I want to buy an existing business. What is the best source for financing?
Posted May 18th, 2009 by admin 5 Comments »
Frank M asked:
I went to business school specifically because I wanted to start my own business. I thought bankers would take me seriously if I had a degree in finance and management. I’m stuck in a crappy cubicle job, and I hate it. I want to break out and head on down entrepreneur avenue.
I went to business school specifically because I wanted to start my own business. I thought bankers would take me seriously if I had a degree in finance and management. I’m stuck in a crappy cubicle job, and I hate it. I want to break out and head on down entrepreneur avenue.
I’ve browsed around some of the Business Broker websites, and have found a few likely candidates, but I don’t want to approach the current owners to request financial statements and tax documents until I know I can arrange financing.
I’ve been down to the SBA, twice, and they told me I had to speak to a bank about the financing. So I went to a couple banks and asked them specifically what the requirements are for a loan of this nature. They just gave me the blow-off.
Does anybody know where to go to arrange for financing to purchase an existing business? Ther preliminaries on many of these listings indicate that they could easily service any associated debt.