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    7 Replies Latest reply on Feb 19, 2009 6:01 AM by nvalue

    Starting a pool business need help

    poolman2009 Newbie
      I am trying to buy a pool business that brings in $156000 per year in sales. The owner willing to sell it to me for $100000. I tried to get an SBA loan and didn't get approved because it's an usecured loan, and I don't have enough assetts to back it. I have 5 years experience in the industry. My credit is excellent at 755. I had the 20% to put down but now I don't want this opportunity to pass. If anyone can help or offer suggestions please help.
        • Re: Starting a pool business need help
          LUCKIEST Guide
          Starting a pool business need help

          New members...
          bySBOCTeam at Jan 16, 2009 9:22 AM


          ...complete
          your profile! Giving some background about yourself helps other
          Community members when trying to answer your small business questions.
          Its a quick and easy way to promote your business too. Complete your
          profile today!

           

          Go to Members page and share and then I will share suggestions with you

           

          LUCKIEST
            • Re: Starting a pool business need help
              poolman2009 Newbie
              I updated my profile. I need help. The person I am buying the business from is willing to carry me for a year. He will take no less than $50,000 down. My payments are $3500 per month until it is paid off. The business makes apprx. $12,000 per month. I will need 1 employee to help with the work load. I will pay him $1500 a month for his work. So that is $5,000 a month going out in bills. That leaves me $7000 a month. For tools, supplies, and my living expence I need $4500 a month. That leaves $2500 a month to pay off a loan or split with an investor. I need help. I do not want this opportunit to pass. I have 5 years experience in the industry and over 5 years of management and leading experience. I am buying a customer list is all from an established business that has tripled in 3 years and continues to grow. It was purchased in 2005 for $27,000 for 30 customers and it now has 110 customers. I have $10,000 I can put up for the loan but don't have the full $50,000. Any advice or help you can give would be great.
                • Re: Starting a pool business need help
                  SME_ally Adventurer
                  Hello Poolman2009,

                  Couldn't you ask friends, family or relatives for the remainder? If not, you should try using peer-to-peer lending sites. The biggest are Prosper.com but they have temporarily stopped accepting loan requests. You could also try Zopa.com and Virginmoney.com. There are more than just these companies. Try searching for "p2p lending" or "peer-to-peer". Most of the time, the rate you get with them is a lot better than what the banks offer.
                  $50,000 isn't much. You just need to sell people on the potential of the business. Make them believe what you believe. Good luck.
                  1 of 1 people found this helpful
              • Re: Starting a pool business need help
                davewright21 Newbie
                If you need help please contact me! I'm a licensed contractor that has worked in Utah, Texas and has sold as a sales rep. Please contact me at davewright21@yahoo.com
                • Re: Starting a pool business need help
                  davewright21 Newbie
                  If you need help please contact me! I'm a licensed contractor that has worked in Utah, Texas and has sold as a sales rep. Please contact me at davewright21@yahoo.com
                  • Re: Starting a pool business need help
                    nvalue Newbie
                    Some options:
                    With what you do have and with a good credit, maybe you should just form your own LLC and diy.

                    You can possibly negotiate to still be a business affiliate with this company you want to buy, or perhaps offer to take over operations managing his business (or whatever role is suitable) for a set term like one or two years which would be equitable for the other $50k.
                    In real estate, there is lease, with option to buy. Same concept...think outside the fixed terms!

                    cheers!