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Can you provide a little more detail as to the type of business and size?1 of 1 people found this helpful
Make sure you go to banks that are SBA approved lenders - they are more likely to lend for a small business loan. Some banks like lending for small business, some don't.
At a minimum you need:
1) 3 years of tax returns
2) Business plan
3) 20% down
4) some collateral (preferred)
5) good credit (preferred)
6) experience in the business or other experience running a business
If it is a well established business, with the criteria above, you should have no problems getting a loan. I would also suggest working with a professional business broker who could help you evaluate the business, properly price it, and assist in structuring a transaction. I am a business broker and I completed over 200 transactions and I learn something every time - getting experience on your first deal can be an expensive learning curve.
If you would like further assistance, don't hesitate to call and I'd be happy to point you in the right direction.
Best of Luck,
Bridge Ventures, LLC
Merger & Acquisition Advisors
Thanks for your reply. It is a self-serve car wash with five lanes. It is a type of buisness where it kind of runs it self just need to maintain the place.
These types of businesses are for sale all the time. You can look online at several of the bigger web-classifiieds listing businesses for sale to get an idea what other are asking - remember these show asking rpice not selling price.
2 of the larger sites are:
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I am looking into buying a small buisness that was established about 20 years ago. I just saw the buisness for the first time today and I will be going by again to investigate the flow of customers coming in and out. I plan on meeting with the owner to get previous financial reports in order to determine the value of the buisness. However, where do I look for financing and how much would I need initially to put down. In addition, whatelse to banks or those giving financing look for.