Recently came across an opportunity in the event center and banquet hall business and wanted to seek valuable insight and advice.
A close friend of mine who happens to be a chef at a popular banquet hall recently shared a promising business info with me. A already running banquet hall and events business is up for sale, and my friend is suggesting I become a financial partner in the business . However, as a potential investor and business operator, I would have to secure a down payment of $300,000 to $500,000.
Here are some facts I have gathered about the banquet hall and event center:
Location: GTA, Ontario, Canada
Asking price: $1.5 million
Revenues: $2.4 million in 2022; In 2023, it is expected to reach $3-3.4 million
Rent: $25,000 per month
Owner takes home: $400,000
Reason for sale: Owner Retiring
Although I have some business experience under my belt, it has never been on this scale. So I am seeking guidance from the knowledgeable members of the Fastlane forum. I want to make sure I approach this opportunity with clarity and caution.
What are the most important things to keep in mind when considering this opportunity?
Arrange finance in the best possible way, given the down payment requirements of the loan?
Due Diligence: What specific information do I need to gather to make an informed decision about the feasibility and risks of this business? What insights can you provide on the banquet hall industry in the GTA region? Is there anything else I need to be aware about in order to be successful in this business?
A close friend of mine who happens to be a chef at a popular banquet hall recently shared a promising business info with me. A already running banquet hall and events business is up for sale, and my friend is suggesting I become a financial partner in the business . However, as a potential investor and business operator, I would have to secure a down payment of $300,000 to $500,000.
Here are some facts I have gathered about the banquet hall and event center:
Location: GTA, Ontario, Canada
Asking price: $1.5 million
Revenues: $2.4 million in 2022; In 2023, it is expected to reach $3-3.4 million
Rent: $25,000 per month
Owner takes home: $400,000
Reason for sale: Owner Retiring
Although I have some business experience under my belt, it has never been on this scale. So I am seeking guidance from the knowledgeable members of the Fastlane forum. I want to make sure I approach this opportunity with clarity and caution.
What are the most important things to keep in mind when considering this opportunity?
Arrange finance in the best possible way, given the down payment requirements of the loan?
Due Diligence: What specific information do I need to gather to make an informed decision about the feasibility and risks of this business? What insights can you provide on the banquet hall industry in the GTA region? Is there anything else I need to be aware about in order to be successful in this business?
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