Introducing: After the Acquisition and Our Partner, CultureWise Most of what we cover in this newsletter is about getting to close. But for those of you who have already closed - or are thinking seriously about what comes next - we're launching a new section called After the Acquisition. The goal is simple: share resources, tools, and perspectives that help you become a better operator once you own the business. It's also worth reading if you're still searching, because the levers that matter most post-close are worth understanding before you sign a purchase agreement. Going forward, you’ll see this section at least once a month in TWIETA. We're kicking it off this week with a partner we're genuinely excited about: CultureWise. Their focus: helping operators build cultures that actually show up in the numbers. Here's something most first-time buyers don't fully appreciate until they're living it: when you acquire a business, you inherit a culture. It's already there, already baked in, and it may look nothing like what you want to build. Most companies try to solve this with core values - a few powerful words framed on the wall or posted on a website. The problem is that values are abstract. "Integrity" means five different things to five different people, and nobody knows exactly what to do with it on a Tuesday morning. CultureWise, founded by David Friedman and acquired by three searchers - Alex Hill, Dustin Campbell, and Erik Waters - takes a different approach. Instead of values, they help you define specific, actionable behaviors; the things you actually want people to do every day. Think less "we value teamwork" and more "think team first: don't let your ego get in the way of what's best for the group." The difference sounds subtle. In practice it's enormous. The system works in three steps: define your fundamentals in a working session that producesredactedcore behaviors specific to your business, roll them out to your team in groups, and then ritualize them through CultureWise's software, which resurfaces one behavior per week through nudges, reminders, and discussion prompts. Over time, those behaviors become part of how you hire, review performance, and recognize people. It's particularly powerful once you have a middle management layer - when culture needs to travel through your organization without you in every room. Pricing is accessible: $10K in year one for teams of 25 or fewer, and around $3K per year after that. If you're a few months into ownership and wondering how to bridge the gap between the culture you inherited and the one you want to build, reach out to the team at CultureWise for a conversation. After the Acquisition Dustin Campbell, CultureWise: You Buy the Business. You Earn the Trust. The first company we bought was operating in a gray area with wage law. Nothing egregious - the prior owners hadn’t been paying field technicians for their drive time to job sites the way the law required. It mattered to us, so we fixed it. We ran the numbers on where everyone lived and where we were sending them. The average technician picked up about thirty minutes of paid time a day. For us that was the equivalent of adding another person and a half to payroll. Despite the extra cost, we decided to do it anyway. Some of our longest-tenured technicians were furious. They thought we were making it too easy on the new guys. We explained that we were complying with the law and that their pay was going up too. It didn’t matter. This was a tight-knit industry where nobody invested much in developing anyone. You filled your openings out of the shop down the road and they filled theirs out of yours. A circular hiring squad, with rumors about the competition as covering fire. We were the outsiders who had just bought one of the biggest companies in the region. Easy target. We spent real money on something that benefited them and it bought us nothing. The money was not the issue (for us or for them), their perceptions of our motives were. To people who felt the company had been sold out from under them, a raise from a stranger looked like a maneuver. Everyone here budgets for the J-curve. Fewer truly plan for the reason that drives it. Trust is perhaps the largest off-balance-sheet asset in the business, and it does not automatically convey at closing. The year we bought that company, voluntary turnover was 25%. We later learned that was about average for the industry. In our last two years before we sold, at the height of the Great Resignation, it averaged 1.5%. We estimate that translated to roughly $1.3 million a year in earnings. None of that came from the raise. Trust is an outcome of clarity and consistency, and unlike a raise, it compounds. If you’ve just taken the keys and want to compare notes on building trust in your organization, reach out. Partner Perspective: Valerie Stash, COO Pioneer Capital Advisory: What to Expect During the SBA Loan Closing Process Getting approved for an SBA loan is an exciting milestone, but approval isn’t quite the finish line. Before your loan can fund, you’ll move through the closing process, a period when your lender collects final documentation, confirms that all loan requirements have been satisfied and prepares the documents needed to complete your transaction. SBA loans typically require more documentation than conventional business loans, so knowing what to expect can make the process much easier. Here’s a look at what happens during closing and what you can do to help keep things moving. Your Closing Process Begins Once you accept your Commitment Letter and submit any required good faith deposit, your loan moves into closing. Generally, within 24–48 hours of receiving these items, your Loan Closer will send you a welcome email. This will typically include your Closing Checklist along with instructions for scheduling an introductory call. Your Loan Closer will be your primary point of contact throughout this stage of the process. They’ll help you understand what is needed, answer questions