Hi there
I am looking for a help. I do own a restaurant in partnership. We formed a ltd company and I become director with my wife as 2nd director (we did not pay ourselves till date). My business partner was a friend and together we spent approx 180k in revamping the restaurant inside out with new furniture/bar/equipment and definately restaurant has the best interior and facility in the area. However, business never got any success due to recession since last 18 months and we ahd to cut our staff to two only. I was so positive that took 20k/personal loan for the restaurant and my credit card is also floated for 15~18k (including my person expenses).
I have the leased guranteed by me and my wife.
Now business is not working and its far from my house and i can not go any further. I also have 5k for revenue. I am trying to sell this restaurant.
what is the best way:
1) how can i sell this restaurant quick? Will i be able to get any key money in excess of 100k? if not than how much the key money i could get. so that i can take off all loans from the sell/key money
2) i also have the option of selling my partnership as my business partner is not keen to sell immediately, but he is out of money too so if i can sell my shares/equity to someone than i can wash my hands off from it.
what is the best way to get out from this mess! We dont want to put sale sign on the restaurant for the reson that business partner is not keen on sale yet. but if i force, he is willing to sell.
I guess what i am seeing is:
1) how can i sell my partnership and walk out?
2) if not, than how to sell the restaurant with maximum key money possible.
rgds
AC
I am looking for a help. I do own a restaurant in partnership. We formed a ltd company and I become director with my wife as 2nd director (we did not pay ourselves till date). My business partner was a friend and together we spent approx 180k in revamping the restaurant inside out with new furniture/bar/equipment and definately restaurant has the best interior and facility in the area. However, business never got any success due to recession since last 18 months and we ahd to cut our staff to two only. I was so positive that took 20k/personal loan for the restaurant and my credit card is also floated for 15~18k (including my person expenses).
I have the leased guranteed by me and my wife.
Now business is not working and its far from my house and i can not go any further. I also have 5k for revenue. I am trying to sell this restaurant.
what is the best way:
1) how can i sell this restaurant quick? Will i be able to get any key money in excess of 100k? if not than how much the key money i could get. so that i can take off all loans from the sell/key money
2) i also have the option of selling my partnership as my business partner is not keen to sell immediately, but he is out of money too so if i can sell my shares/equity to someone than i can wash my hands off from it.
what is the best way to get out from this mess! We dont want to put sale sign on the restaurant for the reson that business partner is not keen on sale yet. but if i force, he is willing to sell.
I guess what i am seeing is:
1) how can i sell my partnership and walk out?
2) if not, than how to sell the restaurant with maximum key money possible.
rgds
AC