HOW DOES THE SBA FOLLOW UP ON POST ACQUISITION?
Team, I hope you are all well out there. As I'm reviewing CIM's and looking to inject myself as CEO of a company, I see many organizations where the seller(s) would like to stay on board. But the SBA 7(a) loan states that they can't remain for more than 1 year. So how does the SBA check that? Can the seller do anything past that year? Or do they have to divorce the organization fully?