Buying a small to mid-size business...

Discussion in 'Growing and Managing a Business' started by anoninnyc, Jul 13, 2013.

  1. anoninnyc

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    Jul 13, 2013
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    Hi All,
    I currently working in the Staffing industry. I'm managing a team of salespeople who prospect for new business, and a team of recruiters who find candidates to match said job orders. Staffing, as many know, is a B2B business.

    My question is this:
    I'm looking to BUY a small to mid-size business, but I'm looking outside the
    realm of the Staffing industry, into other B2B opportunities.

    Given that I only have experience (albeit significant experience)in one type of B2B industry (staffing), how easy would it be to obtain a loan to buy a pre-existing business situated in a different B2B industry?

    I'm looking to purchase a business in the field of Web Analytics for online businesses, or wholesale to small business, etc..

    Do you think I'd have a shot at getting financial aid to purchase one of these B2B businesses outside my specialty?

    1. Do I have a shot at financing from a typical commercial bank? (y/n)
    2. Do I have a shot from seller financing (which most small-to-mid size businesses provide)? (Y/N)
  2. JBMedia

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    Jun 13, 2009
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    To be honest, it still solely depends on a lot of key factors. Your credit will still play a major role in whether getting a business loan or not. On top of all of that, you need to pick the niche or field your business is going to be in and come up with a solid business plan.

    How much are you trying to loan? That is probably the most important question here. If you have good credit, you can more than likely take out a personal loan if the loan is not some ridiculous amount. If you're looking for a BIG lump of change in a loan, then I'd advise putting together a solid business plan that will show your loan officers, and or, investors that the business can turn profits.

    Main questions that need to be answered before your questions can be answered to the best capability are as follow:
    1. What type of loan are you looking into?
    2. How much money are you trying to get from a loan to start up this business?
    3. What is the most probable idea of a business that you're considering purchasing?

    Answer those three questions and I should be able to come up with a more concrete answer for you.

    Hope this helps some.
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