WE'VE MOVED!
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
Help buying Restaurant/Bar/Pool Hall

I am currently looking at buying a property that is a restaurant, bar, and pool hall. The owner has owned the property for 16 years and is looking to sell because he has started a new business in a different line of work and feels that the business is more of a liability than a benefit as he is no longer running it on a day-to-day basis. The owner is willing to show me all his books and anything else I would like to see.
He is selling the business as is and is only taking out a few little centimental things. It has recently been remodeled and has a grill, 20 Brunswick pool tables, a new POS that he paid between $30k and $40k for, and many other things. He has average revenue of $750k and estimates profit of running it yourself of $175k. He is only asking for $300k.
I have one investor that I know who owns a few bars in a different state that is interested in investing a good little amount in it. I am looking at taking out a loan of $400k to help get started and have contacted a banker but have not heard anything back from him yet? What are my next steps? I am guessing on doing an LLC with an SBA loan. Any ideas of what I should be working on why everyone else is taking forever?
Although I don`t believe I will need any, I am interested in anyone who would like to be an investor in the business.
He is selling the business as is and is only taking out a few little centimental things. It has recently been remodeled and has a grill, 20 Brunswick pool tables, a new POS that he paid between $30k and $40k for, and many other things. He has average revenue of $750k and estimates profit of running it yourself of $175k. He is only asking for $300k.
I have one investor that I know who owns a few bars in a different state that is interested in investing a good little amount in it. I am looking at taking out a loan of $400k to help get started and have contacted a banker but have not heard anything back from him yet? What are my next steps? I am guessing on doing an LLC with an SBA loan. Any ideas of what I should be working on why everyone else is taking forever?
Although I don`t believe I will need any, I am interested in anyone who would like to be an investor in the business.
Sign In or Register to comment.
Comments