Aprilskies13
03-02-2006, 03:57 PM
Hello everyone!
For 6 months I have been in negotiations for a popular bar to come into ownership of myself and a partner. Said little neighborhood bar is a 100 years old next year, and is loved by all (profitable). However, it was run into the ground by the previous "owner" who had it contract for deed from the REAL owners of 10 years. Anyway, he was kicked out and they have again taken over. It has been closed for 6 months awaiting a deal.
Then we came along. We are offering a 12 month lease with the first option to buy (contract for deed) at the end. They seem VERY interested. I have a marketing and advertising degree and my partner knows everything about HVAC and electrical, so we figure between us we can make this happen. Not to mention the fact that I have 5 years assistant manager experience in a nightclub and my partner's wife ran a popular bar for 8 years.
What concerns myself is the LEASE. We are willing to put $40K into this place to replace and fix up a lot of stuff right off the bat. I consider this a very good PLUS for their side. However, they are afraid to sign any kind of lease fearing everything could go "horribly wrong". What could go wrong on their side? Their bar is making ZERO money being closed. They cannot sell it outright because they owe some loan payments on some of the fixtures and updates. I live 3 blocks away and am willing to put in 110%, with a lot of family and friends willing to contribute.
So I ask you, How could we go wrong?
For 6 months I have been in negotiations for a popular bar to come into ownership of myself and a partner. Said little neighborhood bar is a 100 years old next year, and is loved by all (profitable). However, it was run into the ground by the previous "owner" who had it contract for deed from the REAL owners of 10 years. Anyway, he was kicked out and they have again taken over. It has been closed for 6 months awaiting a deal.
Then we came along. We are offering a 12 month lease with the first option to buy (contract for deed) at the end. They seem VERY interested. I have a marketing and advertising degree and my partner knows everything about HVAC and electrical, so we figure between us we can make this happen. Not to mention the fact that I have 5 years assistant manager experience in a nightclub and my partner's wife ran a popular bar for 8 years.
What concerns myself is the LEASE. We are willing to put $40K into this place to replace and fix up a lot of stuff right off the bat. I consider this a very good PLUS for their side. However, they are afraid to sign any kind of lease fearing everything could go "horribly wrong". What could go wrong on their side? Their bar is making ZERO money being closed. They cannot sell it outright because they owe some loan payments on some of the fixtures and updates. I live 3 blocks away and am willing to put in 110%, with a lot of family and friends willing to contribute.
So I ask you, How could we go wrong?