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Buying a Small Business - Get Prequalified for Financing
Get Reviewed and Prequalified For Financing So You Can Leverage Your Business Purchase.
Getting prequalified for financing by lenders is very important for two specific reasons.
1) 90% of all small businesses sold have some form of financing involved.
2) One of the biggest reasons that deals falls through is because the buyer could not obtain financing.
While some sellers are willing to provide partial financing to a qualified buyer, they would much rather the buyer be able to get third party financing so they can receive their cash up front at closing. Wouldn't you? The seller takes a considerable risk on a buyer he doesn't know too well and can only hope that the buyer will be successful in running the operation.
The usual cash injection (down payment) required by SBA and other lenders in the purchase of a small business is generally around 20% to 30% and the rest is financed. This, of course, is based on your personal financial standing and background. You will need to submit personal financial information and a work resume.
By having a lender review your financeability and background upfront, the lender can then give you valuable Intel on the types of businesses they would take into consideration for financing based on your skill sets and what they would deem to be transferable to different types of businesses or industries. Not only can you narrow the scope of the types of business you research, you would also know exactly what price range to target.
All of this adds up to the serious, prepared, perfect buyer! A rare species in the land of business brokerage. You'd get the red carpet treatment for sure by business brokers and sellers alike.
Keep in mind that the business you choose must also be financeable. The business must pass the lenders test. For instance, the company's financials must be reviewed by the lender so they can determine if the business can produce the income required for you to make a living after making payments on the loan that they will be providing.
The point to be made here is that you, as a person looking for the "perfect" business to buy, will be ready to pull the trigger when it appears. There are more buyers than sellers in today's business transfer marketplace. You will have an advantage, you will be a step ahead of the rest of the crowd.
About the Author
Crochet Flower Rose - Small
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Cartier Ladies Ballon Bleu 18k Rose Gold Small JEWELS IN TIME US $15,588.00
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NEW in Box Cartier La Dona Small Ladies Rose Gold Quartz Watch W6601006 US $15,245.00
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Small Cast Bronze Rose Vine Water Fountain US $14,839.20 |
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