In this interview, Sean Smith, Managing Partner of Search Fund Ventures and Founder of the SMB Investor Network, sits down with Robert Graham, Co-Founder of SIG Partners and Co-Founder of Pillar Health Group.

Robert shares his journey from HBS to building a healthcare group that grew from $6M in revenue to $130M+, powered by both organic growth and acquisitions.

Together, Sean and Robert unpack:

• The evolution of self-funded search and the role of SBA financing.
• A new SBA policy that could permanently ban investors with prior 7A loan defaults — and its ripple effects on entrepreneurs, lenders, and small business owners.
• Investor diligence: debt service coverage, leverage, IRR vs. MOIC, and why “step-ups” can be misleading.
• Industry heuristics: how to think about recurring revenue, installation, and construction risk in trades and building services businesses.
• What investors should consider when evaluating cost of capital, revenue buckets, and risk-adjusted returns.

This conversation highlights both the opportunities and challenges ahead for searchers, operators, and investors in the SMB ecosystem.

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💬 Share your thoughts in the comments — how do you see SBA changes impacting the space?

Connect with the speakers:

• Robert Graham (LinkedIn): https://www.linkedin.com/in/robertelliotgraham/
• SIG Partners: sigpartners.com
• Pillar Health Group: https://www.pillarhealthgroup.com/
• Sean Smith (LinkedIn): https://www.linkedin.com/in/sean-smith-47ab2a70/
• SMB Investor Network: https://www.smbinvestornetwork.com/