Buying a Business

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J_Dee
Member since: Dec 09

Posts: 10
Location: Mississauga
Post ID: #PID

Posted on: 17-08-10 04:48:50

be prepared to be mentally occupied 24/7. If you the business then well and good otherwise don't buy and learn. ask the owner to allow you to be present at the premises before signing and experience the revenue coming in and don't just believe the accounts or the tax returns. If u can mention the type of business then probably I can make you specifically aware of whatever I know

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 17-08-10 18:19:53

Quote:
Originally posted by J_Dee

be prepared to be mentally occupied 24/7. If you the business then well and good otherwise don't buy and learn. ask the owner to allow you to be present at the premises before signing and experience the revenue coming in and don't just believe the accounts or the tax returns. If u can mention the type of business then probably I can make you specifically aware of whatever I know

Thank you.

I am considering a Learning Center that is for sale. Initial description seems to indicate a decent revenue and cash flow and the sale price appears within reason. I've also considered several manufacturing businesses that are for sale, however, I have not found one (from product perspective) that I think I would succeed. Anyway, this is where I am right now.

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Dimple2001

JRF
Member since: Jul 04

Posts: 1853
Location: GTA, Ontario
Post ID: #PID

Posted on: 17-08-10 23:07:20

Good luck with your venture.
Ever tried the "CASH ADVANCE business", if interested to know about the business, let me know. I could provide the insight.

Quote:
Originally posted by dimple2001

I am considering a Learning Center that is for sale. Initial description seems to indicate a decent revenue and cash flow and the sale price appears within reason. I've also considered several manufacturing businesses that are for sale, however, I have not found one (from product perspective) that I think I would succeed. Anyway, this is where I am right now.

-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 19-08-10 14:30:32

Quote:
Originally posted by JRF

Good luck with your venture.
Ever tried the "CASH ADVANCE business", if interested to know about the business, let me know. I could provide the insight.

JRF,

I've not considered the cash advance business. I don't think it appeals to me. But thanks for offering to provide info regarding that.
--------------------------------------------------------------

Also, I thought I'll query more on the forum rather than pm to see if I can get multiple perspectives. So, here I go.

I have sent out info request to several businesses, mostly, education centres. I have received responses with everyone sending me a confidential agreement (NDA) to sign. I am assuming that is the first step to establish the relationship. Can you confirm?

How does one finance the purchase besides own money which I prefer not to (other than, maybe, offer my networth as collateral). I can go through the business loan option or I have heard business loans offered without credit check. They call the latter option "merchant loans" which essentially is a loan or "cash advance" (and we come a full circle !!) or "unsecured business loans". Any feedback as to how one can pursue financing?

Once the NDA is signed off by all parties concerned, is it an open game to ask any and all questions?

Also, I am planning on putting together an "acquisition team" - banker, lawyer and an accountant. At what stage would you recommend initiating this effort?

Just a FYI... I found this link on an article on how to buy a business. I thought it might be useful for others as well.

http://www.entrepreneur.com/startingabusiness/startupbasics/article79638-1.html

Thanks very much to any of you who can give me feedback/advise and such on my above queries.

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Dimple2001

JRF
Member since: Jul 04

Posts: 1853
Location: GTA, Ontario
Post ID: #PID

Posted on: 19-08-10 22:48:46

- Usually the loans are given on the collateral of personal properties. Never tried the other alley.
- Buying shared of a corporation has more risks than buying assets. In the former, you will inherit the name, bank accounts, all the corporation share so do the liabilities. The liabilities need to be clearly addressed in the agreement in the event of buying shares option.
See you could get hold of few of your friends who acquired business of the same magnitude what you are trying to acquire, they will share their expenses.

-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

Contributors: dimple2001(6) JRF(4) sheths2000(1) J_Dee(1)

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