Need Some Advice

[AmericanDream]

To sum it up, I'm trying to buy an existing franchise for sale. Its a Quiznos and its been running for 4 years. The problem is Quiznos want me to put a minimum of 30% down on the deal. Its selling for $70000 + $12,5000(franchise fee) + $6000(fee). I'm looking at about $90000 after its all said and done. 30% of 90 is $30000. Really can only put down about 7 or 8 thousand. And they want the franchise fee to be cash, no borrowed money. Anyone think it would be a good idea to partner up with someone cash strapped. Im not too fond of that idea. Or any other ideas would be appreciated.

Another dilemma is in my state of residence, you have to be 21 to be held liable in a contract. I'm 20. So if i didn't pay a loan back they couldn't touch me legally, probably with baseball bat though.

[BusinessAdviser]

A couple thoughts:

1) Whether you want to partner up with someone or not, if you can't come up with the cash on your own and you aren't permitted to use borrowed money, you don't have much of a choice, do you?

2) With regard to a contract, if you have to be 21 to enter into a contract, why do you think that you'll be able to get someone to loan you money? Maybe you've already gotten a commitment from someone, which is interesting in itself. Still, I'd be very careful making legal assumptions like you have regarding the contract. I don't think you're right.

[AmericanDream]

The SBA don't loan to anyone under 21 in my state is what I was saying. I found someone who will loan me the money. Its just the franchise wants too much money down, so I guess ur right, I have to parter up with someone.

[BusinessAdviser]

And be careful assuming that you can borrow money but not have any liability due to your age. I don't think it's quite that simple.

[AmericanDream]

How do I go about finding a partner.

[lexo]

Looking at your post and replies, I would suggest NOT DOING IT!!,.. at 20 yrs old, little to not enough money to start this franchise, it does not look loke a "great opportunity".

Another question, do you have experience in restaurant management? You are talking about doing business with a major corporation that has a team of lawyers on "their" side. Trust me when I say, they will always have the upper hand.

On a side note, why not looking into a franchise that limits your liability and requires less money? I did the same thing and started my first "franchise" for only $2000.00 and it has a monthly revenue of over 10K. I think this might be something you could look into as your "First" franchise opportunity,..

socialcipia.com is the site to get some info as well as get started. You can get it going today and start seeing cash flow tomorrow,..