The most commonly traded product in our universe is data. When we incorporate more dimensions to what works, we increase the concentration of information through the wave. You capture air and it becomes water much like a river bank, or rain cloud. Usually in data transfer we create a filtering mechanism that resources in frequency. Data of course comes in the air (Aether) and this requires transfer (Channels and Streams). What we sell and make sale becomes what we berth and ship. Direct routes work best in any recreated "system" (sister-stem) but the trick is understanding flash floods in currency/ markets. The driver of charge will always equal authority.
@CodieSanchezCT I’ve just subscribed! What websites do you use to find businesses for sale? And does this work only for business located in the same country as yourself? Ie. I’m living abroad and many opportunities so I’d like to purchase somewhere in Europe/America etc. How likely is it to succeed running a business from another country? Would you advise against that? Thanks!
Hi Codie…nice to meet you. Could you please explain why the seller would pay you the 204k. I thought you meant that you pay nothing, give him/her monthly payment (say $5k while you make the profit of the biz hit $9k/month) for say 4 years. In which case he makes $240k instead of the 224k he originally wanted. Where do I get it wrong? Thanks. And also is there any books or courses that explains these. Thanks.
100% agree with this! I bought a mid tier lawn company with seller financing and paid it off in 3 years with no interest and the business had plenty of profit to live on and build a savings. Prior to that, I built and sold a pressure washing business, I wish I bought a business earlier, would of save me time, money, and sanity
how much did you have to pay for the business and how much profit were you making the first month after the business came under your operation, did you market it more using online or posters, how did profits grow and how much did the owner want in return for financing you (e.g 20% of profits)? thanks
Thanks for sharing! But my question is how one secures the operational longevity of a boring business which you may want to buy, without having any prior experience nor dedicated staff to run it? Is the way Codie selling this concept not over-simplified? Thanks for your intel.
Love your videos Codie, I left my RN career 2yrs ago after a cancer diagnosis. I started my own fence business and did over 200k my first full year as a business. I was also voted Best Fence Contractor in Jacksonville FL 2022 with just myself. Thank you for post these videos. I am constantly sending your vids and shorts to my wife so we can become financially independent.
I'm in real estate so seller financing is something I'm very familiar with. It's a very tough negotiation in the real estate world because people need the money to buy another house usually. However, when I tell my friends about my searching for businesses to buy with no money instead of looking for a job to pay my bills they look at me cross eyed. This is brilliantly explained and it is something the banks and financial institutions will never publish because they want to hold the keys to wealth. Thanks Codie!
@@mrbabyhugh Hey, I'd love to talk to you more about this if you have the time to jot down some quick pointers for me. Is Flippa a legit source? What type of biz do you look for? Any help would be appreciated!
Listen to Codie, she is brilliant. Seen a deal done over a cup of coffee. Do not listen to friends, study the advantages a seller has on taxes. Get yourself an excellent business attorney to structure your deal for you. Get knowledge Michael.
Solid content. The next issue that isn't really addressed is how to find an operator from day one. Most of the businesses I have come across are owner operated. So if the owner is leaving, I can't run an HVAC or plumbing business. So, I would love a series (or even paid course if you must) on that. I feel like actually buying the business is not the hard part. It's figuring out how to run a business as a CEO, not operator, that is holding people back. That's the competitive advantage P.E. has over the 'little guy'.
Yes. 🎯 Exactly what I was thinking. I’m sure Codie addresses this in her course but would love a high level video about this. Good help is hard to find and skilled help willing to work can be tough in these “boring” industries.
You don’t need a course.. all the info are out there for free. If you buy businesses below $1M in net profit most likely is owner operated and little to no management. In this case you are buying a job, either you have experience in the industry or you find an expert and you partner up. From $2m+ you have a professionally managed business and you can ask the second in command to be your partner and you will fund the deal. In this case you will need cash to close Can be your cash or investors cash.. forget about 100% seller financing in a professionally managed business.
6:27 seller financing mainly doesn't work out if the seller just wants cash right away. however, many are ok with it because, they really love the business, they want the cashflow but for various reasons they can't operate it themselves anymore. this is with much older businesses. all you really have to do with them, is convince them you love the business pretty much as much as they do, you will grow it and they will receive good compensation whether monthly, quarterly or whatever.
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this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
As someone who digests hundreds and hundreds of hours of financial education through RUclips you are really good. Why were you not suggested earlier!? Thanks for the free education!
If you were here in person I would give you a big hug. Been trying to buy a business for a long time. Everything you said is exactly what I have been trying to do. I ran into the problem of not having the downpayment, but you addressed that. It is worth a shot to throw a letter of intent at a business if I like it. Thank you so much!!!
hahaha before Codie blew up.. I landed buying my first business using seller finance. It was crazy to think it actually worked. Love Seller Financing!! I wanna do it again hahaha
Wow, I knew about Seller Financing in Real Estate but I did not know about Seller Financing in buying a Business! Thank You for Sharing the your Knowledge!
I checked it out on Amazon. Read through a few pages. I'm tempted to buy it to see where the meat is, because most of the beginning is about his story. I noticed in the beginning he starts a paragraph with 'Don't intimidate people, because you'll never get a straight answer from them.' I guess he means in business dealings, because politically he definitely employs intimidation.
