kirtida8
10-21-2008, 12:08 PM
Thought that I would share this with you guys as most of you may not realise the steps you have to go through when selling a business that entails an SBA loan. I was extremely lucky given the state of the economy, that I was able to find a buyer, and he was able to secure his SBA loan weeks before the meltdown occured. However, even given this, it was the most horrendous experience I have ever been through - and ended up having to sell lower than the agreed price as the buyer was advised by an unlicensed accountant, and used an immigration lawyer as his legal advisor (who only graduated from law school last year and had a heavy African accent). If I didn't have the my own attorney and broker looking out for me - I would probably have lost the sale by telling the buyer to go and take a running jump! I know the saying is buyer beware, but in this case it was his advisors who were ripping him ( and me) off - so how do you guard against that? I was extremely lucky to have the team I did, they knew how to handle the SBA and all the hurdles that the "CPA" tried to throw at me. ( Including calling the IRS to tell them I had filed the wrong returns!!)
I know that I should have no more problems with having to renew my E-2 as I married a USC, but if I did, I know that it would be extremely dicey as I (the corporation) have done nothing but make a loss (huge is an understatement) for the last few years. My advice to anyone looking to buy or sell a business at the moment - be very careful and make sure you have a licensed business broker and real estate attorney who really know how to do their job. A good CPA is also a must, as they can show you how to interpret all the figures on a tax return.
Good luck to everyone - I am now off to make myself a PB & J.
I know that I should have no more problems with having to renew my E-2 as I married a USC, but if I did, I know that it would be extremely dicey as I (the corporation) have done nothing but make a loss (huge is an understatement) for the last few years. My advice to anyone looking to buy or sell a business at the moment - be very careful and make sure you have a licensed business broker and real estate attorney who really know how to do their job. A good CPA is also a must, as they can show you how to interpret all the figures on a tax return.
Good luck to everyone - I am now off to make myself a PB & J.