Strategy Meets Finance How SBA Financing Really Works When Buying a Business with Sean Goggins | Ep 185
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Sep 8, 2025 Join Sean Goggins, an SBA commercial loan officer at Cadence Bank, as he demystifies the nuances of SBA financing for business acquisitions. He explains how much cash is truly needed and when seller financing can be advantageous. Sean highlights the vital importance of cash flow over tangible assets and outlines common pitfalls that can derail a deal. He also clarifies the roles of collateral, personal guarantees, and the significance of realistic expectations for buyers with limited resources. A must-listen for aspiring business owners!
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Know Your Realistic Buy Box
- Get realistic about your buy box based on your liquidity and experience before hunting deals.
- Use investors or seller financing to fill equity gaps when you lack cash for a down payment.
Get Lender Docs Ready Early
- Prepare lender-facing documents early: resume, personal financial statement, and liquidity info.
- Get a pre-qualification to understand what businesses you can realistically buy.
Seller Financing Boosts Approval Odds
- SBA loans typically require 10% buyer equity but seller notes can sometimes count as 5%.
- Seller financing greatly increases buyer and bank alignment and improves deal success rates.