Business builder and investor. 12+ businesses founded. Exited 5. 30+ years of experience. 200K+ readers.

Building beautiful businesses. I’ve spent the last 30 years leading, building, and growing my holding company. 

Entrepreneurship done right makes the world a better place.

My track record of success:
- Employ 600+ people
- Built 12+ businesses across multiple industries
- Audience in the hundreds of thousands
- Chili's & Subaru evangelist (unpaid)

Michael Girdley

How do you turn a billion-dollar business into a disaster in just three years?
Ask Topgolf.

Topgolf is in serious trouble. Sales down 10% year-over-year in established markets. Stock dropped 40%. The company is literally splitting itself apart to survive.

Here's how it happened:

Started in the UK around 2000. Private equity brought it to the US. People loved it—especially millennials looking for group activities that weren't just another bar.

By 2019, Topgolf was doing $1.1 billion in revenue and growing 30% annually.

Then Callaway (the golf equipment company) made a massive bet. They bought Topgolf in 2020, renamed the whole company, and borrowed hundreds of millions to build 10 new locations a year.

Each location costs $15-40 million to build. But they were doing $15-20 million per year in revenue. The math looked good.

Post-COVID, things got even better. People were desperate for in-person experiences. Fresh air. Group activities. Topgolf crushed it.

But here's where it all went wrong:

Problem #1: Consumer behavior normalized faster than expected. Turns out people's COVID habits weren't permanent.

Problem #2: Inflation hit. Average spend per person is $36. They wanted $650 just to reserve a bay on a Tuesday afternoon for a corporate event. In an environment where wages aren't keeping up? That's a tough sell.

Problem #3: It became a fad. People tried it once or twice and moved on. The repeat business never materialized the way they needed.

Problem #4: Interest rates skyrocketed. All that borrowed money to build new locations? Now it's crushing their free cash flow.

Problem #5: Competitors figured it out. Guys are putting the same tracking tech in strip mall driving ranges for $100K instead of $15 million.

The lesson? You can't count on a fad to become a permanent behavior change. 

And you sure as hell can't borrow hundreds of millions betting that it will.

They're splitting up the company now, trying to save what they can.

Will Topgolf survive? Probably. But this is a masterclass in what happens when you grow too fast, borrow too much, and mistake temporary consumer enthusiasm for permanent market demand.

What's your take—have you seen this pattern play out in other businesses?

—

I run an annual conference for business owners in Sundance, Utah. It’s all owners, operators, and investors sharing real deal structures, holdco economics, and what's working now.

Join us in February!

Click the link here to check it out: https://lnkd.in/dCJnMh7i

Small private colleges are so cooked:

I literally advised my kids not to apply to my alma mater, where I had a great experience, BTW.

But this price is insane.

Speaking for well-off parents, we get no financial aid or discounts. You might get a small "scholarship," but it's a joke.

Mrs. G and I are ambivalent about our kids attending college now. The ROI has shifted from when we were young – and the world is a much different place.

How are you approaching this?

The rise and fall of Hollywood

For nearly a century, Hollywood was the global capital of entertainment — the place where dreams were made, and where 90% of the world’s box office revenue once flowed. 

But today, that empire is crumbling. The movie industry has lost a third of its workforce, and soundstages across Los Angeles sit empty. What happened?

In this video, we trace the entire rise and fall of Hollywood — from the Edison patent wars that started it all, to the golden age of cinema, to the streaming revolution that’s now destroying it. 

You’ll learn how technology, politics, and changing audience tastes all collided to end a hundred-year reign of power.

This isn’t just a story about film — it’s about how entire industries can collapse when they stop listening to the audience.

Follow for more honest breakdowns of business, culture, and media every week.

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Thinking back to when Jaguar had a 97% sales crash. One of the most spectacular brand collapses I've ever watched in real time.

Some good business lessons here:

• The Complacency Trap

For decades, Jaguar was synonymous with British elegance. Enzo Ferrari supposedly called the E-Type "the most beautiful car ever made." Their founder's motto was "copy nothing."

But heritage became a cage. By the 1970s and 80s, Jaguar was selling old-fashioned cars to old customers. Young buyers? They went elsewhere.

First lesson: Even legendary brands die if they stop evolving. Being badass for 20 years doesn't give you a free pass for the next 20.

• The Execution Disaster

When Ford bought Jaguar in 1989, they tried to copy BMW's playbook — go downmarket with a cheaper sports sedan to capture volume.

They totally screwed it up.

The X-Type was basically a rebadged Ford Mondeo wearing a Jaguar badge. Traditional buyers hated it. The younger buyers they were targeting? Not impressed either.

Lesson two: Copying a competitor's strategy without understanding WHY it worked is a recipe for disaster. They alienated their loyal customers and attracted zero new ones.

• The Brief Comeback

Fast forward to Tata Motors buying Jaguar in 2008 for just $2.3 billion (half what Ford had spent). They caught the luxury SUV wave at the perfect time. The F-Pace, E-Pace, and electric I-Pace were hits.

US sales more than doubled from 2015 to 2017. Global sales hit 180,000 in 2018 — an all-time high.

But beneath the surface, Jaguar was losing money on every car. Land Rover's profits were subsidizing the whole operation.