Codie, thank you for sharing your time and knowledge with us. I have recently discovered you, and have been watching a ton of your videos and reading your content. This is all so new to me! Robert Kiyosaki said “most people want to be rich, but most people will never take the time to be rich.” Thanks to you, my husband and I are looking to now buy a tire company. The owner sighed and said he guess he’ll probably have to close it so once we look at the accounting side (thanks to my mom!) we will look into purchasing it! Where we live, there are tons of people retiring but no one to buy. We thought we couldn’t because we didn’t have capital. Thank you for proving us wrong! Also, please feel free to explain equity/debt 🙏
9:36 *raises hand Prof, it seems the loan pmt is off or Im missing something from the financing terms. $212 monthly would mean we payout the balance in 80 years without any interest. ❤ Monthly pmt would be $1095 if we amortize over 30 yrs at 5% interest. $8200 monthly net to buyer $2163/month if we amortize over 10 yrs at 5% $7170 monthly net to buyer $3850/month if we amortize over 5 years at 5% $5483 /month net to buyer (Still over a 300% return on your cash invested with this option 👌)
I also got stuck with that but later figured it out! Am not a financial expert so pardon my elementary calc😁 Lets roll: So the loan period is 4yrs (ie 48months). And the interest (5%) is for the life of the loan (not annual). Therefore, 204k * 5% ÷ 48 would give you the monthly interest payment to the seller (ie Seller Finance Loan Payment) Omg I nw feel so smart😃
I am curious about this as well. I see the example cited (204k * 5% ÷ 48) makes the math work, but it doesn't make sense to me. I can't imagine pitching a seller that they would receive less than a car payment per month for letting me "have" 204k
@@JasonLeiter13 I think you paid the balloon payment in 5 years so they basically get the entire thing if it was interest only for the first 5 years. Then you'd have to refinance it but you'd have plenty of time to deal with banks and do that and raise the value of the business
You're the goat!😍🙌🏾 this info while it isn't new news to me it will be to so many others and I just appreciate the fact u are giving the quick a-z on this topic for free to the GP very few "gurus" do this and love to sell info..now I know either social media u still make $ off the info but u aren't charging 30k just to help someone learn this n close maybe 1 deal...bless you
Codie, something is off at min 8:25 In order to get the remaining 204K in 212 $ a month, the seller would have to wait 962 months, which is 80 years. I doubt anyone who would wait that long. Please explain and help us understand.
I was wondering the same thing. Did anyone reply to you about this? I assume that the deal would work out if the buyer was going to make larger payments as money came in. As Codie explained it this is an impossible deal, right?
I need to watch this a million more time Codie. Great video, thanks. I BADLY want to buy a fuel (or gas (I am from South Africa)) station that has an a-joined two-bedroom apartment, three shop spaces and space for a workshop (used to be operational). I have NO CASH available for it. Her husband passed away and she wants to sell but is in no hurry to sell. OOOOOO man.
Having made offers on hundreds of deals.. sellers do NOT just say “hmm okay yeah sure have it for nothing down just pay me” they all want some sort of lump some. Always. Also, whether she thinks this or not, you can’t just go buy a plumbing or service business and think it will bring you money even if it did in the past. YOU NOW RUN IT. You better know plumbing. Literally nobody, and I mean nobody, owns a business and knows nothing about it. Just gurus making stuff up.
yeah... I was watching the video and I'm like... why would someone sell with a multiple of 2? What would be the meaning of that? The fact that Codie does not spend any time talking about that is fishy enough :)
i think the key is what she said about somebody actually looking to get out of the business. something like a death or divorce. you have to find that right business where someone isn't wanting to or can't wait around for a buyer to pop up.
This is great but also terrifies me. I have a good job but am exhausted when I get home. The risk of failure or it taking all my time and stressing me out when I have a wife and two kids feels overwhelming. This seems like you do it the first time and it's scary but gets easier the more you do it... you at least know what you're in for.
Love it Codie, You must be Italian or understand! Napolean Hill concept, to "Think and Grow Rich". - What I want to do is invite those with $100K or More to generate 100% Gross with a Net of 50% to 60% per month for 10 Months without moving the INITIAL INVESTMENT of $100K from the bank. Imagine in your last scenario, a gain to have more than $100K that month from the Business just bought to Investment or place in a separate account to calculate and analyze the Generated History of payments. LMK
This is some of the most value packed information on RUclips right now. That is not my opinion. Simply a fact. Great job I found you a couple weeks ago and I've been recommending you to everyone. Please keep it coming.
How is your monthly payment only $212 per month ($2,544 per year) on $204k. Even with 0% interest, that would take you 80 years to repay. I can't imagine a seller agreeing to an 80 year loan.
Ok so I do seller financing on properties and sellers do accept long term payments because they are earning money generationally meaning the business owner passes away their child or grandchild will inherit it and earn money passively without any work for the next 80 years of his life. I mean living half your life in someone else’s work is a no brainer just from one single business now imagine having 5 of these it’s literally work free generational wealth.
I assisted a consulting client with starting a flooring company on the internet. He used distributors and had no inventory but sold everything. He had very little overhead. This can be accomplished with hardwood, tile, carpet and other building materials.
I imagine it's because debt lasts only through the debt cycle, whereas equity is in perpetuity and therefore loses much more potential profits in the future
This is a video I've been looking for. I'm looking to opening a business. I'm still looking at the pros and cons and what works best for me. Thank you, Codie.
Hi Codie, thanks for sharing your content - also love the way you present. Just wanted to ask, about the seller financing - is there a 'dark side' to it, so for example, 1) how do you go about deciding on the business you want, and more importantly, 2) what happens, if for example you dont make or cant meet a monthly payment - do you then have to 'hand back' the business - what legal clauses are embedded into the contract to 'protect' the buyer and seller ? Thanks
Thank you, Codie, for sharing such valuable insights on structuring deals creatively! I'm excited to apply what I've learned and put together a strong seller financed pitch. Your guidance has given me the confidence to get out there, negotiate effectively, and secure a great deal. I truly appreciate the clarity you bring to the process it's a game-changer!
Your videos are highly informative and consistently engaging. I appreciate that you covered the topic of seller financing and I am keen to delve further into this area. Would love to see some content related to this topic from you.
In the first example you pursued seller financing for about $200k and you’re paying the seller $212/mnth ($2,544/yr.) This wouldn’t even come close to paying the seller back so how is this possible?
I find one of the biggest cons for borrowing from friends/family is what if the business fails? I've seen people lose other people's money in business and lucky for them they don't have a conscience. I think it would eat at me.
YES ESPECIALLY BRILLIANT, i have step foot out the door and emailed two sellers who want to sell a company and i will be using this strategy, now lets see what happens and it will take time but patience is always awarded for those who wait
Love your explanation on seller-financed acquisition. I didn't know about that, but it could easily be a win/win for business owners and acquirers. It honestly just opens up the market more and allows for more of those businesses to actually sell. Crazy how so many businesses go up for sale but are never purchased! So sad that they just end up closing.
Great vid. I've done this with real estate (as a licensed agent), and following that...retired out of licensed real estate, etc., as an entrepreneur (private). STARTED a business with only $50 (high tech), years ago...it flopped finally, because of divorce... Great tips, and I KNOW you're NOT "selling BS....because I've DONE it, too...thinking seriously about it, again.....hmmm. All the best, Codie (and "Smooth Seas...to your husband... & you...soft wind, to your back....Anchors A weigh).
