Have you ever done a Seller financed deal?

[pb4uski]

...If lending institutions won't risk backing them , you shouldn't either!

I don't think the OP or anyone else was contemplating 100% seller financing. Even a lending institution would require a healthy down payment and personal guarantees as well and those would be common in seller financing.

 

[Koolau]

Thank you for the reply and congrats on keeeping it in the family and finally selling it. When we purchased it from DW’s A & U over 20 years ago, they held the note over a 5 year period. We went to an attorney and everything was done legally. I remember it being like buying a house in 5 years.
We approached different companies that we thought might be interested, but for one reason or another, it didn’t work out. No one knows what a business owner goes through except for other owners. It is more of a lifestyle, than a job. We have had enough, but it is definitely bittersweet. Every other day we hear how glad people are that we are here and how beautiful it is. DW and I just look at each other. Ugh

Yeah, even though it was in the family we DID use a lawyer to set everything up. It wasn't to protect the individuals as such, but to insure that the gummint types would never find any reason to question what had been done within the transfer. Additionally, the business went from a Sub S to a LLC so there were potential issues there and we wanted all bases covered. No regrets except the (what we thought to be) exorbitant lawyer fees, but YMMV.