Lesson three: Don't let parts of your business quietly become money losers. The best operators jump in and fix it or cut it. Jaguar just let it rot.

• The Rebrand Catastrophe

By 2020, Jaguar made a radical bet: shut down ALL production, go completely electric, and rebrand as an ultra-luxury player.

Then in November 2024, they launched their rebrand campaign.

No cars. Just androgynous models in wild outfits on Mars-like settings with taglines like "live vivid." They killed the iconic leaping cat logo for a minimalist wordmark.

Even Elon Musk roasted them, asking "do you sell cars?"

The timing was brutal. They designed this campaign during peak 2020-2022 when over-the-top fake stuff was everywhere. But by late 2024? People were tired of that. We wanted authenticity.

And Jaguar delivered the opposite.

• The Final Lesson

You have to read the room. Don't tell the world something when they want to hear something else.

As a potential customer, I'd love to buy a Jaguar built with care and soul. 

Instead, they're pitching a $200,000 electric GT wrapped in the most manicured, fake, over-the-top campaign imaginable.

Their first new car launches late 2025. They're starting from scratch with burned dealers and confused customers.

I'm not sure they can pull it off.

What do you think, can Jaguar survive this rebrand?

Michael

At one company, a person stole hundreds of thousands of dollars. I’ve been robbed by people who have been with me for years.

So I asked an auditor: 

"What's the #1 way to prevent theft as a business owner?" 

He said: 

"Simple. Each month, review every transaction. Don't hide that you're doing it."

What’s your take on preventing employee theft in your businesses?

The Rise, Fall, and Comeback of Best Buy (How It Outsmarted Amazon)

Best Buy was supposed to die. Circuit City, Fry’s, RadioShack—all gone. 

In 2012, analysts called Best Buy “the next retail bankruptcy.” Instead, it pulled off one of the most incredible comebacks in business history.

This video breaks down the Rise, Fall, and Comeback of Best Buy: how a tornado sparked its superstore model, how showrooming nearly killed it, and how CEO Hubert Joly turned it all around with price-matching, vendor partnerships, and the bold “stores-within-a-store” strategy.

From near-death to a $47B powerhouse—this is the playbook every operator and investor should study.

—

I run an annual conference for business owners in Sundance, Utah. It’s all owners, operators, and investors sharing real deal structures, holdco economics, and what's working now.

Join us in February!

Shoot me a DM if this is up your alley.

He knew he wasn't supposed to say it because people wanted to hear it was all. After all, he was so smart and outworked everyone else, right?

However, while that stuff was necessary, fortune plays a significant role in making any fortune.

Luck played a huge factor in this founder's life-changing outcome.

"I was at the right place at the right time near the right people."

I've talked to tons of successful founders.

Same pattern every time.

—

I run an annual conference for business owners in Sundance, Utah. It’s all owners, operators, and investors sharing real deal structures, holdco economics, and what's working now.

Join us in February!

Click the link here to check it out: https://lnkd.in/dCJnMh7i

The rise and fall of Spirit Airlines: A billion-dollar mistake.

Spirit Airlines went from flying gamblers to Vegas to becoming the most profitable airline in America by 2015.

 But less than a decade later, the same ultra-low-cost model that made Spirit a phenomenon also pushed it into two bankruptcies and a fight for survival. 

In this breakdown, we dig into the business decisions, competitive pressures, and strategic missteps that transformed Spirit from an industry disruptor into a cautionary tale.

We’ll cover how Spirit’s unbundled pricing changed air travel, why competitors copied and undercut its model, how overexpansion and fragile operations triggered its collapse, and what its second Chapter 11 filing means for the future of ULCCs. 

Whether you’re into airline strategy, business case studies, or investing lessons, this story is packed with insights about temporary vs. durable competitive advantages.

If you enjoy deep-dive business analysis like this, follow for more investing and company breakdowns every week.

How do you screw up a business that sells 30 cents of coffee for $5?
Starbucks found a way.

CEO fired. Thousands of stores closing. And somehow they're also opening thousands more.

Let me explain what's actually happening:

Starbucks grew from 4,000 stores in 2000 to 40,000 today. That's insane scale. 

And they nailed three things:

1. The "Third Place" concept — Home, work, and Starbucks. Americans lost their community gathering spots (church, Elks Lodge, whatever). Starbucks filled that void perfectly. Clean bathrooms, good Wi-Fi, friendly baristas.

2. Premium real estate domination — Starbucks outbid everyone for the best locations. When you're selling a commodity (coffee with sugar), location is everything.

3. Achievable luxury — Millennials lived through 2008. Couldn't afford houses. But a $5 Starbucks cup? That was their daily luxury flex.
This flywheel worked beautifully. Until it didn't.

What went wrong:

Not one big mistake. A series of small bad decisions that compounded:

• Menu got too complex — Prep times increased 60%. Coffee needs to be convenient. Waiting 10 minutes for a triple-shot-whatever kills that.

• Lost the "third place" vibe — Locked bathrooms. Tired stores. I stopped going to my local Starbucks because it literally smelled like an airplane bathroom. One near me turned into a homeless shelter.

• Inflation crushed their customers — $5 coffee became $7. Your salary didn't go up. Do the math.

