FREQUENTLY ASKED QUESTIONS
What is the main reason that businesses fail?
Though there are several factors that could effect a business failing. Not understanding the entire process of buying,operating and marketing a business as well as not having a business plan are some of the main reasons why businesses fail.
How do I obtain financing to purchase a business?
For the most part, lenders look at 3 things.
Most banks lend money only on the assets of the business. Say if the business has equipment and assets of 100,000. Most banks will depreciate the appraised value by 30% and then lend up to 70% of the value of the assets and usually offer no value for sales/goodwill. All lenders have different criteria so it is good business to investigate a few different lenders to compare.
Other possible sources of financing may be
Canadian Small Business Loan Program
Home Equity loan
What is the process when buying a business?
Purchasing a business is probably one of the biggest investments that you and your family will make.Contact Terry. He will be more than happy to work with you towards your goal of becoming a business owner.
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