As many of you know, Matthias Smith publishes one of the best newsletters on business acquisitions, SBA financing, deal structuring, and ETA. His latest edition does an excellent job explaining why lenders finance historical cash flow—not pro forma EBITDA—and what buyers need to know before negotiating an LOI. It's a great read for anyone evaluating acquisition opportunities. I'll share the link below and I highly recommend checking it out. If you're planning to buy a business and would like to better understand SBA financing or how our team at Pioneer Capital Advisory supports buyers from pre-LOI through closing, feel free to reach out to me at redacted or schedule a call using the link below. I'd be happy to connect: redacted redacted