Most investors in businesses of this size don't like cashing out ownership, unless it's for retirement and there is a succession plan in place. Agree with Mike and they will be more excited to lend or invest if the money is to be used to expansion. You'd likely get a higher valuation as well.

Absolutely - often subordinated debt is used for transactions like this but hinges upon size of the enterprise. That type of debt can be used regardless of hard asset value. Hard assets with equity value can always be turned into cash via senior type debt. Just like real estate, the lender will require a margin of safety - i.e. if equity value is X then the loan will be some percentage of X.