Search with Claims Experience Under LOI: Public Adjuster Firm – Seeking Feedback, Lender Experiences & Alternatives

searcher profile

April 12, 2025

by a searcher from University of Miami - School of Business Administration in Miami, FL, USA

Hi Searchfunder community, I currently have a Public Adjuster (PA) firm under LOI and would love to hear from others who have explored or acquired businesses in this space. I have been in the forensic accounting space my entire career and much of that within the Insurance space doing mostly business interruption claims. The business is healthy and profitable, with solid SDE and claim history, but I’ve hit a few roadblocks—primarily with financing. I initially approached Live Oak Bank (who I know is a go-to SBA lender for many), but they declined to proceed solely because it's a PA business. Apparently, it's a firm-wide policy not to lend to public adjusting firms, which was unexpected. So I’m reaching out to this group for a few things: 1. **Has anyone here acquired or evaluated a Public Adjuster firm?** Would love to hear about your experience—pros, cons, surprises. 2. **Any SBA-friendly lenders who *will* underwrite PA firms?** Ideally looking for a lender familiar with service businesses and open to regulated industries like this one. 3. **Alternatives to SBA?** Considering seller financing or non-SBA term loans as a potential fallback, but open to creative ideas. 4. **Red flags or key diligence areas I should focus on in PA acquisitions?** Especially related to regulatory risk, client churn, or working capital traps. Appreciate any insight from those who’ve walked this path—or passed on it—and would be happy to reciprocate on other deal types I’ve looked at. Thanks in advance!
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commentor profile
Reply by a lender
in Falmouth, MA, USA
^redacted‌ reach out to me at redacted We work with top 30 and top 50 SBA lenders with open credit boxes. If the cash flow is solid and the business checks out (I trust your judgment here), we’ll make it happen. We have many clients coming to us after unsuccessful experiences elsewhere.
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Reply by a searcher
in Miami, FL, USA
I have owned and operated a fairly large public adjusting firm for the past 15 years. Our office is in South Florida, but we have expanded to multiple states over the years. In Florida, our industry has been severely impacted by legislation changes and increased insurance premiums.
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