mike potter
Fort Worth, TX (USA)
Role(s):
Other
M & K Limited
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Startup
Location:
Fort Worth
Industry:
Retail/Clothing
Year Founded:
2010
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Limited Liability Company
Description:
I am looking for a loan of 150k to purchase our 3rd liquor store in the city of Fort Worth. We currently own and operate 2 stores with Revenue close to 900k. The 3rd store we are looking to purchase does 720k in revenue per year. This is a slam dunk deal that will cash flow very well from day one. We prefer a 5 year note, but could swing a 3 year note if needed. The rate is negotiable. We would go to the bank for an SBA loan, but the current owner completely understated his taxes to show he profited only 3k in 2010, and 4k in 2011. So a bank will only go off the tax returns, and I can't make those number cash flow. The store is located in a growing high income area. I am very confident in the stores sales listed. The store is currently is running on only 30k in inventory which will need to be increase to around 50k. Nothing is currently being done on the marketing front. They have listed on the P&L COG's at 69% of revenue. My stores run around 63% of revenue so there will be significant savings there.
I have two business partners that have outside careers. One is a airline captain, and the other is an electrical engineer. Both making in the 100k per year range. We all have excellent credit.
We are hoping to get a deal done as quickly as possible.
Mike