The start of something great
Whether it’s your first time buying a business or you’re an experienced entrepreneur considering a merger or buying a complimentary business it’s good to know you have a broker that’s got your back.
First time? Here's how it works
If you’re new to buying a business, it helps to know what the banks or lender will look at when deciding whether to give you a loan.
They will need key financial information about the business you want to buy because they want to know whether the business is profitable and has the potential to grow. A healthy cash flow and positive sales forecasts means you’re likely to be able to repay the loan.
You’ll also need to invest some of your own money into the business, and you’ll need security for your loan, which could be another property, business or assets.
Common documents that the banks require:
- Current profit & loss statement and balance sheet of the business
- Personal and business tax returns
- Your qualifications or experience in the industry or running a business
- Your personal assets and liabilities
- The collateral you have available such as cash for a deposit or property as security
- Forecasts of expected profit & loss and cash for the first one to five years, depending on the complexity and amount borrowed.
Why Conquest Finance should be your first stop
With years of experience, we help you avoid the common mistakes people make when buying a business, and we make the entire process less stressful and easier.
Long relationships with lenders means we know firsthand what they’re looking for and the factors that influence their decision making. For example, we know that it can sometimes be harder to get a loan for an existing business compared to a new one. But we also know how to improve your chances of success.
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