I'm looking for advice from anyone with experience navigating partnership structures, particularly with SBA loan constraints. Background I recently had an interesting conversation with what I initially thought was an M&A target, but the acquisition route doesn't make sense for us right now. However, a competitor has expressed openness to some kind of partnership structure instead. My Questions 1) Has anyone successfully structured a partnership that actually works long-term? What made it successful? 2) SBA loan restrictions - I currently have an SBA loan on my business. Is it even technically possible to "merge" or do any kind of share exchange/trading with this constraint? 3) Minority investment concerns - What are the key dangers I should be aware of with minority investment structures? I'm trying to figure out if this is even worth exploring further or if the SBA loan makes this a non-starter. Any experience, war stories, or resources would be hugely appreciated. Thanks in advance!