Does anybody have any insights or knowledge on how to raise $14MM to purchase an existing business?
I have never worked with venture capitalists, so if anybody has any expertise that would be very helpful. And, yes, I am being serious.
It's likely that VC is not the place to look. Instead, you should consider the banks (Goldman, etc).
Note that your transaction will have many facets to it, and it will not be easy to get funding without a track record of success, and some sort of collateral so you have skin in the game. You will need a strong business plan with clear repayment schedules and strategies. You also are going to need to know for sure that both the assets and income from the existing business are being legitimately reported to you, that they will migrate (will clients work with a new owner?) and that the valuation multiple is accurate for the business type.
For something of this scale, if you aren't ready to invest real money today in getting professional eyes on all that before you consider getting funding, then don't bother. I'd suggest looking around for a good CPA who has experience in valuing companies, and has an audit background (to find errors, deliberate or accidental) such professionals may actually have lending relationships in their network.
Perhaps a better route would be an Installment sale, this can reduce your initial outflows, and can offer value to the owner as they can manage the tax liability over time. Also, owner financing might tie into this or another structured sale.