and coordinate the various items required before your loan can close. Understanding Your Closing Checklist One of the first things you’ll receive is a Closing Checklist. Think of this as the roadmap from loan approval to closing. The checklist outlines the documents and information needed to finalize your loan. Depending on your transaction, it may include items related to the borrowing business, owners and guarantors, collateral, insurance, real estate, leases or other aspects of the loan. Don't worry if the list initially feels lengthy or you aren't sure what a particular request means. During your first week of closing, your Loan Closer will schedule time to review the checklist with you, explain the requirements and answer your questions. You may also notice requests for documents that look familiar. Even if you provided similar information during underwriting, an updated version may be necessary for closing or the document previously submitted may not satisfy current SBA or lender requirements. If you think you've already provided something, ask your Loan Closer before assuming you need to obtain it again. How Long Does SBA Closing Take? One of the most common questions borrowers have is, “When can I close?” During your initial call, your Loan Closer will discuss a tentative closing date with you. However, the actual timeline depends heavily on how quickly all required documentation can be collected, reviewed and approved. That means borrowers can play an important role in keeping the process on track. Responding promptly to requests, involving third parties early and providing complete documentation can help prevent avoidable delays. Once all Closing Checklist items have received final approval, allow at least five business days to prepare for closing. What Happens at Closing? Be prepared to sign a substantial number of documents. Most loan documents may be completed electronically through DocuSign, although certain documents can require in- person signatures, notarization or recording. All members of the borrowing entity who have authority to bind the business, as well as all required guarantors, will need to be available to complete their documents. Planning around travel is particularly important. A Power of Attorney cannot be used to sign the loan documents, so let your Loan Closer know as early as possible if you or another required signer expects to be out of town during the anticipated closing period. 7 Ways to Help Keep Your SBA Closing on Track A smooth closing often comes down to preparation and communication. While every SBA loan is different, taking care of a few items early can help prevent common delays. 1. Involve your attorney early. If you've hired legal counsel and would like your attorney involved in closing, provide their contact information to your Loan Closer during your initial call. 2. Gather your entity documents. Have your company's formation and organizational documents readily available so you can provide them when requested. 3. Address business acquisition requirements. If you're purchasing business assets, a tax clearance letter or Bulk Sales Certificate may be required before closing. Because obtaining this documentation is often the seller's responsibility, confirm early that the seller is actively working on it. 4. Coordinate with your landlord. If your business leases its location, your landlord may need to complete a Landlord Waiver. Landlord responses can take time, so it's helpful to start this conversation early. 5. Get a head start on real estate requirements. If your transaction involves real estate and a title policy is required, provide your title company's contact information and begin the title commitment process as soon as possible. Your lender's legal partner can then coordinate with the title company to collect the necessary documents and surveys. 6. Document your equity injection. Keep clear records of any funds you've already contributed to the transaction. You may be asked to provide canceled checks, wire confirmations, paid invoices and current account statements documenting both prepaid expenses and the remaining cash available for closing. 7. Contact your insurance agent. Let your insurance agent know that you're obtaining an SBA loan and provide any insurance requirements supplied by your lender. Having your agent's contact information ready will also allow your Loan Closer to work directly with them on the required coverage and documentation. Communication Is Key SBA closing involves several moving pieces, and some requirements may involve people outside your direct control—from landlords and sellers to attorneys, insurance agents and title companies. Getting those parties involved early can make a significant difference. Most importantly, stay in close communication with your Loan Closer. Respond promptly to requests, ask questions when something isn't clear and let your closer know about potential timing issues as soon as they arise. The closing process may require some patience and paperwork, but each completed item brings you one step closer to putting your SBA financing to work for your business. When you work with Pioneer Capital Advisory, we help you prepare for the closing process well before your loan reaches that stage. By identifying key requirements early and helping you understand what the bank will need, our goal is to minimize surprises, avoid unnecessary delays and help you move into closing prepared and confident about what comes next. Reach out if we can help! Plus: - Lincoln hit his one-year mark owning a small niche plumbing business and shared an honest reflection: revenue is up 20%, he's averaging 50 hours a week, and the search was a lot easier than actually running the business. Worth a read if you're in the early stages of ownership or still searching and want a realistic picture of what year one actually looks like. Full post here. - Why we don’t like AI-generated pitch decks (and the real purpose your pitch deck should be serving for investors)!redacted