Brian Phillips has spent 28 years in banking, and he became an SBA specialist for the best reason: he once had a terrible experience applying for one himself. In this episode, Brian and Jeff walk through the two main SBA loan types (7(a) and 504), how banks set their own policies on top of SBA's standard operating procedures, and why a seller carryback note can make or break a deal. They also dig into what it really means to "tell the story" of a business to an underwriter—both the organic story and the financial one—and why negative cash flow is the one thing no lender can work around.

The conversation turns practical fast: how much cash a buyer typically needs to put down, which industries are facing tighter scrutiny right now (restaurants and hospitality top the list), and why due diligence is always the buyer's responsibility—not the broker's, not the lender's. Brian and Jeff also answer a listener email from Doug in Memphis about choosing the right loan structure and selecting a business broker. If you're thinking about buying a business, this episode is the prep work you didn't know you needed.

Guest: Brian Phillips, SBA Lender, U.S. Bank. Host: Jeff Kalil, VR Business Brokers of St. Louis. Learn more at growth2exit.com.