Nikonomics - The Economics of Small Business 258 - 350 Deals Taught Him the 3 Deal Killers; Now He's Buying One with Kevin Henderson
Dec 4, 2025
Kevin Henderson, founding partner of SMB Law Group, is a seasoned M&A attorney who has closed over 350 deals worth $2 billion. In a fascinating discussion, he shares how he transitioned from corporate law to focus on Main Street M&A. Kevin reveals innovative strategies his firm employs, such as fixed fees and financing legal expenses, to make transactions more accessible. He also recounts the rapid rise of SMB Law Group, culminating in their top deal count in Texas, and shares his personal journey as he and his wife prepare to buy their first business.
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Bringing Big‑Law Skills To Main Street
- Kevin Henderson and his partners saw a void of sophisticated transactional lawyers serving sub-$5M ETA deals and built SMB Law Group to fill it.
- They adapted big‑law M&A expertise to Main Street transactions for faster, protective, affordable representation.
SBA Financing Shapes Deal Economics
- Sub‑$5M deals commonly use SBA financing, which reduces buyer cash and often limits spending on legal and diligence.
- That mismatch creates systemic risk and a market need for tailored legal structures.
Use Fixed Fees With Back‑Weighted Payments
- Offer a fixed fee with back‑weighted progress payments to remain affordable while protecting the firm from busted‑deal risk.
- Make most of the fee contingent on closing so the firm only loses margin, not money, if a deal dies.