loan/business advice

plasma2k

been working at the same place for a few good years and really know how the place works. ive found out that the business is owned by 2 owners and one of them wants to sell up.

thing is the business is doing well, the only reason he wants out is to concentrate on his other business.

im interested in maybe making an offer to get his half and to keep the place open with the other owner, who i know and have worked with for the last 4 years. either someone buys the half or the whole business closes.

whats the best way to try and raise the money to buy into it? ive talked to the owners and they are fond of the idea. and i dont want it to go down the pan as ill be out of a job and its a very good opportunity.

i only rent so dont have any way of getting funds from a property. its only looking like a bank business loan at the mo, the bank who the business deals with i know quite well as i do the finances regularly.

its looking like im needing to raise about 25-35k but i also have some savings which im willing to use. i would be able to pay the amount back in about 24 months or even 18.


any ideas on the best way to approach this? i dont wanna loose the chance

jonesMUFCforever

Do you really really know that this place is doing well?
Have you seen the audited accounts? Bank statements? Do you know of any outstanding liabilities like tax NI VAT etc.?

I'm intrigued that the second owner would close it down rather than take an income even as a silent partner.Why would any sane person do this?

Something here doesn't smell quite right.

Please be very very careful as how you proceed.