WILLW: SBA Curveballs, Landscaping Valuations & the ETA Soul Search

Today's issue of "What I Learned Last Week" covers a lot of ground—from how the new SBA rules are reshaping licensed trades acquisitions, to how to properly value a landscaping company, to the deeper question: why are you even doing ETA in the first place? Here are the top takeaways: - Licensed trades deals just got more complicated. Under the new SBA SOP, sellers can no longer remain W-2 employees post-sale unless they retain equity (and accept a personal guarantee). Buyers must now rely on 1099 consultants (if state law allows), internal hires, or eventually become licensed themselves. Each state’s rules fall into one of four buckets—make sure you know yours before engaging a seller. - Valuing a landscaping business? Look beyond EBITDA. Recurring revenue (especially commercial contracts), customer retention, and clean financials drive higher valuations. But issues like seasonality, labor churn, and equipment depreciation can drag them down. DueDilio’s guide pegs typical valuations at 0.5–3x revenue or 2–5x EBITDA depending on quality. - What’s your real “why” for pursuing ETA? A.J. Wasserstein and Jeff Stevens break down four common motivators—status, lifestyle, fulfillment, and wealth—and how each one influences your search strategy. It's a timely reminder that ETA is too hard to fake your way through without authentic motivation. Read the full newsletter here: https://thebusinessinquirer.substack.com/p/what-i-learned-last-week###-###-#### Happy Friday!