Work in a Business

If you’d like to work for yourself in your own business, one option is to simply buy a business that you’ll be happy with.  To get an idea of what such an opportunity might cost, you can use this simple formula:

Take the annual salary you’d like to receive, multiply it by 1
and multiply it by 2.5.  This will give you an approximate range
of what it might cost to buy a business providing that salary.

For example, if you need to earn $50,000 per year, you can expect to pay between $50,000 and $125,000 for such a business.  To finance your acquisition, you have the following options:

(Note:  Due to recent events in the credit markets, it is currently very difficult to get third party financing for business acquisitions.  The good news is, most sellers know this and are willing to consider seller financing.)

      • SBA Loans — the Small Business Administration has numerous programs to finance up to 80% of the purchase price of a business.
      • Seller Financing — most business sales do include seller financing.
      • Micro Loans — loans less than $50,000 that can often be used to help the buyer with down payments, especially when the seller requires more up front than the buyer has available.
      • Earn Ins — when a buyer has little cash available, some business owners will allow the buyer to “earn their way” into an ownership position.  Please click here to learn more about this option.

In summary, there are many creative ways to purchase a business, even when the buyer has limited resources.  Please Contact Jay if you’d like his help in buying your next business.