sunshine Posted September 18, 2008 Share Posted September 18, 2008 Has anyone had this experience before. My 17 yr old has found a business he wants to purchase but a bank won't talk to him, neither will the SBA because of his age. We are in no financial shape to help him. Has anyone heard of any organizations that would help a young person get started? He needs about 80,000.00 for the equipment. Quote Link to comment Share on other sites More sharing options...
Alaska Mom Posted September 18, 2008 Share Posted September 18, 2008 I can't think of any organizations at the moment, but has he considered a partnership as a possibility? If he could find an investor to invest in his business as a limited partner (partner only in the sense of being an investor, not in the management of the business). That would be a great option......just need to find a Donald Trump sort of guy who believes in him! I seriously consider that option - good luck :D! Quote Link to comment Share on other sites More sharing options...
Melissa B Posted September 18, 2008 Share Posted September 18, 2008 Has he spoken to the business owner about owner financing? It isn't a great market for selling businesses - the owner might be willing to work something out. Quote Link to comment Share on other sites More sharing options...
RoughCollie Posted September 18, 2008 Share Posted September 18, 2008 One problem may be that a minor cannot be bound to the contracts he signs. A minor is a person under 18 years of age. You can check what your state law is about that. Or you can co-sign his loan so that you are 100% responsible for paying it back if he does not. Quote Link to comment Share on other sites More sharing options...
sunshine Posted September 18, 2008 Author Share Posted September 18, 2008 I am going to talk to them about owner financing but in our previous meeting they were in need of cash so I don't know if they will be able to. I am looking for an investor, if anyone knows of a rich guy who believes in entrepreneurship let me know! I am going to keep looking til it happens, I don't want to stifle his desire to do this. Quote Link to comment Share on other sites More sharing options...
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