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I work at a Ben & Jerry's scoop shop that hasn't been opened a year. I started when the company started, I was the first employee that was hired and have been with them them from the start. It was a LLC. But now two of the partners want out (a mother and daughter). They put in most of the money and the one that is left is someone who put it maybe $30k total. Im assuming that the two other partners would want around $100-$125k for their portion, it may be lower, may be higher just an estimate from what I have seen.
I'll call the owner (the one who wants to stay, who put in $30k) Ira from now on.. Its just easier.
I've pretty much became manager at the shop but just don't have the title or the pay. I make the schedule, I give my input on business decisions, Ira asks me what I think the company should get in regards to ice cream and supplies, I go pickup fruit and items we can get from walmart such as bananas, apple juice, soda etc.
Ira HAS told me that he is trying to find a way to buy out the other two but not for the reason why. He left his email up one day when he left the shop and another employee (who has also been there from the beginning and is my best friend) told me about it and it came to my attention that Ira hasn't been paying certain taxes or the books aren't right for the other company that Ira and the other two are involved in, so he had faulty books and now he isn't apart of the other company anymore. He has said that he might merge with some other stores to buy them out but I don't really think thats a good idea.
I really enjoy working for the company, I can work when I want, if something comes up I can have someone else work etc. there arent many employees (only 5, plus 1 that goes to college and works at certain times such as Spring Break, Summer, and other extended breaks she has from college so 5 including me that work on a weekly basis.)
I think that I can bring something to the company by focusing on the Catering service Ira wants to get started and for doing day-to-day activities that I already know and do. The bad thing is. I'm only 17 years old so I have no previous experience in business or entrepreneurship of any kind.
My question is: Could it be possible for me to buy a portion of the company to take charge on the catering and/or just the day-to-day activities? Would it be hard for me to get a loan for maybe $10-$20k? this may sound stupid but are there any grants that can help young entrepreneur? I will be taking online college classes and I think that this could possibly help on paying for college.
There is also another possible issue, the company has only made roughly $110k since its opening day June 12, 2006. Should I avoid trying to pursue this venture or should I go for it? I also believe that if I had a portion of the business that I could up the revenue to some extent such as promoting and being active and concentrating on the catering business, creating weekly specials where you get smoothies, shakes, or sundaes at a discounted price for the week and offering more types of products such as prepackaged pints, hand-packed quarts, etc.
Also, could I take over the catering portion on a lower amount then $20k? In your opinion what percentage can and should I try to get?
What are some of my financial options? Just loans I suppose?
Being 17, I don't plan to do this until I turn 18 but I would like to present Ira with something weather it be me telling him I'm thinking about it or weather me giving him a business plan and outline on what I would bring to the company to see if he would even allow me to buy a portion. If I would need a business plan what should I include in it for the catering business (which I forgot to mention, only serves Ice cream.)
Thanks for your time and help.
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