In Episode 2 of Manage to Exit, Aaron McElhiney and Hunter Goodall are joined by Jordan Coleman, SBA Lending Specialist at Live Oak Bank — the number one SBA preferred lender in the country — for a candid conversation about how PM business acquisitions are actually financed, what lenders are really looking for, and how the SBA's June 1, 2025 rule changes are reshaping the buyer landscape right now.

They cover the mechanics of SBA loans in plain language (the SBA doesn't lend money — here's who does and why that matters), the new 5% cash equity requirement for first-time buyers and how sellers can structure notes around it, why Live Oak looks at door count trends and add-backs the same way PMIA does, why 95% of PMIA's closed deals are off-market and what that means for your financing timeline, and the $5M SBA runway misconception that is quietly limiting buyers who could be doing more deals.

If you are a property management executive thinking about your next acquisition — whether it is your first or your fifth — this episode gives you the financing framework to walk into any bank conversation prepared.

Chapters:

00:00:20 — Introductions and how PMI found Live Oak Bank

00:02:52 — What makes Live Oak different: industry focus over geography

00:05:11 — How SBA loans actually work (demystifying the guarantee)

00:08:06 — Deal trends: multiples rising, buyers outnumber sellers

00:11:30 — June 1, 2025 SBA rule changes: what first-time buyers must know

00:17:50 — Why franchisees make better SBA borrowers

00:22:30 — Off-market vs. on-market deals: why 95% of PMIA closings are off-market

00:30:00 — Add-backs, red flags, and financial due diligence

00:37:20 — Seller-owned properties, earnouts, and creative deal structures

00:40:29 — Including commercial real estate in SBA deals: terms, rates, and structure

00:46:30 — SBA runway, multi-deal buyers, and the 'stay in your market' rule

01:08:00 — What sellers need to know — and when buyers should call the bank

Ready to know what your business is worth?

Book a free, confidential valuation call with Hunter ➔

No broker fees. NDA-protected. Only you, Aaron, and Hunter until you decide to move forward.

Episode 2 of Manage to Exit is on YouTube. If a PM acquisition is on your horizon this year, this is the financing conversation to watch before you make any moves.

In this first episode of Manage to Exit, Aaron McElhiney (Executive Director of Acquisitions, PMI Acquisitions) and Hunter Goodall, MBA pull back the curtain on two recently closed property management business acquisitions — each around $2 million — and walk through what made each deal work, where they differed, and what every buyer and seller should understand before entering the market.

They cover the real difference between public listings and off-market deals (and why PMIA does 95%+ of its transactions off-market), how deal structures like seller financing and SBA loans actually work in practice, why buying a larger PM company is often smarter than starting with a small one, and what sellers do that unknowingly tanks their valuation.

If you are a property management executive thinking about your next move — whether that is acquiring your first company, scaling through acquisition, or preparing your business for a strong exit — this episode is your starting point.

Chapters:
00:00:00 — Cold open: the value hiding in your business
00:00:36 — Introducing the hosts and the show
00:01:30 — Public listing vs. off-market deals: why the difference matters
00:07:13 — Inside two real deals: consolidated portfolios, $2M exits
00:11:15 — Deal structure deep dive: seller financing, SBA loans, and creative terms
00:23:00 — Finding the right deal: sourcing, patience, and saying no
00:28:30 — Why buying a bigger PM company is often the smarter move
00:33:45 — The team is the asset: why acquirers buy people, not just doors
00:39:00 — What actually increases — or kills — your business valuation
00:48:40 — Multiples explained: stop Googling what your business is worth
00:54:00 — Confidentiality, trust, and how PMIA's process actually works
01:00:20 — The PMIA valuation tool, website, and what's coming next

Ready to know what your business is worth?

Book a free, confidential valuation call with Hunter ➔

No broker fees. NDA-protected. Only you, Aaron, and Hunter until you decide to move forward.

Episode 1 of Manage to Exit is on YouTube. If a PM acquisition is on your horizon this year, this is the Property Management podcast to watch before you make any moves.