Find LUCKIEST on this site, he is with SCORE and
can help you with a business plan information.
BUT first you really need to re-read DomainDiva
comments. She was telling you about the
funding.
Picture a customer coming in to the office of your
manufacturing company. They want to place an
order for 30 of whatever you sell. Before you
make this you want a percentage down, they tell
you they do not have it. So you decide to ask
them for colaterial in place of a deposit, but the
customer said he has none. So you decide to
check with others he has once paid bills too hoping
his word is good enough so you can begin making
the order, only to find out his credit is bad.
Do you want to take a risk on this customer?
Do you feel confident in this customer following
through on his promise? Is this customer a
risk?
That is how the banks view you even with a
business plan. Within your business plan you are
going to have to mention no collaterial, bad
credit, etc. any good plan you have will only
look like a risk.
However, you may want to re-think this and
approach this in a different way. Since this
owner is selling due to age,
ask him to agree to sell this to you on a
owner finacing deal. You make monthly
payments with interest giving him 5% over
his asking price for so many years.
Since he feels the company is profitable
and knows it will bring in the money he
should feel comfortable with this without
feeling you are a risk. It is a win/win
situation.
Very Best to your vision.
