What are your financial means?
Regardless of the succession scenario you prefer, there is a strong chance that you will be required to make a financial contribution to become the owner of the desired company. This raises the question of your financial means.
What is the level of your personal savings? Are you ready to personally borrow funds and put up personal assets as collateral to increase what you can offer? Will you become the sole owner or will there be other owners? These questions are among the most important for you to think about.
You should be aware that financial institutions offer a variety of products than can be adapted to a number of particular situations. Depending on the state of your personal finances, the financial state of the company and the timeline to make the acquisition, putting all the financing in place can be easier than it might initially appear.
Before saying you will never be able to finance your project, ask specialists in succession financing. Their solutions could surprise you.