Can I Buy Businesses With No Collateral

Initially, the idea of buying a business without any collateral seems impossible, but it can be realistically done with a business broker. Let’s examine your options. When achieving this goal, being open minded and having commitment to hang in there despite the odds is your greatest asset. The Small Business Association’s 7 (a) Program is Your Friend One route towards buying a business with zero collateral is opt for the SBA’s 7 (a) program that works gives the bank a incentive to make a loan to a prospective Buyer. Under this program, the SBA guarantees 75%. The Buyer will still have to put in 25%; however, the 25% doesn’t have to truly be his or her money. That’s where things get interesting. The 25% that the Buyer provides can come from either parents of an individual that was gifted cash in cases of young buyers or from an investor. Both these possibilities fall within the SBA’s guidelines which you can discuss with your business broker. Look into Seller Financing, You … [Read more...]

Should You Become a Business Owner?

There’s no denying that buying a business has great rewards, but being a business owner may in the end not be for everyone. Should you buy a business on your own? Take some time and outline the various benefits of owning a business and letting a business broker help you decide whether or not this path is correct for you. Do You Want More Control? One leading reason that many business savvy individuals opt for buying a business is that is offers high level of control. Especially, business owners are in control of their own decisions. Buying a business or franchise may be suited for you if you’ve ever wished for more control over your life and decisions. By buying a business, this will allow you to chart your own direction. Once the business is successful, you can hire employees to reduce personal workload and in the process should free up time to spend doing whatever you want. You will never achieve the free time to do whatever you desire while working for someone else; after … [Read more...]