Could you please tell me how seller financing works in real estate. Here in Canada who ever is on title is the owner. Is there a "Charge" put on Title to protect the buyer?
@@LS-ih7dg Canada WILL have different rules & laws, but will work in similar manner to US... We're talking about a "Contract-for-Sale" (Google that...). The seller maintains ownership during time the buyer is making (accumulated) payments...until such time as the contract is satisfied (fully paid off)... And THEN the seller presents the buyer with a DEED (of sale)...real estate, AND "chattel" (items included in the sale of the business REAL ESTATE, which make the business function AS A BUSINESS,, a notorized copy of which YOU then file with your local government records department....,you may (or may NOT) be required to publish this info (newspaper, etc), locally....depending on your local laws/rules etc What you referred to in your question (to protect the buyer's interest in the agreement) is usually handled in this manner... Consult your local legal representative for necessary details, expenses etc. --- Best wishes for your ventures !!!
I have been thinking about buying a business since 2019 and it was put on hold because of the pandemic, now that i am unemployed it feels alive inside me again. thank you for the info. here i go !
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly-which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stock portfolio
As Yuval Eric Brokman is a highly sought-after counsel, he is actually the one who directs me. Nonetheless, you can try your luck. Just leaving his phone number would not be appropriate. he may be lying about, but if you Google his name, you can view his website.
The way you wrote your question sounds to me like you already know your answer... Liquidate and buy assets that will appreciate in a tumbling market/inflation soaring time
well one of the most effective ways to engage,and boost your sales is creating website and an app to brand your business and am an expert I can help you with this services
@@maxfranz9232 bro. It's a scam! They're the same people. They ask the question to seem like you or many others on here. Then they offer the answer as someone or some business that helped them get Soo much money. Then they thank them, so on. Planning on someone to think they stumbled onto some secret, special person who takes a little money and gives you a lot if money. It's a sad ass, loser, with zero life or goals scamming ppl to hook them on the immediacy, and rarity of some obscure person that can make you wealthy. It's sick! Re read the conversation. They're all the same. "I've got a little money, but don't know who to trust, or where to invest it and guarantee wealth" (Everyone in comment sections) Then, response: Oh I was able to turn my pocket lint to 40k in 2 months with Cheryl Diane Jackson Littlefield, shes ultra special awesome and takes your money and copies it ten times giving it to you. (The lure of "I found a secret special money maker who knows what I don't) Then, their response: "Yeah, I've heard of ole cigarette teeth lady, and people say she's incredible, and will sixtupple your portfolio is a single quarter then guarantees 4 time ROI! THANK YOU SO MUCH!" Again bro... They're sad sick ppl who will never be, or have anything of value. Just leaches so sad and desperate, they do this all day. Go to ANY financial anything on RUclips to the comments and you'll see it now everywhere!
I believe the overall theory and advice is solid but the math does not add up... @8:00 Valuation 224,000 - downpayment 22,000 = 202,000 instead of 204,000. Also with 5% compound interest for 4 years the monthly interest amount is $444 and not $212. It is only 212 if the 5% is a one time flat rate ($10,100) spread out for 4 years monthly payments of $212 but ... this does not seem like a fair deal for the seller.
Great insight, Codie. I used seller financing to purchase my restaurant because the banks scoffed at me. Once the deal was done, the banks were falling over themselves to try and help me out. Apparently I was now a "big deal" :D Great advice and direction from you. Thanks for sharing this with us all!
It would be awesome for you to go into the numbers more. If I understand correctly, using Seller Financing can close the gap for the purchase costs and what the SBA will provide you, so you have essentially two loans. Could you show us some actual deal numbers so we could see how it all plays out and what the profit would be for a business after you make both loan payments. Even if it is just one loan and the seller finances the entire thing, it would still be great to see. How many years do you set for the deal and interest rate, etc?
Hi Cody…would love more info on why equity is more expensive than financing from bank. Thank you for ALL you do to help educate the community on how to buy small businesses!
I feel like the Business Breakdowns are slightly misleading. Take the first one for example. You will not get paid $9,121 monthly because you have to pay the seller out of monthly profits. So on a debt of $204,000 and given three years to pay back the seller, you would have to pay $5,666 to the seller every month. Leaving you with only $3,454. That's great if you don't have to operate the business, but if you have to find an operator on top of that you're in the negative. I still am convinced seller financing is the way to go. I'm just not sure these deals you showed are that good of a deal.
Love your stories on successes. Also curious about fails. If any. Have shared a couple of these with my wife. She is intrigued. She currently manages a hardware store. Would like to find a business that she is willing to work and yet semi retire somewhere other than the SF bay area. I'm DONE here. Like the idea of your books.
Your videos are eye opening and jam packed with value Codie!! Thank you! How do you run all these businesses and find help? Do you keep the existing staff, find new people, retrain for more productivity toward a higher return? So curious.
I love seller financing. Curious of how Cody would do this. If you wanted to find stuff in your given area or a 100 mile range, how would you go abouts that? Thanks keep up the great work
I’m a big fan, @Codie, and hope to take your course later this year. In the meantime, could you explain the the Seller Finance Loan Payment portion of your first deal spreadsheet? It doesn’t seem to make sense that the monthly payment would be just $212 to repay $201,600. At that rate, it takes 79 years to repay… not including interest. What am I missing?
When she said 60% of small businesses are sold seller finance my mind went straight to Anchor Man “they’ve done studies, 25% of the time it works every time “
I made my first offer on a business here in Aus recently - 50% upfront , 15% seller financed, and 35% over 3 years based on sales thresholds being met- the seller(or broker) was that offended the broker no longer returns my calls/emails. I don’t think 10% down payment would be accepted in Australia unless it was a very mediocre business…
This. Either a. these businesses are total dogcrap b. she has connections to the seller c. uses her persona has collateral or d. her numbers are fake (most likely).
If the biz is still there after a year that’s mean it’s a crap business and no one wants it, and you should move on too.. 75% of businesses don’t sell because they are crap or you are paying for a day job. Desperate owners means desperate biz. You need to find them off market.. best chance!
How does the first case scenario end up being seller finance loan of $212 monthly? That doesn't add up and you didn't state the term length? What if the business fails during that term length?
Why would a business owner accept $212/month instead of a full buyout? Also at $224k valuation paid back monthly at $212 it would take almost 90 YEARS. I must be missing something. No one would take that deal.
