What are Business Notes - PowerPoint PPT Presentation

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What are Business Notes

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Business notes are created when a business seller decides to help finance the sale of their business. The note usually equals the difference between the sale price of the business and the buyer’s down payment. For example, Tom decides to sell his laundromat for $100,000. He finds a buyer, Jerry, who doesn’t want to deal with the hassles and high rejection rates of the conventional bank loan approval process, so he opts for seller-financing. Jerry makes a down payment of $30,000 and Tom creates a Promissory Note (or Business Note) with an original balance of $70,000. – PowerPoint PPT presentation

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