How Do You Get Financing To Buy An Established Business?
In some ways, it can be easier to get financing to buy an established business rather than starting your own business. With an established business, you can show lenders a profit statement for the current business, which can help to show that you’ll have the money to pay them back. Still, you’ll need to prove that you are credit worthy before you’ll get any money out of the bank. Get the business’ financial data from the current owner. Lenders will want to see how the business is performing. The owner should be upfront about all financial data, including profits and expenses. Use this data as part of your application package. Present any changes that you will make to the business. If you will be changing the business from its current form, the bank will want to know this. Show lenders what you plan to do to increase revenue. It helps if you have specialized experience in this. Double-check your credit score. Lenders will partially base their decision on your credit score. Order a copy
