If I had to name one behavior that destroys SBA deals more than anything else, it would be this: Silence. Silence from borrowers who are afraid to disclose an issue.Silence from lenders who assume the borrower “should know.”Silence from vendors who see a risk but don’t want to “rock the boat.” Silence doesn’t protect deals.It … Continue reading The Quiet Killer of SBA Deals—Silence
Experience Matters Most: Where Judgement Meets Reality
Experience Matters Most is a collection of observations drawn from years of watching decisions play out beyond the spreadsheet. These posts explore leadership, risk, valuation, and integration through the lens of real-world outcomes—where assumptions are tested, pressure reveals priorities, and judgment determines whether value is preserved or destroyed.
This series focuses on the space between models and reality and is grounded in the belief that judgement is where theory meets consequence. They look beyond price and process to examine what actually drives continuity, erodes goodwill, and determines whether value endures after the ink dries. Because the most important risks—and the most important decisions—rarely appear in the model.
Independence Doesn’t Mean Disconnection
One of the most misunderstood concepts in SBA work is the role of an independent third party—especially in valuation. Independence is not hostility.It’s not aloofness.It’s not “hands off.” Independence means objectivity. But objectivity does not require disconnection. In fact, the strongest lender–vendor relationships are built when everyone understands the boundary correctly: The lender does not … Continue reading Independence Doesn’t Mean Disconnection
When the Triangle Works, Everyone Wins
When the Borrower / Lender / Vendor triangle is healthy, you can feel it. The borrower is transparent early.The lender communicates expectations clearly.The vendor asks hard questions without drama.Everyone understands their role. And here’s the payoff: Better underwriting decisions Fewer closing surprises Faster problem resolution Less post-close disappointment Less reputational risk for the lender More … Continue reading When the Triangle Works, Everyone Wins
SBA Lending Is Relationship Risk Management
If you’ve followed my broader series about leadership, risk, due diligence, integration, and value destruction, this is where I land: SBA lending is relationship risk management. Yes, it is credit analysis.Yes, it is policy.Yes, it is compliance and structure. But what determines whether the work holds up—whether the borrower thrives post-close, whether the lender avoids … Continue reading SBA Lending Is Relationship Risk Management
Deal Attachment Insight #3
Buyers:If you’re in the middle of a deal and the valuation doesn’t support the price, don’t ask, “How do we get the valuation up?” Ask, “What part of this deal is the market refusing to pay for?” Don’t force the valuation to match your price. Make the price match reality. Lenders:If you’re underwriting a deal … Continue reading Deal Attachment Insight #3
Deal Attachment Insight #2
Buyers:If you want to prove you’re ready to own a business, don’t prove it by forcing a close. Prove it by protecting the downside: demanding clean earnings, stress-testing the story, and letting the price adjust to reality. The goal isn’t ownership at any cost. The goal is ownership that doesn’t require hope to make the … Continue reading Deal Attachment Insight #2
Deal Attachment Insight #1
Buyers:Before you push to “make the numbers work,” ask yourself three questions: If this valuation came in higher, would I still do the same diligence? If I had no sunk costs so far, would I still pay this price today? What has to go right for me to be okay—and what happens if it doesn’t? … Continue reading Deal Attachment Insight #1
The Deal You Need Is the Deal That Can Hurt You: Why emotional attachment, moral hazard, and “forced closings” destroy value after the ink dries
There’s a predictable pattern I’ve seen across many acquisitions, especially in small business transactions where buyers are highly motivated and timelines are tight. It starts innocently: A buyer finds a business they love. The story makes sense. The seller is cooperative. The broker is confident. The lender is engaged. Everyone can picture the closing. Then … Continue reading The Deal You Need Is the Deal That Can Hurt You: Why emotional attachment, moral hazard, and “forced closings” destroy value after the ink dries
The Most Ethical Sentence in a Deal
There’s a sentence that can save buyers, lenders, and entire portfolios: “We’re not doing this until it’s fully vetted.” That sentence is leadership.That sentence is ethics.That sentence is risk management. Because forcing a deal through may feel like competence in the moment. But if the deal was overpriced relative to fair market value, and the … Continue reading The Most Ethical Sentence in a Deal
Discipline Is a Market Stabilizer
People often treat discipline like an individual virtue. It’s more than that. Discipline stabilizes markets. When buyers refuse to overpay, sellers price realistically.When lenders enforce standards, brokers adapt.When professionals remain independent, deals get cleaner. But when discipline collapses, everyone learns that pressure works. And pressure-driven markets destroy value because they reward behavior that ignores risk. … Continue reading Discipline Is a Market Stabilizer
Highland Global Business Valuations 