What’s the timeline for you to purchase the business from your father?

Is there an agreed upon sales price on the business? Are you planning to get a loan to buy the business?

I ask because depending on how you plan to purchase the business from your father it may impact your compensation structure.

I actually have financed a lot of acquisitions of liquor stores in my state.

As someone mentioned getting a reputable business broker to list should be number one.

You can dm me but there are a couple of things I would do before you list.

I thought about that. Like an E-book? How much does it cost to publish a book?

You can message me. Depending on the loan amount and the use of proceeds, this will help me give you the best advice.

Hi, SBA lender here. I appreciate when my clients let me know that they have other offers from banks. It gives me an opportunity to address the pricing and see if I can match it. I’m not always competitive when it comes to the rate. A few things to consider in addition to rate. I would say looking at the rate is good, but if getting the lower rate shouldn’t be the determining factor.

Things to Consider

1. Are you dealing with a commercial banker or an actual SBA Development Officer? It makes a difference during the closing process.
2. Every lender interprets the SBA rules differently. Are they any covenants that each lender is asking for such as a lien on your home, more cash down, annual reporting requirements or required debt service ratios?
3. How long does it take for the loan to be approved and when do you get your commitment letter? A typical timeline is 2 weeks for a decision, if the bank has a complete package.