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Financing a Business


Successful retirement not to mention retirement planning takes more than advice and more than products. Successful retirement and retirement planning is a state of mind. How to create an atmosphere of shared goals about the future!

The financing of a business is a relatively straightforward process, if you are aware of what lenders are looking for and generally what they will and will not do. The will be looking at your credit, your experience and the sort of down payment you have and information about what sort of note the seller is willing to take back when selling you the business.

As has been stated, the down payment on a business can be anywhere from 25% to 100% of the selling price. Lenders will not lend you this down payment money on the business itself. You will usually need to get this money from other sources, such as your personal savings, a family member, a retirement plan or other.

Your credit should be sorted out well before you start on buying a business. You want to handle any negative reports on your credit fully. You do not want anything that is negative showing up when a lender is checking your qualifications. Negative credit reports make them nervous.

Once you decide on the business you want, a business plan on the business is essential before approaching a lender. They will want to see that you have some familiarity with the industry of the business and that you have some sort of management experience. Information on the availability of management and executives in the business that is going to stay after you buy it and so on should be included in this business plan. Also information on the training that the seller is committing to pass on with the sales of the business should be in this business plan.

If you handle these basics really well, it should be a relatively easy process to getting qualified for the funds to finance a business.


About the Author

Willard Michlin is a Business Broker, California Real Estate Broker, Accountant, Well known Public speaker and Administrative/Business Consultant. He can be contacted at his Ventura, California office by calling 805-529-9854 or by e-mail at kismetrei@earthlink.net. See other articles by Willard Michlin at http://www.kismetbusinessbrokers.com




By: Willard Michlin

Most people are not ready for retirement:

    And I'm not just talking about the money side of the equation.

    I am talking about having something constructive to do when you don't have to go to the office anymore.

    We recommend that you establish a communication process guaranteed to uncover what's important to you and your family - when you have all that time you always wished you had. This is the first step in setting priorities and getting buy-in from everyone, which will help you start sooner rather than later to create a plan and then execute it!

    As consultants, business coaches, and Certified conflict prevention and resolution professionals - with combined experience of over 100 years helping executives and business owners plan for their future - the one element, required before anything can move forward, is a spirit of cooperation.

    That spirit is either a natural result of an atmosphere of shared goals about the future, or it one they have refined or learned from scratch.

    Strategic Conversations is a process you can learn that will provide enhanced communications for life. Their free resources and accompanying free research report will help you establish the framework for determining, among other things, the right financial planning strategy for you right now!

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