I'm purchasing an existing convenience store. How do I finance this purchase? I need about $50,000.
I'm currently employed. Combined income for my wife and me is about $200,000 per year. Combined, our 401K accounts total approximately $250,000. The convenience store is housed in a Miami residential building of approximately 300 apartments, 90 percent of them occupied. I recently formed a corporation to purchase this business.
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Often, earn-outs are tied to the company's future financial performance, giving the former owner an incentive to teach you the business and retain loyal customers.