Transition My Business

Using SBA Lending to Put the ‘Success’ in Business Succession

A business sale is the end of one chapter of a business and the start of a new owner’s journey. Owners should plan for succession before it becomes a matter of urgency. By working with seasoned business advisors, they can avoid many common pitfalls and hiccups.

Having the right financing in place is a critical part of any succession plan. The U.S. Small Business Administration (SBA) has become an increasingly popular choice to help with small business sales. Here are some key things to know about SBA financing and tips for a successful succession:

If you are considering buying or selling a business, whether it’s a partner buy-out, family transition, or third-party buyer, talk to the SBA loan experts at Alerus. As an SBA preferred lender, Alerus is ready to help you explore and develop your succession plan, including taking advantage of all the benefits SBA loans have to offer. Talk to us today to see how we can help you prepare for your next chapter.