Can I buy a business with bad credit? What other options are available besides loans for buying businesses? « Engage Today 2009

Can I buy a business with bad credit? What other options are available besides loans for buying businesses? « Engage Today 2009

Question by brianna0399: Can I buy a business with bad credit? What other options are available besides loans for buying businesses?

Best answer:

Answer by superschupp
Why would you want a business that has bad credit? ;)

Seriously though, there is no such thing as “bad” credit. There is only your credit history. “Bad” or “Good” credit is a value judgment. One lender’s view might say your credit is “Bad”, while another might say it is “Fair”.

The best lender for the credit challenged is the business seller himself. Of course, you need two thing to get seller financing of a business.

1. You need a seller that really wants to sell.

2. You need there to be no one with the cash, bidding against you.

Good Luck

Add your own answer in the comments!

Related Questions: Question by mzfree6601: What are the benefits of a hotel business buying homemade body products vs commercial body products?
I own a small bed and breakfast and a friend has offered to supply me with homemade body products, such as body/hand soaps, and lotions. Yes the cost is cheaper. How will her homemade products benefit my business and my patrons?

Best answer:

Answer by Pat
I wouldn’t use them.
I don’t know what’s in them or what the sanitary conditions were.
You’ll be wasting your money.

Know better? Leave your own answer in the comments! Question by Bruce Tzu: When buying business and 1 person is contributing intellectual capital & other is contributing monetary what %
When buying business and 1 person is contributing intellectual capital & other is contributing monetary capital what % break down of owenrship is the intellectual worth? In this specific case one partner is contributing 0K down and taking a loan for .4 million. The other partner is contributing intellectual capital in the form of ongoing management and expertise of the business. How is the best way to determine ownership percentage?

Best answer:

Answer by oreoqueens
I say 50/50. If you think about it both are bringing in something the other cannot provide. The business could not be bought because without the capital you could not start the endeavor moreover without the intellectual capital you would not be able to run the business. So they are equally as important and without one or the other the business would not succeed.

What do you think? Answer below!