Financing An Online Business Acquisition with Stephen Speer

Acquiring your dream online business is now possible through financing options. Joining the BOB podcast today is Stephen Speer, who is the Founder and CEO of Ecommerce Lending, where they help people get SBA loans to acquire online businesses.  They both discuss the size of businesses you can buy with finance. What are the 4 stage processes to get the deal across the line? What is the timeline to get a fiance? What do you need to have or get done before applying for a fiance?  They also talked about the importance of assembling a team of professionals when buying a business. And who do you really need? What successful business buyers have in common? Why do they buy businesses and achieve great results compared to those who don’t? If you want to own your dream online business, watch this episode today!   Episode Highlights 02:30: What is the minimum amount in financing an online business? 12:30: The type of business structures suited for financing 16:30: What’s the next step after the Letter of Intent? 21:45: The types of businesses suitable for you 23:40: Doer, get it done! 25:40: Owning an online business requires commitment    Key Takeaways ➥ Stephen Speer discusses changes in the lending landscape for online business acquisitions, particularly focusing on the minimum loan amounts and financing options available. The minimum loan amount for acquiring an online business is $500,000, with an average loan size now at $2 million, significantly higher than previous years. While the Small Business Administration (SBA) remains a common choice for financing, Speer's firm has expanded its services to cater to larger deals through their Capital Access program, targeting enterprises valued between $10 million to $250 million. ➥ Stephen Speer discusses the typical deposit requirements for acquiring businesses valued between one to three million dollars. Generally, a 10% deposit is required, but in some cases, it can be reduced to 5% with seller contributions. This flexibility has opened doors for many acquisition entrepreneurs. ➥ Jaryd Krause and Stephen Speer discuss the impact of market trends on business acquisitions, noting that multiples have decreased, particularly in product-based businesses, while SaaS businesses still maintain higher multiples, especially in the lower middle markets. Speer highlights their firm's financing capabilities across various business models, including SaaS, e-commerce, and traditional brick-and-mortar businesses. The process for obtaining financing typically takes 60 days, with clients encouraged to get pre-qualified before starting their search and assembling an acquisition team to vet opportunities.   About The Guest Stephen Speer is the founder and CEO of Ecommerce Lending, where they help people get SBA loans to acquire online businesses.   Connect with Stephen Speer  ➥ www.ecommercelending.com ➥ www.linkedin.com/in/stephenspeer ➥ https://www.instagram.com/stephenecommercelending/   Resource Links ➥ Sell your business to us here - https://buyingonlinebusinesses.com/sell-your-business/ ➥ Buying Online Businesses Website - https://buyingonlinebusinesses.com ➥ Download the Due Diligence Framework - https://buyingonlinebusinesses.com/freeresources/ ➥ Cloud Ways (Website Hosting) - https://bit.ly/40tjyjG ➥ Optimize Press (WP Funnel for building landing pages & funnels) - https://bit.ly/3py1ln2 ➥ Ezoic (Ad Network) - https://bit.ly/3NuVR5P   🔥Buy & Sell Online Businesses Here (Top Website Brokers We Use) 🔥 ➥ Empire Flippers: https://bit.ly/3RtyMkE ➥ Flippa: https://bit.ly/3WYX0Ve ➥ Motion Invest: https://bit.ly/3YmJAmO➥ Investors Club: https://bit.ly/3ZpgioR   *This post may contain affiliate links, so we may earn a small commission when you make a purchase through links on our site/posts at no additional cost to you.See omnystudio.com/listener for privacy information.