• Competition exploded — Luckin Coffee in China. Dutch Bros raised hundreds of millions. Seven Brew. The pie got divided fast.

• Leadership chaos — CEO lasted 15 months before getting fired. That tells you everything about board panic.

The turnaround plan:

They brought in Brian Niccol. This guy fixed Chipotle when everyone thought it was dead.

Here's what he's doing:

• Simplified the menu by 30%
• Returning to the "third place" model — more seating, better vibes
• Closing underperforming locations
• Opening premium locations strategically

And here's the paradox I mentioned: Growth hides problems.

Keep the top line growing and investors give you time to fix profitability. That's why they're still building stores even while closing others. Smart.

The real lesson?

Big problems that take years to create take years to fix. You can't turn around a 40,000-location chain in 6 months.

Brian knows this. He's playing the long game.

Early signs look promising — same-store sales flattening out, international decline shrinking from -4% to -1%. Green shoots.

But they're not out of the woods yet.

Bottom line: When you're selling a commodity product, you can't let complexity, bad locations, and poor experience kill your core value prop. 

Starbucks forgot that. Now they're remembering the hard way.

What's your take — will Starbucks pull off the turnaround, or is the third place concept dead?

Follow Michael Girdley for more business content ✅

The rise and fall... and rise again of the Las Vegas Sphere

When the Las Vegas Sphere opened, it was supposed to be the future of live entertainment — a $2.3 billion tech wonder built to change concerts forever.

Instead, it became one of the biggest financial disasters in Vegas history. Between construction delays, massive losses, and an empty calendar, many thought the Sphere was doomed.

But then came the comeback no one saw coming. In this video, we dive deep into how James Dolan and his team completely flipped the script — transforming the Sphere from a money pit into one of the most profitable venues in the world. 

From U2’s residency to the jaw-dropping Wizard of Oz 4D experience that sold out for months, this is the story of how Vegas’ wildest idea was finally saved.

If you love stories about business turnarounds, innovation, and redemption, you’ll want to see this one through to the end.

Follow for more deep dives into business, tech, and comeback stories every week.

—

I run an annual conference for business owners in Sundance, Utah. It’s all owners, operators, and investors sharing real deal structures, holdco economics, and what's working now.

Join us in February!

Shoot me a DM if this is up your alley.

Here's how Dave's Hot Chicken went from a $900 parking lot popup to a $1B exit in seven years.

They rode a wave instead of creating one

Nashville hot chicken was already trending. These guys didn't try to invent something new — they just brought it to LA where people were hungry for it.

Smart move #1: Find a trend and ride it hard.

They started smaller than small

Most restaurant founders go rent a space, borrow from family, rack up debt. 

These guys spent $900 on folding tables, a tent, and a portable fryer.

No credit cards. No business permit. Just a parking lot and chicken.

First night? Made $40.

Then a food writer showed up. Next night, 70 people in line. Within weeks, they each had $10K in their pockets — more money than they'd ever seen.

They made one thing really, really well

Look at Chick-fil-A. Raising Canes. In-N-Out. They all do one thing incredibly well.

Dave's kept it simple: chicken tenders, sliders, a few sides. That's it.

When you're not complex, you can't screw up in complex ways.

They knew what they didn't know

These guys were smart enough to recognize their limitations. So they brought in:

Samuel L. Jackson (and other big names for cache)
Bill Phelps (restaurant scaling expert)
Drake (to reach younger crowds)

Then they went all-in on franchising. Sold over 1,000 locations. Let other entrepreneurs bring capital and knowhow.

By 2023: $600M in revenue. 57% year-over-year growth. Spewing cash.
This week: Roark Capital bought them for a billion dollars.

The lessons:

Start small. Perfect your product before you scale. Ride trends, don't fight them. 

Know what you're good at, then find people to fill the gaps.

And for the love of God, focus on doing one thing really well instead of ten things poorly.

What's your take on this success story?

This graph has been on my mind a lot lately.

The main reason it's so hard to build or do anything physical in this country now is that we have so many on the payroll looking to keep themselves busy by saying no or creating hurdles.

A gerontocracy doesn't want change or disruption. So, they promote many people to prevent that from happening.

What's your take on this?

A $4 billion company just lost 90% of its value and nobody's paying attention.
The entire plant-based meat industry is collapsing.

Beyond Meat sales dropped 10% last year. Their stock? Down 90% from peak. 

And look, if you're in the food business and consumption drops 10% in a year, that's not a rough quarter. That's a disaster.

Here's what happened:

Back in 2009, Beyond Meat launched at the perfect moment. Millennials were coming of age. Social media was pushing environmentalism and health trends hard. And for the first time, fake meat actually tasted... decent.

The IPO in 2019 was insane. $4 billion valuation. One of the best-performing first-day IPOs of the decade. Burger King, Carl's Jr., everyone wanted in. Big money poured in. Billions.

They scaled like crazy — 13 suppliers at one point producing their product. 

Sales tripled in a year. The party looked like it would never end.

Then COVID changed everything.

People started questioning what they believed online. The original promises started falling apart:

• Plant-based meat isn't cheaper (10-50% MORE expensive)
• Environmental benefits? Mostly debunked
• Healthier? Social media flipped on that narrative too

By 2023, sales were down 30%. The fad was over.

