this post was submitted on 16 Nov 2023
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Business broker here.
A $6-$7M business can be purchased using a maximum of $5M from an SBA loan and then either seller financing or a conventional bank loan.
Plan on bringing around $1M to the table of your own money or from private investors. You may be asked to put down 10% of the purchase or supply your own working capital once you take over.
Your story matters. The bank and the seller need to feel confident your team has the experience to run a business of this size and industry.
Or OP plus a partner can each borrow $5m towards the same business.