ChatterBank2 mins ago
Buying a small business
2 Answers
Hey,
I am looking into the possibility of buying the business that I have worked part time in for the last 12 years. I wouldn't have a clue where to start. Its a viable business but is up for sale for nearly 1 mil (with house), is this way out of reach if I don't have any kind of business history? I know I could run it without a hitch, and have done numerous business qualifications. What kind of business loans are out there?
Any help would be much appreciated!
I am looking into the possibility of buying the business that I have worked part time in for the last 12 years. I wouldn't have a clue where to start. Its a viable business but is up for sale for nearly 1 mil (with house), is this way out of reach if I don't have any kind of business history? I know I could run it without a hitch, and have done numerous business qualifications. What kind of business loans are out there?
Any help would be much appreciated!
Answers
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Depends on what the house is worth.
There are lots of different ways to fund businesses and it depends on what the business is, what assets they have, what sort of profitability etc etc.
That said, you will still need to contribute to the deal - why would a bank etc run the risk if you have nothing to lose?
Most people if they are doing the equivalent of a management buy out will put their houses / equity on the line
There are lots of different ways to fund businesses and it depends on what the business is, what assets they have, what sort of profitability etc etc.
That said, you will still need to contribute to the deal - why would a bank etc run the risk if you have nothing to lose?
Most people if they are doing the equivalent of a management buy out will put their houses / equity on the line
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