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How to find funding to purchase established business?

A relative of mine is getting ready to retire within the next year. He currently owns and operates a profitable flooring sales business. I worked there for two years in the past, and am in the midst of being hired on again until I can come up with funding to purchase the business. I successfully ran the business while I worked there, as he was gone much of the time. I have a business plan in the works detailing the future of the business. This business has been operating for over fifteen years and I intend to help it grow into something more. My only concern is being twenty-five with barely any available assets. The business will be sold to me as "turn-key" I just need to come up with the $750,000 amount they are seeking. It seems like a lot to some, but I can assure you its gross revenue is over one million dollars with very few accounts payable. I am seeking some advice as to "where do I go from here?" This is a once in a lifetime opportunity and I cannot let it slip by.

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Answers (2)
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Jan 27, 2017
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The BAF Group LLC
MD

Anthony, your working relationship is a help. Your age is a difficulty. How do you hope to obtain the down payment? The best way, especially for that kind of money, is the institutional route. Look at our blog on the subject, at: https://combrokerbusiness.wordpress.com/2012/02/17/financing-small-business-acquisitionsstartups/

Apr 6, 2015

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