Title: SBA owner-operator → independent sponsor. Anyone made this transition? I'm looking to hear from anyone who acquired a business with SBA debt, ran it for a few years, and then moved into an independent sponsor model and built a portfolio of sponsored companies. My situation: I bought a manufacturing business with an SBA 7(a) loan, and running it has taught me a lot. I'm now hiring a GM, with the goal of getting my time in the business under 10 hours a week. Once that's stable, I'd like to move up market to targets with $3M+ EBITDA as an independent sponsor, instead of continuing to buy smaller companies one SBA loan at a time. Questions for anyone who has done this, or tried it: 1. Track record: Did capital partners give you credit for an SBA owner-operator deal, or did you have to prove yourself some other way? What did they focus on? 2. First company: Did you keep it as a holding alongside sponsored deals, recap it, or sell it? Did the SBA personal guarantee or lender consents affect your timing? 3. Capital: Where did your first equity come from (family offices, IS-focused funds, HNW individuals)? What economics did you get (closing fee, management fee, carry/promote) on your first deal versus later deals? 4. Deal flow: How did you go from sourcing sub-$1M EBITDA deals to getting looks at $3M+ deals? Did banks and intermediaries take you seriously without committed capital? 5. Bandwidth: How much time did your original company still need while you were sourcing and closing your first sponsored deal? I'd also welcome pushback if you think this path is harder than it looks, or that a fundless sponsor at this size should be doing something else. If you'd like to compare notes, I'm glad to talk through what I've learned operating under SBA debt.