ForumsFinancing Tips

CHOUTEAU, Congratulations on being promoted to Managing Partner of the restaurant.
Many students are not smart about financial's through college, but improve after graduation.
How soon do you money for the buy in??
Tell us more on how you are working to get your credit better.
The best place to get a loan might be parents or grandparents. (If my child came to me and said
that he was promoted to Managing Partner of a restaurant and needed a buy in I would help).
Good luck, LUCKIEST

Good questions Light...
Looking forward to hearing the responses.

Yes, these very same questions are being asked
We are just waiting for the responses.

CorpCons08

The restaurant is Outback Steakhouse. The debt that was built up by the previous partner was taken care of the first month that I took over here. All of the debt was taken out of the previous partner's 25,000 that he put down when he originally took over the store. I am paid a base salary, and then receive a certain portion of the profits of the store. I prefer not to discuss the particulars of my contract over the internet, so excuse me for not including the specifics. Outback no longer has shares, we went private in Jan. Obviously a lot of decisions are made for us on a higher level. However, Outback is doing an amazing job moving forward with changes quickly and making choices to help us bring more money to the bottom line. Our company is not going anywhere. As far as my locatoin goes, I am protected for a certain amount of time from any loss that the store would have, if there should be any. My location has been open for 5 years, so it is not falling apart, obviously there are repairs but that is any location.We can capitalize certain exspenses, so that the cost doesn't hit our bottom line. Our home office also takes care of our marketing and provides us with a local marketing budget for every year. We have a great relationship with the community because I am involved with neighborhood associations, schools, churches and chambers. I was put here to build sales, because it is a low volume store for Outback. The store will not be shutting down, but should that happen and I would still be in contract, I would still have job security at the same pay.There will not be another Outback opening up close to us any time soon.As far as getting out of the contract in the future(I do not want to leave my company, I plan to move up further), there are options for me, and obviously it depends on how long I have been in my contract, and what I have done for my location and if I have been current with invoices(which we currently are). I am aware that I did not answer the questions in specific, but I have signed my contract already and do not deem it appropriate to put the details on the web. I hope that I have given some sense of direction.

LUCKIEST,

That's a very interesting question you ask Corpcons.

CHOUTEAU, From what and how you write, you sound like a WINNER.
You will succeed. LUCKIEST

Yes, different scenario than I was imagining -- and many less problems for you or a potential lender to worry about as a result. Thank you for taking the time to clarify in such detail.

Even though your financial situation is less than ideal, it sounds as though you at least have the type of restaurant knowledge and experience that a lender would want to see -- so presenting your loan request (and yourself) to a bank officer will be the key. Prepare thoroughly. And persist -- don't assume that a "no" from the first bank you try (or the second, or even the tenth) means that the answer will always be "no" from everyone. Applying for a business loan is like any other type of business interview and presentation -- it gets easier, and you get better, each time. You only need one "yes," and I feel confident it's out there.

Best of luck to you!