Glossary · People and paperwork
In short
A group of external experts offering non-binding strategic advice to a company's management. Buyers might form or inherit one to gain insights and guidance on business operations or growth.
An advisory board is distinct from a formal board of directors and has no fiduciary duties. Consider establishing one post-acquisition for strategic guidance, especially if you're new to the industry. Their insights can be invaluable.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
Know what you'll need before you apply
Tell us about the deal and who's buying — we'll flag the guaranty, eligibility, and paperwork issues that slow SBA approval before they cost you time.
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