In addition to what’s been stated herein. SBA and other lenders like to see business experience in addition to the buyer bringing some funds to the table.
Financial institutions (and even the SBA) prefer to see a minimum of 2 years in the business which ends up being a catch 22 It could get downright frustrating. I got tired of hearing similar responses and wasting time so I ended up funding my own purchase and finding the will, the drive, motivation, dedication, and gumption to make it work.
Here I am 16 years later very happy with the outcome. My only regret was not starting sooner. This is not an easy business by any stretch of the imagination. You have to be true to yourselves on whether you and your family and some friends even are all in. If the answer is no, you are stacking the odds of success seriously against yourselves.