There are fundamental rules to obtaining a business loan. Learn how to prepare a corporate loan application package and your chances of success will be significantly higher.
Buying a Business Newsletter - Page 19
Owning a business can be a very freedom-consuming activity or the most freeing experience of your life; prepare yourself to design it to work for you not just because of you.
In the best businesses systems run the business and people run the systems. Having a great team is critical to systems mastery and innovation. The combination is critical to business success.
Having a clear understanding of business best practices and drivers of business value is the lens through which you should look at any business you hope to purchase.
The SBA7(a) program was designed to enable financing on deals where there is insufficient collateral that a conventional bank loan would require. This is a very common way that business purchases are financed.
Sometimes experience is your worst teacher, unless it's somebody else's. Study the experience of others who have purchased businesses.
To make buying a business a win-win, you first need to ask questions and listen carefully to the sellers motivations.
Like many things in life, successfully getting a business loan depends on the extent of your preparation for presenting your request to a lender.
Don't just buy a business because you think you love it. Love is blind, open your eyes and ask practical questions.
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