Buy a Business With No Money

How to Buy a Business With No Money
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How to Buy a Business With No Money Many smart entrepreneurs prefer to buy an existing business instead of beginning a new one. Buying a business that is already operational will bring many benefits including an already established product or service well trained staff who know the business and enough success to have kept the company afloat for a period of time. Not having enough cash on hand to purchase the business will not necessarily keep you from buying it. Banks have been tightening their commercial lending standards in the last few years but you can still find the funding necessary to purchase a business without using your own money. Figure out your ideal business. Before you look for a business to buy consider what type of business you would like to run. Even if you plan to flip the business for a profit you will have to run and grow the business for a good length of time. So make sure that you actually want to be involved with this type of business. Also figuring out what you want can help you find and identify a business to buy. Look for a business owner ready to get out. Investigate local businesses and their owners to find out which ones are ripe to be bought. Generally this means finding an owner who is prepared to retire or move on to a new business opportunity. The retiring owner will likely be the better opportunity as they have more of an incentive to sell the business quickly. Locating these businesses however is easier said than done. Try the following avenues to locate them Come in at the right time. Getting a good deal on a business requires making an offer at the right time. However this does not mean the right time for you just for the business owner. As previously mentioned this can simply be as the owner is planning to retire. Alternately this could be during a recession or economic downturn when the owner is looking for a quick exit to establish his financial security. While this is a risk for you as the buyer you may be able to secure betting financing from the owner and then see the business grow faster as you exit the downturn.Find an attorney. When you are performing your own leveraged buyout buying a business without using your own money you are going to need a good business attorney to ensure that the deal is structured properly.

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