My son is 25, the owner of the dry cleaner/laundromat is retiring and asked my son if he would like to buy the store from him through seller financing. The owner and my son went to a business broker who valued the business at $800k. My son was the manager of the store for 2 years now, and had enough to pay a down payment.
Now that the store is in my sons hands, his income has gone up exponentially. The EBITDA is around $260k-$300k. He's currently paying the owner back most of that money.
When the debt is paid back, how should he handle this money? We don't have much financial knowledge of investing apart from the banks financial manager's advice. Should I advise him to speak with a wealth manager?
Submitted April 30, 2019 at 01:33PM by HelpingTom http://bit.ly/2USEo9c
