Hi ^redacted‌, As Brad and Sean say, there are restrictions on what you can do depending on whether you are relying on SBA funding. And if you're looking to have the seller retain equity to get around the 12-month rule, as of June 1, the seller will have to PG the SBA loan for two years. Can you share a little more about your plans?

We're pursuing non-SBA funding options due to SOP update. Our current target is in a disaggregated market that seems ripe for a roll-up. Not sure if we want to go that route, but I want to better understand strategies in case we decide to in the future. I'm hoping to hear from folks who've deployed the operating partner model before (how they structured, how each acquisition fits into the broader entity, proper incentives, etc.)