Second business I get to Execute now but with a business partner.
How did we get to this you may ask, and this happened with us knowing each other for a little over a year. His father was best friends (passed away 2 years ago) with my buddy father who I currently shared my shop with.
So my business partner we will call him KK, he would come over to my shop and hang out, he was always amazed how i handled and managed my shop business. He knew I had the whole branding, marketing, advertising and sales down to the T. I mean i can sell a simple pen. He was shocked what i was charging, and still can't comprehend how people pay me those prices lol
What he doesn't understand is my job is very physically demanding, I now have a 4 Month beautiful healthy boy, and i am 34, and my body can't stand another 10 years of physical abuse. I been doing this since i was 15.
One day i was thinking, that most people wait until they are tired of what they are currently doing, too old, and they tried to invest in another business, and I thought that's a bad idea. Why not invest now, take the risk now while my main business is doing good, and i'm bringing in capital. By the way not to get off topic but i am expanding the shop to a bigger one but more of that on its own thread. NOTABLE! - HOT! - EXECUTION - Signed a lease on a shop (Service Shop in the Auto Industry)
Jokingly one day I told him, as far as i can remember i always wanted to own a pizzeria. I love Pizza, and understand the business well, I do know people in the business, and KK was born in the pizza business as well. His father was the one who started their Pizza restaurant 20 years ago, now is run by him and his mom. His mom wants out, and he didn't know what to do with his life. When I pitch him the idea, he told me he wanted to be a cop. Lol I was like bro there's no way you going to be a cop, have you seen how you are? Your character, how you behave the things you like, are you aware becoming a cop becomes a very strict professional life? As a good friend I wasn't trying to knock him out of the idea, i let him be. I deleted the idea of owning a pizza shop, and just focused with the same goal I had of continuing to grow my shop, and eventually hire people in order for me to step back.
Well after KK and I talked that day, I guess he really thought about it and basically realized i was right. lol Out of nowhere he came to me and said let's do it. Keep in mind at that time I pitched him the idea, I had a loan for 30K from square and I was going to use it to invest in to the Pizzeria, I ended up using it for my shop to buy the final equipment I needed for now.
I told him I am still down to do it, but my money is now tied up, and honestly I don't think you are serious, I am wanting to go 50/50 on this. He kept saying he was serious, I told him if you are pull the 30K and lets open the bank account, il write up the LLC structure and get everything going, as soon as I am able to I will pitch in my half.
We already got our first location, a little over 1K square foot in a very good location, is in Fort Worth Texas. We signed the lease, and now we are getting to remodel the inside, we already have the domain, branding, and marketing down to the T! Won't disclose where in Fort Worth but is a very good location.
Everything is going well, all of suddenly someone send me another location someone wants out asap, he is moving back to his country and is a Pizzeria. My partner is currently out of the country and gets back on Friday. This location has everything ready to go, all the equipment, current website, its own marketing, and social media accounts. Pretty much another 15K in renovation and a new sign and is good to go which is not bad. The guy was wanting 80K, I managed to negotiate with him down more than half. The second location is 10-15 min from our first, and is also in a very good location, rent is actually even cheaper and the square footage is about the same.
Our idea now is to acquire the second location, and get it running under 2 weeks, get it to start making us money, and we will slowly build up the first location we had acquire. The first location will need more renovations, all the equipment, and signs.
The capital is there, the problem is my partner has very good credit 750+ I don't. So we want to see how or where to get him to get approved for a small loan. We just need under 50K and we are set. We are trying to see if we can get the rest of the capital 30-50K in either loans or CC.
This is where we need help with.
I will also explain what I found when i did my DD on the second location. Both locations are good, rent is extremely cheap, in good areas, not much competition, and our business model is not a big sit down restaurant, very simple menu. Of course im bringing in my SEO, advertising and marketing expertise, along with the branding and marketing. I am The Brains of structuring and growing the business, KK is the Pie maker, he handles the kitchen side.
