How to Buy a Business, the truth about Management Experience

Have you ever wondered what exactly do lenders mean by management experience when buying a business? When do you need to have industry specific management experience versus general management experience? I recently did a survey with several of my top go-to lenders and in today’s video I’ll go over their responses to this very question.
#HowToBuyaBusiness #BuyingABusiness #LeoLandaverde
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[@LeoLandaverde]

Need mentorship to buy a business in 6 months?
See if you qualify for my BUSINESS ACQUISITION MASTERY PROGRAM:
qualify.businessacquisitionmastery.com/application286533
Download my popular CASH FLOW CALCULATOR FOR BUSINESS PURCHASE TOOL:
calculator.businessacquisitionmastery.com/optin
Download my helpful BUYER DUE DILIGENCE CHECKLIST:
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[@aminulhaque3612]

Always best

[@LeoLandaverde]

Thank you very much!

[@MompreneursDigitalHub]

So just to confirm for a car wash business the lenders want to see a buyer with experience in managing a car wash or bringing someone in with that industry?

[@LeoLandaverde]

Yes, correct. Car wash industry is one where most lenders want you to have operating experience before you buy one

[@veramann]

Do the SBA and conventional banks check your resume and references to determine if you have enough experience in specific business?

[@LeoLandaverde]

They don’t necessarily check on references, but they want to see a copy of your professional résumé and for you to explain how your management experience is going to help you run the business.