tanTALK - Tanning Salon Business Owners Community - View Single Post - Need help on selling our tanning salon please

sunsally · 06-09-2006, 12:01 PM

Agree with all - the bank wants to do an "asset only" purchase, not purchasiung the business.

Make a COMPLETE inventory list -- every bed, lamp, lotion, chair, washer/dryer, file cabinet, etc. Try to get this to "equal" $65K, or as close as possible, without sounding ridiculous.

By the way -- the bank doesn't necessarily know the "market value" of equipment either. So don't be afraid to use the purchase price of the equipment as YOUR 'estimated value" rather than what it would be on the used market.

Final option besides the above -- have them get the bank loan for the equip value and then cash/home equity/other for the difference. Can't be too much if the total purchase price is $65K.

Good luck!

06-09-2006, 12:01 PM	#8 (permalink)
sunsally Team TanTalk Join Date: Nov 23 2004 Location: ITA Member & Berman Supporter! Posts: 3,136 Rep Power: 25	Re: Need help on selling our tanning salon please Agree with all - the bank wants to do an "asset only" purchase, not purchasiung the business. Make a COMPLETE inventory list -- every bed, lamp, lotion, chair, washer/dryer, file cabinet, etc. Try to get this to "equal" $65K, or as close as possible, without sounding ridiculous. By the way -- the bank doesn't necessarily know the "market value" of equipment either. So don't be afraid to use the purchase price of the equipment as YOUR 'estimated value" rather than what it would be on the used market. Final option besides the above -- have them get the bank loan for the equip value and then cash/home equity/other for the difference. Can't be too much if the total purchase price is $65K. Good luck!