Evaluate Your Financial Position and Business Needs

Assess your willingness to spend and understand your available business financing options, including your future credit impacts

Understand Lender's Considerations

Prepare to present your personal and business credit history, income documentation, and cash flow statement to lenders

Do Due Diligence on the Business

Research the business thoroughly, including legal records, financials, tax records, and operations to avoid surprises after purchase

Find a Suitable Business

 Locate and evaluate businesses for sale, considering their financials, market position, and operations

Get a Formal Business Valuation

Obtain a valuation of the business to understand its worth, taking into account revenue, assets, and existing debts

Research Various Loan Options

Explore different loan options like SBA loans, term loans, equipment financing, and lines of credit, and understand their terms

Prepare a Solid Business Plan

Develop a comprehensive business plan detailing the current state of the business, transition plans, and areas for improvement

Gather Necessary Documentation

Collect all required personal and business documents, including identification, tax returns, and financial statements

Choose the Right Loan and Lender

Compare different lenders and loan types, focusing on terms, interest rates, and borrower requirements

Apply for the Loan

Submit your loan application, ideally starting with banks or credit unions where you have an existing relationship, or using tools like the SBA’s Lender Match