Bad credit and all, the only option really is family, friends, your own pocket.
If he wants out and trusts you to run it all. See if he will do a payment plan. So the sweeper side profits $5000 per month after bills, expenses, etc. Set up a payment plan like $2500 monthly till the company is bought.
No different than a person financing their own home sale. Sure he doesn't get $50,000 in a lump. But he does get it sold and in the end, still ends up with his goal, to sell the company.
But before you dive in. I would ask for the books on the sweeper section. Is it really profitable? What are the expenses on average compared to the average sales? Does gas really cut into the bottom line of this business? What will gas do in 2 years when its $6+ per gallon?
Just because you run a truck and make your weekly check, does not mean it is a profitable business. And since sweeping is a frill item for business. Do you really see the accounts sticking with you as times get tough? Many strip mall locations are closing and going bankrupt. Will that effect your customer flow?
As times get tight, frill items will be removed. Car detailing and washing, lawn care, window washers, etc. As these are frill services and hold no real importance. As times get tight, these are squeezed out. Being a business person in the automotive section. I would guess your boss is wanting out cause he has done the figures and see's he will be broke. So he is looking for a fast bail out.
And what tells me this is $80k in trucks, accounts, yet only asking $50k. Most selling profitable companies ask for 1 year of sales. If $50k is one year of sales, the company is already in the hole too deep just in trucks.
11 yr biz owner