Surviving in SBA Limbo?

searcher profile

January 11, 2019

by a searcher from Wake Forest University in St. Louis, MO, USA

So, I'm 20 days from my target close date on a company I'm very excited to own. Only hold-up is that there is this little thing called a partial governmental shutdown that has the SBA out of commission. I'm curious if anyone else is in the same boat and what they are doing about it. I'm in the process of crafting a management agreement to step in to run the business as of our target date. We'll then do the formal business sale once SBA is back up. 

If you are in a similar situation and want to consider a management agreement (which may or may not make sense for you; I have a really good relationship with the seller), I'm glad to share the template once it's done.

Best of luck to everyone out there.

Scott

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commentor profile
Reply by a searcher
from Hong Kong University of Science and Technology in Miami, FL, USA
Have you had any progress now that things are settled? What ended up happening here, out of curiosity? Curious to learn what happened here and how you moved to a consulting -- interested to see the template and discuss the experience when possible. Thanks for bringing this up! Feel free to send template or times for a chat : redacted 2021!
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Reply by a searcher
from Wake Forest University in St. Louis, MO, USA
Guys, Just an update. After talking through the management agreement, we decided not to go the formal route and I'm just providing consulting advice to the team. I do have a template that I'll share with those that have asked for it, but be aware that we did not use it ourselves.
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