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    1 Reply Latest reply on Sep 8, 2008 12:05 PM by Fortis

    I am looking for 150k to buy a small bar

    Metrocarpet Newbie

      I am willing to put my house and business up as collateral. Please read...

       

      I am 47 years old and I own a flooring installataion company. My largest customer is the Lowe's Company. I own 5 vans and have 5 crews that work for me installing carpet, ceramic, wood, laminate, vinyl and all other flooring products. I own all the tools along with the vans and 3 of my crews are Amish. So far this year my company grossed over 500k. Lowe's is a great customer and I work for 4 Stores.

      Howard is a small town and an opportunity has come up. There is a small bar with a house on the property for sale. I want to buy it. The problem is that I have recently fired my wife of 15 yrs. I kept the kids and the house and business. She is gone and for good reason. She ran the books for my company for all these years. I found recently that last year she did not pay our payroll taxes of over 60k and also was late on over 50% of my accounts payable. This shows up on my credit report. I found this out about 3 months ago and I have paid all but 20k of the payroll taxes. I cannot fix my credit quick enough to take advantage of what I see as an opportunity.

      I have over 35k equity in my home and over 50k equity in my business plus an ongoing income of over 2k weekly. I need to borrow 150k. I can pay it back out of my going flooring company until I build the bar business up a little. This is a unique situation. Howard is a small resort town surrounded by dry towns. While other areas around the country may be consolidating, Howard is on the grow. We just built a large new school and most of our residents live around a 600 acre private lake.

      There is only one bar to compete with and they do over 800k per year. The bar I want to buy is only doing 60k per year because the owner is an old lady that sits at the bar and does not let people in she does not like. She only opens a few hour per day and I am sure that if I put my secretary and her friends in as bartenders and make some small adjustments, I can tripple the business and make it very profitable. I would like to speak to anyone interested in helping me.