Small Business Administration - Buying a Business Information
How much money can I expect to put down on a business?
Obviously all business and monies owed are different but in general to purchase a business one may expect to need 15% to 20% for a down payment. The remainder of the funds are typically generated by our lending partners and in some cases a portion comes from the seller. As a rule of thumb having a minimum amount of $50,000 cash would be an amount that would get someone into a good small business.
What type of financing is available to buy a business
In general we at CBSN use the Small Business Administration for a large number of our deals in conjunction with local banks in order to finance our sales. Over the years we have developed a network of lenders both private and public to assist in any type or transaction. Contrary to the general belief that it is difficult to find money these days, CBSN has had absolutely no issues with financing any business provided the buyer is qualified.
Will I need Legal Counsil?
Absolutely, CBSN can assist you with the process and proceedure of buying a business but does not provide legal council to individuals. We have an extensive network of attorneys skilled in the art of business sales and they are located throughout the state.
What can I expect to spend on Legal Counsil?
On the average most small transactions between $250,000 to $600,000 average about $5,000 to $10,000 depending on how complicated the deal structure ends of being. These funds are paid by the buyer, the seller will have their own legal expense as well.
How will CBSN assist me if you represent the seller?
Although we normally represent sellers, we would like to point out that we also represent buyers if requested. But if CBSN is representing the seller that does not mean we just let our buyers fend for themselves. We will walk you through the process from beginning to end, explain each step thoroughly and help you to find the proper advisers for you, especially if you're new to the area. We partner you up with great lenders, lawyers and accountants. We act as your liaison to the seller. Many of our buyers end up becoming our clients when they decide to sell the business they bought from us and we look at that as a tribute to our friendliness and professionalism.
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