The business lessons here are brutal:

1. Fads go both ways. Social media created the demand. Social media killed it just as fast.

2. Never scale expecting the music won't stop. Beyond Meat went from 13 suppliers to 1. That's expensive whiplash.

3. When you're riding a trend, build defensibility fast. Because when the trend turns, you better have something real holding you up.

The reality is they built a massive business on shifting consumer sentiment driven by social media. That's sand, not concrete.

Now here's the twist — the industry might not be dead. We're raising fewer cattle in the US than any time since 1951. Population has doubled since then. If beef prices spike, maybe plant-based meat gets its second act.

But they're going to have to rebuild trust they burned through the first time around.

Bottom line: Growth feels amazing. But sustainable growth beats explosive growth that implodes.

What's your take — is plant-based meat done, or just early to the party?

Older small business owners when the most recent existential "crisis" hits the company late on a Friday. (see meme below)

--

After a few years, you learn that business ownership is very different from how it's widely regarded.

Business ownership is actually a never-ending flow of crises, f-ups, and shit storms. That's the norm. It's never "all going great." 

"Going great" is just that the crises are all known and manageable.

Ironically, the only time you should panic is when there aren't any "disasters" right now. That means there are certainly problems in the company -- you're not aware of them yet.

—

I run an annual conference for business owners in Sundance, Utah. It’s all owners, operators, and investors sharing real deal structures, holdco economics, and what's working now.

Join us in February!

Click the link in my bio to check it out.

Are you trying to deploy customer-facing voice agents/AI in your company? Want to?

I'm helping a team working on this space. We'd love to talk to you. Maybe get work done for you on the cheap, too!

DMs open or email me michael at girdley dot com!

Pioneer Capital Advisory LLC

I founded Pioneer Capital Advisory in May 2022 with a clear objective: to build the premier commercial loan brokerage firm for entrepreneurs acquiring small businesses through SBA 7(a) financing. Starting from scratch, we’ve grown Pioneer into a seven-figure business and have successfully closed 87 SBA-financed acquisitions across the country—primarily within the search fund and ETA ecosystems.

At Pioneer, we serve as the strategic quarterback for each client’s financing journey—guiding buyers from initial engagement through to a smooth, timely closing. Our team handles everything from structuring and lender matchmaking to underwriting strategy, term sheet negotiations, and post-approval coordination. We pride ourselves on delivering white-glove execution with the speed and sophistication our clients demand.

What Sets Us Apart:

✔️Search Fund Authority: A recognized leader in the ETA space, we’ve helped buyers acquire businesses in sectors ranging from e-commerce and HVAC to commercial roofing and industrial services.

✔️End-to-End Execution: We navigate licensing hurdles, landlord consents, seller notes, and liquidity planning—driving SBA approvals through a curated network of high-performance lending partners.

✔️Institutional-Grade Team: I lead a team of elite professionals—including a COO, two inbound sales executives, and three underwriters with backgrounds in private equity, investment banking, and structured finance.

We also collaborate closely with legal, accounting, and insurance experts to ensure our clients are not just approved—but positioned for long-term success beyond the closing table.

While SBA acquisition loans are our specialty, we also advise on strategic refinancings when appropriate. No transaction is too nuanced. Our goal is to provide financing solutions that are tailored, thoughtful, and aligned with our clients’ long-term objectives.

Email: matthias@pioneercap.com
Website: pioneercapitaladvisory.com

Founder / President / Owner 

SMB Business Plans

SMB Business Plans LLC writes full service business plans for buyers of small to medium sized companies that are seeking financing through the SBA.

President / Owner

Full Standby LLC

➡️ Family office for investing in search fund deals. Multiple investments currently in place in the small-to-medium sized business space and also in the private equity space. Industry agnostic. Preference is to invest in deals where the sponsor has recourse on the deal.

Founder / Owner / Managing Partner 

First Business Bank

*Closed 1 loan for a business acquisition for a firm consulting in the e-commerce space.
*Left position to start a business venture. This is a great company to work for, and the short nature of my employment at this employer shouldn't reflect anything to the contrary.

Senior Closer - SBA Lending 

Byline Bank

*Closed 12 SBA 7(a) and 504 loans totaling to $19,558,441 (October 2021 - February 2022)

*Made recommendations to Byline Bank closing department management for implementations to make to improve closing department processes.

Senior SBA Loan Closer 

Live Oak Bank

• Worked with loan officers in multiple verticals at Live Oak Bank on 14 closed loans totaling to $25,809,000 of which $15,476,471 was funded debt at closing. 
• Worked with an investor group on a complex buy-out of a company in the dental / healthcare space that consisted of three financing facilities totaling to $7 Million 
• Developed rapport with borrowers and lenders in verticals including specialty finance, insurance, accounting, and the bank's SBA generalist area which consists of SBA loans across all industries. 
• Successfully build relationships and rapport with referral sources, including one that I golfed with in Texas.
• Left position due to remote nature of job and missed in person relationships with coworkers

Assistant Vice President - Closing

•	Worked directly on 54 loans totaling to $77.70 Million in closed and funded loans for small business owners across the United States. 

•	Previously held the role of SBA Loan Closer II from 3/19/2018 until 12/1/2020, before being promoted to the Senior Loan Closer position.

