Bruce Marks is a seasoned lender who has closed over $400M in deals, helping over 1,200 entrepreneurs acquire businesses using SBA loans. As Senior VP at First Bank of the Lake, Bruce specializes in financing small business acquisitions, search funds, and lower middle-market M&A transactions.

Bruce doesn’t just finance deals—he knows what makes a buyer successful and what gets deals killed.

In this episode, we dive into:

• How a young entrepreneur bought a $10M business with just $40K
• Why your experience matters more than the business you’re buying
• The biggest mistakes first-time buyers make with lenders
• SBA loans, seller financing, and deal structuring strategies
• Why Bruce only finances "need" businesses—not “want” businesses

We also talk about why the worst thing for a buyer is not knowing the answer when employees ask, the importance of buying a business you actually understand, and why the best deals never hit the market.

If you’re looking to buy a business, this episode is a must-listen—Bruce shares real, actionable insights that can save you from costly mistakes and help you land the right deal.

Please enjoy this conversation with Bruce Marks.

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Timestamps:

00:00:00 - Introduction

00:00:24 - Bruce's background

00:04:45 - How to become the top 0.01% at what you do?

00:09:53 - Self-funded search vs. traditional search

00:13:39 - Takeaways from talking to 3 searchers per day

00:18:08 - I have $100,000-$500,000 and want to buy a business, now what?

00:31:02 - How often do really bad things happen?

00:34:09 - High quality people buy high quality companies

00:44:40 - We expect to double our loan portfolio in the coming years

00:47:10 - Post-close situations; knowing the dynamics of business

00:57:07 - You want to have a choice in life to do what you want to do

01:00:03 - Having multiple SBA loans at once

01:03:04 - That's a nice story, Bruce, if only it were true

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Bruce on Twitter: https://x.com/sbabmarks

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.