Situation: 9am Saturday in Klarman Hall at Harvard Business School. Bob White asked for a show of hands, and most of the room was on an unfunded search. Like me. I'd spent weeks reading listings and still couldn't sketch how a buyer like me would actually pay for one. Task and action: Luke Tatone invited me to the 12th Annual HBS ETA Conference (thank you, Luke), so I went to as many sessions as I could. What I was missing was the order of the pieces: 1. The new SBA rules. As the lenders' panel described them: 10% of the project down, at least 5% from your own money, and a seller note can cover up to the other 5% only on full standby for the life of the loan. Confirm with your lender. 2. Less desk, more owners. Jordan Dubin (Guild Garage) said to keep desk research short and run a sprint of 20 to 30 owner conversations over 2 to 3 months. 3. More than one path. On the roll-ups panel, Keith Caldwell did a self-funded search, then partnered with a fund and runs the company as CEO. I didn't know that path existed. 4. Partners first. Mitt Romney opened the day on the choice he kept coming back to: who you build with. Result: I wrote it up in plain language, with capital stack diagrams and a 90-second video on the new SBA rules: redacted If you're searching too, try this tonight, 10 minutes: take one listing you saved, draw three boxes (bank loan, your own money, seller note on standby), and write the one question you'd ask a lender. Illustrative numbers only, and these are my understanding of the sessions, not advice. Corrections welcome.