Business take over at 18 + Loans

[M@]

Hi

i am looking to take over and develop a business , the business at the moment is really run down but is still generating enough revenue to keep afloat . this business has a huge potential however i would need a serious amount of money to get started and i know that my age is going to be the biggest barrier . I have all the right ideas and am confident about running such a business it just takes someone IE a bank or a investor to believe in me and the business as much as i do

i am only looking for advice if you could give me any advice it would be gratefully received if you would like i can send you a e-mail explaining a bit more in depth to what the business is what i plan to d with it and figures

many thanks

Matt

 

[buying_it]

Hey Matt,

Age wont be a problem - you need to get yourself down to your local business link. They will help you create business plans, cash flow projections etc.

You will also need to get hold of an accountant (business link can help you with this as well) who can 'vet' your financials and the existing accounts for the company.

Providing you have the accountants all squared away and the business plan, cash flow anaylsis in place you can then start talking to banks .

Then your age may be an issue. But if the business case looks good enough and you are passionate enough and know the business inside out (how it works, where the problems are currently, how you solve those problems, how you expand the business, how you increase margins, why this isnt being done already) you might find a willing ear.

If you don't you can apply for a government secured loan where you are backed by the money from a government fund. Again business link will help you with this - but you have to start the ball rolling by going to them!

As you are 18 you can also approach the prince of wales trust for advice as well - always worth ago!

Andy

 

[M@]

thank you so much ... it is a relief to here some words of engorgement .. i have already been to my local business link and also spoke to the small business manager at Barclay's i never really got a straight answer from either but both were very pleasant .. so now my next step is to get my business plan and cash flow forecast ect done

thanks very much i really appreciate you help and advice

thanks

Matt

 

[buying_it]

I am not sure about the words of 'engorgement' but don't feel discouraged!

You can always PM me or add me to your MSN buddies

Just be aware that getting something like this can take a lot of time and paperwork! So be patient, be thorough but above all - be professional.

You might want to try HSBC as well - their business bank managers seem to have some leeway in how they interpret their rules and regulations!

I am sure I have seen one of their commercial managers on here posting in the forums...

Andy