This content has been marked as final. Show 3 replies
Wow you have the best possible advantage...the owners of the establishment for which you want know you and trust you, now use this to your advantage. Let them know that you are interested in taking over their establishment. Also remind them that in this economy you are not going to be able to secure a loan...
This would be a win/win situation. The establishment will find anyone trying to secure a loan right now good or bad credit is few and far between. The establishment is going to find out it will take many many months for anyone to step up and want to take this over (there are not so many angels who understand the need to take of children daily, let alone a full facility business).
I would not allow them to charge you a large interest rate, work the price out to satisify all and then begin payments.
I would suggest checking with the Better Bus. Bureu to make sure their business name is clear.
Find out what outstanding agreements you are locked into and the rates (yellow pages, phone, advertising, etc) and make sure this is all clear within the agreement so no hidden monthly charges pop-up.
Luckiest is on this forum he can help you with a business plan he is with SCORE (great group for you to rely on for mentoring), I also get the newsletter via email you may want to sign up for this.
Best to you
as luckiest said, there are people interested in child care as they are our future. also, movefarward is right, and u seem to be in a 'win/ win' situation and both, u and the owners can come to the best deal as they want to leave, if they approached u, and u because u want it so, u just hv to talk it over
Are there investors interested in Child Care?
Go to original post
Reply to original post
I have earned and saved most of the funds I needed to eventually turn my home based child care business. However the owner of an established child care facility, who knows my reputation for providing excellent childcare, has approached me about purchasing their existing facility. I have horrible credit and am still paying on student loans. What are my options for a small loan? I have no collateral or cosigner and understand I will need to pay a high interest rate.