Welcome, Who are you?? and where are you located.
You said your friends father. Better than a stranger.
The best suggestion would be to talk to him (the owner) and ask if he would take notes from you.
You would be paying him monthly instead of a bank.
You will also need YOUR lawyer to prepare the contract and notes.
Good luck, Let us know if he is agreeable with the notes.
SBA guaranteed bank loan usually require 25% down and good credit. The business must have 3 years of tax returns with income to support the loan.
I would suggest talking to a professional business broker as there is much more to purchasing a business than just obtaining a loan.
Best of luck,
Bridge Ventures, LLC
Bridge is right. The SBA will look for at least 15%-25% down. We are a preferred National SBA lender and we are also seeing that industry experience is becoming a bigger issue. Basically to us it comes down to the overall package of 4 things: 1. Equity Injection (down payment) 2. Industry experience. 3. Credit at least 650 if it's a start up 7a loan. 4. Collateral, if the Equity injection and credit are good, this might not need to be as much. Hope that helps. Keep us updated.
Hey sorry, my name is Tim I'm from the Chicago land area, and I understand banks need between 10-20 percent down I am seeing what I can come up with, and as far as knowing the industry I have worked with him, and I would be joining that union as well as buying it. So I would be a owner/operater thanks
You are getting some great advice. Mine is Have you asked yourself is this something you want to do? You admit that you know little or nothing about this business. Then my second question is why are you considering this idea. It's a whole lot of money and even more importantly time commitment just to learn the nuts and bolts.
Any advise or help would be great, My friends father owns a unionized flooring company and it is very successful and profitable, he is planning on retiring soon and keeps telling me to buy it and he will train me for a few years till I understand everything. I have very very good credit, and I'm still young so I have time to learn the ropes and have many years of management experience. My question would be, how can I make buying this possible. I don't have much
Money for a deposit, is there grants, bank loans or investers I should look into? Thanks btw the loan would be around 300,000