Buying a well established business

Gsrmayhew

Hi all, im looking to buy a well established business, it’s been going over 40 years. I was just wondering where the best place would be to go and borrow £30k at the best rate over a long term??

Thankyou

[Deleted User]

From a lender that offers business loans. 

Have your business case watertight and be able to evidence the funds you're putting in, which should typically be more than 30k.

bonkersbonkers1

What is the business.
If it has been going for 40 years could it be that its method is now out of date, are revenues (before Covid) increasing flat or declining?
Do you have anything to put in yourself? No lender will give you 100%.

If you are still reading you need to get in touch with a bank that can advise you either face to face or telephone appointment.

Grumpy_chap

What does the £30k cover?
It's unlikely to buy a small business with any cash balance, so you will also need money to finance cashflow.

DCFC79

Gsrmayhew said:

Hi all, im looking to buy a well established business, it’s been going over 40 years. I was just wondering where the best place would be to go and borrow £30k at the best rate over a long term??

Thankyou

Why is it up for sale ?

Have you done enough due diligence ?

You will get the rate that lenders are prepared to offer, if that's very low then great but its not certain you will get the lowest rate.

[Deleted User]

In buying a long set. business you risk buying someone else's mistakes, my advice think twice !

[Deleted User]

Not necessarily @venison , it could be the person selling the business is retiring.

bris

For 30k it's not a very successful business, not at that price.