Hello Everyone,

I am going to be blunt and honest. I am a hard working individual in the US Army with two combat tours in Iraq coming up on a third. I have lived in lower middle class all of my life and always dreamed of moving higher. Unfortunately I have never had the money needed to do things that would pull me out. I am bluntly asking for the largest favor I’ve ever asked for, a decently large sum of money in loan form to buy a business. I have the business picked out, a local bar that is already generating decent profits. The owner wants to retire and travel the world. This is not a scam or anything like that. I can provide you with any info you need to verify my existence, or trust worthiness. I’m not asking you to give up your hard earned money blindly. The reason I chose to post this here… Well lets face it, I don’t get the opportunity to speak to people with money openly enough to ask this in real life, and if you own one of these cars you’re obviously doing better than me. I have this request posted in a few different forums similar to this one. I’m sure most won’t like this type of begging if you will, but I’m hoping that just one will want to help. BTW I’m asking for a loan for about $400,000. Between me and my wife, I am more than capable of running this business. Please mail me at thedesertsux69@yahoo.com (because it does truly suck!)

Steve

I think the best option for you is to take a few weeks, maybe even a month, and write a comprehensive business plan. You have to sell the idea that this plan has a reasonable future and is very likely to pay back the loan with interest. Make sure it is as detailed as possible and read up on a few books about the subject of business plans, marketing, etc.

Once you have done that, try seeking out a Venture Capitalist or similar sources of funding. A bank won't lend you money.

I agree with holden.

I will not go off on a tangent about my future plans and intentions in the business world, but think to yourself, if you had 400K to loan to someone to do this, what questions would you want answered before forking over that kind of cash? Not only about the business but the person running the business. Presenting yourself professionally and being fully prepared could go a far way to helping you attain your goals. If you are in a leadership position right now, you know that when you get ready to roll that patrol out of the wire, you want no question to go unanswered. That same approach needs to be taken when taking on something like this and approaching potential investors/lenders for such a sum of money. No matter the amount, a Risk Vs. Gain assessment has to be conducted in order to determine if money loaned or invested with you is a smart move or not; it is up to you to provide the tools for that assessment to be conducted.

Trying to be polite, but no one is going to lend you that money, Especially a Venture Capitalist. A bar is a bar. It's a bank deal, and they wouldn't touch it without collateral.

How bout the seller financing?

I agree with the previous two posts. I am sure you are very passionate about your business plan, however getting a loan of that sum is not that easy. What you have to do is convince investors to be as passionate about your plan as you are. Although Lamborghini owners can be extremely successful, that does not mean all of them are. Some owners have been saving for years to have their dream car and have average jobs. Others have made it big by spending long hours of working things out from process of elimination. I too have a business plan that requires a large start up bill, but the chances of you getting an investor without statistics and a proper presentation is slim to none. From my experience (not too much) I suggest taking some time and type out your business plan and statistics and a background of you and your business associate (your wife). Once again, this is my personal opinion, so I hope nobody takes it the wrong way.
I wish you luck with your search for an investor. It just takes time and patience!

Why not have the previous owner hold the note. It's normal and usually how a small business owner sells their lifelong business. I don't know the details, but giving a lump sum to purchase may involve the seller to pay a large portion to income taxes. Getting a payout will put off the taxes into future years.

I agree with the above posts. A bar is a bar (cash cow) and silent ownership is very risky. I wouldn't trust my own mother in a cash business. Well, maybe my mother, but definitely not my mother-in-law.

Just a few thoughts!

Couple more thoughts....Asking prices seems very high for a bar. Sounds more like a successful night club. Does current cash flow pay it off in 3-4 years after interest expense? If not, severely question the asking price. That's cash flow, not profit, there's a difference.

Most owners have an overinflated opinion of their business, and it sounds like he's looking to "travel the world" first class.

Lastly, because you are asking for this over an automotive forum, tells me your not ready to run such a business, and I hope your not yanking us!

The desert is a beautiful place which demands respect from anyone who tries to conquer it. Many people have not given the desert the respect that it is due and have learnt the hard way that as much as it is beautiful it is a killer as well. I cannot explain it but there is something magical about standing atop a high sand dune and looking at the distance and seeing nothing but sand and the odd vegetation all the way to the horizon. It makes you realise how small, weak and helpless we are in front of nature.

Regards,
BANANA.

Yes, and as soon as you get off that LSD trip maybe you can post something relevant.

Was that comment aimed at me?