Hi all. I am new to this forum and have a few questions. The following details/questions are to help me better understand what I need to know going into this venture to better equip myself when asking for money from a lender.
I have never owned my own business. I have experience in retail management and am an enthusiast of the products that I intend to sell.
I am considering the purchase of a small, local drive thru coffee shop. I called the current owner of the shop to ask questions I think are pertinent to the understanding everything about the current business and the model they are using, compared to the model I envision. I asked for purchase price, lease info (for the land the property sits on, vendor information and costs, daily traffic stats (or at least estimates), average sale per customer, etc.
The owner balked at most of the questions, saying that the information is private and will send me what she thinks she can safely distribute.
What information should I be asking for, and what information should I expect to receive? What information will the bank be looking for?
I have limited cash available, but do possess lots of technology and software that will be crucial to the running of the business. Will these assets be considered by a lender?
I am eager to hear what you all have to say and any advice will be read thoroughly.
Thank You.
