I have made 40k in my LLC this year consulting.
I have a friend who is selling a business that does about $3600 a month in revenue and $3000 a month in profit. The current asking price is $210k.
I want to acquire my friends business with my $40k I made. I personally think $210k is a lot for the books so I plan to negotiate it down significantly before justifying the sale.
If I wanted to get a loan using my $40k this year to purchase the business, what is the strategy you would take?
I make over 6 figures at my job and have a great credit score. It’s not clear to me if an SBA 7 would be the best option. Seller financing is one option I am considering.
I would love any advice opinions or stories on successes failures and the processes involved.
Thank you.
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