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This is a milestone episode of the M&A Launchpad Podcast — Episode 100. In lieu of a guest interview, hosts Casey Minshew and Feras Moussa look back on how they got started in acquisition entrepreneurship and use the milestone to unpack the capital stack in plain terms. They walk through the three main paths buyers take into the lower middle market — the traditional search fund model, the self-funded search model, and the independent sponsor model — and explain how debt, equity, seller rolls, seller notes, earnouts, SBA loans, and SBICs fit together to get deals done.
This conversation is especially useful for anyone trying to figure out which buying model fits them, and for buyers and sellers alike who want a clearer picture of how modern lower middle market deals are actually financed and structured.
In this episode, we discuss:
- Search fund vs. self-funded vs. independent sponsor — Casey and Feras break down the three main paths into a buy-side deal and how to pick the right one for your situation
- What an independent sponsor actually is — fundless sponsors, typical deal size ($2–10M EBITDA), and how equity and management fees get structured
- What an SBIC is — how these SBA-backed funds bridge the gap between SBA lending and traditional private equity in the lower middle market
- How to build the full capital stack — mezzanine debt, seller rolls, seller notes, and earnouts, and why understanding your financing options (SBA vs. banks vs. SBICs) matters before you negotiate
Additional Resources
Thinking about buying a business? Connect with the Equity Launchpad team to learn more about acquisition entrepreneurship and upcoming opportunities.
Contact Casey Minshew and Feras Moussa: info@equity-launchpad.com
Explore more: https://www.equity-launchpad.com
About The M&A Launchpad:
The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions.
The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community.
Connect with M&A Launchpad:
🎧 Podcast on Spotify: https://open.spotify.com/show/0mW6i4ooujqC7eOPWmguU7
🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586
🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/
