Business Acquisition Loans
Many entrepreneurs, including a lot of Main Street business types, opt to purchase an existing business rather than build their business from the ground up. As I mentioned earlier, growing up in a family with a small business, there were a lot of conversations around the dinner table about the nature of small business—including the virtues of starting your own business as opposed to buying an established one. Because my dad had been successful at starting his business with nothing but a hope and a prayer (in addition to a pretty hefty second mortgage on our home), he didn’t think much of buying an existing business. Although I respect his opinion, my forays into business ownership have included purchasing a business already established with a clientele.