Any advice would be greatly appreciative:
I am looking for a loan to buy out my partner in a summer baseball organization to become the sole owner. I currently own a 30% share and my partner has offered me the rest of the organization for $20,000. Our revenue for this past year was $104,000. He is very motivated to sell and I would like to know what my options are, that make the most sense for me to acquire these funds. Thanks
You have mutliple options. First off you should hire an accountant to see if the $20,000 asking price is the right asking amount. This means that the total value of the business is atleast $28,571. Once you decide whether the price is right then you should consider several funding sources such as peer to peer lending, tapping into your savings, tapping into your equity line if available, asking for a loan from family and friends and worst comes to worst taking some money out of the credit cards.
Good luck with your purchase.
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