good advice needed

[95redstang]

I need some really good advice and input for a decision I need to make soon.I have the opportunity to purchase a business here in Fairfield.. It has a banquet facility, caterring, and a bar..There are 5 floors to the building. There are 2 kitchens with all the equipment except the big fridgerators in 1 kitchen that I would need to purchase. ..The banquet area seats about 160 people..That can be used for wedding receptions, rehearsal dinners,bday parties, well about anything..The bar on the bottom ..It's set up more like an American legion or VFW type bar..Not your typical local pub..There is also a room that can be used for games, darts, pool table, video game stuff..The liquor license is included wich allows for sunday beer sales, and carryout. The best one you can actually get.There is also an enclosed area outside that can seat another 60 people. The guy wants 30,000 for the bus. and take over the lease of the building. HE told me 8,000 down and 1,000 a month for the bus..The lease is $4500 a month. That can decrease if I use half the building..More sq ft more the lease.. The lease is 22 more months long..The inside of the building could use some TLC..I left my job at Coca-Cola after 10 years in November 06 because I had enough of that damn place. I was sick of working for people and getting shit on. My wife is sort of in the same boat. She has been with her company for a year and a half..She got promoted 3 times in less than a year..Her CO. decided to get out of the traditional malls..So they closed her store in Northgate Mall..She had to go to another store and take a demotion and a considerable pay cut..She has been wanting to do this sort of BUS. for a while now..Her family use to own a resteraunt in Ross. My concern is the bills for the buss. and my home bills..Between the both we would need to make about 15,000 just to cover the bills and insurance..95% of that would be from the buss..I'm looking to get some advice or opinions on this..Any would be greatly apprectiated...

[ewalt]

First of all, you need a lawyer. No two ways about it. You need to make SURE you're ass is covered regardless. Even if you know the guy personally. There are also free business advisor's you can use through the Ohio small business administration.

I had a hard time getting a hold of some of these guys. But the guy in Milford did answer his phone and was a very nice and helpful guy. He can even help you with giving you forms, letting you know how and where to get a vendors license, etc. (for butler county all you gotta do is run over to the Auditors office at 130 High St, in downtown Hamilton next to Elder Beerman. Of course some things may be different for people who are purchasing a business vs. starting a new one.

http://www.odod.state.oh.us/edd/osb/sbdc/local_center2.htm#reg5

Is this guy letting you pay him monthly for the business? You said he says 8k down and and 1k a month? If so, even more reason you need a lawyer, and he needs a lawyer. Is the business already incorporated? If not, you need to do that as well, it only cost about 200 bucks if I remember correctly, and your lawyer can help you do that! That protects you, your family, and your house in case something happens to the business.

Also find out the real reason he wants to sell. Is he having a hard time making any money? If so, what do you plan to do about that? You can turn it around, certainly, but you should have a plan (business advisor again will help you with that).

4500 a month is tough to cover, and you may be crunched for cash initially, so have a plan for that. It may me good for your wife to keep her job initially to help with cash flow. How much will the coolers cost you? You need a walk in? They can cost you a couple grand. Plan on how you're going to pay for that!

Good luck!

[PonymanfiveO]

good luck with it Shaun!

Let me know if your gonna hire someone. ;)

[95redstang]

I thought about talking with a lawyer. That is good advice for sure.I'm not familiar with running a buss. my wife has some knowledge..Actually I will be going back to school next month for buss. investments and management at Raymond Walters..I know she can make this work eventually..The key word is eventually..My wife is set on getting something like this up and running..Her dad owns a DJ service(C and C dj service) and is partners in a limo company, Savannah Nite is the company..I'm sure with her dad and his partner they can help bring us some clients..I'm concerned about the near future as opposed to the distant future ...We can book a ton of shit 6 months down the rode but not have anything for the first 6 months we opened...It would be nice to own our own buss. but that sure is a ton of money every month..I already told her she would have to keep working..Thanks for the advice...

[Mr.Moontang]

I have a culinary arts degree let me know if you need any help with events...that is if you buy the biz.

[95redstang]

I have a culinary arts degree let me know if you need any help with events...that is if you buy the biz.

No shit? THat's cool...There is a lot to think about man...Part of the building can be used as a resteraunt...Actually the owners ran it that way for a while. They decided they enjoyed the catering more...Good lord I need to hit the lottery...

[ADaughen]

My dad is going to law school at ONU. So if you can't find someone. He has a whole list of people that can help. ;)

[ricmcusa]

Some good advice on here about involving a lawyer. If you can do it with out losin everything you own. I say go for it. I wish I was in the position to run my own business. I am tired of working with and for idiots.I drive by bees cafe in fairfield all the time, and wish I could start a resturant. I really hope it works out for you. :bigthumb

[95redstang]

Some good advice on here about involving a lawyer. If you can do it with out losin everything you own. I say go for it. I wish I was in the position to run my own business. I am tired of working with and for idiots.I drive by bees cafe in fairfield all the time, and wish I could start a resturant. I really hope it works out for you. :bigthumb

That guy got popped on imigration charges..his family is trying to see if they can get the cash to get it up and running now..We looked at the old Puschs' resteraunt, it's now Richards Pizza..About a year ago we checked into it and they wanted 750,000 for the property....

