I have worked for my father's and uncle's roofing business on and off for 22 years. My father passed away 3 years ago and my uncle is 67 years old and offered to sell me the business. I want to buy the business and keep it in the family but don't know anything about owning a business. I have talked to a bank but they said I need to have experience owning a business before they will let me borrow any money. How do I get started buying this business.
While your bank may require more experience on your part - they do like to fund management buyouts.
You might try a few things: First, let your uncle co-sign a loan - he has the experience and as a co-signer as vested interest in your success. Second, will your uncle hold the note - you provide a small down payment and your uncle finances the rest? Lastly, are there other long-term employees that you could partner with - they could provide the experience you lack?
ChristineL | Former Moderator |
8/21/2009 - 3:46 pm
Hi d-fong,
If you haven't already, it would be helpful to draft a business plan.
Many users also had great suggestions to a similar question in this post, so feel free to check it out.
To see if there are loans available to your particular situation, you can also use our loans and grants search engine. If you have more specific questions about loans, you can post it on our loans and grants board.
Helpful Tip: When replying to a discussion thread, be sure to check the 'E-mail me when someone replies' box. Checking the box will allow you to receive an email alert when another member comments on your post.
Message Edited by Christine_Lai on 08-21-2009 03:49 PM
phanio | Contributor | 8/22/2009 - 7:39 am
ChristineL | Former Moderator | 8/21/2009 - 3:46 pm
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