00:00 Buy businesses to achieve financial success 01:35 Owning a profitable small business is less risky than a startup 03:11 Buying a business with little money is possible 04:34 The government will pay you to buy a business, but it comes with debt and risks. 06:04 Zero cash deals can be a great way to buy small businesses. 07:29 Seller financing can be a profitable option for small business owners. 08:56 Acquiring a business with zero down payment through seller financing 10:15 Learn how to negotiate seller financing to buy profitable businesses
Most sellers are not open to it at all. When they are, they almost always want a huge amount down with very short terms (1-2 years). 100% seller financing is such a risky bad deal for sellers.
Thank you. Great video! I'm in the process of figuring out the sellers finance process to break out of my military capacity. Just took Hannah Ingram's blueprint masterclass. I'm literally your example 2 with some of the businesses that I'm looking at.
No motivational BS no one needs. Just straight up "how to". Very practical. Love it. Subbed. I'm a small business owner of 12 years from $0' other than the usual index investing and stupid real estate that I hate (everybody does these two, nothing new). I was thinking of retiring in about 5-6 years #FIRE. But she got me fired up again. At the same time made me feel small lol. What she talks about is really interesting. But I just don't know how to not have money stolen by people you hire to run these cash businesses. I lost money from a stupid grocery store bought in the past (They are all sold through some seller financing). The seller's book they showed me was fraudulent, my cash register guy stole money, etc. That made me awfully scared to trust people and try something new again. I hope she reads this and shares her knowledge on this issue. Cashless business maybe more doable to me given my past experience. And is that profit after paying the owner a salary or before?
You hit the nail on the head, anyone can buy these businesses but how do you manage them afterwards without them going to shit is the problem she conveniently omits
In the first scenario you show $212 to the seller and $9,121 to the buyer per month for financing 204k, how is that possible? Even with ignoring the interest on top it would take approximately 80 years for the seller to get all their money. I would love to see more detail on that part because there must be something about that aspect of the deal that's not readily apparent.
If it was paid off over 5 years, The monthly amount payable to the seller would be $4000 per month. It would not be $9121 profit per month to the buyer of the business, but $5100 instead to the buyer of the business.
She's not including the principal payment as an expense, because it's not included as a cost on balance sheets. Payments that pay down the principal are 1:1 ratio to equity.
Omg you are the absolute best! Can you explain a little more on how seller financing plays out? What happens to the 7% interest (SBA) or 10% bank interest? Would the seller wrap that into the pricing instead?
I bought my restaurant through owner finance. I ran around asking family and friends for money. Only 2 people helped. I just paid my car off, so I took a loan out on it. I also refinanced my house, then saved saved and saved until I had 100g down-payment, and then the seller financed the rest 4 yrs later, and he is paid off. Now I make really good money. Actually, I've been making good money this whole time, even with paying a monthly payment to the seller. The only thing that sucks for me is that I'm still operating the business myself. The restaurant business can be very difficult, but I enjoy it most of the time it's hard to find a good operator. Good luck, everyone. Don't be scared of hard work. If this shit was easy, everyone would do it.
@Mark P yes honestly I lead the kitchen every day from 530 to 2 and then 4 to 9. It's a busy restaurant, so I'm there to help and lead. I get a paycheck like everyone else
Check out the 5 most common business mistakes before buying a business too! contrarian-thinking.ck.page/5-biz-mistakes
The most commonly traded product in our universe is data. When we incorporate more dimensions to what works, we increase the concentration of information through the wave.
You capture air and it becomes water much like a river bank, or rain cloud.
Usually in data transfer we create a filtering mechanism that resources in frequency. Data of course comes in the air (Aether) and this requires transfer (Channels and Streams). What we sell and make sale becomes what we berth and ship. Direct routes work best in any recreated "system" (sister-stem) but the trick is understanding flash floods in currency/ markets. The driver of charge will always equal authority.
@CodieSanchezCT I’ve just subscribed! What websites do you use to find businesses for sale? And does this work only for business located in the same country as yourself? Ie. I’m living abroad and many opportunities so I’d like to purchase somewhere in Europe/America etc. How likely is it to succeed running a business from another country? Would you advise against that? Thanks!
Can you buy if you have some debt.
How can I contact you?
Hi Codie…nice to meet you. Could you please explain why the seller would pay you the 204k. I thought you meant that you pay nothing, give him/her monthly payment (say $5k while you make the profit of the biz hit $9k/month) for say 4 years. In which case he makes $240k instead of the 224k he originally wanted. Where do I get it wrong? Thanks. And also is there any books or courses that explains these. Thanks.
You are rare. You are talking about real money and you are telling the truh. Lots of love for you!
100% agree with this! I bought a mid tier lawn company with seller financing and paid it off in 3 years with no interest and the business had plenty of profit to live on and build a savings. Prior to that, I built and sold a pressure washing business, I wish I bought a business earlier, would of save me time, money, and sanity
how much did you have to pay for the business and how much profit were you making the first month after the business came under your operation, did you market it more using online or posters, how did profits grow and how much did the owner want in return for financing you (e.g 20% of profits)? thanks
so who deals with the stress for the company not going to shit? do you have to be there to oversee all the businesses?
Who ran the lawn care business for you? Did the employees stay on after you purchased?
Where do I go to sell business
Thanks for sharing! But my question is how one secures the operational longevity of a boring business which you may want to buy, without having any prior experience nor dedicated staff to run it? Is the way Codie selling this concept not over-simplified? Thanks for your intel.
Love your videos Codie, I left my RN career 2yrs ago after a cancer diagnosis. I started my own fence business and did over 200k my first full year as a business. I was also voted Best Fence Contractor in Jacksonville FL 2022 with just myself. Thank you for post these videos. I am constantly sending your vids and shorts to my wife so we can become financially independent.
That's awesome. Was it a big learning curve getting to know how to run a business?
Hey I'm a nurse too so happy you got out!
Hell ya
I operate a real estate business in Jacksonville. What's the name of your company?
Nurse here as well, looking for the best way to enter the business world! Congrats
I'm in real estate so seller financing is something I'm very familiar with. It's a very tough negotiation in the real estate world because people need the money to buy another house usually. However, when I tell my friends about my searching for businesses to buy with no money instead of looking for a job to pay my bills they look at me cross eyed.
This is brilliantly explained and it is something the banks and financial institutions will never publish because they want to hold the keys to wealth.
Thanks Codie!
yea i do it with both, but I prefer the buying businesses then buy to hold for rental. but i have more success buying businesses.
