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    6 Replies Latest reply on Oct 17, 2008 5:19 PM by GrowthCurve

    Purchasing a Business

    mamaro Newbie
      I am looking for any advise on how to purchase an existing business. Due to poor credit issues, I feel I won't qualify through a regular bank. Does anyone have information on private small business funding?
        • Re: Purchasing a Business
          LUCKIEST Guide
          Purchasing a Business, Welcome

          Who are you?? Where are you?? What kind of business are you planning to purchase??

          Do you have an Accountant?? A Lawyer?? Have you seen prior years tax returns??

          Do you know about SCORE. SCORE is FREE and can help you.

          Good luck, LUCKIEST
            • Re: Purchasing a Business
              mamaro Newbie
              Thanks for your quick reply! I am in Washington, I would like to purchase an existing restaurant in a small Idaho mining town. I have yet to see the tax returns..I would like to see if there are any options out there for me before I start talking with the current owners. I have done extensive in-house restaurants in a prevoius job, I don't believe I will need an accountant. I really never thought about an attorney... I am not familiar with SCORE at all..
            • Re: Purchasing a Business
              Fortis Wayfarer
              Hello mamaro,

              Hope all is well. Congratulations on taking the leap into owning your own business. Tell us a bit more. Do you have a business in mind? Will it be homebased or are you looking for a location? Have you tried to get financing already?

              Thanks

              Collin
              Fortis Capital
              cobringer@gofortis.com
                • Re: Purchasing a Business
                  mamaro Newbie
                  Hi Collin,

                  I have really answered your questions in my above postings... Would like to purchase an existing restaurant that has been in business since the 1930's..current owners bought it in 2005. He just isn't cut out for the restaurant business. I have not yet tries to go through a bank..this is my first step..I wanted to find some advise!!
                    • Re: Purchasing a Business
                      GrowthCurve Adventurer
                      Would you keep the same name, theme and food at the restaurant or overhaul it?

                      Is there a lease for the property? How much longer left on it?

                      Do you know that the owner is willing to sell?

                      Most small businesses require some seller-held financing to get the deal done. Have you asked the seller to see if he'll take back a note for the whole thing?

                      Are you sure it's that he's just not cut out for the business, or does he know more about it than you think, and he's just trying to find some sucker to take it off his hands?