If youíve ever wanted to buy a business with "no money down", and have heard someone say it goes on all the time and that itís possible, then I have some good news and some bad news.
The bad news first: No matter what anyone says, you canít buy a decent business with nothing down.
In the 50 plus years Iíve been in business, buying businesses and teaching other people how to buy businesses, Iíve never seen it happen. I've never once run into a seller that will let you in with nothing down. It just doesnít exist.
But hereís the good news: Just because you canít buy a business with nothing down, if you find one that makes sense and itís large enough, you can finance it 100%, without using even a penny of your own money or borrowing a dime from your friends, family and relatives.
How can I say this?
Because there are, in fact, lots of ways to finance a business Ė- including banks, government loans, joint ventures, suppliers, owner financing and, my personal favorite, investors. You can use one of these methods or combine them however you like. Most of these tactics are relatively fast, simple and clean... and a lot easier than you may think.
When I was still teaching about buying businesses in seminars many years ago, people would often confuse 100% financing with nothing down. But they arenít the same thing at all.
The next time someone says you can buy a decent business -- one that's not a dog, a turn around or some kind of Mickey Mouse operation that's sinking fast -- with nothing down, run away from them as fast as you can. Because chances are theyíre trying to sell you on an idea that simply doesn't exist.
About the Author
Arthur B. Hamel has bought over 200 businesses in the past 40 years, and is a well-known author, consultant, investor, business owner, and dynamic lecturer who has shared the stage with such business greats as Robert Allen of "No Money Down" fame. For the past 20 years Art has taught thousands of people around the world -- even so-called "little guys" with no formal education or money -- how to quickly and easily buy large, multi-million dollar businesses with no credit, banks or prior business experience. He has recently decided to share his unique business-buying secrets and tactics free of charge at: http://arthurhamel.com