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    2 Replies Latest reply on Sep 14, 2007 8:09 AM by Score133

    START UP A FAMILY ENTERTAINMENT CENTER

    LUCKIEST Guide
      We are a group of 4 trying to start up a Family Entertainment Center. We are in need of advice
      and guidance in the area of structuring and funding the business.
      We are working on a business plan and talking to a bank for a loan.
      Thanks in advance for your guidance.
        • Re: START UP A FAMILY ENTERTAINMENT CENTER
          FashionGal Wayfarer

          Can you please elaborate on what a family entertainment center is? That may help us provide advice. Thank you.
          • Re: START UP A FAMILY ENTERTAINMENT CENTER
            Score133 Wayfarer

            Well, you're apparently doing first things first...the business plan and developing a good relationship with your banker. Running the numbers first is critical to your success and no matter how much you think your budget will be, you will always need just a little bit more! But there is something else you'll absolutely need to accomplish before opening your doors or obtaining funding: get your partnership agreement on paper. You indicate you are a "group of 4" but don't say if you're friends,partners, a corporation or family. Either way, you will want to clearly define your roles and responsibilities, equity sharing, and especially an exit strategy. This is the area in which you'll probably want to involve an attorney...and it will be worth every penny of the fee! This may sound a little premature, but believe me, it is of great importance. Unless everyone is clear on what everyone else is going to accomplish, it can get really messy. Good luck!