•	Efficiently coordinated the loan closing process from loan approval through funding.

•	Executed a timely closing process for financing facilities including SBA 7(a), SBA Express, and SBA CapLine loans. 

•	Successfully closed small business loans for mergers and acquisitions, debt refinances, commercial building purchases, build-out (leasehold improvement) loans, ground-up new construction, and borrowing base (accounts receivable) facilities for the SBA's CapLine product.

SBA Senior Loan Closer 

•Worked directly with commercial lenders in Byline Bank's Small Business Capital Group to coordinate  the loan closing process for SBA financing transactions up to $5 Million

•Coordinated transaction-specific matters with external partners including Byline Bank legal counsel, title companies, brokers, real estate agents, business insurance agents, and others involved in specific lending transactions. 

•Proactively worked with internal partners within the bank to resolve loan-level specific issues at the time that they arise to ensure a best-in-class customer experience for bank clients during the loan closing process.

•Collaborateively worked directly with the post-approval credit analyst to clear credit related closing conditions, and addressing any changes to the loan structure from post approval. 

•100% approval rate on all loans submitted to SBA for General Processing approval for loans in which I was the closer assigned.

SBA Loan Closer II

First Bank Financial Centre (FBFC)

•	Efficiently assisted two commercial lenders in achieving their loan sales goals within a sales-support capacity including loan packaging and client interaction while also balancing new commercial loan business for the bank’s Madison office. 

•	Successfully had two credit facilities totaling to $2.4M approved by Chief Lending Officer for potential financing transactions including owner-occupied commercial real estate. 

•	Appointed by Chief Lending Officer as bank’s primary contact for new business development in State of Ohio for self-storage lending business. Sought and developed relationships with commercial brokers in this industry to partner together. 

•	Successfully obtained approval on loans submitted via SBA One and E-Tran to the SBA's Citrus Heights California office by explaining the specific credit request to the SBA's loan reviewers and attorneys, and answering questions pertaining to the credit requests in a prompt and effective manner.

•	Achieved $1.63 Million in commercial production by originating and closing a $1.63 Million SBA 7(A) financing transaction for a change-of-ownership business and commercial real estate purchase in Dane County, Wisconsin.

Business Development Officer - SBA Specialist

•	Successfully created efficiencies between the Bank's commercial lending and credit departments by screening loan requests over $350,000 to ensure that they met the SBA's debt service coverage ratio requirement of 1.15 times prior to formal credit underwriting. 

•	Accurately and efficiently packaged loan documentation for over $60 Million of credit requests originated by two commercial lenders at First Bank Financial Centre's downtown Milwaukee and Oconomowoc offices, while working remotely from the Bank's Madison Loan Production Office.

•	Helped the bank manage lending risk for a portfolio of approximately 15 start-up businesses by successfully analyzing the financial statements of these businesses on an on-going quarterly basis for two years to ensure that they met the projected income and expense targets established at the time of loan underwriting.

•	Effectively answered questions and requested pertinent documentation from new and existing bank clients in the process of applying for commercial credit via the SBA's lending programs. 

•	Concisely articulated to SBA loan reviewers and attorney's specific information pertaining to credit requests submitted to the SBA for General Processing loan approval. 

•	Conducted site visits on behalf of the lender to each customer's place of business to obtain a better understanding of the operating conditions for specific borrowers as part of documenting the loan file for compliance.

Commercial Associate

Course Hero

•Expanded Course Hero's Knowledge Drive note platform on the University of Wisconsin - Madison campus by meeting with students to scan and upload their lecture notes into the company's platform. Ten sets of lecture notes constituted as completing one class. Successfully completed 102 classes during the internship. 

•Donated 102 books to students in Africa through Course Hero's corporate initiative Books for Africa

•Developed an entrepreneurial skill set by marketing Course Hero to fellow students through different techniques including informational presentations and social media

Business Development Internship

JPMorgan Chase & Co.

•Met and exceeded customer satisfaction goals both individually and as a branch during my time as a teller with Chase Bank.

•Monitored a cash drawer of $16,000 on a daily basis, while accurately executing teller transactions including deposits, withdrawals, money transfers, cashier's checks, and money orders. 

•Completed Chase Bank's formal teller training program in downtown Chicago during the summer of 2014. 

•Successfully generated leads for Chase's Private Client Banker by identifying clients with high deposit account balances, and developing rapport with existing customers to identify whether the Chase Private Client Banker would be suitable for their banking needs. 

•Generated referrals to Chase's businesses bankers at the branch by prospecting clients interested in opening business deposit accounts, and talking with clients mentioning that a business lending solution would help with their business' needs.

Teller

CEO @ Pioneer Capital Advisory LLC / Managing Partner at SMB Business Plans LLC / I help business buyers get funded with SBA 7(a) loans / $65 million closed in ‘23 / aiming for over $100 million in ‘24

I am the founder and owner of Pioneer Capital Advisory LLC, a commercial loan brokerage firm dedicated exclusively to helping business buyers secure SBA 7(a) financing for acquisitions nationwide.

Since launching in May 2022, Pioneer Capital Advisory has helped 98 business buyers secure SBA loans across a wide range of industries — from e-commerce and healthcare services to commercial roofing and specialty manufacturing — serving clients across the United States.

