I think it can help a ton if you have some existing management staying on and motivated through the transition. I also think it obviously depends on the industry, some are easier and some are more difficult. Always best to understand what your competitive advantage is if it isn't direct experience.

It can be an issue to look in an industry you have no experience in if it is an extremely complex industry or requires licensing. Just about all lenders are focused on buyer experience and how it will translate to the business. However, there are many businesses where just solid business experience will work or where there are good teams in place that can make up for the buyer experience gap. So it really depends on the business you are looking to buy. It also depends on the strength of the deal. If you have strong financials and a good debt service coverage ratio, then lenders might be less worried about direct industry experience. But if the deal has a lot of other higher risk components to it, not having an experienced borrower will add to that risk and make it much harder to get a deal financed. If you would like to discuss further you can reach me here or directly at redacted Good luck with your search.