# The Modern Acquirer > Buy a small business without buying the seller's story. The Modern Acquirer is published in partnership with SMB Investor Network. ## About The Modern Acquirer publishes practical guides for people buying a small business: how to source deals, run diligence and finance the purchase, written from the buyer's side of the table. It is written by Nick Bryant and published in partnership with SMB Investor Network. - Site: https://modernacquirer.com - Partner: https://www.smbinvestornetwork.com - Full corpus (single fetch): https://modernacquirer.com/llms-full.txt - RSS: https://modernacquirer.com/feed.xml - Sitemap: https://modernacquirer.com/sitemap.xml ## Blog (14 articles) - [The SBA Acquisition Capital Stack After October 2026](https://modernacquirer.com/blog/sba-acquisition-capital-stack-2026): SOP 50 10 8.1 can reduce an acquisition loan. Three illustrative scenarios show where cash, seller notes and investor equity fit. - [What SBA Acquisition Loan Approvals Tell a Buyer](https://modernacquirer.com/blog/sba-acquisition-loan-data): A full pass over SBA loan-level data: how big acquisition lending got, who lends, which loans fail, and what to watch around the October 2026 rule change. - [Search Criteria That Start With the Work You Can Own](https://modernacquirer.com/blog/acquisition-search-criteria-template): Use acquisition search criteria to compare your experience, availability, and responsibilities with a business. Fill in the worksheet before an initial call. - [Will the Business Still Work Once the Seller Leaves?](https://modernacquirer.com/blog/business-acquisition-due-diligence): Business acquisition due diligence tests whether earnings, customers, cash and key people survive the sale. Here is what to check before you own it. - [Financing Covers the Price. Can You Carry the Cash Burden?](https://modernacquirer.com/blog/business-acquisition-financing): Prepare for business acquisition financing by clarifying personal exposure, operating cash needs, and seller priorities. Build your lender and seller questions. - [When the Biggest Customer Leaves: Due Diligence Questions](https://modernacquirer.com/blog/customer-concentration-due-diligence): Customer concentration due diligence: why the biggest customers buy, who keeps them, and who wins new work once the seller leaves. - [Don't Let Your Diligence Findings Die in a Folder](https://modernacquirer.com/blog/diligence-to-transition-plan): Build an acquisition transition plan that connects diligence findings to operating questions, responsible roles, and records. Use the blank worksheet to start. - [Finding Businesses to Buy: Know Who Will Run Them](https://modernacquirer.com/blog/finding-businesses-to-buy): Finding businesses to buy starts with operating fit. Learn what access channels can tell you, clarify seller intent, and prepare a useful conversation. - [Read a CIM Like a Car Listing: Every Adjective Is a Question](https://modernacquirer.com/blog/how-to-read-a-cim): How to read a CIM and broker teaser: separate what the seller claims from what you still need to ask before a first call about buying the business. - [Your Quality of Earnings Report May Skip the Expense Side](https://modernacquirer.com/blog/quality-of-earnings-small-business): Quality of earnings for small business buyers covers only what the engagement tests. Some reviews skip outgoing cash, and buyers grade their own deals kindly. - [Will the Revenue Still Be There When the Seller Leaves?](https://modernacquirer.com/blog/revenue-quality-due-diligence): Revenue quality due diligence checks receipts, customer habits, seller dependence and project timing, because reported sales may not survive the sale. - [Seller Add-Backs: Savings That May Disappear](https://modernacquirer.com/blog/seller-add-backs-due-diligence): Review seller add-backs for missing support, changing costs, and owner responsibilities. Mark uncertain savings for an accounting review before buying. - [Writing to an Owner Who Hasn't Said They Want to Sell](https://modernacquirer.com/blog/seller-outreach-credibility): Seller outreach that respects the owner: say what you have done, why this business, and ask if a conversation is welcome without assuming a sale is. - [A Profitable Business Can Run Short of Cash After Closing](https://modernacquirer.com/blog/working-capital-due-diligence): Working capital due diligence checks the resources behind earnings. Review receivables, inventory, seasonality, and cash timing before taking over a business. ## Glossary (17 terms) - [Accounts Receivable](https://modernacquirer.com/glossary/accounts-receivable): Accounts receivable