Our Mission:
At Pioneer, we act as true partners to buyers. We specialize in structuring acquisitions for SBA approval, simplifying a complex process and positioning deals for success — from LOI through closing.

Our Team:
Our team includes:
	•	Myself (Founder and President)
	•	A Chief Operating Officer (COO) overseeing underwriting and closing coordination
	•	Two inbound sales professionals focused on client engagement
	•	Three analysts with backgrounds in investment banking and private equity, ensuring every deal is underwritten and packaged with precision

Why Buyers Choose Us:
	•	End-to-End Support: We manage the entire SBA financing process as your direct liaison with lenders.
	•	Deep Expertise: Our leadership team brings over two decades of SBA lending experience to every transaction.
	•	Aligned Incentives: We are compensated by the buyer — not the lender — and only after closing, ensuring our interests are fully aligned with yours.

Proven Results:
	•	98 successful SBA acquisition financings since inception
	•	Expertise navigating transactions across a wide range of industries and deal structures, coast to coast

Additional Ventures Supporting Business Buyers:
	•	SMB Business Plans: Crafting professional business plans tailored for SBA acquisitions
	•	Pioneer Tribe Insurance Solutions: Helping SBA borrowers navigate post-closing insurance needs

Client Testimonials:
https://endorsal.io/reviews/pioneer-capital-advisory-llc

How We Engage:
Whether you’re under LOI or still early in your search, we can help structure your deal for SBA financing success:
	•	Under LOI? Email me directly at matthias@pioneercap.com
	•	Pre-LOI? Schedule a call: https://calendly.com/pioneercapitaladvisory/pre-loi-searcher-meet-greet-call

Prior Experience Before Pioneer Capital Advisory:
Before founding Pioneer, I spent over seven years in SBA lending at:
	•	Live Oak Bank, Byline Bank, First Bank Financial Centre& First Business Bank

If you’re planning to acquire a small-to-medium-sized business anywhere in the U.S. using SBA financing, I’d love to connect and be a resource during your journey.


Matthias Smith

I’m thrilled to share that as of today, Pioneer Capital Advisory LLC has officially surpassed $100 million in SBA 7(a) financing year-to-date — helping business buyers across the country achieve their acquisition goals.

This milestone is a testament to the extraordinary efforts of our lending partners, clients, and our dedicated internal team. Your trust, collaboration, and execution make achievements like this possible.

Onward to closing out the year even stronger.

Matthias  Smith

President, Pioneer Capital Advisory | SBA 7(a) Financing Specialist | Business Acquisition Investor | Over $240 million of SBA 7(a) loans closed for acquisition entrepreneurs since May 2022

Some lenders reneg on term sheets 

Other lenders go with you to Monday Night Football games 

Ryan Collins Valerie Stash

President, Pioneer Capital Advisory | Advising acquisition entrepreneurs on SBA 7(a) financing | Over $250 million closed across 115 transactions since 2022

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Pioneer Capital Advisory LLC has ~ 1/50th of the SBA acquisition market share by originations in 2025

Since the start of the year, we’ve closed $120 million of SBA 7(a) loans. The SBA 7(a) acquisition market is ~ $6 billion annually (per Lumos Data)

President, Pioneer Capital Advisory | $120 million + of SBA 7(a) loans closed in 2025

Excited to be back at the Chicago ETA conference again this year as a Platinum Sponsor 

If you’re attending the conference and want to stop by to learn more about Pioneer Capital Advisory LLC and how we can support you on your business buying journey from the financing side, please feel welcome to stop by our table outside of the Aon Grand Ballroom

Valerie Stash Rafael McFerran-Lopes Ramiro Daher

In 2025 my team has closed more than $111 million of SBA loans across about 45 acquisitions, and the shift in bank credit policy compared with prior years has been the most dramatic I have seen.

Across lenders I am seeing three consistent themes:

• Greater emphasis on post closing guarantor and sponsor liquidity
• A higher bar for debt service coverage, even with lenders that historically had a relatively low bar
• More focus on management and P&L experience that can be shown as transferable to the business being acquired

Deals are still getting done, but it is more important than ever to have your loan application fully buttoned up from both a strength and completeness perspective.

If you are planning to buy a business in 2026 or beyond, my team at Pioneer Capital Advisory LLC  would be glad to connect. Since May 2022 we have helped buyers secure more than $250 million of SBA 7(a) acquisition financing. Use the Calendly link below if you would like to discuss how we can help you position your deal for approval.

President, Pioneer Capital Advisory | Advising acquisition entrepreneurs on SBA 7(a) financing | Over $250 million closed across 115 transactions since 2022 | $114 million + of SBA 7(a) deals closed in 2025

Open article: Pre-LOI Searcher / Meet & Greet Call by calendly.com

We have officially expanded into non SBA acquisition financing at Pioneer Capital Advisory LLC

Over the past year, we have seen a surge in independent sponsors and established operators pursuing larger acquisitions that sit outside traditional SBA parameters. In response, Pioneer Capital Advisory LLC is now facilitating non SBA acquisition engagements for deals where the target company is generating at least $2 million of earnings.

