[spleenvendr]

I am looking into buying a business that is already established. The business that I'm looking at buying is a franchise. It has not even been open for 2 years yet, and it is already grossing almost $500k annually . The owner take home pay is almost $100k annually. What I am needing is a private loan from an interested investor of around $40-45k. Once I would receive this loan, then I can use part of the money for collateral for an SBA Loan, around $15-20k and have the rest for operation expenses when I first start. I can already use the store assets which at wholesale price, total around $70-80k. The Venture Capital is what is holding me back on this. I am wanting to sign a 2-4 year contract with someone, and am willing to agree on 10 - 18% (or whatever rate agreed upon by me and investor) interest on the life of the loan. Now if the owner is taking home almost $100k annually, then this is a loan I could pay off easily. Another great thing is that the risks are minimal since this is an already established and profitable business, so the start-up risks are not there as they are if I were just starting from scratch! The main risk, is that I will be new to the business arena. I have never owned a business and have not have a lot of management experience, but I do have natural leadership though, which everyone tells me. I have resources in bookkeeping to assist me with this until I get both feet wet. Also, the owner is willing to train and get me up to speed, plus of course, the franchise offers training for operating your own franchise. I also have a business plan and have some basic financials that you are more than welcome to look at. If you are interested in helping me out, please email me at: monsoneh@hotmail.com. I'd be happy to discuss this over the phone as well. Thanks for your time and consideration!

[mxer210]

Why is the owner selling it if it's so successful? Consider all angles of the situation.

[spleenvendr]

The seller is selling it because he has other business ventures that are requiring more of his time. He actually does not want to sell it, but he has other business ventures that will make him more money, real estate to be specific I believe is one of the main reasons, so he finds himself going out of town quite a bit, which takes him away from his franchise. I am definitely considering all angles. My dad is a lawyer, so I have free legal counsel.... Anyway, thanks for the post!

[spleenvendr]

Anyone at least know of some places that I can go. The only reason why I'm trying this avenue is because I've tried a few banks, and they say I need some venture capital or "liquid assets" available. So once I have that, then I can get a loan through them. That's what all of them have said. Anyway..... any advice or places to check out would be great. Thanks guys!

[mxer210]

www.vfinance.com or www.businesspartners.com