An advantage in buying an ongoing business is that you, as the new owner, have an immediate cash flow and an established customer base. You do not have to build a business. You simply take over an existing successful business with the present owner's assistance.
Banks are reluctant to finance business purchases for several reasons.
First, all small businesses attempt to minimize profits shown on financial statements to reduce tax liability. Also, a bank cannot manage a business if foreclosure becomes necessary. Therefore, over ninety percent of business purchases are financed by the owners, which demonstrates their confidence in the business. All inquiries are held in strict confidence. Meetings are confidential, and we are available after hours and on weekends.