Of course not!You have to have SOME money in the business to show your commitment to the cause! What s to prevent you from raiding the business for all its cash, sell all the assets, and run to another country?(And if it s THAT solid, why are they selling?)
I seriously doubt it. Just because a business is solid or successful with their current owners- doesn t mean You will be.Your credit history, business plan, experience in that business, and more will all be assessed before you are approved for a business loan. You may not even get financed in this climate or get only a portion.You will very likely need to bring something to the table.ADDITION:You may not like this edit, I am sorry.It is better to have a realistic view of risk as seen by your local bank than to get all the money you need and more from a lender that doesn t know you or your demographics or could care less about your success or failure.A banker you can grow with and is honest about expectations of sales and your ability to pay back the loan is ultimately in your best interest.That is why we had a real estate melt down! Poor lending practices. And not making the consumer assume some or enough of the risk and responsibility with substantial down payment or investment.After all if you cant or don t want to invest your hard earned money in your own business why should we or the bank?
NO! you can t afford to buy a business if you can t even come up with a down payment!
