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    6 Replies Latest reply on Dec 7, 2011 12:01 PM by chris1985

    Would like to buy a pizza shop

    BaltimoreT Wayfarer

      I'd like to buy an exisiting pizza shop, but have no idea where to start looking, and how to get financing, etc.  Any help based on experience??

        • Re: Would like to buy a pizza shop
          Bridge Navigator

          Contact a local business broker who could assist you.  They specialize in helping people buy/sell small businesses.

           

          Best fo luck,

          Greg

          • Re: Would like to buy a pizza shop
            chris1985 Tracker

            As Bridge said, finding a broker would help a lot, I would also suggest using a SBA loan for the purchase. If/when you get to the financing stage, let me know and I could help with that part. Our bank does a lot of SBA loans as a SBA preferred National lender.

              • Re: Would like to buy a pizza shop
                BaltimoreT Wayfarer

                Thanks Chris.  Is there a link you can share that outlines typical down payment and other qualifiers needed for a typical SBA loan?  I've found a couple of things online, but no one seems to give a straight answer.

                  • Re: Would like to buy a pizza shop
                    chris1985 Tracker

                    Not sure if my previous reply got deleted, but you can click on my profile and find my work email and number in my Bio if you need to contact me. We normally ask for something between 15%-25% down but we are flexible, we don't have a certain credit box. We take each deal and look at it individually. A credit score of 670 or higher is preferred but there have been some circumstances that have allowed a lower credit score. Our website has some good info on the different SBA loans too.

                • Re: Would like to buy a pizza shop
                  LUCKIEST Guide

                  Buying an existing Pizza Shop can be a quick way to go into business.

                  However, great care must be taken so you do not overpay or pay a higher price for the pizza shop.

                  You as the buyer shold consider what you do well and what you enjoy.

                  You should also talk to both your accountant and your lawyer before the purchase.

                   

                  Good luck, LUCKIEST

                  • Re: Would like to buy a pizza shop
                    Navigator

                    Hi Baltimore! Welcome to the forums! I was wondering, what made you decide you want to own a pizza shop? Do you have prior experience in the pizza biz or just love a good pie? Are you looking for any particular features like a shop with a brick oven for artisan pizzas, a certain style such as Chicago, New York or Greek or just a general type store with many varieties such deep dish, thin crust and veggie pizzas etc.? Do you want something that is delivery & carry out only or are you planning on having dining also? If you do dine-in, what theme do you plan to utilize ... for example, will it be a sports atmosphere where people can come to enjoy your pizza and watch the big game or maybe include an arcade for family fun? Do you plan to cook the pies yourself or just manage the business? You said you wanted to buy an existing business. Do you plan to make any significant changes to the existing operations or just keep it running as it is?


                     

                    There is a lot to consider when undertaking any business and this is just the tip of the iceberg. You should probably start with drafting a business plan. The SBA website is a good place to begin researching some of the many things you will need to accomplish along the way from the business plan to starting & managing a business and even financing possibilities. They are a great resource!


                     

                     

                    Best of luck on your endeavours and again, welcome to the forum!


                     

                    ~Moni