And the latest. So Grant Hensel, one of my investors, has been posting about this a little bit on his LinkedIn page, and I think just last week he had an update that he said that I don't know if it was the same meeting that you were involved in, but that he had met with some people with the SBA and some other investors, and he was really encouraged that the SBA understood the negative…
Acquiring Minds
How to Buy a $20m Business as a First-Timer
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He felt like there was a very good chance that they were going to change this in a more positive way. But my deal was one of the first deals that this surfaced on, at least for the people involved. And I mean, honestly, literally up until just a couple of hours before it closed, I thought there was a risk that the deal might fall apart.
And it was really stressful. I mean, I was, you know, hundreds of thousands of dollars in deal fees into this deal, and the idea that it could have fallen apart at the last minute because of this issue was dismaying and disturbing, honestly, because there was no communication about it beforehand. You know, so I didn't know about it going into this.
My investors didn't know about it going into it. The bank didn't know about it going into it. And the fact that it could have killed the deal at the last minute was. Was really scary.
Yeah.
And in fact, you know, the. I think the only reason the deal really went through was because, well, one was so Huntington bank was my lender, and Huntington had a. Does tons of SBA deals, and they have.
They had a strong relationship with the sba, and I think that really helped kind of ease the Way through. Because even when we hit this friction, because Huntington had a good relationship with the sba, I think they were able to kind of talk through it, but I think they basically granted me an exemption which, you know, just somebody's whim, basically allowed the deal to go through.
Yeah. Yep.
So, anyway, just going back to what you were saying earlier, given how stressful the deal process was there for months, the early days of owning the company had been really smooth by comparison.
The benefits of a bad deal process is that maybe the transition is less stressful.
Yeah. But I mean, it's really more a testament to the fact that I bought a great business, I have a strong team.
And can you say more about that team?
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