3259 Shares

The family bar is up for sale, my husband and I would like to buy, where do we start?

The family bar is up for sale, my husband and I would like to buy, where do we start? Topic: Default in case statement
July 17, 2019 / By Zidkijah
Question: It's a very small bar in a town with a population of 291. However, it's the only bar in the area. We live in rural Nebraska. The idea is to buy the bar and generatre revenue in our local area. The downfall is we have bad credit. So I'm not sure if there is a chance unless we do a lease to buy contract. And I'm not sure if that is a good idea or not. Does anyone have any experience in this area? To clarify: This is my huband's great step-aunt's bar by marriage. It's a very small bar in a town with a population of 291. However, it's the only bar in the area. We live in rural Nebraska. The idea is to buy the bar and generatre revenue in our local area. The downfall is we have bad credit. So I'm not sure if there is a chance unless we do a lease to buy contract. And I'm not sure if that is a good idea or not. Does anyone have any experience in this area?
Best Answer

Best Answers: The family bar is up for sale, my husband and I would like to buy, where do we start?

Sloane Sloane | 5 days ago
If it's "family", will they carry the note? It can work with absolute legal papers, just as would be drawn up for a stranger. Of course, the family has to realize that they could own it again, if you default. Yes, this can get sticky in a case like that. And the owner has no guarantee of receiving any monetary compensation. You won't find a lender willing to finance a bar, unless you have some other asset to use as collateral. Would you be able to operate the bar as employees, and keep a small portion after expenses, then the owners receive a share of profits until paid? Papers would have to be drawn up with all the options. I doubt that you would earn much as long as you are paying for the business. You need an operating statement to decide that. All expenses, costs, and cash flow.
👍 98 | 👎 5
Did you like the answer? The family bar is up for sale, my husband and I would like to buy, where do we start? Share with your friends

We found more questions related to the topic: Default in case statement


Sloane Originally Answered: Should I divorce my husband because of his family?
I truly feel for your situation. I am also in the same kind of situation, only with a few differences. I have questioned my marriage and been exactly where you are at. I LOVE my Husband so much, he's my best friend and he does see what is going on, but unfortunately, things haven't gotten any better even though we try to separate ourselves as much as possible from the problem people in the family. My MIL is constantly badgering us about not going to family functions, even though she knows exactly why (we don't get along with his brothers wife, my sister-in-law, because she is the most pretentious, rude, snobby woman I have ever met). The badgering is creating problems with my MIL because we are tired of hearing about it and recently confronted her regarding her constant nagging. She is always trying to lay a guilt trip on us for not "being the better people" even though we have tried for years to be nice and get along. We are just over it and don't feel like dealing with them anymore. Divorce seems like my only way out of this horrible situation but it's so unfair to my Husband who treats me like gold. I feel like it's tearing my Husband away from his family and I don't want to be responsible for that. I feel in a way responsible because my Sister in Law hates me because I'm the only other daughter in law, if that makes sense. I think it's a territorial thing and she has been around a lot longer than me so I feel like I just don't belong here anymore. I moved to a small town in another state, had I known all this, I would never have come here. If your hubby is ignoring the kids, that's a HUGE problem and you have to address that first. We don't have kids so that's not my issue, but the children come first. They should always be made to feel like the most important people in their Dad's life. I think the biggest thing in your situation is to TRY your hardest to communicate your feelings to him. Sit him down over a home made dinner and let him know how you feel, be sincere and passionate. Communication can help so many marital issues. It's so unfortunate that in-laws have to be this way. You deserve to be welcomed into the family and treated as an equal, and I'm in the same boat. Stand your ground and don't back down, otherwise you will continue to be used as your SIL's personal door mat. Speak up for yourself and let your Hubby know that you deserve better. Keep your faith in God and ask him for guidance, because in the end, He's all that really matters. Best of luck to you.

Orrin Orrin
Is it YOUR family's bar or some other family's bar? if it's your family's bar, can't you make some sort of arrangement to pay without involving loan companies? Although business deals involving family members have a habit of turning ugly for some reason. if it's some other family's business. not sure what you can do if you have bad credit and want to buy a business. Perhaps they would let you work at the business as de facto owners. You'd have turn over a percentage of the profits to them and then an addition amount toward buying it. You won't make a lot of money for yourself this way, but you'd slowly be buying the business. I guess that is sort of like lease to buy. That might be your best bet, but get a lawyer and hammer out the details so there are no problems and you know all the stipulations. The saddest thing is the world is to work for a year or two there, giving them 2/3 of the profits and something happens that voids the lease and you end up with nothing. that said, learn the bar or dram shop laws (as they're called here in chicago). If something happens that violates that law, all parties involved could lose the bar and that wouldn't be a good thing.
👍 30 | 👎 4

Lemuel Lemuel
buy outright of course with a loan it does not make sense to lease for purchase. I'm sure you can get a loan from someone, not all banks are bad. talk to a Realtor or loan officer (not a loan shark) who has experience in purchasing business for their clients.
👍 26 | 👎 3

Jahleel Jahleel
I woul'd try to finance it. Lots of banks, and loan companys, will jump on to a buisness loan, because if it falls through, they own it and will get more out of it. Another thing, if you get it try to put all the profits back into it and build revenue. Try to run the buisness yourself so you don't have to put out to much in payroll. I wish you the vary best of luck it you can get it.
👍 22 | 👎 2

Jahleel Originally Answered: Why does my husband have trouble standing up to his family?
you answered your own question. He really doesn't want to make waves...he is non-confrontational when it comes to his family. Some guys are just like that. Mine seems to firmly believe that if you ignore the problem long enough it will just go away. (Like that has EVER happened.) And let me tell you my in-laws are the biggest bunch of back-stabbing wannabes you'll ever come across. The best thing that ever happened to us was a move out of state! We moved about 3 hours away and his family still (after 7 years) acts as if it was MY FAULT we moved, and they rarely come out to see us even though his parents grew up where we live now and there is quiet a bit of family still in the area. Personally I gave up. He isn't going to change, We have been married for 17 years and it just isn't worth the aggravation to keep on him about it. Moving helped limit my contact with them. I do not send cards for any reason to them except for Christmas...if he wants his family to have cards for birthday's etc he can buy them, address them, sign them and mail them. And he'd better not use my stamps! I don't call them, email them, or seek them out. I am nice to them when I am forced to deal with them. Common courtsey and good manners are important. I do make sure I send all the neices & nephews gift cards for their birthday's and christmas, they are not the problem although their manners leave a bit to be desired. Just kill'em with kindness, and although it is hard, rise above them!! Remember never let them see you sweat! Keep your visits short and as infrequent as possible. Send your kids with your hubby and stay home once in a while. You don't always have to go. I don't... Good luck, feel free to email me and vent. I can relate!!

If you have your own answer to the question default in case statement, then you can write your own version, using the form below for an extended answer.