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Talk to bar owners
Seeking info for investors, Welcome Karen
You are looking for investors?? Right?? Tell me more about Mom's??
Have you developed a Business and Marketing Plan that I can read??
How long has Mom's been in business??
*Mom's is a down to earth blues/rock venue which serves up generous
portions of blues and rock music, both live and media, along with
serving foods you don't normally get other places.*
Talk to me, LUCKIEST
1. Mom's is an LLC, the building Mom's would be in is a stand alone listed for sale at $2.2 million, I am offering $1 to 1.2 million. Located on a major boulevard in Albuquerque, NM, which is the largest city in New Mexico, with a population close to 500,000
In 2006 daily traffic that passed by the property was 47,000.
In 2007 average age was 37
In 2007 average income was $47,000.00 per year
2. Why the low offer, I had a General Contractor go in and look over the engineering system. I received a rough estimate $275,000.00 to $300,000.00 to bring the building up to operating condition and meet code standards.
3. Salaries and inventory come close to $100,000.00
4. Advertising is approximately, $10,000.00
5. Liquor license in the state of New Mexico is $300,000.00 to $500,000.00; the reason why it's so expensive, is the fact that New Mexico is no longer creating new licenses, therefore the ones that are out there for sale cost a lot of money.
5. Expected sales during the first year would be around 18 to 20 million, net.
6. I would be the one to manage the place, I have a minor in business administration from college.
My husband has 17 years in the food service industry and is a magnificent sales person. He would
be the consultant.
Why don't I have him run the place...he's running his own business.
I would be 90%, my husband would be 10% owner, the only reason he's in this deal is because New
Mexico is a community state.
If you would like to know more let me know.
I would ask family, unfortunately most of my family is dead.
For a business like a bar, you are better off looking within your network of friends, family, or professional associates. Bars are a dime a dozen, so an investor would be unlikely to invest in a standalone operation like that. If you had a already successful franchise concept, you might have a shot, but otherwise you are going to spinning your wheels. You'll probably get some people on this forum who claim they have investors, but I'm yet to hear of any of them actually coming through (If I'm wrong on that, someone please let me know).
If you can't find any investors, you might also want to consider a partner who can shoulder half the load. If you want the business to be run by you, and you only, you can always go the loan route but you'll need a good amount of cash.