Is the dry cleaning business still a profitable business?
Demand the seller finance the sale, with you having the right to walk away from the deal if the business does not work as she promises after 1 year and 2 years. After three years, you have to arrange other financing and pay off the balance of the loan. Not only will this give you financing, it will get you in the door, and it will provide her with incentive to train you well, so you can run the business well. If she is not honest and the business can not perform as she promises, it will soon be her problem again (I would say, 10% down in YOUR money should be enough to cover. An interest only loan on the $270k at 6% would provide her some income while she is making sure you are profitable in her business. My cousin was trying to sell his business, and this was the deal he finally had to accept in order to get someone to take it over.