@@mrbabyhugh Hey, I'd love to talk to you more about this if you have the time to jot down some quick pointers for me. Is Flippa a legit source? What type of biz do you look for? Any help would be appreciated!
Seller financing is hard, tried it to earn some capital
Listen to Codie, she is brilliant. Seen a deal done over a cup of coffee. Do not listen to friends, study the advantages a seller has on taxes. Get yourself an excellent business attorney to structure your deal for you. Get knowledge Michael.
how to you go about to find the business to buy?
Solid content. The next issue that isn't really addressed is how to find an operator from day one. Most of the businesses I have come across are owner operated. So if the owner is leaving, I can't run an HVAC or plumbing business. So, I would love a series (or even paid course if you must) on that. I feel like actually buying the business is not the hard part. It's figuring out how to run a business as a CEO, not operator, that is holding people back. That's the competitive advantage P.E. has over the 'little guy'.
Yes. 🎯 Exactly what I was thinking. I’m sure Codie addresses this in her course but would love a high level video about this. Good help is hard to find and skilled help willing to work can be tough in these “boring” industries.
Good question
Was just thinking this
Ok but where do you find these business selling?
You don’t need a course.. all the info are out there for free.
If you buy businesses below $1M in net profit most likely is owner operated and little to no management. In this case you are buying a job, either you have experience in the industry or you find an expert and you partner up.
From $2m+ you have a professionally managed business and you can ask the second in command to be your partner and you will fund the deal. In this case you will need cash to close
Can be your cash or investors cash..
forget about 100% seller financing in a professionally managed business.
6:27 seller financing mainly doesn't work out if the seller just wants cash right away. however, many are ok with it because, they really love the business, they want the cashflow but for various reasons they can't operate it themselves anymore. this is with much older businesses. all you really have to do with them, is convince them you love the business pretty much as much as they do, you will grow it and they will receive good compensation whether monthly, quarterly or whatever.
They can owner finance you and then sell the note.
what?@@scottgoodson1964
Helpful insight. Thank you!
Yup people that are retiring
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Thanks!
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this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Her name is Rebecca Noblett Roberts. Hope that helps
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
As someone who digests hundreds and hundreds of hours of financial education through RUclips you are really good. Why were you not suggested earlier!? Thanks for the free education!
If you were here in person I would give you a big hug. Been trying to buy a business for a long time. Everything you said is exactly what I have been trying to do. I ran into the problem of not having the downpayment, but you addressed that. It is worth a shot to throw a letter of intent at a business if I like it. Thank you so much!!!
Thanks!
@Realestate687
Did I miss your call
WHAT THIS IS SO AMAZING TY!
hahaha before Codie blew up.. I landed buying my first business using seller finance. It was crazy to think it actually worked. Love Seller Financing!! I wanna do it again hahaha
Did u have to actually take over the business and run it?
Was it zero down?
Ok so after I found a person willing to do this seller financing what is next? Like how do I get the paper work part done?
I sold an online job board biz for mid 6 figures. Buyer asked for seller financing over 3 years. Success for both parties. A great deal for all.
You are a genius! This is invaluable information. Thank you!!
Wow, I knew about Seller Financing in Real Estate but I did not know about Seller Financing in buying a Business! Thank You for Sharing the your Knowledge!
How Is Seller financed structured in real estate? How is the Buyer assured that they wont loose the real estate to the seller on Title (in Canada)
I wish I had found you 10 yrs ago, its very practical and achievable, all the best Codie!
Love ❤ You Codie! Because of you I am no longer stuck in the 9 to 5 mentality. You changed my life! 🌹
The fact that nobody talks about the forbidden book 25 Money Secrets From Donald Trump speaks volumes about how people are stuck in a trance
I checked it out on Amazon. Read through a few pages. I'm tempted to buy it to see where the meat is, because most of the beginning is about his story. I noticed in the beginning he starts a paragraph with 'Don't intimidate people, because you'll never get a straight answer from them.' I guess he means in business dealings, because politically he definitely employs intimidation.
This book is not on amazon!
@@JackSmith-w1t where's it at
Just google it
This book doesn’t exist, this is a bot response on multiple videos
Codie, thank you for sharing your time and knowledge with us. I have recently discovered you, and have been watching a ton of your videos and reading your content. This is all so new to me! Robert Kiyosaki said “most people want to be rich, but most people will never take the time to be rich.”
Thanks to you, my husband and I are looking to now buy a tire company. The owner sighed and said he guess he’ll probably have to close it so once we look at the accounting side (thanks to my mom!) we will look into purchasing it! Where we live, there are tons of people retiring but no one to buy. We thought we couldn’t because we didn’t have capital. Thank you for proving us wrong!
Also, please feel free to explain equity/debt 🙏
Cody this is Gold!!!!!!!🙏🏼🙏🏼🙏🏼🙏🏼
9:36 *raises hand
Prof, it seems the loan pmt is off or Im missing something from the financing terms.
$212 monthly would mean we payout the balance in 80 years without any interest. ❤
Monthly pmt would be $1095 if we amortize over 30 yrs at 5% interest.
$8200 monthly net to buyer
$2163/month if we amortize over 10 yrs at 5%
$7170 monthly net to buyer
$3850/month if we amortize over 5 years at 5%
$5483 /month net to buyer
(Still over a 300% return on your cash invested with this option 👌)
Good call out. I saw this too, but didn't have the nerve for all this ^. Thanks for taking the time to put that together.
I also got stuck with that but later figured it out! Am not a financial expert so pardon my elementary calc😁
Lets roll:
So the loan period is 4yrs (ie 48months). And the interest (5%) is for the life of the loan (not annual).
Therefore, 204k * 5% ÷ 48 would give you the monthly interest payment to the seller (ie Seller Finance Loan Payment) Omg I nw feel so smart😃
I am curious about this as well. I see the example cited (204k * 5% ÷ 48) makes the math work, but it doesn't make sense to me. I can't imagine pitching a seller that they would receive less than a car payment per month for letting me "have" 204k
I have also been trying to figure this out for a while. Do you ever pay any principal on the "loan"? What am I missing?
