Chapter
Why banks prefer lending to high school dropouts over Ivy League graduates.
27:22 - 31:51 (04:29)
Some banking institutions prefer lending capital to entrepreneurs who have built and run their own successful businesses, even if they are high school dropouts, over individuals who have graduated from Ivy League schools and have no real business experience. The process of purchasing a business typically takes around 60 to 75 days from letter of intent to closing, during which money and business assets are exchanged hands.
Clips
The success rate of obtaining an SPO loan when selling a business is much higher if the buyer has a second income supporting the family.
27:22 - 29:25 (02:03)
Summary
The success rate of obtaining an SPO loan when selling a business is much higher if the buyer has a second income supporting the family. In addition, the cash flow generated by the business is a vital component to securing an SPO loan.
ChapterWhy banks prefer lending to high school dropouts over Ivy League graduates.
Episode#21 - How To Value, Sell and Buy Online Businesses
PodcastMy First Million
Businesses run by individuals with real-life business experience are more likely to be approved for an SBA loan than those run by Harvard MBAs with no business experience, according to an expert in the industry.
29:25 - 30:11 (00:46)
Summary
Businesses run by individuals with real-life business experience are more likely to be approved for an SBA loan than those run by Harvard MBAs with no business experience, according to an expert in the industry. The pre-qualification process for an SBA loan can take as little as 24 hours, depending on the lender's availability.
ChapterWhy banks prefer lending to high school dropouts over Ivy League graduates.
Episode#21 - How To Value, Sell and Buy Online Businesses
PodcastMy First Million
This podcast episode talks about the process of buying a business, from conducting due diligence to finalizing the deal with a letter of intent and closing the transaction 60 to 75 days after.
30:11 - 31:51 (01:39)
Summary
This podcast episode talks about the process of buying a business, from conducting due diligence to finalizing the deal with a letter of intent and closing the transaction 60 to 75 days after.