Unsure of what to do

by Vulk

Posted: 9 years ago 4 replies

INTERNET MARKETING

Roughly 6 months ago I started a buy back service for a specific item in the medical industry. I'm getting many leads roughly 60-70 a month. Items are bought between 45-480 and profits from 30-280$ each item. ROI is 2-3 weeks top. Now here's the twist..I'm a college sophomore and only have been able to purchase as much as I can because I don't have 40k+ on hand. I tested waters and found someone willing to purchase the whole venture for high 5 figures. Should I sell? Or try to establish an investor relationship and get funds.

Thanks

#unsure

brutecky 9 years ago

An investor is going to want a large amount of control over your business. If your willing to accept that go for the investor. If not sell.
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- Vulk 9 years ago
  
  Thanks for the insight
  
  Thanks
  
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Jack Gordon 9 years ago

You don't sound like you need an investor. What you need is a line of credit.

Is this a sure thing? First try the friends and family plan. Is there anyone who you can borrow from?

If not, draw up a business plan (you should do that anyway). It doesn't have to be big and fancy, just outline what you do, how you do it, what the competition is like and what you project the future to look like (if you had the funds).

Take that around to a few community banks and credit unions. That is the cheapest source of credit, so try it first. If you have decent credit, you might get a line. But I wouldn't count on it.

If that fails, start looking around at unsecured business lines. Something like Ventury Capital should work. They are easier to get credit from, but more expensive.

Good luck!
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icoachu 9 years ago

If you do decide to sell, make sure the no-compete clause to the agreement is VERY NARROW.

If I were you, I'd ask to be retained on as an employee for a few quarters.

Also, BEWARE of 'buyers' who buy your company for huge sums but fund the 'buyout' with the company's own revenues.
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Unsure of what to do

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