How did we get to this you may ask, and this happened with us knowing each other for a little over a year. His father was best friends (passed away 2 years ago) with my buddy father who I currently shared my shop with.
So my business partner we will call him KK, he would come over to my shop and hang out, he was always amazed how i handled and managed my shop business. He knew I had the whole branding, marketing, advertising and sales down to the T. I mean i can sell a simple pen. He was shocked what i was charging, and still can't comprehend how people pay me those prices lol
What he doesn't understand is my job is very physically demanding, I now have a 4 Month beautiful healthy boy, and i am 34, and my body can't stand another 10 years of physical abuse. I been doing this since i was 15.
One day i was thinking, that most people wait until they are tired of what they are currently doing, too old, and they tried to invest in another business, and I thought that's a bad idea. Why not invest now, take the risk now while my main business is doing good, and i'm bringing in capital. By the way not to get off topic but i am expanding the shop to a bigger one but more of that on its own thread. NOTABLE! - HOT! - EXECUTION - Signed a lease on a shop (Service Shop in the Auto Industry)
Jokingly one day I told him, as far as i can remember i always wanted to own a pizzeria. I love Pizza, and understand the business well, I do know people in the business, and KK was born in the pizza business as well. His father was the one who started their Pizza restaurant 20 years ago, now is run by him and his mom. His mom wants out, and he didn't know what to do with his life. When I pitch him the idea, he told me he wanted to be a cop. Lol I was like bro there's no way you going to be a cop, have you seen how you are? Your character, how you behave the things you like, are you aware becoming a cop becomes a very strict professional life? As a good friend I wasn't trying to knock him out of the idea, i let him be. I deleted the idea of owning a pizza shop, and just focused with the same goal I had of continuing to grow my shop, and eventually hire people in order for me to step back.
Well after KK and I talked that day, I guess he really thought about it and basically realized i was right. lol Out of nowhere he came to me and said let's do it. Keep in mind at that time I pitched him the idea, I had a loan for 30K from square and I was going to use it to invest in to the Pizzeria, I ended up using it for my shop to buy the final equipment I needed for now.
I told him I am still down to do it, but my money is now tied up, and honestly I don't think you are serious, I am wanting to go 50/50 on this. He kept saying he was serious, I told him if you are pull the 30K and lets open the bank account, il write up the LLC structure and get everything going, as soon as I am able to I will pitch in my half.
We already got our first location, a little over 1K square foot in a very good location, is in Fort Worth Texas. We signed the lease, and now we are getting to remodel the inside, we already have the domain, branding, and marketing down to the T! Won't disclose where in Fort Worth but is a very good location.
Everything is going well, all of suddenly someone send me another location someone wants out asap, he is moving back to his country and is a Pizzeria. My partner is currently out of the country and gets back on Friday. This location has everything ready to go, all the equipment, current website, its own marketing, and social media accounts. Pretty much another 15K in renovation and a new sign and is good to go which is not bad. The guy was wanting 80K, I managed to negotiate with him down more than half. The second location is 10-15 min from our first, and is also in a very good location, rent is actually even cheaper and the square footage is about the same.
Our idea now is to acquire the second location, and get it running under 2 weeks, get it to start making us money, and we will slowly build up the first location we had acquire. The first location will need more renovations, all the equipment, and signs.
The capital is there, the problem is my partner has very good credit 750+ I don't. So we want to see how or where to get him to get approved for a small loan. We just need under 50K and we are set. We are trying to see if we can get the rest of the capital 30-50K in either loans or CC.
This is where we need help with.
I will also explain what I found when i did my DD on the second location. Both locations are good, rent is extremely cheap, in good areas, not much competition, and our business model is not a big sit down restaurant, very simple menu. Of course im bringing in my SEO, advertising and marketing expertise, along with the branding and marketing. I am The Brains of structuring and growing the business, KK is the Pie maker, he handles the kitchen side.
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.
