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    3 Replies Latest reply on Jul 6, 2008 5:31 PM by LUCKIEST

    100k business takeover - fast business loan needed.

    browndog1215 Newbie
      there is a local retail business that i am looking to purchase. it is 100k. would need $2,500 deposit which i can get but would then need the balance by august 15. there is no time for a traditional business plan etc.

      i've looked into fast business loans online but am not sure that's a smart option.

      i have about 10k in personal debt which i'm budgeting to have paid off by january 2009. i have no real assets but also don't pay any rent - my fiance owns the house we live in. we're getting married next may. we make about 100k a year in combined salary.

      any advice as to what my best bet to secure financing is?
        • Re: 100k business takeover - fast business loan needed.
          LUCKIEST Guide
          Fast business loan needed Welcome to this web site. Where do I mail the check??

          Really, tell me more. Who are you?? Where are you, like city and state??
          Go to Members page and share some additional info.
          Tell me why you are looking into purchasing this business for $100K.
          What kind of retail business?? How many employees??
          Have you done your homework and prepared a Cash Flow Report??
          Will the cash flow have enough to pay me back?? When and How will I get paid back??
          Finally I would like to read your Business Plan, See Financial Reports, Then we can talk.

          LUCKIEST
            • Re: 100k business takeover - fast business loan needed.
              browndog1215 Newbie
              thank you for your answer...i added some info to my profile and here's some more info.

              i'm 29 and currently work for the state doing a sort of boring regular 9-5 job it pays the bills. i've always said i was going to open a shop just like this one "one day". this one is profitable - she says 200k in sales which she puts mostly back into the store and into staff. she is older than i am but says she can still live a comfortable life. she teaches part time and works at the shop four days a week. i would work a similar schedule but would keep my current job for the first year - would be possible with the staff and some help from my family. she also pays for her healthcare out of the business which i wouldn't have to - have it through my job now and would have it from my fiance/husband later.

              i feel as if this shop is great as it is but since she is older - mid 40's - i see ways to make it grow - currently does NO online sales and has some types of inventory that i would decrease or increase - she does no trade or craft shows which are HUGE in the craft world and cost nothing to enter. i have family members which would love to help out.

              i feel as if this is exactly the business for me. it's already up and running but still has a lot of room to grow. unfortunately there is another person trying to get financing too who has until friday. that's out of my control though.

              i don't have a business plan, cash flow report or any of that. i realize that's the way to go for traditional financing. as i said there isn't time for that and until the other potential buyers are out of the picture current owner is not going to show me any of the books. any advice on what i can do in the meantime? thank you for your help so far!