I have the opportunity to buy a well established wedding catering business/facility, which has been in existence for about 15 years. Business has been curtailed as of the last year or so , because the women is simply getting too old to do it anymore, (she is a 70 year old, mature southern women who has done most all of it herself), and she has turned down business just because she can't physically do it anymore.
The property is 7.5 acres, 70 seat covered pavilion, heated/ac with 2 bathrooms, 70 seat open air pavilion, gazebo, and 4 bedroom house that she keeps the front rooms as office for clients. She has a commercial kitchen because part of the house used to be a restaurant 20 years ago. All of the property, buildings, equipment and such is apart of the deal, everything!
How would a lease work roughly, I understand that it would be unique to our agreement, and does anyone know how I assess the value of the business? She doesn’t have a P&L sheet, and when I questioned her about her average costs, she couldn’t say.
It a great deal as she can help me through the learning curve, and has already several great marketing tools, all the equipment (linens, tables, chaffers etc.) and a spectacular reputation in place. just very concerned about the money obviously. I will be a recent graduate when this happens and already in debit for school and don't have any collateral to put up to a bank or lender, which is why I think a lease to buy would be perfect for me, and she is open to that as well.
Any ideas?
thanks,
Frizbee
The property is 7.5 acres, 70 seat covered pavilion, heated/ac with 2 bathrooms, 70 seat open air pavilion, gazebo, and 4 bedroom house that she keeps the front rooms as office for clients. She has a commercial kitchen because part of the house used to be a restaurant 20 years ago. All of the property, buildings, equipment and such is apart of the deal, everything!
How would a lease work roughly, I understand that it would be unique to our agreement, and does anyone know how I assess the value of the business? She doesn’t have a P&L sheet, and when I questioned her about her average costs, she couldn’t say.
It a great deal as she can help me through the learning curve, and has already several great marketing tools, all the equipment (linens, tables, chaffers etc.) and a spectacular reputation in place. just very concerned about the money obviously. I will be a recent graduate when this happens and already in debit for school and don't have any collateral to put up to a bank or lender, which is why I think a lease to buy would be perfect for me, and she is open to that as well.
Any ideas?
thanks,
Frizbee
