canada bar

Ok well a pretty random one here for ye all, basically im 22, 23 in 2 months and a qualified tradesman currently out of work with very little chance of getting a decent job in this country anytime soon.

To be honest very disillusioned with this whole country, the system from the ground up everything is just wrong in my opinion. Health system, schools, justice, tax, you name it I probably have a problem with it.
Im being penalized and probably will will be for the rest of my life paying for the mistakes and greed of a previous generation ( not accusing everybody but im sure everyone here knows what im on about )

So anyways that's just my little rant that I had to get out of the way
Basically I'm thinking of pulling the pin and getting out of here see if I can make a life for myself in CANADA like the look of the place and despite the lack of a job im in pretty good financial shape if I gather up everything i have about €50k to my name.

What I would love to do is buy a bar, over the years Ive done some bar work and have a feel for the running of one, know my way around one anyways.
I know at this point alot of people reading might brand my dream as a non-runner but sure look that's what life's all about.
So long story short I was just browsing and came across a bar for sale in ontario for €600k with an annual turnover of €1.4million so first off how could I secure a loan like that? would I even be entertained? If needed I could possibly go in partnership with another family member in there 40's who could also bring another 50-70k onboard.
Now im not stupid I know there would be alot of legal loopholes to jump through regarding citizenship I have family who could sponsor me long term and my plan would obviously be to go there for a year first just working in pubs to get a feel for the industry over there with a view to then buying.

On a turnover of €1.4million would it be reasonable to expect a NP of say 7-10% after all operating/ staffing costs are took out and would that sort of profit be sustainable to service that sort of loan.

So thats the pipe dream anyways, I look forward to people shooting me down or offering a little bit of friendly advice, dont hold back

thanks in advance

moziltaf said:

would I even be entertained?

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You might not be entertained, but I am.

Brendan Burgess said:

You might not be entertained, but I am.

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Oh well coming from someone who has 19 thousand plus posts on an internet forum over the last 9 years of their life, I think that says a little bit more about me than you..

You might think this is a **** take but all Im trying to do is make something of my life, Ive worked very hard to get that money together, I left school when I was 16 and been working every hour GOD sent since. Ive had my own business with 4 machines on the road only for that to fall apart, Ive ran a carpentry outfit with 3 lads working for me. Everything I know is gone in this country
Im just looking for a little advice not to listen to some big man like you

If you've nothing constructive to say kindly go wave your keyboard somewhere else

OK think about this logically, you have no relationship with any financial institution in Canada, you haven't even emmigrated there yet and you're looking for a loan of €550k with a deposit of less than 10%.

Canadian banks survived the global financial crisis so well because they didn't entertain loans like this.

I'm sorry but if you came on here hoping people would lie to you and tell you what you want to hear, that this is a great idea and you're onto a winner then you're mistaken.

Go to Canada certainly, work in the trade that you're currently qualified in and then after a couple of years look again at the bar trade when you have a better feel for things over there.

By the way in your first post you said to people don't hold back, then when the owner of the site makes a flippant remark you get all touchy, not the best of starts.

Agree with pretty much everything Dereko1969 said, would add that maybe while working in your trade you do a night course in hospitality management or similar.