@@JasonLeiter13 I think you paid the balloon payment in 5 years so they basically get the entire thing if it was interest only for the first 5 years. Then you'd have to refinance it but you'd have plenty of time to deal with banks and do that and raise the value of the business
You're the goat!😍🙌🏾 this info while it isn't new news to me it will be to so many others and I just appreciate the fact u are giving the quick a-z on this topic for free to the GP very few "gurus" do this and love to sell info..now I know either social media u still make $ off the info but u aren't charging 30k just to help someone learn this n close maybe 1 deal...bless you
Codie, something is off at min 8:25 In order to get the remaining 204K in 212 $ a month, the seller would have to wait 962 months, which is 80 years. I doubt anyone who would wait that long. Please explain and help us understand.
I was wondering the same thing. Did anyone reply to you about this? I assume that the deal would work out if the buyer was going to make larger payments as money came in. As Codie explained it this is an impossible deal, right?
I need to watch this a million more time Codie. Great video, thanks. I BADLY want to buy a fuel (or gas (I am from South Africa)) station that has an a-joined two-bedroom apartment, three shop spaces and space for a workshop (used to be operational). I have NO CASH available for it. Her husband passed away and she wants to sell but is in no hurry to sell. OOOOOO man.
Send me an email
Any indian here😂
Yes
😂😂
😂
Lol bro sounds very weird.. Isn't it?
Yes 😅
I'm quite excited to try this method, so for the last few hours I have been researching where to find businesses to buy in the uk
Having made offers on hundreds of deals.. sellers do NOT just say “hmm okay yeah sure have it for nothing down just pay me” they all want some sort of lump some. Always. Also, whether she thinks this or not, you can’t just go buy a plumbing or service business and think it will bring you money even if it did in the past. YOU NOW RUN IT. You better know plumbing. Literally nobody, and I mean nobody, owns a business and knows nothing about it. Just gurus making stuff up.
+nods+ Thanks for your insight, Tyler
Nor does anyone ever sell a multiple of 2 times earnings lol
yeah... I was watching the video and I'm like... why would someone sell with a multiple of 2? What would be the meaning of that? The fact that Codie does not spend any time talking about that is fishy enough :)
i think the key is what she said about somebody actually looking to get out of the business. something like a death or divorce. you have to find that right business where someone isn't wanting to or can't wait around for a buyer to pop up.
Yes it actually makes some sense after I gave it a second thought.
This is the best explanation I’ve seen in a long time! You’re awesome!!
This is great but also terrifies me. I have a good job but am exhausted when I get home. The risk of failure or it taking all my time and stressing me out when I have a wife and two kids feels overwhelming.
This seems like you do it the first time and it's scary but gets easier the more you do it... you at least know what you're in for.
I am in the same boat. But you know what they say “fortune favors the bold”
@jahimuddin2306 with a family depending on you.... there's a lot more to risk tho. If someone wants to do it, great, I wish them all the fortune!
Love it Codie, You must be Italian or understand! Napolean Hill concept, to "Think and Grow Rich". - What I want to do is invite those with $100K or More to generate 100% Gross with a Net of 50% to 60% per month for 10 Months without moving the INITIAL INVESTMENT of $100K from the bank. Imagine in your last scenario, a gain to have more than $100K that month from the Business just bought to Investment or place in a separate account to calculate and analyze the Generated History of payments. LMK
Absolutely insane value in this video. Thanks for the breakdown Codie!
Except that the math doesn't add up ..
This is some of the most value packed information on RUclips right now. That is not my opinion.
Simply a fact. Great job I found you a couple weeks ago and I've been recommending you to everyone. Please keep it coming.
Easily one of my favorite videos you’ve put out! Love watching your content
Love this info
How is your monthly payment only $212 per month ($2,544 per year) on $204k. Even with 0% interest, that would take you 80 years to repay. I can't imagine a seller agreeing to an 80 year loan.
Exactly.. I was wondering if am the one who didn't understand this
Yes Codie please clarify
It's interest only with a balloon in 4, 5, 10 or so years most likely.
The numbers do not add up. The calculation is not accurate
Ok so I do seller financing on properties and sellers do accept long term payments because they are earning money generationally meaning the business owner passes away their child or grandchild will inherit it and earn money passively without any work for the next 80 years of his life. I mean living half your life in someone else’s work is a no brainer just from one single business now imagine having 5 of these it’s literally work free generational wealth.
I assisted a consulting client with starting a flooring company on the internet. He used distributors and had no inventory but sold everything. He had very little overhead. This can be accomplished with hardwood, tile, carpet and other building materials.
I want to understand why equity is more expensive than debt. Thanks! Love your channel! Keep it rockin!
I imagine it's because debt lasts only through the debt cycle, whereas equity is in perpetuity and therefore loses much more potential profits in the future
Thank you. !! You are awesome!
Your content and methodologies are so fresh and fantastic on all things business. You rock!
Thank you for giving forward...
This is a video I've been looking for. I'm looking to opening a business. I'm still looking at the pros and cons and what works best for me. Thank you, Codie.
In this video, Codie tells us to buy an existing business. Not open a new business. ;)
@@whitesound625 right , but new to the buyer . i have been noticing these even on craigslist .
Great information Codie thank you.
Hi Codie, thanks for sharing your content - also love the way you present. Just wanted to ask, about the seller financing - is there a 'dark side' to it, so for example, 1) how do you go about deciding on the business you want, and more importantly, 2) what happens, if for example you dont make or cant meet a monthly payment - do you then have to 'hand back' the business - what legal clauses are embedded into the contract to 'protect' the buyer and seller ? Thanks
Thank you, Codie, for sharing such valuable insights on structuring deals creatively! I'm excited to apply what I've learned and put together a strong seller financed pitch. Your guidance has given me the confidence to get out there, negotiate effectively, and secure a great deal. I truly appreciate the clarity you bring to the process it's a game-changer!
Your videos are highly informative and consistently engaging. I appreciate that you covered the topic of seller financing and I am keen to delve further into this area. Would love to see some content related to this topic from you.
Having a good reputation and history must help a TON with making deals like this. Just hearing this method is super inspiring! Thank you!!
In the first example you pursued seller financing for about $200k and you’re paying the seller $212/mnth ($2,544/yr.) This wouldn’t even come close to paying the seller back so how is this possible?
Codie, you are the best! Only real deal on social media.
Omg, what a great channel! So useful! I hope you're wildly successful because you're putting so much value into the world. Big ups girl!
I adore you! You are brilliant! 💙
I'm with you so far. Now please teach how/where to find these distressed business owners
You have a beautiful mind. Thanks
I find one of the biggest cons for borrowing from friends/family is what if the business fails? I've seen people lose other people's money in business and lucky for them they don't have a conscience. I think it would eat at me.
