Hi! Looking to purchase my very first laundromat but I am in a bit of a catch-22 situation.
In order to purchase the laundromat (an existing location) I am working with a small credit union to get an SBA loan. At what point do I loop in the seller about the way I intend to finance the business? The seller prefers a cash offer but is entertaining other offers so I am looking for any ideas or suggestions on what I can do to make my offer more enticing outside of offering to pay a premium.
I’ve expressed interest in the business and signed an NDA to get a summary of the business and high level financials but I have not yet made an offer. Are there ways I can show the seller I am serious without having to submit an offer?
If anyone is willing, I’d love to chat about your experience getting an SBA loan and what that process was like. I am happy to share what I’ve learned along the way as well. Thank you all!!
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