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Buying an existing business - Aplus - 07-13-2021 Buying an existing business Please remove the post if it's not allowed I'm a Florida resident and my background is in finance (Not a CPA) and I'm in the process of buying an existing dry cleaning business that has been established for 30+ years. I was hoping if I can get some feedback and help me identify any red flags? The process started 2 months ago. Owner is a nice (it was their family owned business) and ready to sell the business. Owner's agreed to owner financing over a 5 year period at 6% rate. I've reviewed their financials (tax returns, P&L statements, and even the general ledger from the past 3 years). I've only signed off on the buying agreement but haven't put my deposit down yet.
A. SBA loan doesn't go thru B. Favorable lease conditions Since the owner has offered owner financing, this will be amended. This is where I could use help and feedback -
Buying this business will help put my family and I in a much better situation. Could be life changing! [link] [comments] |