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Buying a small business help

by Jasonxx13, Window Shopper

  • Created: November 23, 2010, 8:52 am
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4 comments

Im looking to buying a small business(Napa store) and really just need to know where to go first and the best route to take as far as loans and grants.Any help would be appreciated.Thanks

Tags: Discuss Popular Topics, Loans & Grants
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phanio | Contributor | 11/29/2010 - 10:45 am

I say start with NAPA - they may have loan programs to get you in that store. Or, if the store is already in operations, look to the current owner - either for advice or to carry the loan. You might also consider a SBA guaranteed loan. The SBA love these types of businesses as they know there is a strong support structure in place.
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NicoleD | Former Moderator | 11/24/2010 - 7:12 am

Jason - There are important legal considerations to keep in mind when buying a business. Read this guide to understand what you can expect, and what to look out for when you're in the market to purchase an existing business: The Legal Steps to Buying a Business

BizResearcher | Window Shopper | 11/24/2010 - 8:06 am

You may want to visit with a counselor at a small business development center or a SCORE office. They can help you through the purchase process. As Nicole mentioned, there are legal and financial considerations you need to understand before purchasing a business. You will need the assistance of an attorney and a CPA to assist in evaluating the worth of the business and to be certain there are no surprises that might surface in the future.

andre7775 | Window Shopper | 1/2/2010 - 3:05 pm

Hi Jason, Normally when buying a business you and the seller tend to agree on the simplest, easy, non-lawyer route to take, but unfortunately Towards the middle of the transaction someone cracks and doesn't trust the other and lawyers get involved... Make sure you have him sign a non-disclosure form. This means he cant compete with you within the next 2 years. Wish you luck