I opened a coffee shop about a month and a half ago. We invested like $50,000 in it, and it is going well, but not yet turning a profit (as expected a new business). However, we have no more capital to cover the loss of the business, and our personal income isn't enough to maintain us and cover the loss. We tried to secure a loan but we have bad credit and were turned down.
We are at a point where our only option is to lose it come month's end to the landlord, or to sell it. I'd like to do the latter since at least we can get something back. Also for a capitalized $42,000 business, how much can we expect to get. The business itself is solid and well set up - it is just young and we have no money to run it.
p.s. we considered bringing on a partner, but that would actually be harder than selling it, as we understand it.
2007-01-10
09:20:41
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6 answers
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asked by
lesaint770
2