How to Buy a Business with Other Peoples Money
Codie Sanchez explains how to buy an existing cash-flowing business using little or no personal money, through SBA loans, seller financing, and sweat equity.
The gist
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The government will finance up to 90% of an acquisition price through SBA loans, requiring only 10 to 20% down.
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Seller financing works by offering the seller a higher price, lower tax burden, and faster closing in exchange for acting as the bank.
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Sweat equity lets you trade time or expertise for ownership, so you can acquire part of a business with zero cash upfront.
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Sanchez says not to quit your job first: use your salary and spare hours outside work to fund and test acquisitions safely.
Codie, This Week in Startups, Ali and TBPN agree on 20 things
See what they all use, in their own words. Paid ads are left out.
See what they all swear by Or pick your own peopleAlso mentioned
1:12:33
Approachment
· "We own Biscout. We own another one called Approachment."
1:18:13
Deal Calculator
· "Let's give away one more deal calculator. We're gonna give away another deal calculator."
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