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First you need to find out WHY the owner is selling the business. Do you have any experience in running this type of business? If not, chances for financing are going to be slim, Banks want to lend money to people who know how to make money, and if you know nothing about the business and are depending on the current employees to carry the load then you need to rethink this.1 of 1 people found this helpful
When reading your post, why did it come to mind that maybe these business owners are trying to sell you a bill of goods?
I spoke with the owner and the broker and the owner is getting out to retire and he's willin to stay on board for up to a 1 year plus i need advice on fund my credit is not good but i want to buy the business i have over 15 yrs in the line of work so any advice would help?
1 of 1 people found this helpful
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
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
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.
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
Very Best to your vision.
Buying an existing business, Welcome Tommy1 of 1 people found this helpful
If I was going to buy an existing business I would do three things first
One, Develop a Business Plan
Two, Contact a Lawyer. The lawyer is on your side
Three, Also contact SCORE. SCORE is FREE and can also help you.
Good luck, LUCKIEST
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I'M looking into buying a manufacturing company but i need some advice on funding . Were in the process of writing a business plan or can we use the business were looking into business plan if they have one? Our credit is not good at all and we don't own a home neither, need some advice what to do