Post a new topic
    1 Reply Latest reply on Dec 26, 2009 3:15 PM by TheSoloGuide

    What to do when desiring to purchase an exsisting biz

    kelleyk Newbie
      I desire to purchase and operate a local small town cafe allready in exsistance. They are a small resturant that seat about 100 people. They offer a full breakfast and lunch menu. I worked for this old couple for a few months as a waitress and started using my creative ideas to draw in more people and it was working. I voiced my idea of buying it from them, since it is for sale, and they fired me for abserd reasons -- which later I found out was due to do "I was trying to take over". They have a very decent customer base allready exstablished yet there is three other resturants / food offering businesses locally to compete with - the other three are open from lunch to dinner only. The friendly warm atmosphere is declining since the owners are in there 70s and are starting to loose interest.

      I know there is a few things I can improve upon or bring back. The resturant is going to need some interior remodeling to brighten it back up. This community has kept this cafe in business for over 30 years so I would want to find out what they may want in the menu and drinks - to expand the menu a little.

      I have some of my business plan made out - my goals and such for it.

      What is going to be tough is getting financing. I do not have really bad credit yet I do not have the best credit neither. I also do not have capitol. I suspect the Cafe purchase (building, supplies, equipment and etc.) will be around the $125 K mark.

      What should I ask the Cafe owners to create a more detailed business plan to seek financial help?
        • Re: What to do when desiring to purchase an exsisting biz
          Tracker

          Kelleyk:

           


          If the owners fired you, do you think they will sell it to you? This may sound crazy, but I bought a restaurant from original owners that had previous offers they turned down because they didn't want certain people in town to own the business they started.

           


          Is the business listed with a business broker? If so, the broker may be the better person to interact with to get details about the business.

           


          You will need a business plan in order to secure funding. If you need help developing a business plan, I have a page on my site to help. Here is the link:

           


          http://thesologuide.com/planning/

           


          Regarding funding questions, I recommend that you seek out a member of this community that goes by the screen name "phanio". He provides excellent information.

           


          Let me know if you need additional help.

           


          All the Best,

           


          Doug Dolan

           

          The Solopreneur's Guide

           

          http://thesologuide.com/