Skip to search results
LenderHawk
FindCompareLearn
See LendersFind SBA Lenders
LenderHawk

Find the right SBA lender based on real data. Free, objective, no middleman.

Built on real SBA lending data, FY2010–FY2025.

Find

  • Search Lenders
  • Lender Directory
  • By State
  • By Industry
  • 7(a) Program
  • 504 Program
  • Loan Purposes
  • Compare Lenders

Learn

  • Guides
  • Insights
  • Deal Breakdowns
  • Methodology
  • How It Works

Tools

  • All Tools
  • Rate Spread
  • DSCR
  • Down Payment
  • Affordability
  • Borrower Journey

About

  • About
  • For Lenders
  • For Brokers

© 2026 LenderHawk

SitemapPrivacyTerms
Podcasts/Acquiring Minds
Acquiring Minds

How A First Timer Did A Turnaround Including An Exit

with Ben Rizzo · Hadfield Elevator

LenderHawk analysis. Not affiliated with or endorsed by Acquiring Minds.

The Deal

Business
Hadfield Elevator
Industry
Elevator service, maintenance, repair, and modernization
State
PA
Year
2019
Revenue at Purchase
$8.0M
Deal Source
referral

Financing Structure

Buyer Equity
$600K
Bank Loan

Strategic Rationale

Buyer identified strong recurring maintenance revenue contracts as core valuable assets with market demand from multiple acquirers, and saw the business as mismanaged rather than fundamentally broken, allowing for operational improvement.

Post-Acquisition Performance

Stabilized the business to cash-flow positive within three months through improved customer selection and billing discipline, doubled revenue over two years to approximately $15-17 million run rate through focus on industrial clients and modernization projects, then successfully exited to private equity platform.

The LenderHawk View

Real lenders that finance similar deals

Active Lenders
10
Median Spread
P + 3.25%
Top Lenders
The Huntington National Bank79 deals
Manufacturers and Traders Trust Company46 deals
TD Bank, National Association36 deals
Wells Fargo Bank National Association21 deals
KeyBank National Association15 deals
See all matching lenders →

Key Takeaways

  • 1Businesses with contractual recurring revenue provide significant downside protection even in distressed situations
  • 2In turnarounds with strong revenue, focus on eliminating unprofitable customers and fixing cost structure rather than growing revenue
  • 3Network with local accountants, lawyers, and advisors as they have access to deals off-market and understand local business owners and their transitions
  • 4Turnarounds succeed when the business has underlying valuable assets and the purchase price is less than the intrinsic value of those assets
  • 5Being the least-hated service provider in a cost-center industry presents a significant competitive opportunity

Matched SBA Loan Records

SBA loan filings we matched to this deal

Readycap Lending, LLC85%
$608KP + 2.75%FY2022
U.S. Bank, National Association85%
$50KP + 4.00%FY2016
Manufacturers and Traders Trust Company85%
$50KP + 2.50%FY2010