If you or someone in your network is pursuing an acquisition in the independent sponsor space and wants a thoughtful, structured approach to navigating the senior debt and mezzanine capital markets, my team would be glad to help. We have deep experience preparing lender materials, coordinating outreach, and managing the full capital raise process from start to finish.

For inquiries or a confidential conversation about an upcoming deal, please reach out to my colleagues Rafael McFerran-Lopes and Pablo Redondo at:

rafael@pioneercap.com
pablo@pioneercap.com

We look forward to supporting more buyers in the independent sponsor community as we continue building out this vertical at Pioneer Capital Advisory. Let us know how we can be helpful as you evaluate opportunities.

It’s always great spending time in person with long time lending partners like Dennis Wagner 

It’s extra sweet when the home team gets the win against a top 25 team #OnWisconsin

President, Pioneer Capital Advisory | Advising acquisition entrepreneurs on SBA 7(a) financing | Over $250 million closed across 115 transactions since 2022 | $111 million + of SBA 7(a) deals closed in 2025

I implore business buyers to contemplate raising equity to buy more meaningful sized companies 

Yes, you have a “partner” that you have to split the economic pie with but it’s less risky to own a larger slice of a bigger pie in which there is more institutional knowledge and less goodwill pent up specifically with the seller individually in comparison to buying a business where you’re up a creek when the seller steps aside due to the seller having all of the institutional knowledge of the company

Another SBA 7(a) Deal Successfully Closed

We’re excited to share that our team just helped a buyer secure an SBA 7(a) loan of $2.95M to acquire a strong, profitable business in a niche sector of the economy.

The financing was completed with a Midwest regional bank that is currently scaling back from national SBA lending. Out of respect for their strategic shift, they aren’t tagged here, though they were an excellent partner throughout the process.

A special acknowledgment goes to Rob Fafinski of FMJ Law who served as the buyer’s M&A legal counsel. Rob’s expertise and steady execution helped the buyer navigate diligence and reach a smooth closing.

This transaction required thoughtful structuring, meticulous underwriting, and tight coordination from start to finish. Our team guided the buyer through every stage to ensure clarity, momentum, and a successful outcome.

As of today, clients working with Pioneer Capital Advisory LLC have closed over $114 million of SBA 7(a) loans since the start of 2025, and we’re grateful for the continued trust placed in our firm.

If you’re evaluating a deal under LOI or preparing to begin your search, our team is always happy to discuss whether SBA financing is the right fit for your acquisition.

Great spending the day at Navy Pier in Chicago

For anyone that attended the conference that is serious about actually buying a business, my team would love to help

Please feel free to reach out to me via email at mstthias@pioneercap.com or my Head of Sales Rafael McFerran-Lopes via email at rafael@pioneercap.com

Jake Parsley Sarah Andrews Andrew Hoffman

Excited to announce the successful closing of a unique acquisition in the memorial services space. Our client acquired a company specializing in cemetery lettering and memorial cleaning, supported by a $4.8 million SBA 7(a) loan along with an SBA Express Line of Credit.

This transaction brought together an exceptional team of advisors.

Eric B. Pacifici of SMB Law Group LLP served as legal counsel and provided thoughtful guidance throughout the diligence and closing process.

Appletree Business Services (Patrick Dichter) supported financial due diligence and ensured the buyer had a clear understanding of the company’s performance, trajectory, and underlying risks.

The capital stack included anchor investments from Entrepreneurial Capital (Grant Hensel) and one additional individual investor, both of whom played a meaningful role in securing the transaction and positioning the buyer for post-closing success.

Year to date, Pioneer Capital Advisory LLC has now helped 47 business buyers close on 49 acquisitions for a collective total of just over $120 million of SBA 7(a) financing. 

Each acquisition represents a real person stepping into business ownership, and we are grateful for the trust placed in our team.

More to come as we continue helping searchers and business buyers secure the right financing to get their deals across the finish line.

I am excited to announce the successful closing of a Pioneer Capital Advisory LLC client that has acquired a business in the countertops space

The deal was financed by Ryan Collins of Truliant Federal Credit Union

Buy-side M&A legal was done by Eli Albrecht of Albrecht Law 

The buyer utilized an SBA 7(a) loan of ~ $2.56 million to successfully close on the acquisition

If you have a deal under LOI and are looking for guidance through the SBA 7(a) financing process, please feel welcome to reach out to my business development team via email at deals@pioneercap.com or book a call through the Calendly link below: 

https://lnkd.in/gtCV2-vk

YTD, Pioneer Capital Advisory LLC has helped its clients close on over $111 million of SBA 7(a) financing to successfully acquire enduringly profitable small to medium sized businesses

Open article: I have a deal under LOI - Call with PCA by calendly.com

This is great news for SBA lending clients that need a loan authorization to close on their acquisition:

I am excited to share that we have successfully closed a $1 million SBA 7(a) loan for the acquisition of a civil engineering firm.

A huge thank you to Nick Swanda with Huntington National Bank for his partnership and support throughout the financing process. Nick is consistently thoughtful, responsive, and solutions oriented, and it was great working together on this one.

Jake Parsley of SMB Law Group LLP was the buyer’s M&A attorney on the deal  

As of this closing, Pioneer Capital Advisory LLC has now helped 46 unique business buyers complete 48 acquisitions in 2025, totaling $115,225,322 in closed SBA 7(a) loans.