GREAT video and insight...
Absolutely love the content Codie! This is a huge help!
YES ESPECIALLY BRILLIANT, i have step foot out the door and emailed two sellers who want to sell a company and i will be using this strategy, now lets see what happens and it will take time but patience is always awarded for those who wait
Love your explanation on seller-financed acquisition. I didn't know about that, but it could easily be a win/win for business owners and acquirers.
It honestly just opens up the market more and allows for more of those businesses to actually sell. Crazy how so many businesses go up for sale but are never purchased! So sad that they just end up closing.
Thank you
I’ve something special for you
Great vid. I've done this with real estate (as a licensed agent), and following that...retired out of licensed real estate, etc., as an entrepreneur (private). STARTED a business with only $50 (high tech), years ago...it flopped finally, because of divorce...
Great tips, and I KNOW you're NOT "selling BS....because I've DONE it, too...thinking seriously about it, again.....hmmm.
All the best, Codie (and "Smooth Seas...to your husband... & you...soft wind, to your back....Anchors A weigh).
Could you please tell me how seller financing works in real estate. Here in Canada who ever is on title is the owner. Is there a "Charge" put on Title to protect the buyer?
@@LS-ih7dg Canada WILL have different rules & laws, but will work in similar manner to US...
We're talking about a "Contract-for-Sale" (Google that...). The seller maintains ownership during time the buyer is making (accumulated) payments...until such time as the contract is satisfied (fully paid off)... And THEN the seller presents the buyer with a DEED (of sale)...real estate, AND "chattel" (items included in the sale of the business REAL ESTATE, which make the business function AS A BUSINESS,, a notorized copy of which YOU then file with your local government records department....,you may (or may NOT) be required to publish this info (newspaper, etc), locally....depending on your local laws/rules etc
What you referred to in your question (to protect the buyer's interest in the agreement) is usually handled in this manner... Consult your local legal representative for necessary details, expenses etc.
--- Best wishes for your ventures !!!
I have been thinking about buying a business since 2019 and it was put on hold because of the pandemic, now that i am unemployed it feels alive inside me again. thank you for the info. here i go !
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly-which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stock portfolio
As Yuval Eric Brokman is a highly sought-after counsel, he is actually the one who directs me. Nonetheless, you can try your luck. Just leaving his phone number would not be appropriate. he may be lying about, but if you Google his name, you can view his website.
thanks for sharing,found him on the internet.
The way you wrote your question sounds to me like you already know your answer... Liquidate and buy assets that will appreciate in a tumbling market/inflation soaring time
well one of the most effective ways to engage,and boost your sales is creating website and an app to brand your business and am an expert I can help you with this services
@@maxfranz9232 bro. It's a scam! They're the same people. They ask the question to seem like you or many others on here. Then they offer the answer as someone or some business that helped them get Soo much money. Then they thank them, so on. Planning on someone to think they stumbled onto some secret, special person who takes a little money and gives you a lot if money.
It's a sad ass, loser, with zero life or goals scamming ppl to hook them on the immediacy, and rarity of some obscure person that can make you wealthy.
It's sick! Re read the conversation.
They're all the same.
"I've got a little money, but don't know who to trust, or where to invest it and guarantee wealth"
(Everyone in comment sections)
Then, response:
Oh I was able to turn my pocket lint to 40k in 2 months with Cheryl Diane Jackson Littlefield, shes ultra special awesome and takes your money and copies it ten times giving it to you.
(The lure of "I found a secret special money maker who knows what I don't)
Then, their response:
"Yeah, I've heard of ole cigarette teeth lady, and people say she's incredible, and will sixtupple your portfolio is a single quarter then guarantees 4 time ROI!
THANK YOU SO MUCH!"
Again bro... They're sad sick ppl who will never be, or have anything of value. Just leaches so sad and desperate, they do this all day. Go to ANY financial anything on RUclips to the comments and you'll see it now everywhere!
Hola Codie, wow this is really good. you never thought about owing a business till it hits you, there is more than being an employee.
I believe the overall theory and advice is solid but the math does not add up... @8:00 Valuation 224,000 - downpayment 22,000 = 202,000 instead of 204,000. Also with 5% compound interest for 4 years the monthly interest amount is $444 and not $212. It is only 212 if the 5% is a one time flat rate ($10,100) spread out for 4 years monthly payments of $212 but ... this does not seem like a fair deal for the seller.
Great insight, Codie. I used seller financing to purchase my restaurant because the banks scoffed at me. Once the deal was done, the banks were falling over themselves to try and help me out. Apparently I was now a "big deal" :D Great advice and direction from you. Thanks for sharing this with us all!
It would be awesome for you to go into the numbers more. If I understand correctly, using Seller Financing can close the gap for the purchase costs and what the SBA will provide you, so you have essentially two loans. Could you show us some actual deal numbers so we could see how it all plays out and what the profit would be for a business after you make both loan payments. Even if it is just one loan and the seller finances the entire thing, it would still be great to see. How many years do you set for the deal and interest rate, etc?
Thank you for this video
Investments are the roots of financial security; the deeper they grow, the stronger your future will be."
The deeper your investment roots, the stronger your financial security will be in the future.
I would love an introduction to an adviser who can help me strengthen my financial roots.
Thank you for this amazing tip. I just looked the name up and wrote her.
Hi Cody…would love more info on why equity is more expensive than financing from bank. Thank you for ALL you do to help educate the community on how to buy small businesses!
I feel like the Business Breakdowns are slightly misleading. Take the first one for example. You will not get paid $9,121 monthly because you have to pay the seller out of monthly profits. So on a debt of $204,000 and given three years to pay back the seller, you would have to pay $5,666 to the seller every month. Leaving you with only $3,454. That's great if you don't have to operate the business, but if you have to find an operator on top of that you're in the negative.
I still am convinced seller financing is the way to go. I'm just not sure these deals you showed are that good of a deal.
this is exactly what I was curious about, thanks
Thank you for posting!
Love your stories on successes. Also curious about fails. If any.
Have shared a couple of these with my wife. She is intrigued.
She currently manages a hardware store. Would like to find a business that she is willing to work and yet semi retire somewhere other than the SF bay area. I'm DONE here.
Like the idea of your books.
