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

START UP A FAMILY ENTERTAINMENT CENTER

LUCKIEST Master
Currently Being Moderated
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 Novice
    Currently Being Moderated

    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 Novice
    Currently Being Moderated

    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!

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