Grateful to our clients for trusting us with such an important part of their journey and proud of the continued impact our team is making in the business buying community.

It was great spending time at Lambeau Field in Green Bay with Chris Barrett, CPA of Midwest CPA and Sarab Singh of Huntington National Bank this Sunday for the Packers / Vikings game 

Thanks for being great partners on both the SBA lending side and financial due diligence side for Pioneer Capital Advisory LLC clients. Here’s to a successful Q4 and 2024.

Reflections on closing $250 million of SBA 7(a) loans over the past 3 1/2 years at Pioneer Capital Advisory LLC  

After 3 1/2 years of helping business buyers navigate the SBA 7(a) process, a few themes consistently rise to the surface. These patterns apply across nearly every transaction and can help buyers prepare for what this journey truly looks like.

(1) Every deal brings surprises. I have had a seller pass away mid closing and a borrower disclose a past bankruptcy only after signing a term sheet. These events are rare, but they highlight the same truth. Always expect the unexpected and prepare for the worst. Deals shift constantly and the best buyers stay adaptable and ready.

(2) Bankers vary widely in quality. Some issue a term sheet and step aside. Others stay involved, help solve problems, and guide clients through underwriting and closing. At Pioneer Capital Advisory, we strongly prefer lenders who operate as true partners. A proactive lender can determine whether a transaction closes smoothly or becomes difficult.

(3) A strong deal team pays for itself. Good attorneys and financial diligence providers cost money, but they save buyers far more in risk, valuation clarity, and post closing stability. Your attorney guides you through a complex M&A environment. Your financial diligence provider helps you understand real cash flow and working capital. The M&A process is not cheap, but a bad acquisition is always more expensive.

(4) Fast closers engage early. Most banks prepare a preliminary closing checklist during underwriting. These lists are often boilerplate, but they show what will be required after approval. Items like business insurance, life insurance, and down payment documentation take time. Buyers who tackle these early close significantly faster than those who wait.

(5) Complex deals reduce lender options and increase costs. When cash flow depends heavily on proving add backs or when accrual interims differ significantly from cash based tax returns, many conservative lenders will decline. These deals require deeper diligence and more back and forth. Clean deals attract more lenders, better pricing, and far smoother closings.

3 1/2 years and $250 million in closings later, the lesson is simple. SBA financing works best when buyers have the right team, the right lender, and the right preparation. Learning these patterns early will save you time, stress, and money as you begin your search.

I am excited to announce that a client that worked with Pioneer Capital Advisory LLC to secure his SBA financing has successfully closed on the acquisition of a business in the metal fabrication industry

The deal was financed by Jeffrey Stelmach of Pathward

The deal included ~ $3.5 million of SBA 7(a) financing and a $250K SBA Express Line of Credit

If we can be of assistance in helping you as a business buyer in navigating through the SBA financing process for your business acquisition, please feel free to email me at matthias@pioneercap.com or use the below Calendly link to schedule a call:

Open article: I have a deal under LOI - Call with Matthias - Matthias Smith by calendly.com

I have a deal under LOI - Call with Matthias - Matthias Smith

We are expanding our lender bench at Pioneer Capital Advisory LLC  

We are specifically looking for SBA 7(a) lenders that
• lend nationally up to the full $5 million SBA 7(a) limit
• are familiar with working collaboratively with loan brokers and the referral fee model
• are comfortable with equity coming from investors
• take a practical approach to sponsor–operator backgrounds and transferable experience

If you are an active lender in the business acquisition pocket of the SBA market and we have not worked together yet, I would welcome the opportunity to connect. Please reach out to me directly at matthias@pioneercap.com with a high-level overview of your credit box.

Year-to-date, Pioneer Capital Advisory LLC has closed over $111 million of SBA 7(a) loans for our clients, and we are actively looking to add strong, long-term banking partners for the buyers we serve.

The worst thing that you can do as a business owner is letting a low performer stay in your organization for an extended period of time. Letting them go to optimize what is optimal for them and you is almost always best. The faster you cut bait the better.

Working on a compelling transaction in the northeast for an asset intensive company with a first time buyer who has put together an exceptional thesis for operating and growing the business.

The company has been in operation for nearly four decades and provides essential, recurring services across multiple regions. It benefits from stable demand patterns, long standing customer relationships supported by over two hundred MSAs, and a mix of emergency driven, project based, and scheduled service work. Barriers to entry are meaningful given the specialized equipment, technical capabilities, and experienced workforce required to support its operations  

The business generates EBITDA in the $10 million range and the buyer is seeking approximately $30 million of senior debt for the acquisition. The company has demonstrated consistent year over year growth and maintains strong normalized margins, with a clear path for continued expansion through deeper penetration within existing customer relationships and gradual geographic extension  

Pablo Redondo  and Rafael McFerran-Lopes on my team are jointly running point on the senior debt raise. If you are a lender with interest in reviewing the opportunity, please reach out to Pablo at pablo@pioneercap.com and Rafael at rafael@pioneercap.com and feel free to copy me at matthias@pioneercap.com.

We are happy to share materials and walk interested lenders through the structure and credit story.

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