Most buyers think the LOI is the finish line. It’s not. It’s the starting point.

Most buyers think the LOI is the finish line. It’s not. It’s the starting point. Over the past two years, we’ve seen dozens of deals fall apart—not because the numbers didn’t pencil out, but because buyers weren’t ready to be owners. They signed the LOI and treated it like a victory lap. Meanwhile, lenders were waiting for a business plan that wasn’t written, projections that didn’t make sense, and documents that hadn’t been touched in months. The buyers who win? They treat Day 1 post-LOI like Day 1 of ownership. They think like operators. And they show up to SBA underwriting locked and loaded. In this new issue of the Pioneer Buy-Side Brief, I break down what it really takes to move from LOI to funding—faster, smoother, and with fewer surprises. How to build a business plan banks actually care about What goes in a real set of projections (not just 10% growth across the board) Why some deals close in 47 days—and others die in week three The biggest mistakes buyers make post-LOI If you’re serious about buying a business and want to make sure your deal survives underwriting, this one’s for you. https://matthiassmith.kit.com/posts/pioneer-buy-side-brief-how-serious-buyers-prepare-for-sba-underwriting-at-loi