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    4 Replies Latest reply on Oct 26, 2010 5:49 AM by Taat Pringist

    In need of a business loan

    mmgreen_82 Newbie
      Hello,

      I am looking into starting up my own business and have seen a business for sale that i'm very interested in purchasing. This is my first business. The business is a liquor/wine/beer store and need to know what I need to do first. I have contacted a broker, but i'm sure the broker is going to want a percentage down for his help. I need to probably get a loan for this business first. Will I have to write up a business plan since the business is already established and the seller is moving out of state and that is why he's selling it? I'm not sure what I need to do first in order to start the process and worried that someone else is going to get it before I have a chance.

      Thank you,
      Melissa
        • Re: In need of a business loan
          KathleenF Scout
          mmgreen,

          Your best bet is to contact SCORE to work on a business plan. You don't want to jump to fast.

          SCORE is a great resource for small businesses.
          We should probably tell you what SCORE is to better define how they can
          assist you.

          SCORE's 12,400 volunteer counselors have more than 600 business skills. Volunteers are working or retired business owners, executives and corporate leaders who share their wisdom and lessons learned in business. (Quoted from here: http://www.score.org/explore_score.html)

          You can find additional information about SCORE here: http://www.score.org

          The group is a great resource for small business entrepreneurs.

          Hope that helps!
          Kathleen
          • Re: In need of a business loan
            Creditbuilder Scout
            We have solutions available that might suit your needs. Check out our profile and contact us today.

            Good luck.
            • Re: In need of a business loan
              Marcellius03x Wayfarer

               

              Hello Melissa

              The Spirits industry is a very good business. No matter the economy's condition, it's one that is always there, and it makes sense lol. But before you jump, the first thing you want to do is ask the current owner for his recent business tax returns. He may say something like "well I file as a SP, and that is too personal to share with you", or "I don't keep up with those", both a nice way of keeping the fiscal records away from you. REMEMBER! : Before you decide to even attempt to purchase a business, make sure that the current owner hasn't been running it into the ground...you don't want to buy a MGM Studios lol (current MGM Studios financial problems).

              If you would like to know anything else feel free to contact me. I'm new to this website, but your inquiry did catch my attention.

               


              Thank you, and good luck on your entrepreneurial quest
              • Re: In need of a business loan
                Taat Pringist Adventurer
                First, make sure that the asking price is justified. Get your own business valuation from an expert.
                If you intend to go for a bank loan, you shall prepare a business plan with financial projections.
                Here is an article about the most common types of business loans:
                http://www.iplanner.net/iplanner2007/public/how-to-articles.aspx?article_id=term-business-loan