Why My Pro Forma Looked Right and Was Wrong

Episode 21 | Garth Fasano & Christi Loucks Banks love pro formas. Operators pay for them. In this episode, Garth and Christi pull up the exact pro forma Garth used to get his SBA loan approved and explain where it worked, where it broke, and which assumptions were quietly wrong from day one. They talk through the numbers he nailed, the risks he underestimated, and the realities no spreadsheet captures once you own the business. If you're buying a company, raising SBA debt, or modeling your "safe" acquisition, this is a behind-the-scenes look at how deals actually perform versus how they're sold on paper—and what Garth would change if he were doing it again today.