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    5 Replies Latest reply on Oct 31, 2007 8:59 AM by seogodfather

    business acquisition

    woodnwalls Newbie
      I have owned a painting company as a Targeted Small Business for over 10 years. I have just stumbled upon an opportunity to purchase a retail floorcovering store which also sells paint, wallpaper, and window treatments. My husband is a sales and marketing guru. We have prepared a detailed Business Plan, carefully examined the books, sought the advice of bankers, lawyers, accountants, and the SBA. We have applied for an SBA loan and were approved subject to a down payment in excess of funds that we personally have available. The business makes a tidy profit well in excess of the debt load to purchase, but we are looking for an independent investor who could assist with the down payment financing.

      The current owner is having health problems so the acquisition of this commercial property and business is extremely time sensitive. The current owner is dis-interested in a contract because of her health issues and living expenses.

      Are you interested, or can you help us? Is anyone aware of any private investors who would be interested in reviewing our plan? We have searched the internet, and we are uncomfortable paying an upfront fee for the opportunity to apply for funding. However, we would certainly be willing to pay appropriate closing fees and loan fees at the time of loan closing.
        • Re: business acquisition
          LUCKIEST Guide
          Sounds like you are doing everything right. Your immediate problem is a down payment and
          Bank of America smallbusiness web site might get you a partner or investor.
          You have applied to the SBA for a loan. O K How about the bank where you business is, since
          you have a 10 year track record or the bank of the business you are looking to acquire??
          Two sources of money are "" and".
          Do you own any real estate that has equity??
          Good luck, LUCKIEST.
            • Re: business acquisition
              woodnwalls Newbie
              Thank you for your reply. I was recently married so merged accounts with my new husband. I wish that I had established my business credit separately from my personal many years ago. We don't currently own any real estate. We rent a house from a relative. We recently remodeled the kitchen which should be a significant increase in the value of the house, so we might be able to utilize that equity. It will require some creative financing, but that's at least one option. We have discussed buying the house, but the owner purchased the house as a long-term investment and wants to keep it.

              Our SBA loan was approved where the new business currently banks. Since they don't have a track record with us personally, the SBA loan is the extent of their desired involvement (except,of course, for future deposits....)

              I will check out the websites you listed. I am sure there is a way to get this accomplished. We just haven't quite put all the puzzle pieces together yet.

              Thank you again for your assistance.

              Wood'n Walls
                • Re: business acquisition
                  LUCKIEST Guide
                  The final suggestion is to visit SCORE. It is a FREE service located all over the United States.
                  SCORE is run by the Government. It is FREE andCONFIDENTIAL, and the SCORE Counselors
                  help with BUSINESS PLANS and helping you contact both banks and bankers.
                  • Re: business acquisition
                    Sunkist Newbie
                    Your investment in the landlord's property does not give you equity. The title of ownership still belongs to the land lord. Purchasing a house does not necessary put you into a position on getting more loans either.

                    Depending on the amount of loan check the following ideas out:

                    1. - Individual Loans from a pool of creditors (people).

                    2. Setup and a Corp (C or S) and sell shares to friend and family.

                    3. Check with your local credit union.

                    4. Find additional partners?
                • Re: business acquisition
                  seogodfather Newbie
                  Check out or call him directly. He can give your an amazing amount of resources to find private money.