This last Thursday, at 5:00 PM, was the final moment before my offer expired. At 5:40 I hadn’t heard anything at all. Not a word. So I called the broker and after one ring he sent me to voicemail. And then sent a text message saying he couldn’t talk at the moment. I guess at the time of my offer expiring he decided to schedule another meeting? Seemed odd to me but oh well. I just told him to give me a call later. Continue reading
So in the last month we have had more progress! I’ve talked to three different banks. One of them turned me down pretty quickly, another seems to be still thinking about it, and the last one has give formal acceptance of the acquisition. Fortunately the last one is the bank I was hoping to work with most! Now, we still need to convince the Small Business Administration, but my loan officer will be handling most of that. And she’s worked with the SBA enough that she is confident there won’t be any problems.
Lots of big new from the last few weeks! After months of slow plodding things are now happening quite rapidly! It all started when I finished up my business plan. That was the key thing I needed before I could start talking to bankers and lawyers. I don’t have much to go off of except examples from the internet but I think I did a pretty good job on the plan and the financial projections! Continue reading
As many of you will know, I’ve been doing research to start my own business for quite a while now. I intended to open a store selling home brew supplies but, for various reasons, I’ve pretty much put that idea on the back burner. Not forgotten, just not ready yet. At the same time I’ve been keeping my eye on the beer distributor in Washingtonville. It’s a small store but seems to do good business thanks to being in a great location.
Recently I’ve gotten very serious about it. At this point I’ve taken meetings with both the broker and a CPA to have the financials examined. I’m bound by a non-disclosure agreement so there isn’t much that I can say about the meetings except that, for the most part, I really liked what I heard. I’m actually not sure how much I can and cannot say because of the NDA so I’m going to pretty much leave it at that.
But, I think this is worth pursuing, I’m really excited about it, and I’ve got a lot more work to do!