, Ankney Business Law can help you avoid the costly mistakes that less experienced attorneys might make.
2. Entrepreneur-Focused Approach
Ankney Business Law works primarily with entrepreneurs and business buyers, not large corporations. This means:
- They understand the budget constraints of individual buyers
- They communicate in plain language, not legalese
- They’re accustomed to the pace and priorities of SMB deals
- They can serve as a practical advisor, not just a document drafter
3. VerSquare Recognition
Being listed on VerSquare — a platform specifically designed for the SMB acquisition community — provides third-party validation. VerSquare curates service providers based on their track record in the deal space, giving buyers an additional data point when evaluating legal counsel.
4. Full Deal Lifecycle Coverage
From the initial LOI through post-closing transition, Ankney Business Law can support you through every phase of your acquisition. This continuity means your attorney has full context on your deal at every stage, reducing the risk of miscommunication or missed issues.
Who Is Ankney Business Law Best For?
- First-time business buyers who need an attorney who can explain the process clearly and guide them through their first deal
- SBA borrowers who need counsel that understands SBA loan requirements and can coordinate with lenders effectively
- Self-funded searchers and ETA entrepreneurs who need practical, cost-effective legal support
- Buyers acquiring small businesses in the $250K–$5M range
- Entrepreneurs who want a long-term legal partner — not just transaction counsel, but ongoing business legal support
Potential Considerations
- Consultation first: Schedule an initial consultation to discuss your specific deal and confirm the firm’s experience matches your needs.
- Geographic licensing: Verify that the firm is licensed in the state where your target business operates, or can coordinate with local counsel.
- Capacity and timing: Discuss availability and expected timelines upfront, especially if you’re working with an SBA loan commitment deadline.
- Fee transparency: Ask about fee structures — flat fee, hourly, or hybrid — and get an estimate of total costs for your deal.
The Importance of SBA-Experienced Legal Counsel
If you’re buying a business with an SBA 7(a) loan, your attorney’s experience with SBA deals is not optional — it’s essential. Here’s what can go wrong when your attorney lacks SBA experience:
Common SBA Deal Pitfalls
- Incorrect seller note terms: SBA standby notes have specific requirements about payment terms, interest rates, and subordination. A non-compliant note can hold up your closing or kill the deal.
- Equity injection errors: The SBA requires buyers to contribute equity from approved sources. If your purchase agreement doesn’t clearly document the equity injection, the lender may require last-minute changes.
- Lease issues: SBA lenders typically require lease terms of at least the loan term. If your attorney doesn’t negotiate the lease with SBA requirements in mind, you may need to renegotiate at the last minute.
- Missing SBA language: Closing documents need specific SBA-required provisions. An experienced SBA attorney includes these from the start rather than scrambling to add them before closing.
- Personal guarantee confusion: SBA loans require personal guarantees from owners with 20%+ ownership. Your attorney needs to understand how this interacts with the deal structure.
How GoSBA Complements Your Legal Team
At GoSBA (gosbaloans.com), we’re specialists in SBA acquisition financing. Here’s how we work alongside your attorney to ensure a successful deal:
- Pre-qualification: Before you even make an offer, we help you understand your SBA borrowing capacity so you can target the right deals.
- Loan packaging: We prepare comprehensive SBA loan packages that are ready for lender review, reducing processing time.
- Lender matching: We connect you with SBA lenders who specialize in acquisition loans and have the appetite for your deal size and industry.
- Attorney coordination: We work directly with firms like Ankney Business Law to ensure the legal documents and loan documents align perfectly.
- Deal structure optimization: We advise on how to structure the deal — purchase price allocation, seller note terms, equity injection sources — to maximize your SBA approval odds.
- Closing coordination: We help manage the often complex closing process, ensuring all lender conditions are satisfied before the closing date.
When your attorney and your SBA loan advisor work together from the start, deals close faster, smoother, and with fewer surprises.
Final Verdict: Is Ankney Business Law Right for You?
Ankney Business Law’s focus on business acquisitions and SBA-financed deals makes them a strong candidate for entrepreneurs looking to buy a business. Their VerSquare listing adds credibility, and their entrepreneur-focused approach suggests they understand the unique needs and constraints of individual business buyers.
As with any attorney selection, the key is to have a direct conversation, discuss your specific deal, and evaluate whether the firm’s experience, communication style, and fee structure align with your needs.
Ready to Finance Your Business Acquisition?
If you’re looking to buy a business with an SBA loan, GoSBA can help you every step of the way. From pre-qualification to closing, we work alongside experienced attorneys to ensure your deal gets done.
Contact GoSBA today to discuss your acquisition financing needs and start your journey to business ownership.
