oday's story shows you how to buy a business without the benefit of the SBA.

Justus Luttig is a South African national, and he didn't yet have his US green card when he was buying the two trades businesses in Texas that he planned to consolidate into one.

So he couldn't use SBA debt for these acquisitions, which, at $1.5m of pro forma earnings, was otherwise in the sweet spot for an SBA loan.

So we unpack how Justus got the deal done with seller rollover, seller notes, investor equity, and a convertible note.

‍That last instrument is not common in our world; listen for what it means and why it clinched the transaction.

(Side note: As you may know, SBA rules have subsequently changed so that as of April 2026 when we recorded, the SBA bars even green card holders from access to its debt.)

Also listen for Justus's thoughts on the first two years of his ETA journey when he worked as CEO of a trades business that he intended to acquire.

Working with an owner-seller to first run the business with the understanding that you'll later acquire it is an appealing model for many reasons. I've had offline conversations about it, and you've heard flavors of it on Acquiring Minds.

But a lot of stars need to align for that model to play out in reality the way it looks on paper.

In Justus's case, he did not end up buying that business, and his reflections here are valuable.

OK, here he is, Justus Luttig, owner of Copeland Home Services.