I killed a deal last month over 10%.

Not 10% of revenue. Not 10% of the asking price being too high. Ten percent seller financing. The seller wouldn't carry it.

The business looked solid on paper. Commercial services company in the Midwest, $1.8M in revenue, $340K in SDE, 25+ years in operation. Clean books. Loyal customer base. The kind of deal most buyers would sprint toward.

But when we got to the structure and I told the seller we needed him to carry 10% (sometimes I ask for as much as 40%) as a note, he said no. Wanted all cash at close. His broker pushed back, said the seller "just wanted a clean break."

Here's the thing. In 35 years, I've learned that a seller who refuses to keep skin in the game is telling you something. Maybe it's nothing. Maybe the business really is bulletproof and he's just tired. But more often than not, that refusal is a signal. It means the seller doesn't want to be on the hook if revenue dips after the transition. It means they're not confident enough in their own business to bet 10% on its future.

That 10% seller note isn't just a financing mechanism. It's an accountability tool. It keeps the seller engaged through the transition, answering your calls, introducing you to key customers, making sure the handoff actually works. Without it, you're on your own the day after closing.

Smart buyers don't just look at the numbers. They look at the structure. And the structure tells you things the financials never will.

This is exactly the kind of deal structure I walk through in the free masterclass - including how to protect yourself when sellers push back on financing.

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