Hello Everyone,
For starters, let me tell everyone about myself. I recently graduated from a high ranking university and started working for a large accounting firm as a business process improvement consultant. While in college, I had a small internet business running that paid my way through college and then some (unfortunately the business no longer exists). I have about 100k saved up. I should have a pretty good credit score, although I haven't checked to see what it is for sure. I am planning on starting business school in the fall, but part-time.
Recently I have been interested in purchasing an established business, and have taken a strong interest in gas stations. After much research and analysis, I have found a gas station that I believe is a great value. Here are the basic annual numbers:
Sale Price - $1,100,000
Gross Income - $6,700,000
Cash Flow - $430,000
-20 years remaining on the lease at a competitive rate.
-High volume of gas sold on a very business intersection.
-Good sized Convenience Store, but has room for improvements.
-Smog Test station (alone produces about $10k/month NET).
Some other facts about me: My father has owned and managed a liquor store for over 20 years and will help me make the convenience store improvements. He has great supplier connections and lots of experience. He will also be involved in running the business. The gas station is less than 2 miles away from where I live, so it is very convenient for me to manage. Employees currently run most of the day-to-day business activities.
Receiving capital from family is a no go. The seller is not willing to carry a note. I have spoken to my local banks and they have said that to qualify for an SBA loan, I would need to have about 30-35% down (maybe even more). I did some research on Angel Investors, but did not find what I was looking for. What other options do I have for financing? Where can I find individuals looking to make such investments?
Thanks in advance!
