Wanting to Buy an existing salon

[Tat2DGroomer]

My fiance and I are looking at a shop and school in Mooresville NC to purchase. My credit is cruddy because of my ex husband grrr and Jays is okay but nothing spectacular. Any suggestions? It is going for relatively cheap and i have the financials from it. Its doing really well, the guy just wants out from under it as his wife was transfered to another state.

Stephen: So your concern is your credit basically? It is not to your benefit in price shopping, but how much will take down and payoff the rest in 12 months with decent interest. Cash is king, you can even lowball and go up from there, but if you cannot and credit worries, consider private financing but make sure you can give the person assurance you are worthy of that trust.

[Tat2DGroomer]

thanks Stephen. I have an idea for private financing. However, we were going to try it through some kind of lending institution. what happened to Barkleighs deal? Anybody know?

[Boxerfan]

thanks Stephen. I have an idea for private financing. However, we were going to try it through some kind of lending institution. what happened to Barkleighs deal? Anybody know?

Good luck with that, I could never get anyone from Barkleigh to ever call me back.

[Tat2DGroomer]

i even went to the website they used to have, BarleighFunding and it wasnt there so I can only assume they shut down that operation..bummer really.. groomers do need specialized financing instead of a bank that just gives ya the stink eye and says you wanna do what?

Stephen: Banks have models of financial profile of who qualifies and who doesn't, they don't discriminate against groomers in any way. Most groomers do not know how to present themselves. Few write a professional plan and want a business loan. I have gotten funding for over 500 groomers who went the proper procedures, but in the end everyone has to qualify with a financial model, so much equity, so much this and that. Doesn't surprise if Barkliegh stopped, good idea, but it shouldn't be seen as a route around traditional loan methods, and Barkleigh when I talked to them found they had to write plans for groomers etc. I cannot emphasize enough that half the work of opening a business SAFELY is writing a plan because it forces you to think out the good, bad and ugly scenarios so you are prepared. Now I know some attitude exists at banks, and that is reflective of our industry. How many towns and cities have these standout grooming businesses that say to the GENERAL PUBLIC, well look at that, grooming is a prosperous industry. Well more than ever today, but it hasn't been that way for a long time. It really helps the public's stereotypical viewpoint of grooming when pet care owners do smashing businesses and say this is great thing to do for a career, your animals and those owners even take part in local government...it changes the public's perception and even those bankers.

[BeeJL]

I'd make a business plan using "The Box'. They have specific advise for buying an existing business. I also just finished reading a book about banks and how/why they lend to small business. The title is "Borrowing For Your Business". I got it at the library, not sure that I'd spend money to buy this one.
Bee

[Tat2DGroomer]

I love the 'Box" wish I had the spare bucks to buy it LOL I am working up a business plan right now.. fun fun. Oh well.. I am having fun with it.. Jays jaw dropped when he saw the deal I was offering an investor LOL

[Tat2DGroomer]

Okay done with my Business Plan, almost. have a few more things to tweak and I will be ready in the morning to email it and print it and package it for the investor here in Jax. Looking forward to it.. Worked on it until 4am last night lol

[Moonpiepoodlz]

Fingers, toes, and paws crossed for ya Tat.

[Tat2DGroomer]

Okay it has gone out in email form to a few people. Now I just got to get my printer working so I can get it ready for my Private investor here

[Tat2DGroomer]

Okay. Nerves are SHOT.. I hate waiting!!!! I stare at my email inbox all the time LOL I hope everyone that has asked me for the Business plan is genuinely interested and not just pulling my leg for nefarious reasons.. waiting makes me GROUCHY