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Wednesday, July 26, 2017 7:01:48 PM
Yes He GONE! Nice deal by Steve and company. Well done! 
According to the Purchase Agreement (See Below)...
It looks like Bulova Technologies Group will BE paying the owners of Big Red Transport a total of $1,232,000 for the purchase... $504,000 ($6,000 per month for 83 months) plus $728,000.
Of which...
2.1 A closing amount of $504,000 principle payment without interest was agree upon in the form of a promissory note (cash deal, not convertible debt) providing for a cash payment to the Sellers of $6,000 per month for 83 months beginning on August 1, 2017.
And...
2.2 A payoff and discharge of a debt by the Sellers to Wells Fargo N.A. in the amount of $728,000.
So I am assuming the $6,000 per month payment will probably come out of the company's monthly cash flow operating expenses, and the payoff of the $728,000 prior owner's debt to Wells Fargo is the part that will be financed by People's Bank.
$1,232,000 purchase price for a business that will BE generating $12,000,000 in annual revenues is a really great deal!
Blessings and best wishes,
LoveAndLight
According to the Purchase Agreement (See Below)...
It looks like Bulova Technologies Group will BE paying the owners of Big Red Transport a total of $1,232,000 for the purchase... $504,000 ($6,000 per month for 83 months) plus $728,000.
Of which...
2.1 A closing amount of $504,000 principle payment without interest was agree upon in the form of a promissory note (cash deal, not convertible debt) providing for a cash payment to the Sellers of $6,000 per month for 83 months beginning on August 1, 2017.
And...
2.2 A payoff and discharge of a debt by the Sellers to Wells Fargo N.A. in the amount of $728,000.
So I am assuming the $6,000 per month payment will probably come out of the company's monthly cash flow operating expenses, and the payoff of the $728,000 prior owner's debt to Wells Fargo is the part that will be financed by People's Bank.
$1,232,000 purchase price for a business that will BE generating $12,000,000 in annual revenues is a really great deal!
Blessings and best wishes,
LoveAndLight
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