Bad Credit, No Money, And No Experience
Question: Hi I have really bad credit and no money at all to invest. Do you think I will be qualified to open a small business? Also I don't have any experience. Answer: I am a firm believer that anyone…
Taking Over Remaining Balance Of Payments On Assets
Q: How can I get the value of assets required for the business, such as transportation business? What is your take on taking over the remaining balance, payments on assets? A: You raise a very good point; however, the question…
Using 401k Or IRA To Buy A Business
Question: Can a person use 401k assets or IRA self-directed assets to purchase a business, without tax implications? Answer: There are a number of programs available now that offer this type of scenario. Personally, I have not used this route…
Using House As Collateral For Bank Loan
Q: I am purchasing a business with a successful 10 year track record. Purchase price is $2.8M with seller financing of $1.175. I have found a bank who will loan $975K but they want my house as collateral. The business…
Seller Financing
Question: I am looking at buying a business where the seller is offering 30% owner financing. How is this typically structured? What are the standard variables and negotiating points? Answer: While seller financing is something you always want in a…
Alternative Funding Sources
Q: I want to buy a business and I wanted to know if you know any sources for funding? Like grants, lending, investors. I don't have collateral and my credit score is not established enough for a loan. A: Unfortunately,…
Financing A Business Purchase
Q: I have very little in the way of capital, other than home equity, to invest in a small business. I want to buy a small business but don't want to use home equity, which will be used later to…
Financing A Small Restaurant/Cafe Purchase
Question: I have been searching for about 6 months for a business. I have looked at some deli / cafes and restaurants, but have found that banks do not want to finance these types of businesses. Some of these businesses…
Putting Up The House To Finance The Acquisition
Q: My wife is flipping out that we are going to have to put up the house to finance the business but isn't there a way for me to buy a business without risking my home? I really don't think…
The Pros And Cons Of SBA Loans – This Government Organization May Fit Your Needs Under The Right Sit
Question: Can you provide an outline on SBA loans and advise the pros and cons of it? Answer: By the time you read this, the SBA may have changed the rules! While the SBA has some attractive features, here are…