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    4 Replies Latest reply on Dec 10, 2008 5:45 PM by everafter325

    Where do I start?

    everafter325 Newbie
      I am looking into purchasing an already existing bookstore. I have P&L statements from the past 2 years but I am not sure what I am looking at. The owner is selling due to health problems. It is fairly cheap - but I have been unemployed for over a year now and have no money, I am in about 10,000 in debt and my credit is not that good. My husband on the other hand is just the opposite - steady work history, no debt and very good credit. Is he able to co sign a loan with me? As a woman I think I get preferential treatment for a loan right? I just don't know where to start.
        • Re: Where do I start?
          LUCKIEST Guide
          Where do I start, Welcome

          I would start by telling us more. Go to Members page and add some info about yourself, your background and
          your husbands background.

          Do you know of or have an Accountant?? Start by asking the accountant to look over prior P & L Statements.
          Have you developed a Business and Marketing Plan?? It is one of the first items that an investor wants to see.
          Finally there is SCORE. SCORE is FREE and can help.

          Good luck, LUCKIEST
          • Re: Where do I start?
            lfreeman Newbie
            I can help you. I am a semi retired accountant and I invest in some businesses. Please contact me at lfreeman47@aol.com and lets talk.
            • Re: Where do I start?
              jasoncole Newbie
              I would start by taking a good long look at whether or not I was ready to take over the business. Given that you state that your credit isnt so great and you are 10k in debt it would seem on the surface at least that you may not be the best at money management. Also you have ZERO operating capital even in the event that you by some miracle were able to secure 100% financing.

              I dont want to seem like I am raining on your parade but based soley on the scenario you have outlined this is not a good idea at all. The only way I see this working is if you had a close family member or business associate come in and put up 25% of the business purchase price. Also I would advise having at least three months operating capital in the bank prior to taking down the business.

              Good Luck.