The BDO Show

Welcome back to The BDO Show—where business valuations meet cold, hard truths, and nobody sells a cash cow (unless the numbers add up).

This week, we're diving deep into the world of business valuations and the often-suspect financials that come with selling a company. Emily Detor and Ryan Kroge are joined by Ryan Hutchins with Peak Business Valuation, a long-time sponsor and an expert who's also bought multiple businesses himself using SBA loans.

If you're a BDO, buyer, or seller, you won't want to miss this no-holds-barred discussion on:

• Why you should never go 50/50 on a Quality of Earnings (QoE)

• The "new hotness" of QoE reports and how they save deals

• The red flags of "elevated numbers" and why sellers might be inflating their SDE

• The shocking truth: people don't care about lying to the IRS

• What happens when family members are on the payroll (and don't actually work)

• Why nobody sells a true "cash cow"

• The essential info every business owner needs to know before valuing their company

• Why the new SOP changes are actually great for stronger borrowers and better deals

Plus, hear about Kroge's classic boat VIN-swapping discovery and why watching paint dry can actually be entertaining!

👉 Got thoughts on inflated SDEs or shady valuations? Tell us how you really feel in the comments or email us at [email protected].

📺 Like, subscribe, and hit the bell—because accurate numbers are always in style.

🎙This episode is sponsored by:

SBA Protection SBA Protection Quick Close Life Insurance – the fastest, easiest way to secure the insurance protection your borrower needs for their SBA loan. For more information, visit their website https://sbaprotection.com/ or email Adam Bergen at [email protected]

ReSquared Finding and engaging small business owners has never been easier. Resquared is the go-to platform for Business Development Officers looking to connect with local business owners—faster and effectively. They help you find the right prospects effortlessly. Schedule a demo today at http://landing.re2.ai/bdo

Welcome back to The BDO Show—where loan closings get real, F reorgs get explained (sort of), and we finally give some love to the legal eagles!

Ever wonder what really happens once a loan hits the closing stage? Or why your attorney is suddenly talking about "F reorgs" like it's the latest dance craze?

This episode, we pull back the curtain on the lender-legal relationship with special guest Scott Oliver of Lewis Kappes. Join Emily Detour, Sterling Birdsong, and Ryan Kroge as they dive into:

• The lifecycle of a loan, from BDO hustle to the closing crunch
• When and how to get your legal team involved (and why earlier is always better)
• How much should a BDO be in the weeds of the closing process
• The mystery of the F reorg—is it genius or just billable hours?
• Attorney superpowers: When a single call can replace 20 frantic emails

Whether you're a BDO, closer, or just love a good SBA story, this episode is packed with insights and laughs!

👉 Got any legal horror stories or attorney shout-outs? Share them in the comments or email us at [email protected].

📺 Like, subscribe, and remember: when in doubt, call your lawyer (and maybe hit the gym).

🎙This episode is sponsored by:

Rapid Business Plans | Rapid Business Plans is the go-to provider of business plans and feasibility studies for government guaranteed small business lenders.

For more information, or to set up a Get Acquainted call go to https://rapidbusinessplans.com/art-of-sba

Peak Business Valuations | Peak Business Valuation has put together a free valuation resource for The BDO Show listeners that lists out the rule of thumb formulas for some of the most common industries in SBA lending. Get your free valuation resource today by going to https://peakbusinessvaluation.com/get-your-free-valuation-resource/

Welcome back to The BDO Show—where SOPs change faster than a Tampa street scene and SBA rumors become reality. 🌊

📢 In this episode, we break down the brand new SBA SOP—what's changing, who's winning, who's losing, and how the industry is reacting.

Chris Hackney, Sterling Birdsong, and Emily Detor (with a surprise Ray Drew appearance) unpack: 🔹 Why the new seller note rules are causing waves 🔹 How the SBA is tightening up MCA refinancing (and why it's controversial) 🔹 What the end of partial buyouts might mean for business succession 🔹 Why small loan changes are confusing lenders—and borrowers alike 🔹 The political and practical realities behind these sweeping updates

From equity injection drama to MCA crackdowns, we're diving into the real-world impacts behind the SBA's latest moves. Whether you're a BDO, broker, borrower—or just a fan of good banter—you won't want to miss this one.

👉 Got thoughts or questions on the new SOP? Send them our way at [email protected]. 📺 Like, subscribe, and stay tuned for more industry updates, hot takes, and special guests.

