If you're looking at a business that's too large for an SBA loan, you'll usually need to turn to institutional lenders and investors. There is a lot of capital available in that market, but not every business is financeable. We often see buyers sign an LOI and start spending money on diligence before realizing that the business is going to be virtually impossible to finance. I want to highlight some of the biggest issues we see so you know what to focus on before going too far into the weeds on something. Around $2M EBITDA is where the institutional market really starts to open up. Below $2M, there are options, but very few. It's a real uphill battle. Between $2M and $3M, you have a lot more options, and pursuing a good deal makes sense. At $3M+, the market gets exponentially bigger. Financial health is another big issue. Declining revenue, EBITDA margins below 10%, shrinking or volatile gross margins, SG&A rising as a percentage of sales, big EBITDA add-backs, and increasing working capital needs can all create problems. Any one of those might be explainable, but several of them together usually kill a deal. The specific industry can also be an issue, though most industries have a decent number of capital providers willing to look at them. The tougher ones tend to be businesses with heavy commodity exposure (like oil & gas), businesses that are especially sensitive to an economic downturn (like new construction end markets), and politically sensitive industries (cannabis, etc.). In those cases, a big part of the lender and investor universe just won't be interested. Customer concentration comes up all the time too. There is no universal cutoff, but once one customer is around 20% of revenue, or a handful of customers make up around half the business, expect most lenders and investors not to be interested. There are, of course, other reasons a business may be a bad fit for most lenders and investors, but these are some of the most common ones we see in situations where someone has already spent a lot of time and money on diligence and is only then starting to realize that there really aren't capital providers willing to finance the business they're under LOI on.