I have been trying to find the perfect business to start and found this coffee house that is attached to a book store. It has a “mini borders feel”. I think that it is fairly priced and would like to sit with the owner and make an offer. How could I possibly get financing to start this after a personal Bankruptcy? I am tired of relying on failing business in MI to support me for a few months at a time only to move on attempting to find a job in a flooded market. I want to be a job provider. I have a strong desire to take this leap and make it successful.
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- How Steps To Take To Buy A House After Going Through Bankruptcy? I went through bankruptcy this year and I want to buy a house so i can rent it out. what steps should i take? any resources will be helpful Originally posted 2010-01-05 00:36:51. Republished by Old Post Promoter...
Hate to put a damper on your plans but there is no way.
Instead of buying it why don’t you work there first to make sure you really want to get into this line of work.
If it works out well for a year you might be in a better position to prove your credit worthiness to a bank. You could also structure it as a lease with a % of the profits returned to the owner for a set period of time. Once a threshold has been met the business is turned over to you.
You have to wait till they are done filing for bankruptcy, I just recently bought a store, that filed and they told me it would take two weeks to reopen……………..It took 8 months to reopen!!! It really hurt us financially cause we had a 6 month grace on inventory, and the wait took so long we had too much invested, let’s just say we are still trying to get caught up!! Good Luck with your business I hope it goes good for you!!
Incorporate yourself.
If you do that, it will not look at your personal credit, but instead the corporation’s credit.
If you are going into your own business, it is always better to do business as a corporation rather than as an individual. That way if the business goes under, it will not affect your personal credit.
Strong desire huh? Two guys near me had a strong desire to breathe but they still drowned at the weekend. Sometimes that is not enough but I do appalude your desire to add value by being a job provider.
In terms of raising the money, I am not a banker but I am an investor and regardless of the history, if someone came to me with a total shoe-in in terms of a business plan then I’d still look at it. Sure I might require more security and probably a higher rate of return for the percieved added risk but if that did not put the business case under then I’m sure that someone can be found to lend you the money.
That said I can’t see a current business owner of a successful business selling it to you at enough of a discount to allow you the headroom to accomodate your bad credit. If the deal is so sweet then that would tell me that the underlying business is not as sound or as luctrative as it looks. If it were he’d be asking for more money but maybe, just maybe you can make it work.
So to you other point about a saturated job market. There is no such thing if you are bringing value to the table. Take a look at what value you bring and find a way to increase that value. If you can articulate that to a potential employer they’ll rip your hand off, if you can’t then the job market starts to appear saturated – believe me it isn’t, anywhere, ever.