My partner and I are looking to purchase an existing business in the 8-10 million dollar range. The potential is really there to do well. The owner wants to retire, but has no succession plan or children that want the company. We feel this is a tremendous opportunity and could get this company at a good price. Any suggestion as to where we could go for some financial support or where some additional research could be done.
Thanks in advance for all your help
Tom
Thanks in advance for all your help
Tom
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Re: Looking for venture capitalist
Mon, October 18, 2004 - 9:16 PMTom,
From the conversations I have had- and that is a lot- and a lot more I am sure to come- VC's really invest in money to take a business from the concept to the market- in a sense what they want to do is invest money after the concept is proven and the money goes to sales and marketing. It is rare to have them invest in a concept. The other thing I would look at - is why would someone buy a company FOR you. Do you have the management skills to take it from say 8 mill to 16 or 100? I'd draft a plan that would take this business to something like great growth- and get an advisory board together - have a group of people that have a commitment to this- who will beat up the ideas in meetings to come to an answer. Then go out and ask for 20 Million – 8 for the company the rest to take it to say 100 mill in a few years, and have the proven management people with industry success on your team.
That’s my 2 cents
