Hi,
My name is Jenni and it is my dream to own my own company. Ive found the business of my dreams which is currently on the market, how ever I haven't got very good credit history and I'm finding it hard to come up with the asking price, or in fact any where near it! Where should I look to find finance, its not a mortgage on the premises that I need or a grant to start up or advance a business, but the money to buy the company. Please help, other wise in a matter of weeks I will be found rocking in a corner muttering to myself,
Thanks for your time in looking into this,
Jenni x

First, We know you need help otherwise you wouldn't be posting. By using a descriptive subject you help attract people who can help. A subject like Funding purchase of business whould have been better.

Have you tried the Small Business Agency (www.sba.gov) They can provide info on business loans. You will probably need to come up with a business plan to show you can operate this business. You can find help to prepare that at www.score.org.

Hi ScottGem,
Thank you for your reply, this is my first time on this website, so your tips are appreciated. Im just about to look at those website address' now, I hope they can be as much help as you suggest. Please let me know if there is anything else you think of,
Jenni

Hi Jenni,
There are several ways you can go about this. Fist let me bgin by saying don't waste your time and money with venture capitals or book that say government grants are plentiful. None of them actually work or are easy. Now getting back to helping you. If time allows look into getting a partner who is interested in a hands off policy if you are qualified to run the business profitably, give them a percentage of the monthly net. Not a partner but an investor. Second, speak with the seller and see if they are willing to lease the business at a reasonable rate for maybe several months with a payoff when the business is up and running. Now, how do you go about this. You first have to know what you doing in that business, have the knowledge to run it profitably. Next look at their books, see how the business was doing. Not every business sells or closes due to age or sickness, some close because their actually isn't a market anymore no matter how you feel about succeeding. If after you have all the facts then talk to the sellers in an intelligent unemtional manner just facts and figures and tax benefits to them for doing it this way with you. If you need any help putting a plan together let me know and I will walk you through it and or meet with yourself and them and we'll get you up and going hopefully.
Respectfullu
John

I would not borrow money to start a biz. Too many people do it and end up broke and in debt.