🎙This episode is sponsored by:

SBA Protection

SBA Protection Quick Close Life Insurance – the fastest, easiest way to secure the insurance protection your borrower needs for their SBA loan.

For more information, visit their website https://sbaprotection.com/ or email Adam Bergen at [email protected]

ReSquared

Finding and engaging small business owners has never been easier.

Resquared is the go-to platform for Business Development Officers looking to connect with local business owners—faster and effectively. They help you find the right prospects effortlessly.

Schedule a demo today at http://landing.re2.ai/bdo

Welcome back to The BDO Show—where merchant cash advances meet mic drops, and no referral fee is safe from scrutiny. 💰 Is MCA a necessary evil—or just misunderstood? In this episode, we sit down with business loan broker Alex Roshko to explore the controversial world of alternative lending, fast capital, and what it really means to serve the borrower's best interest.

Joined by hosts Emily Detor, Chris Hackney, Sterling Birdsong, and Ryan Kroge, we dig into: ⚡ The real competition for SBA lenders (hint: it's not other SBA lenders) 💸 How brokers balance borrower needs vs. their own compensation 📉 The risks of MCA stacking—and how some brokers syndicate their own money 📋 New SBA fee enforcement and why referral partners are officially on notice 🤖 Will BDOs get replaced by AI and lead gen firms? Kroge makes a bold prediction...

This episode is part education, part roast, and part rollercoaster—and we're not just talking about Vegas Al.

👉 Have strong feelings about MCA? Tell us how you really feel in the comments or email us at [email protected]. 📺 Like, subscribe, and hit the bell—because if you're not staying sharp, you're probably getting stacked.

🎙This episode is sponsored by:

Rapid Business Plans

Rapid Business Plans is the go-to provider of business plans and feasibility studies for government guaranteed small business lenders. For more information, or to set up a Get Acquainted call go to https://rapidbusinessplans.com/art-of-sba

Peak Business Valuations

Peak Business Valuation has put together a free valuation resource for The BDO Show listeners that lists out the rule of thumb formulas for some of the most common industries in SBA lending.

Get your free valuation resource today by going to https://peakbusinessvaluation.com/get-your-free-valuation-resource/

Welcome back to The BDO Show—where files get moved, borrowers get coached, and we finally find out who the real Ray Drew is.

👀 Ever wonder how top BDOs stay on top? Spoiler: They've got powerhouses like Cora Robinson behind the scenes—handling everything from borrower calls to credit writeups (and yes, she even bakes cookies for referral sources).

In this episode, we talk with Cora, the SBA loan specialist and operational engine behind Ray Drew's high-volume production. We dig into what it's really like to be the one pushing deals through… and what happens when a former BDO finds her sweet spot behind the scenes.

Join Emily Detor and Chris Hackney as they unpack: 📊 What it takes to manage 30+ active deals at once 🧠 How Cora gets borrowers to actually complete their checklists 📞 Why hopping on the phone can shave weeks off your processing time 📈 The reality of transitioning from BDA to BDO (and why not everyone should) 👶 Balancing a booming SBA career with life as a new mom

From the front lines of loan support to the heart of high production—this episode is packed with insights, laughs, and killer advice for anyone navigating the SBA grind.

👉 Have you ever had a behind-the-scenes MVP like Cora on your team? Shout them out in the comments or email us at [email protected]. 📺 Like, subscribe, and don't forget to thank your loan specialist today. They're the real ones.

🎙This episode is sponsored by:

SBA Protection

SBA Protection Quick Close Life Insurance – the fastest, easiest way to secure the insurance protection your borrower needs for their SBA loan.

For more information, visit their website https://sbaprotection.com/ or email Adam Bergen at [email protected]

ReSquared

Finding and engaging small business owners has never been easier.

Resquared is the go-to platform for Business Development Officers looking to connect with local business owners—faster and effectively. They help you find the right prospects effortlessly.

Schedule a demo today at http://landing.re2.ai/bdo

The BDO Show is hitting the road. We will be speaking at the Mid America SBA Lending Conference in Houston on April 15th. Go to https://malc-conference.com for more information. This will be a live show you won't want to miss!

Welcome back to The BDO Show—where business plans are rapid, license plates are questionable, and the next generation of BDOs are taking notes (literally).

🎓 What does it take to break into SBA lending and actually thrive? This episode is all about building your name, booking deals, and navigating the steep learning curve—without crashing and burning.

