The family bar is up for sale, my husband and I would like to buy, where do we start?
It’s a very small bar in a town with a population of 291. However, it’s the only bar in the area. We live in rural Nebraska. The idea is to buy the bar and generatre revenue in our local area. The downfall is we have bad credit. So I’m not sure if there is a chance unless we do a lease to buy contract. And I’m not sure if that is a good idea or not. Does anyone have any experience in this area?
To clarify: This is my huband’s great step-aunt’s bar by marriage.
It’s a very small bar in a town with a population of 291. However, it’s the only bar in the area. We live in rural Nebraska. The idea is to buy the bar and generatre revenue in our local area. The downfall is we have bad credit. So I’m not sure if there is a chance unless we do a lease to buy contract. And I’m not sure if that is a good idea or not. Does anyone have any experience in this area?
If it’s “family”, will they carry the note?
It can work with absolute legal papers, just as would be drawn up for a stranger.
Of course, the family has to realize that they could own it again, if you default.
Yes, this can get sticky in a case like that. And the owner has no guarantee of receiving any monetary compensation.
You won’t find a lender willing to finance a bar, unless you have some other asset to use as collateral.
Would you be able to operate the bar as employees, and keep a small portion after expenses, then the owners receive a share of profits until paid? Papers would have to be drawn up with all the options.
I doubt that you would earn much as long as you are paying for the business.
You need an operating statement to decide that.
All expenses, costs, and cash flow.
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