a conversation about the future of SMB acquisitions
Bille · M&A Insurance
made accessible
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The market
so what's actually happening in the SMB world right now?
the largest ownership transfer in modern history is underway
McKinsey calls it "The Great Ownership Transfer"
by 2035, an estimated $5T in small business value will change hands as baby boomers retire
and the buyers?
mostly first-time acquirers. not private equity firms
search funds, ETA, holdcos, operators, families
The problem
so why are these deals so hard to close?
an SMB transaction is 80% friction, 20% valuation
buyers don't fully know what they're buying
sellers don't fully know what they're warranting
isn't there insurance for that?
until now, M&A insurance was exclusive to deals above $20M
the pricing and the process simply didn't work for Main Street
Bille
so what is Bille?
Bille, M&A insurance for small business acquisitions
deal range $200K to $10M
used directly by M&A advisors, attorneys, business brokers
and available embedded into acquisition marketplaces
no due diligence required, no broker call
the same deal protection institutional buyers have relied on for decades, now accessible to Main Street
How it works
walk me through how it actually works
1, get an instant quote
the buyer or advisor enters deal basics, purchase price and revenue, for a real-time price estimate
2, review within 24 hours
a non-binding quote and preliminary policy terms are generated within 24 hours, together with a dedicated point of contact
3, digital binding
the seller's disclosure and the purchase agreement are submitted digitally. the policy is bound. no paperwork, no delays
4, protected from day one
coverage activates at closing. if a warranty breach surfaces, the insurer handles the claim, not the seller
Coverage
what does the policy actually cover?
ownership, the seller holds full, unencumbered title to all shares of the target company
authority, the seller has the legal right and authority to enter into the sale agreement
financials, audited statements fairly present the company's financial position and results
tax, unpaid taxes, incorrect filings or undisclosed VAT liabilities from before the acquisition date are covered
breach of contract, if a key customer agreement, supplier contract or lease turns out to be misrepresented
compliance with laws, if the business was unknowingly operating in breach of local, state or federal regulations
Industries
what kind of businesses does this actually fit?
if it has financials, customers and contracts, it usually fits
the policy is built for operating SMBs, not exotic structures
give me the list
Real Estate · Retail & Trade · Tourism & Leisure · Tech · Construction & Installation · IT · Forest & Nature · School & Education · Food & Agriculture · Culture & Entertainment · Renewable Energy · Service Companies
that's broad
SMB is broad. the policy is structured to follow that reality
SBA financing
quick one, can the premium be financed?
yes. for US buyers, the Bille premium can be rolled into an SBA 7(a) loan
wait, really? how does that work?
the SBA treats M&A insurance as a legitimate closing cost tied to the acquisition
that means it can be financed alongside the purchase price, working capital and other closing costs
the buyer doesn't pay the premium out of pocket at closing
walk me through it step by step
1, buyer gets a Bille quote during diligence
2, the premium is added to the SBA loan request as a closing cost line item
3, the SBA lender underwrites the full deal, premium included
4, at closing, the loan funds the purchase and the policy in the same wire
5, buyer is protected from day one, with the premium amortized over the loan term
so the buyer trades a one-time premium for a small addition to monthly debt service
exactly. on a 10-year SBA loan, that's typically a few hundred dollars a month for full warranty protection
can you show me the math on a real deal?
sure. take a $1.5M acquisition
Purchase price$1,500,000
Coverage limit (20%)$300,000
Bille premium (~3.5% of limit)$10,500
SBA 7(a), 10-yr @ ~11.5%+ ~$148 / mo
Total over loan life~$17,700
~$148/month buys $300K of warranty protection from day one
compared to a six or seven figure indemnity exposure if something goes wrong, the math is obvious
does the lender benefit too?
yes. a Bille policy de-risks the collateral, the lender knows undisclosed liabilities won't surface and erode the asset they just financed
more and more SBA lenders are actively asking for it
Policy
give me the specs
deal range, $200K to $10M
insurance period, 18 months
deductible, none, coverage from the first dollar
carrier, insured through Lloyd's of London, AM Best A-rated
so the paper behind it is real
Lloyd's of London is the oldest and most respected name in specialty insurance, AM Best A-rated for financial strength
Claims
and when something goes wrong, how does a claim actually work?
the policy requires two things
1, a breach of the seller's representations and warranties in the purchase agreement
something has to be inaccurate or untrue relative to what was warranted in the SPA or LOI
2, evidence that the seller had knowledge of the fact or condition that caused the breach
does it need to rise to fraud?
no. the trigger is seller knowledge, not intent to deceive
if the seller knew about an issue that made one of their reps inaccurate, that is enough
knowledge is a lower bar than fraud
and the evidence?
two alternative paths
a, the seller admits they intentionally misrepresented something
b, evidence which, on the balance of probability, indicates the seller knew about the fact or condition before or at the time the reps were given
in practice, most claims rely on path b
emails, internal reports, prior correspondence, third-party records, any paper trail showing the seller likely knew
no confession required
so to sum it up?
breach of reps + seller knowledge = covered
no fraud finding needed. no seller confession needed
Traction
is this a pitch or a product?
live since 2025. real deals, real buyers, real premiums
embedded in offer letters from serial acquirers running buy-and-build strategies
so their clients can move faster from day one
and demand?
entrepreneurs are reaching out to us directly
that is the strongest signal you can ask for
Partners
who else is in the room?
BizScout, the leading deal sourcing platform for SMB acquisitions in the US, bringing insured warranties to Main Street
SMB Market, a marketplace built specifically for small business buyers and sellers
Ben Kelly, distribution to one of the largest communities of SMB buyers out there
M&A Mastery, the education platform training the next generation of acquirers
Leonh, a next-generation digital investment bank combining 25 years of M&A advisory with a proprietary deal platform across the Nordics
those aren't small players
which is exactly why we can build for Main Street at scale
Let's talk
so what's the next step?
if you invest in the future of financial infrastructure, let's talk
if you're building platforms for SMB buyers, let's build together
the future of SMB acquisitions is a conversation
so we made our deck one
M&A insurance, made accessible
Insured through Lloyd's of London, AM Best A-rated