Join Emily Detor, Ryan Kroge, Chris Hackney, and our rising star guest, Cam Nayebi, as they talk through: 🔥 What it's really like to start as a junior BDA and become a successful BDO in just over a year 📈 How to structure your day for maximum deal flow (and minimal chaos) 📬 Why mentors matter more than metrics—and how to find the right ones 💡 Cam's playbook for prospecting, building a tribe, and surviving the first 12 months 💰 Strategies for standing out at your shop—even if you're still learning your lender's credit box

And yes… we talk about the infamous "GAY4SBA" license plate and what not to do at Big Al's pool bar.

This episode is packed with laughs, strategy, and real advice for anyone looking to make their mark in the industry.

👉 Are you a new BDO trying to level up in 2025? Share your biggest wins (or wildest fails) with us in the comments or email [email protected].

📺 Like, subscribe, and hit that bell—because nobody wants to miss Ryan's "water on a duck" wisdom.

🎙This episode is sponsored by:

Rapid Business Plans

Rapid Business Plans is the go-to provider of business plans and feasibility studies for government guaranteed small business lenders. For more information, or to set up a Get Acquainted call go to https://rapidbusinessplans.com/art-of-sba

Peak Business Valuations

Peak Business Valuation has put together a free valuation resource for The BDO Show listeners that lists out the rule of thumb formulas for some of the most common industries in SBA lending.

Get your free valuation resource today by going to https://peakbusinessvaluation.com/get-your-free-valuation-resource/

The BDO Show is hitting the road. We will be speaking at the Mid America SBA Lending Conference in Houston on April 15th. Go to https://malc-conference.com for more information. This will be a live show you won't want to miss!

🔍 What makes a brand a solid bet for SBA financing? And what separates a franchise success story from a financial trainwreck? In this episode, we dive deep into the franchise world—what lenders love, what borrowers should avoid, and why some franchises are just glorified marketing schemes.

Join Alan Peterson, Sterling Birdsong, Ryan Kroge, and the peanut butter prince's dad as they break down:

🔥 The franchise red flags that make lenders nervous 💰 Why 50+ open locations in two years is the golden rule 🤝 How marketing companies hijacked the franchise model (and why that backfired) 🛑 The franchises that tanked post-COVID—and the ones that thrived 🥪 Why Jimmy John's was the king of SBA financing (seriously, less than 1% failure rate!)

This episode is packed with hard truths, lender insights, and maybe even a zoo joke or two—so don't miss it!

👉 What's your take on franchise lending? Drop your thoughts in the comments or email us at [email protected].

📺 Don't forget to like, subscribe, and hit the bell so you never miss an episode!

🎙This episode is sponsored by:

SBA Protection

SBA Protection Quick Close Life Insurance – the fastest, easiest way to secure the insurance protection your borrower needs for their SBA loan.

For more information, visit their website https://sbaprotection.com/ or email Adam Bergen at [email protected]

ReSquared

Finding and engaging small business owners has never been easier.

Resquared is the go-to platform for Business Development Officers looking to connect with local business owners—faster and effectively. They help you find the right prospects effortlessly.

Schedule a demo today at http://landing.re2.ai/bdo

The BDO Show is hitting the road. We will be speaking at the Mid America SBA Lending Conference in Houston on April 15th. Go to https://malc-conference.com for more information. This will be a live show you won't want to miss!

Welcome back to The BDO Show—where deals get funded, policy changes drop like bombs, and no borrower (or lender) is truly safe.

🚨 The SBA just shook things up—again. In a surprise rule change, foreign nationals can no longer own any percentage of an SBA-funded business. Effective immediately, every SBA borrower must be a U.S. citizen or green card holder.

What does this mean for borrowers, lenders, and entire industries like hospitality? And is this a smart move—or a step in the wrong direction?

Join Emily Detor, Ryan Kroge, and Sterling Birdsong as they break down:

🔥 The immediate impact on SBA deal pipelines 💰 Why some lenders see this as a win—and others don't 🤔 How entrepreneurs will find new (and legal?) ways to adapt 🛑 The unintended consequences (silent partners, anyone?) 📉 What this means for immigration, business ownership, and the American Dream

Oh, and we're also talking tariffs—because why not stir the pot even more? Will they help American businesses or just make everything more expensive?

This episode is packed with insights, hot takes, and maybe even a little controversy—so don't miss it!

