Posted by Bob - MI on January 09, 2009 at 07:16:29 from (24.231.245.15):
In Reply to: Transfer of business posted by ProudBlueSE on January 09, 2009 at 06:54:07:
I have been going through this for a number of years. I have been looking for a business to but for 5 years an have found one that makes sense. What I have done is to get some financial help to assist in determining the value of the business. This is actually a key step because the owner often wants more than it's worth. You have to keep in mind that no matter how attractive a business is and how much someone wants it, it has to make financial sense. Otherwise you will be belly up in short order.
Today, it's almost impossible to get conventional financing on any business. The best way to get a business financed is to somehow get the owner to hold the note. This can be pretty emotional but it can be done.
The only way to begin the process would be for your friend to sit down with the owner and tell him that he wants to take the operation over. This isn't always as easy as it seems but it is truly the best way to begin. Gives a chance to look each other in the eye and probe the all important issue of trust. If the session goes well you should ask for permission to look at financials. This would be a great time to offer to execute a non-disclosure agreement. The owner's attorney can do that or your friend should see if he can get one developed.
There should be a clear understandiung in you friend's mind that this is a VERY difficult thing to do. What he is likely doing is asking to take over the owner's child.
I have been working on the owner of our company for 2.5 years and haven't gotten there yet.
This is a long and painful process that has to be done delicately and with compassion for the owner and his/her family.
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