Buying a business?

[wangle99]

Does anyone know how you go about getting finance for a business?

Story is. Mum works in a shop that is being sold. She would love to buy it somehow but doesn't have that kind of money (who does lol!)

How do you go about getting finance? This is obviously a tentative enquiry as to how you do something like this!

Any advice greatfully receive.

Thanks

Well the obvious place to look is the bank, most of them have small business advisors who will tell you what they are looking for.

But of the top of my head they will be looking for:

experience
a good head for figures
a healthy balance sheet
commitment
good history of credit with that bank or another over a period of time
collateral - mortgage on house !!! Aaaargh, very dangerous as if the business fails you could lose your home.