I was wondering if anyone knows someone that can help me obtain financing for a dealership. The seller is willing to carry some for me. Any info will help. You can email me at thorneracin@yahoo.com thanks guys
I Need financing to buy dealership
- Thread starter thornecat
- Start date
Use your home, cars, toys, family savings and then see if you can get any un-secured money. You will be 150% commited at this point!
I have done that already and still need about 800k more. I am looking at an sba loan but man there are about 1000 pages to fill out. Thanks for the advise
I am not a fan of SBA loans. Lots of fees and the rates aren't the greatest. They can do this because if you had finances to do a project you wouldnt need them.
Just my opinion, if you are 800k short, i would think hard. Those are heafty payments.
Just my opinion, if you are 800k short, i would think hard. Those are heafty payments.
N
NM
Well-known member
If this is a ATV/Snowmobile dealership, and you have to borrow all the money to get in to it, my advice would be to forget about it. You may have already taken the previous owners financials to a good accountant for review, but if you have not, well then you should. Have you done a business plan and at least 2 years forecasting? If you have to come to Snowest to ask advice on borrowing money, this may not be the business for you. Knowing what I know of recreational franchises (which is not alot really) I don't know if I would take one for free.
Exactly but I would recommend finding someone like www.wirtleasing.com for help. They have helped many like yourself with all aspects of business & will only help those that have a chance of making a go of it.
I have looked over all the financial and everything really looks good. I have came up with about 800k and need just a little more to make it work. The numbers look very solid even if I do get a loan. Thanks for all your help I just really love and enjoy the sport and have always wanted to own my own dealership. It is a snowmobile, ATV, and motorcycle dealership. I know the owner and he is just ready to retire. I feel I am getting a really good deal on this purchase.
A good banker is what you need.
SBA is a pain in the @ss.... I have done quite a few of them, LOTS of paperwork.
SBA is a pain in the @ss.... I have done quite a few of them, LOTS of paperwork.
What he said exactly. Being new to the game, with those kind of strokes will kill you!! Just my .02
M
mtn_extreme
Well-known member
Some good info here..............and some from the "you don't know" crowd! 1.6 Mil wouldn't touch a place like Carl's Cycle Sales and if it did, the guy is smart to jump all over it!!!
Give the guy a chance. Seems to me like he is covering "every" angle, including asking here!
Give the guy a chance. Seems to me like he is covering "every" angle, including asking here!
thanks mtn_extreme I believe it is a smoken good deal. I would be a total fool to not jump on it. Once I get it I will have a big open house. I am paying a good amount but it is only half of what it really is worth.
Business
I was in the business for 20 years and buying is the easy part.Franchise approval and flooring is the hard part,when I sold they required the new owner to have four time the flooring I had . Just a thought? Joe
I was in the business for 20 years and buying is the easy part.Franchise approval and flooring is the hard part,when I sold they required the new owner to have four time the flooring I had . Just a thought? Joe
very true! But this may already be one of many dealerships he probably already runs and owns or just pays people there to do nothing because of just how much money he has, thats why he's willing to carry the note!