👉 What do you think—good move or bad for the SBA program? Share your thoughts in the comments or email us at [email protected].

📺 Don't forget to like, subscribe, and hit the bell so you never miss an episode!

🎙This episode is sponsored by:

Rapid Business Plans

Rapid Business Plans is the go-to provider of business plans and feasibility studies for government guaranteed small business lenders. For more information, or to set up a Get Acquainted call go to https://rapidbusinessplans.com/art-of-sba

Peak Business Valuations

Peak Business Valuation has put together a free valuation resource for The BDO Show listeners that lists out the rule of thumb formulas for some of the most common industries in SBA lending.

Get your free valuation resource today by going to https://peakbusinessvaluation.com/get-your-free-valuation-resource/

The BDO Show is hitting the road. We will be speaking at the Mid America SBA Lending Conference in Houston on April 15th. Go to https://malc-conference.com for more information. This will be a live show you won't want to miss!

Welcome back to The BDO Show—where term sheets are the promise rings of SBA lending: full of commitment until a better offer comes along.

📝 Ever sent out a term sheet just to never hear back? Or worse—watch it get used as leverage for a better deal? In this episode, we're tackling the real term sheet acceptance rates, how to spot a shopper, and what to do when your deal is getting passed around like a free sample at Costco.

Join Emily Detor, Sterling Birdsong, and Ryan Kroge as they break down: 🔥 The truth about term sheet acceptance rates (and why yours might be lower than you think) 🏦 How to tell if your borrower is serious—or just using you for negotiation ammo 💡 When to walk away vs. when to sharpen your pencil 📉 Why undercutting rates isn't a real strategy (and what to do instead) 🛑 The mistakes BDOs make that lead to ghosted term sheets and wasted time

If you've ever felt like a borrower's backup plan, this episode is for you.

What's your worst term sheet ghosting story? Drop it in the comments or email us at [email protected].

📺 Don't forget to like, subscribe, and hit the bell so you never miss an episode!

🎙This episode is sponsored by:

SBA Protection

SBA Protection Quick Close Life Insurance – the fastest, easiest way to secure the insurance protection your borrower needs for their SBA loan.

For more information, visit their website https://sbaprotection.com/ or email Adam Bergen at [email protected]

ReSquared

Finding and engaging small business owners has never been easier.

Resquared is the go-to platform for Business Development Officers looking to connect with local business owners—faster and effectively. They help you find the right prospects effortlessly.

Schedule a demo today at http://landing.re2.ai/bdo

The BDO Show is hitting the road. We will be speaking at the Mid America SBA Lending Conference in Houston on April 15th. Go to https://malc-conference.com for more information. This will be a live show you won't want to miss!

Welcome back to The BDO Show—where deals get funded, search funders get scrutinized, and no borrower (or lender) is truly safe.

🔍 Is search fund lending a golden opportunity or a ticking time bomb? In this episode, we dive into the world of search funders—what makes them a lender's dream (or nightmare), how they leverage the SBA program, and where things might be heading next.

Join Emily Detor, Alan Peterson, Chris Hackney, Sterling Birdsong, and Ryan Kroge as they break down:

🔥 The real risks and rewards of search funder deals 💰 Why banks love them (and why some lenders don't) 🤝 The difference between a solid searcher and a walking red flag 🛑 How to protect yourself and your institution from bad deals 📉 What happens when PE firms start creeping into SBA lending

This episode is packed with insights, hot takes, and maybe even a little controversy—so don't miss it!

👉 Have you ever worked on a search funder deal? Share your stories in the comments or email us at [email protected].

📺 Don't forget to like, subscribe, and hit the bell so you never miss an episode!

🎙This episode is sponsored by:

Rapid Business Plans

Rapid Business Plans is the go-to provider of business plans and feasibility studies for government guaranteed small business lenders. For more information, or to set up a Get Acquainted call go to https://rapidbusinessplans.com/art-of-sba

Peak Business Valuations

Peak Business Valuation has put together a free valuation resource for The BDO Show listeners that lists out the rule of thumb formulas for some of the most common industries in SBA lending.

Get your free valuation resource today by going to https://peakbusinessvaluation.com/get-your-free-valuation-resource/

The BDO Show is hitting the road. We will be speaking at the Mid America SBA Lending Conference in Houston on April 15th. Go to https://malc-conference.com for more information. This will be a live show you won't want to miss!