One of the most popular ways to become a business owner is to acquire an existing business.  And the easiest way to qualify for financing is through the SBA 7a program.

Before I highlight the advantages of the 7a program, I’d first like to raise the point that acquiring an existing business is not always the best route to becoming a business owner.  In some cases it makes better financial sense to start a new business rather than acquiring an existing one.

Here’s the test I like to apply.  If you’re able to start a new business with similar or less capital requirements, and ramp up revenue and profitability within two years from opening, it’s likely best to start a new business.

If this is not the case, you can confidently focus all your attention on finding the right business to acquire.

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