Financing Deal w/ Rollover Equity
I'm speaking with a Seller that is looking so sell his business in a very niche industry with $2M EBITDA and 35-40% EBITDA Margin. He is wanting to rollover 15-30% equity and continue working day-to-day in the business alongside myself to grow the business even further. To clarify we both would actively be working in the business and my background would help assist growing the business even further.
A couple days before the SBA policy changes I had an SBA bank willing to finance a partial buy-in to purchase 70% of the business for $7M - $5M via SBA and $2M seller note, however since the rollout of the new SBA changes the bank is not as interested even if the numbers and business plan are strong due to the type of acquisition.
Any recommendations on SBA financing or non-SBA financing when Seller is rolling over 30% equity and to remain working in the business with myself?