Getting a loan to buy a business is not as easy as it used to be. Are you prepared? Will you be able to buy that company you want?
If you want to prepare, start by making good decisions.
First, look for companies that your past experience has some relevance to.
Second, make sure you have a good credit history, as the banks, lenders, and Seller will check.
Third, buy a company within your means. The cash you have for a downpayment should be at least 15% of the purchase price.
Last, make sure you have good control of your personal financial needs. When you start a business, or buy a business, make sure it will pay you what you need to SURVIVE without having to dip into savings.
It’s only when you look at these factors, and addressed each one will you be able to obtain the loan required to help you on your way to financial success!