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6 Replies Last post: Oct 17, 2008 5:19 PM by GrowthCurve

Purchasing a Business

Oct 17, 2008 3:02 PM

mamaro 4 posts since
Oct 17, 2008

I am looking for any advise on how to purchase an existing business. Due to poor credit issues, I feel I won't qualify through a regular bank. Does anyone have information on private small business funding?

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LUCKIEST 7,942 posts since
Aug 6, 2007

1. Re: Purchasing a Business Oct 17, 2008 3:10 PM

Purchasing a Business, Welcome

Who are you?? Where are you?? What kind of business are you planning to purchase??

Do you have an Accountant?? A Lawyer?? Have you seen prior years tax returns??

Do you know about SCORE. SCORE is FREE and can help you.

Good luck, LUCKIEST

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mamaro 4 posts since
Oct 17, 2008

2. Re: Purchasing a Business Oct 17, 2008 3:18 PM

in response to: LUCKIEST

Thanks for your quick reply! I am in Washington, I would like to purchase an existing restaurant in a small Idaho mining town. I have yet to see the tax returns..I would like to see if there are any options out there for me before I start talking with the current owners. I have done extensive in-house restaurants in a prevoius job, I don't believe I will need an accountant. I really never thought about an attorney... I am not familiar with SCORE at all..

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mamaro 4 posts since
Oct 17, 2008

3. Re: Purchasing a Business Oct 17, 2008 3:19 PM

in response to: mamaro

oops..extensive in-house books for a previous restaurant employer..:)

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Fortis 239 posts since
Jul 24, 2008

4. Re: Purchasing a Business Oct 17, 2008 3:19 PM

Hello mamaro,

Hope all is well. Congratulations on taking the leap into owning your own business. Tell us a bit more. Do you have a business in mind? Will it be homebased or are you looking for a location? Have you tried to get financing already?

Thanks

Collin
Fortis Capital
cobringer@gofortis.com

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mamaro 4 posts since
Oct 17, 2008

5. Re: Purchasing a Business Oct 17, 2008 3:24 PM

in response to: Fortis

Hi Collin,

I have really answered your questions in my above postings... Would like to purchase an existing restaurant that has been in business since the 1930's..current owners bought it in 2005. He just isn't cut out for the restaurant business. I have not yet tries to go through a bank..this is my first step..I wanted to find some advise!!

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GrowthCurve 152 posts since
Jan 25, 2008

6. Re: Purchasing a Business Oct 17, 2008 5:19 PM

in response to: mamaro

Would you keep the same name, theme and food at the restaurant or overhaul it?

Is there a lease for the property? How much longer left on it?

Do you know that the owner is willing to sell?

Most small businesses require some seller-held financing to get the deal done. Have you asked the seller to see if he'll take back a note for the whole thing?

Are you sure it's that he's just not cut out for the business, or does he know more about it than you think, and he's just trying to find some sucker to take it off his hands?

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ForumsFinancing Tips

This Question is Possibly Answered

Purchasing a Business

Oct 17, 2008 3:02 PM

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