means money customers owe for goods or services already billed, whose value depends on what the business ultimately collects. - [Add-Backs](https://modernacquirer.com/glossary/add-backs): Add-backs are proposed adjustments that add expenses to reported earnings, requiring support for why those costs would not remain necessary under a new owner. - [Confidential Information Memorandum](https://modernacquirer.com/glossary/confidential-information-memorandum): A confidential information memorandum is a private business-sale presentation that helps a buyer understand the opportunity without verifying its claims. - [Customer Concentration](https://modernacquirer.com/glossary/customer-concentration): Customer concentration describes dependence on a narrow customer base, which can leave a business exposed when important buyers reduce their spending. - [Due Diligence](https://modernacquirer.com/glossary/due-diligence): Due diligence investigates what a small business buyer would acquire, testing seller claims and identifying uncertainties that need further specialist review. - [Equity Injection](https://modernacquirer.com/glossary/equity-injection): An equity injection is capital contributed toward buying a business, distinct from acquisition borrowing and cash kept available for operating needs. - [Key Person Risk](https://modernacquirer.com/glossary/key-person-risk): Key person risk is the risk that a business cannot keep operating as expected when someone with essential knowledge or relationships leaves. - [Letter of Intent](https://modernacquirer.com/glossary/letter-of-intent): A letter of intent sets out a proposed business acquisition so buyer and seller can discuss the purchase with a clear account of the buyer’s intentions. - [Owner Dependence](https://modernacquirer.com/glossary/owner-dependence): Owner dependence is a business's reliance on the seller's work, judgment, and relationships to serve customers and keep daily operations running. - [Proof of Cash](https://modernacquirer.com/glossary/proof-of-cash): Proof of cash compares a business’s financial records with bank receipts and payments to investigate differences and clarify the limits of financial support. - [Proprietary Deal Flow](https://modernacquirer.com/glossary/proprietary-deal-flow): Proprietary deal flow means acquisition opportunities arising through a buyer’s own relationships and direct conversations, without assured exclusivity. - [Quality of Earnings](https://modernacquirer.com/glossary/quality-of-earnings): Quality of earnings is a financial review that tests the support for reported business earnings and proposed adjustments, with limits set by its agreed scope. - [Repeat Revenue](https://modernacquirer.com/glossary/repeat-revenue): Repeat revenue comes from customers returning for additional purchases, without implying a fixed buying schedule or a commitment to purchase again. - [Revenue Quality](https://modernacquirer.com/glossary/revenue-quality): Revenue quality describes how well sales are supported by records and how customer continuity and selling capability affect their durability after a purchase. - [Seller Note](https://modernacquirer.com/glossary/seller-note): A seller note is a written debt obligation that defers part of a business purchase payment, leaving the buyer responsible for repayment to the seller. - [Transition Plan](https://modernacquirer.com/glossary/transition-plan): A transition plan connects what a buyer learns during diligence with the responsibilities, handoffs, and unresolved questions of taking ownership. - [Working Capital](https://modernacquirer.com/glossary/working-capital): Working capital is current assets minus current liabilities: receivables and inventory add to it, while payables reduce it. ## Comparisons (2) - [Brokered vs Proprietary vs Digital Deal Flow](https://modernacquirer.com/compare/brokered-vs-proprietary-vs-digital-deal-flow): Compare brokered vs proprietary vs digital deal flow by access, information, and seller intent. Choose a channel and identify what you still need to learn. - [Recurring Revenue vs Repeat Revenue](https://modernacquirer.com/compare/recurring-revenue-vs-repeat-revenue): Compare recurring revenue vs repeat revenue through customer records and seller dependence. Identify what supports the label before buying the business. ## Key Topics - Finding businesses to buy: proprietary, brokered and digital deal flow - Quality of earnings, revenue quality and working capital diligence - SBA 7(a) loans, seller notes and investor equity - Independent sponsor and self-funded search structures ## Contact - Email: hello@smbinvestornetwork.com