Brad Court
Chicago, IL (USA)
Role(s):
the Pumping Company
Find More Startups
Startup
Location:
Chicago
Industry:
Food Service/Restaurant
Year Founded:
1900
Number Employees:
INVALID
Description:
Here’s how the bar plays out:
The Pumping Company – 6157 Broadway Chicago IL
Loyola and Northwestern College Bar
Sale price is $225,000
I am personally responsible for $75,000 it’s a person guarantee to the seller. 1/3 ownership
Investor1 - $100,000 - return 10% first year ($833.00 month) 20% every year after ($1,666 month) 1/3 ownership
Investor2 - $120,000 – return 10% first year ($1,200 month) 20% every year after ($2,200 month) 1/3 ownership
Total: $295,000
The seller will take $150,000 plus my personal guarantee of $75,000
$70,000 if for the transfer of the liquor licenses and insurance witch needs to be paid 2 years ahead.
Liquor licenses and insurance - $10,000 (that’s good for 2 years)
Lawyer and new Corporation - $6,000
Rent is $6,000 – (one month security deposit