This content has been marked as final. Show 2 replies
Hask44,1 of 1 people found this helpful
Bad situation but one to learn from. Always put everything in writing - protect yourself.
How much are you seeking? If you credit is not too bad - there are several ways to rasie the funds you seek. There are SBA guaranteed loans, micro credit loans, peer-to-peer loans. We list many options on our wen site.
Regarding an investor - seems a little strange but investors can usually ask for anything they want. The question is this, without the investors, you have 100% of nothing. With the investor - you have your percentage of a growing business. The investor is taking as much risk as you are. Might try to renegoiate and say that the family memeber they want to bring on board will have to start as a wage based employee then as he/she proves themselves, they can earn a higher position with salary. Regarding the percentage of ownership - if the investors wants to give his family members some of his share, he would have that right unless you specifically deny that ability in your written agreement and documentation.
Business Money Today
Go to original post
Reply to original post
Have everything in place to open a Deli.. A large community following, vendors ,store ,equip. a strong buissness plan etc. What i lack is funding the investors that want to invest want my 1st born and Im not entirely comfortable with the terms. A little background opened a buissness a year ago with a family I didnt know well, they had zero knowledge . .Because of my customer base, store broke even immediately. Within 7 mo started to show profit and I was voted out . The reason was they wanted someone to build them a buissness then took it. The community has rallied and boycotted the buissness and it is near closer( they thought once it turned aprofit people would still come) For the next couple of months we were in litigation , That is over and I am free to do as I please but after having excellent credit , the last few months reeked havok on my credit. My question ( I have 2) is how do I find the funds to reopen? And What should I expect from an investor? I have someone very interested but wanted to bring a member of his family with no experience aboard wants the same salary and equal percntage in the company. This is a disaster waiting to happen so I turned it down. Any info would be greatly appreciated. What do Angel investors look for? Thanks!!