BellaOnline Forums Career Business Coach Just bought a Business.... I'm excited and freaked

Hey Gals,

I just put an offer to purchase a specialty paper import business and I'm freakin' out.

I'm really excited and can't wait to start but at the same time, I don't know if the bank is going to give me all the money I'll need. I've got meetings set up with banks and local economic development associations for next week.

Does anyone know about financing the purchase of an existing business?

That's fantastic!

Carennedy - you have your fingers in so many pies and are experienced at marketing a variety of products. I have total faith in you and your business venture!

As far as financing - I recently discovered a credit solution for businesses. It helps you build your business' credit score (rather than just risking your own.) I'm still investigating it - to see how legit it is, but when I have enough info I'll either recommend or pan it. If your bank doesn't give you all the money you need, get in touch, if you want my contact, before I'm done checking them out.

Congratulations!

Yaay Carennedy - good for you! Things are tight though for banks too these days! Trust them to gauage profitabilty and ability to repay - crafting seems ever-profitable however!

InspiredWritingResearch.com

Congrats, Carennedy!

Many small businesses are actually financed by long term savings and loans from family and friends rather than bank borrowing. Try talking to a few well off relatives who believe in your abilities, integrity and business plan. You never know...

All best,

In Canada the banking system is different I'm finding. I have more options then I thought I did.

1. Equity loan from our house and a shareholder loan to the business.
2. Loan backed by the government up to 90% of assets
3. Business loan or line of credit based on assets and cash flow
4. Government backed loan / grant for women entreprenuers
5. Business Development Bank of Canada for niche higher risk loans.

It has been busy that is for sure. I've met with a charter bank, a business development bank, an economic development agency, and a credit union. I'm a lot more confident in the financing now.

Marketing and sales ideas are coming to me left right and center. Everything is falling into place and if it is what God's plan is for me, for this time, I know it will be profitable.

Amen to that!

And well done for having the courage to follow your dream. Not many people do...

Carennedy, you'll get some great links to kids craft sites, decoupage, origami etc.

When you think aboutit, there are very few people who don't need paper!

Lots of luck, to you, and your new business!

Well, everything fell apart at the last minute due to financing. The books didn't show a few things the banks wanted it to specifically the balance sheet.

So I'm looking for work now and hoping to find something really soon. I've had lots of phone interviews in the short amount of time I've been looking.

Oh Carennedy, I was wondering how you were doing! Looks like the bank were watching out for you though.

Maybe if you get something not too taxing, it will take the pressure off and you can carry on doing what you like best - online businesses?

Good Luck anyway!