Elite Commercial is dedicated to meeting the needs of our Small Business Owners. Our knowledge and experience in the local market will provide the guidance and tools you will need in the complicated buying and selling process. With the advanced use of technology and capitalizing on our personal business relationships in the industry,
we put you in a prime situation to buy a business in a timely and confidential manner.
CLICK HERE for current business listings
CLICK HERE to inquire about buying a business
Buying Tips
There are several things to do before actively looking to buy a business to avoid misleading yourself and sellers. Make sure to set up a meeting
with us to narrow
down the business search and prepare you for the buying process. We recommend potential buyers to consider the following before jumping into the arena of buying a business:
- Know what you want and where you want it
- Consider how far you are willing to commute
- How much are you willing to put down
- Where will the money come from? (equity, credit cards, SBA)
- Speak with a financing specialist to get pre-approved for loans
- Look into businesses
you are interested in with your broker
- Work with your broker to make an offer
- Stay on the timeline and make sure to keep up to date with your Loan officer, broker and escrow coordinator
- Stay calm! The process is very stressful but your broker can help answer any questions and assist you in all aspects of the buying process.
Financing a Business Purchase:
There are several different ways to finance the business you wish to purchase. Here are several ways and we can recommend financing specialist.
- Credit Cards
- Home Equity
- SBA Loans
- Seller Financing
- 401k Plans, Trust Accounts
Find Me a Business
Elite Commercial is experienced in finding all different business types for clients. After the Buyer consultation, we will screen several different business choices before presenting them to you to view yourself. The benefit of us searching for a business for you is we are a local firm that has personally dealt with hundreds of local businesses and knows the history of many of them. With us as your Buyers Broker, you have the peace of mind knowing you have someone alongside you on the complicated process of finding a successful business to make your own. To get started, CLICK HERE
SBA Loan Information
Every lender will request specific documentation before approving you for an SBA loan, but generally the following is required. It is important to be accurate in the information as falsified information could be terms for denial.
- Business profile - A document describing type of business, annual sales, number of employees, length of time in business and ownership.
- Loan request - A description of how loan funds will be used including the amount requested
- Collateral - Description of collateral offered to secure the loan, including equity in the business, borrowed funds and available cash.
- Business Financial Statements - Complete financial statements for the past three years and current interim financial statements.
- Personal Financial Statements - Statements of owners, partners, officers and stockholders owning 20% or more of the business.
- Important documents will include balance sheet from last 3 fiscal years, Profit and Loss statements for last three years, cash flow projections indicating how much cash expected to generate to repay loan, personal financial statements indicating all business partners' assets, liabilities, monthly payments and personal tax returns from last three years.
This information was gathered from www.sba.gov
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