I have to say, I am normally totally against anyone purchasing a business right now but your whole plan sounds very sound and stable.
First off: Luckiest is the person you would want to work with SCORE has been a HUGE help to be way back when I started my business and I continue to rely on them for mentors. SCORE is retired business owners who understand where you are and defer you from mistakes commonly made. Best of all you will
then also have a personal mentor to speak too who understands you situtation.
Second: The other statement to you was also great advise. The Small Business Admin. is a asset (they also lead me to SCORE). I am near a university so we have a SBA near my office that is affiliated with the university. Check and see if you are close enough also because besides online information they have awesome library of knowledge you can browse through and classes.
http://www.sba.gov/aboutsba/sbaprograms/onlinewbc/index.html
Third: Your situation is perfect. Why because, your wife can see the business is a success. She
understands the day to day operation of the business. She knows the cliental it attracts. And she
understands the million of hours it takes to work with it. PERFECT! Better yet, you are ready to
begin a top paying job and although the economy is hard you will be able to find work, you may be
flying for UPS, commerical or private but you will be flying. So...your lender will see you as a safe loan.
Fourth: You stated credit was now damaged and judging from schooling and your wifes lower paying job
to off-set the bills it is okay and totally acceptable for your sitituation. My suggestion would be to talk
to the lender about rolling your credit debt in with your loan.
Fifth: On the loan you need...have you asked the business owners who they have there loan with and
see if this lender would work with you? The lender already understands the business and the background
of their success. If the loan is paid, find out who they went through. Another option: Locate a silent partner one that would have a finacial interest only. They would be paid back with interest and have a small percentage of the profit of the business for a given length of time. Also as it was stated the SBA has loans
I strongly suggest you put this loan under your wifes name, grants are easier. Look at this Women's
Buisiness Group website
http://www.womensnet.net/ (Women Net) they have a list of helpful grant
information.
Sixth: Once you have the business DO NOT change it right off the bat. SO many do this. But if it is
running fine and you know it is successful do not rock the cart! In time slowly incorporate your changes
while watching to see if they hurt or support the business.
My Very Best to you!
P.S.- WILFIN...I am really confused, according to your bio you are a finacial person...did I miss you support
and commits of help to these individuals? Luckiest, you are helping so many on a daily bases keep doing
what you are doing.
