I am currently looking at buying a property that is a restaurant, bar, and pool hall. The owner has owned the property for 16 years and is looking to sell because he has started a new business in a different line of work and feels that the business is more of a liability than a benefit as he is no longer running it on a day-to-day basis. The owner is willing to show me all his books and anything else I would like to see.
He is selling the business as is and is only taking out a few little centimental things. It has recently been remodeled and has a grill, 20 Brunswick pool tables, a new POS that he paid between $30k and $40k for, and many other things. He has average revenue of $750k and estimates profit of running it yourself of $175k. He is only asking for $300k.
I have one investor that I know who owns a few bars in a different state that is interested in investing a good little amount in it. I am looking at taking out a loan of $400k to help get started and have contacted a banker but have not heard anything back from him yet? What are my next steps? I am guessing on doing an LLC with an SBA loan. Any ideas of what I should be working on why everyone else is taking forever?
Although I don`t believe I will need any, I am interested in anyone who would like to be an investor in the business.