[ricmcusa]

750,000 Thats seems high for that place. But I havn't been lookin. (No reason to) So I don't know the current prices. Richards did a nice job with the inside. Foods alright not the greatest imo. I heard about the people down at bees. On the news. I live in fairfield. If things work out for you. I will put the word out around here. Im out of here for the night. Let us know what happens

I wish I had a degree in culinary arts. Maybe I could stop wrenchin on cars. That's cool Moontang.

[plated]

i wouldn't start a buisness these days unless you have some well off to back you up,a small buisness won't even exist 20 yrs from now,buy into p&g or walmart.either way good luck,to ya.

[ewalt]

If you have to hire employees, it's a whole new ball game. You've got employee compensation, payroll taxes, etc. Might want to hire a good accountant too. My mom has one in hamilton for her florist and I thinking it's less than 200 a month, but he takes care of everything, payroll, taxes, and all other accounting.

[95redstang]

i wouldn't start a buisness these days unless you have some well off to back you up,a small buisness won't even exist 20 yrs from now,buy into p&g or walmart.either way good luck,to ya.

We are hoping the guy we know that owns the limo service and my wifes dad is interested...Her dad has some cash but the other guy has 10x that...
I'm actually very curious how all these damn mexican restraunts are popping up..Where in the hell are they getting the money for these dam places...

[Mista Bone]

Resturant in Ross......Ival's by chance?

The mexican places are taking over little strip malls that don't get much traffic, like Taqueira Mercano, which has KILLER food BTW! Anglios's place used to be a Western Sizzler before the chain got bust for not keeping the food hot enough (140 F).......

I'd inquire about Fairfield's taxes also.

Are you looking into the building behind the Wendy's on Rt4 near the old Fisher Body stamping plant?????

[95redstang]

Resturant in Ross......

Ival's by chance?

I think it was called the Old Millville doghnut shop...It was actaully in Millville..
If your from the area you may know my wife...

[DeckerEnt]

Find a good bank and take the manager out to lunch at a nice place. A bank can be a good investment to any small business. All small businesses need money. A bank can loan you the money. It will cost you intrest, fees, etc. but it will keep the business running. As long as the business is running and generating cash flow and you make deposits, a bank will work with you.
My father started my business in 1973. My dad retired in oct. last year. My mom retired the first of the year. My Brother and I am dealing with day to day operations now. We are looking at cash flow, bills going out and cash coming in and getting a real wake up.
Come spring, we will get really busy and the cash flow will improve. Right now, it is slow. We are relying on lines of credit to cover the bills. We have 2 accounts with 2 different banks and Mom left with those 2 accounts almost maxed out. My brother and I have plans to get out of debt entirely once spring comes and we get busy but in the winter, it is just slow. Banks help us tons.
Find a bank you are happy dealing with and it could be the difference between good times and broke.
Keith
859-331-0680 with any questions. I have a great CPA and probably good advice as well.

[95redstang]

Find a good bank and take the manager out to lunch at a nice place. A bank can be a good investment to any small business. All small businesses need money. A bank can loan you the money. It will cost you intrest, fees, etc. but it will keep the business running. As long as the business is running and generating cash flow and you make deposits, a bank will work with you.
My father started my business in 1973. My dad retired in oct. last year. My mom retired the first of the year. My Brother and I am dealing with day to day operations now. We are looking at cash flow, bills going out and cash coming in and getting a real wake up.
Come spring, we will get really busy and the cash flow will improve. Right now, it is slow. We are relying on lines of credit to cover the bills. We have 2 accounts with 2 different banks and Mom left with those 2 accounts almost maxed out. My brother and I have plans to get out of debt entirely once spring comes and we get busy but in the winter, it is just slow. Banks help us tons.
Find a bank you are happy dealing with and it could be the difference between good times and broke.
Keith
859-331-0680 with any questions. I have a great CPA and probably good advice as well.

A friend of my wifes cousin is a commercial loan officerand bank manager ..She came into my wifes store last week and they were talking about my wife wanting her own buss. and she said just give her a call..She said she can pretty much get her a loan...

[Mista Bone]

I think it was called the Old Millville doghnut shop...It was actaully in Millville..
If your from the area you may know my wife...

Mom taught at Ross for 25+ years, retired in late 80's/early90's. We'd go out to dinner with a fellow teacher who lived in Hamilton, so we went thru Millville alot.

[BUHBYY]

Mom taught at Ross for 25+ years, retired in late 80's/early90's. We'd go out to dinner with a fellow teacher who lived in Hamilton, so we went thru Millville alot.


who was your mom ??? and the doughnut shop had the shiznit breakfast !!!!

[BUHBYY]

Mom taught at Ross for 25+ years, retired in late 80's/early90's. We'd go out to dinner with a fellow teacher who lived in Hamilton, so we went thru Millville alot.


who was your mom ??? and the doughnut shop had the shiznit breakfast !!!! btw Ivals was owned by ival watson who moved to Florida to ride Harleys and fish !!!!

[Mista Bone]

mom was a Spanish teacher, Mrs. Tague, also was in charge of the cheerleaders :):):):):)

we'd go out to eat with Miss Brunner (home ec)