Restaurant Down Payment
Originally, my plan was to take over the restaurant as is, keeping the name and menu. Since I made this donation page, some information has come to light and I have decided to open my own restaurant instead. So, since I am only buying the equipment and tables from the owner, I only need to raise half as much money as I originally had planned. This is great news for me as it will allow me to make my own menu and really make the place my own. I am currently in talks with the local Area Economic Development Service, trying to get a loan from them for the amount I need. I will not know until next week (around Dec. 17) just how much I will be able to get from them but things are looking good at the moment. I am still accepting donations to help with the costs of printing menus, having signs made, decorations and permits. I want to thank everyone that has already donated and let you all know that I appreciate so much the support you have lent me. I will update the page next week and let you all know how it is going. THANKS AGAIN!
A little over a year ago, I started working at a new restaurant in my town. I was very grateful for the job and put forth the best performance I could. The owner must have noticed because after three months, I was promoted to manager. The owner opened another restaurant in another town and, gradually, more responsibility was entrusted to me. Eventually, the entire running of the restaurant became my responsibility. I am now in charge of the hiring and firing, payroll, inventory, ordering supplies, paying utilities and rent, pretty much everything but the taxes.
Last month, the owner came to me and said he wanted to get out of this town and open somewhere else and asked if I would be interested in buying the restaurant. I was flattered that he came to me with the offer first
He wants a down payment of $7500 and $1500/mo for three years. The restaurant brings in about $20,000/mo at the moment and the overhead is anywhere from $13,000 to $15,000/month, depending on food costs and utilities for that month. I have been keeping this place running for the last 6 months but, if I was to buy it, I would really be able to put some of my ideas into place and make the place truly successful. I believe confidently that I can get the monthly sales up to $25000 to $30000 within six months.
I only have until December 15th to give him my decision. I have been trying my best to come up with the money this last month but I can only come up with about $2000 at the moment , and I need all of that to cover the cost of changing the permits and licenses to my name. I do not have the collateral to get a $7500 loan from the bank and I really have nowhere else to turn. I know that if I can't raise the money for the down payment, the restaraunt will either be sold to someone else or, god forbid, closed down.
But I am not giving up hope. I am hoping that the kindness of others will give me the ability to start this new chapter in my life and improve on my well-being.
Thank you all once again for taking the time to read what turned into a rather lenthly call for help.
Thanks, and may you never lose hope.