Someone Please Help Me!

BigrayBigray subscriber Posts: 1
edited March 2009 in Startup Funding
I am in need of some serious help.  I am 48 years old and am trying to buy an insurance agency.  Funding for me is quite difficult.  I had a stroke two years ago and my credit suffered while I was recovering.  The agency I am trying to buy is one that I used to own.   When I sold my agency the man bought my agency and another one at the same time.  The man who bought it from me did not make as much money as he had planned and now is trying to sell it back to me.  I need to be able to come up with almost $400,000 before May 1.  I need to find someone who can sign a note for me or help me come up with money pretty soon.  Can you help me or give me the information on someone who could help me.  Thanks for your help

Comments

  • MattThomasMattThomas subscriber Posts: 2
    The man who bought it from me did not make as much money as he had planned and now is trying to sell it back to me. 
    I`m not sure if I`m reading too much into your wording, but do you feel obligated to buy this back from him because he hasn`t earned as much or do you want to buy the company back from him?
    Do you feel the price he is trying to sell you the company back for is a fair price?MattThomas3/17/2009 6:52 PM
  • BigrayBigray subscriber Posts: 1
    I am trying to pay exactly what he paid me for the agency.  It is a fair price.  He could not make the deal work because I had health problems and could not help him.  It will be a good deal for everyone.  I just need to get it done
  • MattTurpinMattTurpin subscriber Posts: 22
    Unfortunately, SUN is full of people who need lots of money fast.  I thought I was one of them, when I first registered. It almost never yields good news. Maybe your situation offers a unique legal option unavailable to most people - if so, one of the experts will probably say so soon enough. I`m thinking the only options are the same ones we all had to choose from.
    You can borrow against your retirement/401k.If you have the right kind of life insurance, you can borrow against that.If you own a home, maybe you can take out a 2nd mortgage.Perhaps you can work out a payment plan, and take over gradually.There are high interest loans available for people with bad credit.In theory you could look for an investor, but the history given here of borderline failure wouldn`t inspire investor confidence - they`re hard to get for neutral/unknown prospects, much less prospects with a less than desirable history.MattTurpin3/17/2009 8:04 PM
  • robertjrobertj Tampa Bay, Floridasubscriber Posts: 0 Member
    BigRay,
    There are several questions that any capital source would ask, including some of those expressed by other posts.
    Based upon the information you have given, if you are going to reacquire this business, you will probably need some help from the seller - especially if he wants to recover his total original purchase price.
    If you`d like to delve into the details - send me a PM or contact me directly.
     
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