Closing business:(

Nanna

New member
Nov 13, 2007
3
0
Georgia
31/2 years ago my husband and I bought an old bank building downtown to open the gift shop I always wanted. As an afterthought I put a coffee shop in the back section. At that time I didn''t even drink coffee. While, long story short, the gift shop didn''t make it and the coffee shop is still growing. My mistake was pouring all my money in the gift shop. Now that I''ve learned to love coffee and all the fun of working in the coffee shop it''s to late. I have a steady customer base, but not enough to get me out of debt from bad buying choices for the gift shop. I,m trying to find someone to lease the coffee shop so it can stay open. I don''t know how much to charge for my equipment. I want to lease it not sell it. Any advice?
 

John P

New member
Jan 5, 2007
1,045
0
Salt Lake City
What about a bridge loan or an equity line of credit to cover costs while you re-establish the business? Make sure you explore other options before you pull out.

You'll be hard pressed leasing equipment that isn't new. I would say no more than 30% (being generous) of what new equipment would lease at. Also I would be armed with complete maintenance logs to show that everything was serviced routinely and professionally, whether by yourself or a tech.

I would sell the equipment. If you lease, you are responsible to replace the equipment if there's any failure. Leasing generally gives 100% warranty on the equipment to be repaired (at your cost) or replaced. Too much headache. If you really think you'll give it a go in the future, you can always buy new equipment.
 

AJPRATT

New member
Mar 7, 2007
382
0
Atlantic City, NJ
Nanna, have you decided what you are going to do? Have you talked with your local Small Business Development Center? They may be a good resource for you. I also know that there is something with the SBA that can match investors to businesses. Don't give up just yet!
 

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