Advice for buying an established business
by MWoods, Window Shopper
- Created: July 21, 2013, 4:07 pm
- Updated: July 21, 2013, 4:08 pm
I am looking at buying an established small business. The issue I am having is that I am relatively young (24 years old) and have no real assets to put towards it. Here are some of the facts: * The business is a restaurant * The business has been established for 40 years * The current owner wants to retire as reason for the sale * The business is profitable * The business has little competition in the area * Most of the assets are less than 3 years old * I have worked at this restaurant for 2 years * I graduated with my AA business administration degree from a local college. * The sale includes parking lot, structure, goods on site, beer and wine license, all assets on site. The asking price for the business is $285,000 USD. I have spoken with other lenders and have been told if I can come up with $60,000 USD from an alternative source they will be able to work with me. The issue I am having is that I do not have any real valuable assets, nor any wealthy family members willing to help. I would like to know if anyone has any advice of who to contact that will be willing to take a small risk for me. Side note: I plan to refinance the business loan with a bank after two years to pay off inverters and consolidate the loan.
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