Here is my unsolicited opinion on the new SBA SOP and Appendix 15. “Jerry, what is Appendix 15?” IYKYK. If you don’t, this post probably ain’t for you. The short version: SBA lending ain’t going anywhere. The market isn’t dying. What will change is the buyer profile. This is not the first time a new SOP or rule change has upended parts of the market. The SBA clearly has search fund roll-up strategies in its crosshairs, along with first-time buyers inspired by their favorite social media fluffluencers touting “buy a business with zero down” strategies. Going forward, buyers will need to be smart, sophisticated, well-capitalized and, most importantly, properly prepared for success. It really is that simple, folks. ICYMI: Here is my blog post outlining every change going into effect on 10/1 (keep an eye out for SBA updates in between now and 10/1): redacted