---
title: "Searcher Guides | Plain-Language Answers for Self-Funded Searchers"
description: "Plain-language guides for self-funded searchers and independent sponsors: legal counsel, cost, timeline, entity choice, SBA equity, and seller notes."
canonical: "https://acquisitionstars.com/search-fund/guides"
firm: "Acquisition Stars"
practice: "M&A and securities law"
office: "Novi, Michigan (serves clients nationwide)"
contact: "consult@acquisitionstars.com | 248-266-2790"
---

# Searcher Guides

Searcher Guides

Self-funded searchers, search fund operators, independent sponsors, and first-time buyers using SBA 7(a) financing all run into the same questions before they know they need a lawyer. These guides answer those questions in plain language: legal counsel, cost, timeline, entity choice, investor equity, personal guarantees, seller notes, seller rollover, and quality of earnings review.

## Do I Need a Lawyer to Buy a Business With an SBA Loan?

SBA does not require buyer counsel, but the lender's closing attorney represents the lender, not the buyer.

## How Much Does a Lawyer Cost for an SBA Business Acquisition?

Cost depends on deal size, whether the attorney drafts or reviews the purchase agreement, and how much negotiation the deal requires.

## How Long Does an SBA-Financed Business Acquisition Take to Close?

SBA 7(a) acquisitions commonly close in 60 to 120 days from a signed letter of intent, paced by underwriting and the appraisal.

## What Entity Should I Use to Buy a Business With an SBA Loan?

Most SBA-financed buyers form a new limited liability company, with the operating agreement addressing guarantors and lender consent.

## Can Investors Fund My SBA Equity Injection?

Yes, investor cash can count toward the equity injection, but any owner of 20 percent or more must sign a personal guarantee.

## Will My Investors Have to Personally Guarantee My SBA Loan?

Under current SBA rules, owners of 20 percent or more must guarantee, while smaller investor stakes generally do not.

## Does a Seller Note Count Toward the SBA Equity Injection?

A seller note can count toward part of the injection only if it meets SBA full-standby requirements.

## Can the Seller Keep Equity in an SBA-Financed Acquisition?

Yes, SBA permits partial changes of ownership, but a seller who retains equity must sign a personal guarantee for a period after closing.

## Do I Need a Quality of Earnings Report to Buy a Small Business?

Not required by SBA, but most searchers order one above a few hundred thousand dollars in purchase price to test the seller's earnings.

Working through one of these questions for an actual acquisition? [Request a consultation →](https://acquisitionstars.com/consultation)

## Related

### Search Fund and ETA Attorney

The practice hub for self-funded searchers, search funds, and independent sponsors.

### SBA Loan Attorney

Buy-side counsel for SBA 7(a) purchases under SOP 50 10 8.1.

### Search Fund and ETA Legal Guide

The full legal process for search fund and self-funded search acquisitions.

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Source: https://acquisitionstars.com/search-fund/guides

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