The BizBuySell Small Business Community

  • Get Expert Advice

  •  • Find Local Service Professionals

  •  • Share Your Experiences

Seller financing

I want to buy a country store. The owners family and mine known each other since 1930. So he is willing to work with me. I am unemployed with maybe $2000 for down payment or what ever cost I may have to take care of. I haven't had an apprasial done yet. Bank/land contract is out. His interest and mine need to be protected. I believe the land contract would be best, but I'm having a hard time convincing him. Any suggestions?

No User Photo

Answer This Question

max 5000 characters

Web Reference (optional)

e.g., ""

Review Community Guidelines

Help keep our Community clean and on topic. The BizBuySell Community is a place where you can discuss your questions, concerns and knowledge with others you can trust. It is not OK to use this forum to solicit others for personal or financial gain, or to rant about personal issues. It's all in the guidelines.

Submit Your Answer
Answers (2)
Harry & Sally Vaishnav
Angel Business Advisors
Oakland County, MI


Given your situation Land Contract is the best (and may be only) option you have. Whether the seller is willing to do it depends on how soon wants to exit the business as well as how many other offers he has. You will need more than just a telling to convince him.

My suggestion is to look at the overall finances of the business including cash flow and understand how you can pay him back as quickly as possible with cash flow from the business. You will also need to make a case in terms of why he is better off financing you rather than trying to find another buyer which may take a long time.

Whatever you do make sure you have good, legal agreement in place. Don't just go by handshake even if you are good friends with the seller.

May 12, 2010
No User Photo
Biz2Credit LLC
New York County, NY


Land contract will be best way to start and run the business for 6 months to 1 year. That way you would have accumalated some capital as well as experience of running the business. As of now you can qualify for a micro loan. For all the options check at and get to know all the options

May 10, 2010

Start a Discussion