How can someone who has a bankruptcy on their record get a loan to buy a successful business?

I made a difficult decision to file for bankruptcy about 4 years ago. I regret it, but can’t change it. I want to purchase a moderately successful business. I need about $140,000 to complete the deal. I have $0 in assets or equity. I know some people, but I would rather not rely on family or friends in case something unforeseen happens and the business goes under. The business currently makes about $120,000 in net profits each year. I personally know the sellers and they have owned the place for 5 years. They are just tired of the type of work. I have been toying with the idea of opening my own business similar to this anyway, so it makes sense to just buy one that is already going and working. What are my options? I know someone out there has the knowledge I’m seeking. Please don’t just say "bank". I know banks are an options, but specifics would be more appreciated.

Best answer:

_______________________________________

Comments

About Author