Ep. 25- SBA Lending Shifts & Search Fund Insights | Robert Graham (SIG Partners)

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. 👉 **Subscribe for more interviews with leading investors and operators in SMBs.** 💬 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: https://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/ #SMBInvesting #SearchFunds #SBALoans #PrivateEquity #Entrepreneurship #SmallBusinessAcquisition #Investors #MergersAndAcquisitions #SMBEcosystem #BusinessGrowth