Surprisingly enough I saw the same question posted on Quora today. I would be interested to know if the poster is interested in buying this business or is the one who started it, borrowed the 120K to keep it going and would like to get out if he can get enough money for it to at least break even.
I don't think the business has any real value. It's real value is most likely negative. If it wasn't for the debt it might have a small value and if there are fixed assets that were paid for with the 120K that might give it some value but anything used doesn't have a lot of value.
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