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Buying a Second retail store in same industry. Welcome to this web site.
Being in business for 9 years, hopefully you have an Accountant and a Lawyer.
Now is the time to talk to them. They should know you better than strangers on this web site.
Is this store in the same town (by the way where are you??)
You and the accountant should know bankers.
Lawyers should also know the right connections to help.
Good luck, LUCKIEST
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Hi, my name is Jose w/ Elite Business Financial. I'd like to help you. If you'd like you can e-mail your contact info to firstname.lastname@example.org or visit our website at www.elitebusinessfinancial.com We have a few programs that might be beneficial for you.
Elite Business Financial
How about getting a loan for the new store based on the new store and if need any additional help get a loan for current store and make a loan to the new store. This way each store is responsible for it's own loan.
Both the stores are small. Unless you have established independant credit for your current store, any financing will probably need to be signed personally by you. So, it will not matter what "name" the loan is in, you will be securing it. That being said, SBA guarnteed loan programs for acquisitions can be more generous in payback periods - up to 15 years, than other types of loans.
You should also look for seller financing on acquisitions which can offer verr flexible terms.
As you mentioned, the price, based on the limited informtaion provided, seems excessive.
If you would like to call, I could recommend several lenders I have worked with in the past who speciliaze in small business financing for acquisitions (my firm does NOT do any lending).
Bridge Ventures, LLC
Merger & Acquisition Adsvisors
My name is Paul Warshawsky and I am a business consultant for Manhattan Business Consultants in Cape Coral Florida. I understand that you are looking to open another outlet for your business and you are in need of funds to do so. Here at MBC we have very simplistic criteria. Your company must be registered with the state for a minimum of 24 months. The owner must be a US resident, and have a minimum of a 680 credit score.
If you meet this criteria, please contact me at your convenience and I will go over the rest of the process for you. If you have already found the means, I wish you and your company the best of luck.
Manhattan Business Consultants
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I am looking to buy a retail store in my same industry. I currently own a store that has been in business for 9 years. They new store has been established 5 years. It is much smaller than my current store. Initial numbers I have received is the store does about 120,000 in sales with about a 16,000 profit. Would I be better trying to get a loan against my current store (275,000 in sales about 60,000 in profit) or seek other financing. The owner of the store is asking 110,000 for the store and is claiming 51,000 wholesale in product. I believe both the price and the inventory level is overstated but that is another issue. I do not want to have a company come in to do an inventory unless I know I can secure financing. Any suggestions? I did apply through Bank of americas online but have not heard anything. I currently do all my banking with them.