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    1 Reply Latest reply on Jan 11, 2010 6:48 PM by TheSoloGuide

    Buying an established Deli

    JoeDeli Newbie
      My wife and I are very interested in in purchasing a established deli in Marathon Florida.

      I am employed full time and intend to leave my current position to devote full time to the deli.

      My my does computer consulting in her own business and would contine remotely for the first year to help get us started.

      I would like to know our options for financing.

      We have good credit, low debt, own (buying) our home and a cottage. Also have part ownership (with my siblings) in recreational property in the northern part of lower Michigan.

      REady to go NOW.

      Where do I start.

      Thanks,
        • Re: Buying an established Deli
          Tracker

          JoeDeli:

           


          I recommend that you seek out a member in this community that goes by the screen name "phanio". He provides excellent financial advice.

           


          When I bought my restaurant from the original owners, we were fortunate enough to pay cash, but we had the option of an SBA loan or a seller carry back (where the seller carries the note acting as the bank). We preferred to eliminate the additional monthly payment.

           


          Since you may need outside financing, you may need to have whoever in your family earns more keep their current job. The higher income will give the lender greater confidence, easing the process for you to secure a loan. Once you get the loan, you are free to alter the scenario if need be.

           


          All the Best,

           


          Doug Dolan

           

          The Solopreneur's Guide

           

          http://thesologuide.com/
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