buying a readymade business

lee8040

i no you need a business plan to startup a business but do you need a business plan for a ready made business to get finance from a bank?

Bean_Counter

Most definitely yes.

motorguy

Whats the business?

lee8040

a childs day care centre


my fiance has all the knowledge and qualifications to run one

richt71

Yes..they'll need all the facts and figures laid out before them - usually including projected earnings etc. Best getting help from businesslink and maybe an accountant.

motorguy

lee8040 wrote: »

a childs day care centre


my fiance has all the knowledge and qualifications to run one

if you have access to previous accounts etc, that will help your cause

lifecoach_2

lee8040 wrote: »

i no you need a business plan to startup a business but do you need a business plan for a ready made business to get finance from a bank?

If its a leasehold business and you cannot offer 100% security, it doesn't matter no bank will lend money to you to buy the business regardless of whether you have a business plan or not. Especially if you do not have experience in owning a similar business.

If you have security they will look at the accounts of that business and consider whether that business can repay the loan.

oldtoolie

You need a business plan for yourself and your partner. Otherwise you are only guessing about the viability of the business.

I can't think of a better way to end up with an ex-fiance than to do something like this unplanned.