John had a successful career in the IT sector and just about had enough of corporate America as he thought he was literally losing his soul. Go figure…we hear this a lot. He found an MSP (Managed Service Provider) business that he was keen on. This was great, and we ran the numbers on the business and him and it worked out very nicely. Then, after all the approvals and the business valuation coming back favorable we were getting ready to go to close. So we routinely went to pull the tax transcripts from the IRS on the business he was purchasing and…BIG SURPRISE!

Unbeknownst to John and us, the seller had amended a bunch of returns, and also re-classified their company from an S-Corp to a C-Corp just recently. Because of this there was a delay in being able to get these transcripts from the IRS. Now, most banks would not have stayed on the case and waited it out for the 3-4 months it finally took for the new amended return transcripts to show up in the IRS’s system, but we did!

That is what they call “lender fatigue” and it is rampant in the industry as lenders won’t wait it out and do what is right for their client. However, we knew this was the right fit for John. He didn’t have a problem with the delay, so we didn’t have a problem either. We closed, and now John has his first acquisition under his belt and will be looking for other strategic opportunities in the near future!

Sometimes good things come to those who wait!