My wife and I are in the early stages of purchasing her father's business. We have been working actively within the business for about 10 years, and her father is ready to retire. It seems that SBA lending is our most likely option for a loan of roughly $250,000.

He would prefer the full purchase amount as a lump sum, but is open to other options as he understands Covid has caused some uncertainty for our business in the last year. (We are not in danger of closing, just unsure of when a full re-opening will occur)

Does anyone have any relevant experience working with the SBA? Any suggestions on other potential options? I get the impression that he would take a lesser amount now (with the intention of receiving the full amount in the next few years) as Covid has made retirement a more immediate desire. Thanks!