Quote:
Originally Posted by Charlottean
The fixtures alone are at least double that probably.
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I can tell you for a fact that the equipment alone cost $90k. Nevermind the fixtures, upfit, and small wares still in the store. I also know for a fact that the original loan for the store was over $300k. So yeah, whoever buys that store is pretty much stealing it legally.
We actually know the owners. After I saw the sign and posted this topic I called them and we went out to dinner the other night. I asked them if they minded about the topic and they said no. I didn't even think about asking them b/c I was so shocked to see that number on the sign.. but they were very cool about it. I knew about most of the specifics, but they gave me more info. They were very open about everything b/c it pretty much is what it is at this point... a straight up asset sale agreed to in conjunction with the bank to just help put everything behind them. Read below for more
Quote:
Originally Posted by himain
Wonder why it went belly up? I would consider that before purchasing that location..
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The main reason was due to a lawsuit at a completely unrelated location. They had to file Chapter 7 to stop the lawsuit as negotiations stalled and the landlord was getting greedy. Doing that forced them to close 2 other locations they owned regardless of how well they were doing. One location was taken over by another franchise about 2 weeks after they filed, so that was handled quickly. The Cureton location took a bit longer due to negotiating an agreement with the bank. Since they reached an agreement with the bank they were able to put the sign in the window. They also listed it with a commercial sales agent.
Quote:
Originally Posted by Hoagie58
Maybe they just dont want to run a business anymore? I know it can be nerve frazzling, for sure!! But, good advice too- if a business is failing the owners sure wont volunteer that info!
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See above
Quote:
Originally Posted by dez181
Or maybe it is just the buy out on the lease......be careful.....too good to tbe true usually is
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Nope... no lease buyout here. It's an asset purchase and you're simply buying the location complete with equipment and fixtures. Anyone who buys the location would have to negotiate their own lease with the landlord.
Quote:
Originally Posted by Wookie21
You probably have to assume the debt also.
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Nope. If you make an offer for $50k, all that is yours for $50k. The bank is approving the sale, so once you close, you own all of that stuff free and clear. So like I said above... stealing it legally.
Hopefully it works out for them as this is the last piece of the puzzle to move forward. So if you know anyone interested in a business opportunity, have them check out the sign in the store!
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. I know for a fact that these stores cost $300k or more to build out from scratch... and that location is just over a year old... so all of the equipment and fixtures are brand new!! 
