Hi, I’m 37, married 4 kids. 3 at home. I reunited with my dad over 10 years ago we get along great. He owns a panel shop and towing company’s and wants to sell and retire.
I want to buy it. Whether it be outright or part now then buy more each financial year till I own it.
I’m buying a house, work full time running a service department for a large manufacturer. I believe I could run his business and expand it without a doubt. Bring it up to current trends etc. I have no savings as my expenses at the moment are quite high. Wife not working full time.
He wants to sell for $400,000
I’m after advice whether a bank would even look at me for a loan?
I’ve not been involved in business finance before only home and personal loans where I have had to have a deposit. Is the business sector different and would love to hear from people that have been in a similar situation and succeeded and or failed.
Thanks
Submitted April 12, 2018 at 10:21PM by dwayne5680 https://ift.tt/2IQgDck
