Do you need to be independently wealthy in order to buy a business?

No, all you need is an enterprising spirit.  In the current economic climate, it is rare for a business seller to come across a buyer who is offering all cash, and as such, many sellers are willing to finance part of the purchase price (for the right person) in order to get the deal done.

Other options you might consider could include a home equity loan, tapping into your 401(k) or IRA, or bringing in one or more partners.  Partners can hold an active role within the business, or they can simply be a friend or family member who acts as a passive investor.

Ask your business broker about the different financing options that might be available to you, like seller financing or getting funding through the SBA (Small Business Administration).  When thinking about financing, creativity is the key.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com