No Direct Industry Experience

In this segment, Heather discusses the challenge of acquiring a business without direct industry experience. She notes that while the majority of funded buyers lack direct experience, they must successfully argue for their transferable skills. Lenders view certain technical fields like heavy manufacturing or healthcare as high risk if the buyer does not have a matching background. To mitigate this, you must build a buyer profile that connects your past tactical leadership to the specific needs of the new company. Heather advises focusing on your transition plan on people and operations rather than growth projections, as lenders are primarily concerned with the stability of the transition. Every interaction with the bank, including interviews, is a test of your capability; a lack of confidence from the lender can kill a deal even in its final stages.