Small Business Acquisition - Tips, experiences, advice, etc.First time poster here, so please bear with me.About Me: Graduated from a pretty reputable business school (undergrad) in December 2019. Didn't really know what I wanted to do, but was interviewing around and landed a job for decent pay out of college ($60k; take home like $48k). I'm generally someone who needs consistent mental stimulation and challenges to feel fulfilled. At my current role, I ended up basically being an email monkey. Prospecting leads, finding contact info, and getting in touch. Now while the pay is decent and I have unlimited PTO at request, it's just not the industry or role I see myself growing in. Not to mention my boss is very condescending and unprofessional at times. I've been able to adjust and work with my bosses in previous roles, but this is the first time I can't seem to find a sweet spot and work together without my mental health quickly deteriorating. It’s important to note I stopped learning new things around 5 months in and learning was a huge focus when I was interviewing.I've been reading posts on this thread a lot and after considering my circumstances, I decided I want to go the small business route. I wanted something I can bootstrap and do with my job until I can leave. I've always seen myself operating a business because I truly enjoy watching things grow and have been pretty successful in the past managing projects/teams (although the opportunity I'm looking at is a one man show). It's also important for me to free up time to continue coaching high school football. I started while I was in college and got hooked.The Opportunity: After looking at a ton of options, I've decided the best option for me is to buy an existing business with (relatively) low initial capital required. I found a vending machine route for sale from a reputable business in my area for $87k. The sales are $87k and considering my net would be lower since I'm not at scale, I estimate about $59k net. I have ~$48k in my savings and ~$14k in investments, however while I am comfortable investing a significant amount of this (50-65%), I don't want to dump my entire savings.The main question is I have is: how do i go about acquiring the business and securing funding? While I'm open to investing a good chunk of my savings, I prefer to finance most of the purchase ($75-80k). I think a loan is probably my best option. My credit scores ranges between 790-810, but considering I don't have a mortgage or car under my belt and I'm planning to take a loan that's more than my salary during COVID, I know this is pretty hard to do.Any tips, experiences, advice, etc. would be greatly appreciated.TL;DR: 23 year old who doesn't really like his job and wants to buy a small business, but has a limited credit history and doesn’t want to empty his savings/investments of $62k. Tips, experiences and advice are appreciated. see hubwealthy.com/wealthy
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