Good info. Thank You. In your first example at 9 min 41 sec.. how is the interest $212 a month? Please explain. Thanks
Your videos are eye opening and jam packed with value Codie!! Thank you! How do you run all these businesses and find help? Do you keep the existing staff, find new people, retrain for more productivity toward a higher return? So curious.
Why is equity more expensive than debt
Love this. Does she have a video that shows where to find small businesses for sale?
I love seller financing. Curious of how Cody would do this. If you wanted to find stuff in your given area or a 100 mile range, how would you go abouts that? Thanks keep up the great work
Have you guys tried yet?
The Business Purchases Queen 👑 Thanks Codie
I’m a big fan, @Codie, and hope to take your course later this year. In the meantime, could you explain the the Seller Finance Loan Payment portion of your first deal spreadsheet? It doesn’t seem to make sense that the monthly payment would be just $212 to repay $201,600. At that rate, it takes 79 years to repay… not including interest. What am I missing?
I have the same question. Interest payment alone is $850 per month at 5%.
I love your knowledge & how you explained my problem is I don't know who to trust....... God bless ❤
When she said 60% of small businesses are sold seller finance my mind went straight to Anchor Man “they’ve done studies, 25% of the time it works every time “
Thank you Codie. This is what I've been looking for without even knowing it.
I made my first offer on a business here in Aus recently - 50% upfront , 15% seller financed, and 35% over 3 years based on sales thresholds being met- the seller(or broker) was that offended the broker no longer returns my calls/emails. I don’t think 10% down payment would be accepted in Australia unless it was a very mediocre business…
This. Either a. these businesses are total dogcrap b. she has connections to the seller c. uses her persona has collateral or d. her numbers are fake (most likely).
This won’t work with a broker.. remember brokers get paid in the transaction.. they don’t want to wait for their money..
Let them sit in it for a year and then contact them again if it is still available.Chances are they will be more desperate.
If the biz is still there after a year that’s mean it’s a crap business and no one wants it, and you should move on too..
75% of businesses don’t sell because they are crap or you are paying for a day job.
Desperate owners means desperate biz. You need to find them off market.. best chance!
Excellent video. Very well explained. LOVE IT!!!
How does the first case scenario end up being seller finance loan of $212 monthly? That doesn't add up and you didn't state the term length? What if the business fails during that term length?
Because of this video, I just learned what Seller Financing really is!! Thank you!!!!
@Realestate1485 Why?
Why would a business owner accept $212/month instead of a full buyout?
Also at $224k valuation paid back monthly at $212 it would take almost 90 YEARS.
I must be missing something. No one would take that deal.
You're not missing anything, she doesn't know what she's talking about. She speaks in theory, very little real life experience.
This is amazing insight. Thank you! I’m super intrigued
00:00 Buy businesses to achieve financial success
01:35 Owning a profitable small business is less risky than a startup
03:11 Buying a business with little money is possible
04:34 The government will pay you to buy a business, but it comes with debt and risks.
06:04 Zero cash deals can be a great way to buy small businesses.
07:29 Seller financing can be a profitable option for small business owners.
08:56 Acquiring a business with zero down payment through seller financing
10:15 Learn how to negotiate seller financing to buy profitable businesses
Invaluable advice
Most sellers are not open to it at all. When they are, they almost always want a huge amount down with very short terms (1-2 years). 100% seller financing is such a risky bad deal for sellers.
You mentioned the monthly interest payments but who is paying the principal? I’m confused
Thank you. Great video! I'm in the process of figuring out the sellers finance process to break out of my military capacity. Just took Hannah Ingram's blueprint masterclass. I'm literally your example 2 with some of the businesses that I'm looking at.
How it's going so far
thank you Codie
Anyone from Instagram here 😂
yes me
No motivational BS no one needs. Just straight up "how to". Very practical. Love it. Subbed. I'm a small business owner of 12 years from $0' other than the usual index investing and stupid real estate that I hate (everybody does these two, nothing new). I was thinking of retiring in about 5-6 years #FIRE. But she got me fired up again. At the same time made me feel small lol. What she talks about is really interesting. But I just don't know how to not have money stolen by people you hire to run these cash businesses. I lost money from a stupid grocery store bought in the past (They are all sold through some seller financing). The seller's book they showed me was fraudulent, my cash register guy stole money, etc. That made me awfully scared to trust people and try something new again. I hope she reads this and shares her knowledge on this issue. Cashless business maybe more doable to me given my past experience. And is that profit after paying the owner a salary or before?
@codiesanchez761 Nah
You hit the nail on the head, anyone can buy these businesses but how do you manage them afterwards without them going to shit is the problem she conveniently omits
In the first scenario you show $212 to the seller and $9,121 to the buyer per month for financing 204k, how is that possible? Even with ignoring the interest on top it would take approximately 80 years for the seller to get all their money. I would love to see more detail on that part because there must be something about that aspect of the deal that's not readily apparent.
we need answers on how the 204k is paid back, aside from the interest payment ($212) monthly!
Following. Tag me when she answers lol.
If it was paid off over 5 years, The monthly amount payable to the seller would be $4000 per month. It would not be $9121 profit per month to the buyer of the business, but $5100 instead to the buyer of the business.
Okay so I’m not the only one killing themselves over the math here 😅
She's not including the principal payment as an expense, because it's not included as a cost on balance sheets. Payments that pay down the principal are 1:1 ratio to equity.
Omg you are the absolute best! Can you explain a little more on how seller financing plays out? What happens to the 7% interest (SBA) or 10% bank interest? Would the seller wrap that into the pricing instead?
I bought my restaurant through owner finance. I ran around asking family and friends for money. Only 2 people helped. I just paid my car off, so I took a loan out on it. I also refinanced my house, then saved saved and saved until I had 100g down-payment, and then the seller financed the rest 4 yrs later, and he is paid off. Now I make really good money. Actually, I've been making good money this whole time, even with paying a monthly payment to the seller. The only thing that sucks for me is that I'm still operating the business myself. The restaurant business can be very difficult, but I enjoy it most of the time it's hard to find a good operator. Good luck, everyone. Don't be scared of hard work. If this shit was easy, everyone would do it.
Hey Chris. You're operating it as in you've hired staff, etc.? This is prob a duh question, sorry =)
@Mark P yes honestly I lead the kitchen every day from 530 to 2 and then 4 to 9. It's a busy restaurant, so I'm there to help and lead. I get a paycheck like everyone else