Need ideas about purchasing a business.?
I've been offered to purchase a business. I cant go to a bank and say "I need x amount of dollars" and expect them to give it to me. I'm too young for that. Any ideas on that I should look into?
The owner is ready for retirement. I have the prices. We have agreed for 80k up front and 500 mountly.
- Anonymous1 decade agoFavorite Answer
Being young (or old) has nothing to do with it. Go to the bank, with a good business plan (proposal). Show why it will be (or is) a money-maker.
Or you could try SBA loan (Small Business Association).
Or try attracting private investors, thru ad in the paper, or online. Offer reasonable amount of interest, for short term loan. Make sure you figure out how much you can afford to pay, how much you project in earnings, how much your expenses will be, etc. You'll have to offer better interest rate than one could get at a bank, in a CD, for example. Just make sure you can afford that. (All in Business Plan). You can learn how to write a business plan on the web. Maybe the owner will finance you, if you make him/her a silent partner, or pay high enough interest rate. Will your profit cover all this? Make sure! Do you know why current owner wants to sell?
- Anonymous1 decade ago
Take a look at the MS Small Business Center for tips on creating your business plan. You can register for an eBook with more details and download a sample Business Plan template.
Microsoft SMB Outreach TeamSource(s): http://smb.ms/cXC0wA
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