Gregory Miller
Imperial, MO (USA)
Role(s):
Founder/Owner/Principal
Global Property Investors, LLC
Find More Startups
Startup
Location:
Imperial
Industry:
Real Estate
Year Founded:
2012
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Not Incorporated
Description:
We, the Miller Investment Group, are in the process of purchasing a Plato's Closet franchise in NJ and need an investor to assist us with $175,000 of equity that can be used as collateral to obtain a small business loan of $250,000 with a 5 - 10 year term and interest rate of 8% - 10%. The bank will hold the collateral until the business produces sufficient funds to release it (usually achieved within a 1 - 2 year period). We have an executive summary, business plan, 3-year financial projections, personal financial statements, last 3 years tax returns and sufficient cash in the amount of $125,000 available to invest in the business/start-up process and aid in obtaining the small business loan. The franchisor, Winmark Corporation, requires owners to have $75,000 cash available and a networth of $250,000 ($175,000 equity in a home or business is required, accepting 80% of home equity, 70% of business equity and 30% retirement funds).
Plato's Closet offers a truly unique retail franchise opportunity, as it is the only national teen retail store of its kind -- focusing on the buying and selling of gently used, brand-name apparel and accessories for girls and guys! In 2011, the average Plato’s Closet store had sales of $962,940 with an average gross profit of $600,405 (62.35%). We are offering 3% equity of the total sales of the Plato's Closet we purchase for the life of that franchise location, OR a fee of $30,000 ($15,000 upon securing the small business loan of $250,000 with a lender, AND $15,000 after 1-year from opeing that franchise's/store's doors). If the investor is interested in financing the loan of $250,000, then we would be open to discuss that opportunity as well.