restaurant/tavern owners?

[amarowsky]

Anyone here own, or know someone directly who owns the bar that they bought themselves. I mean not inherited or had tons of wealth before hanD?

I guess I'm wondering if a well done business plan can be enough for a loan for start up capital and the property? Or do you pretty much have to have cash right of the Bat? Or somewhere inbetween?

[bjl584]

My neighbors own a bar/restaurant, but they've owned it for decades. Any lending advice that I could get from them is terribly outdated.

[amarowsky]

Talked to my aunt's Husband today.he said to buy his bar that he recently bought her had to purchase it on a land contract.according to him that is how almost all bars have to be bought.then for start up capital he used it off his own pocket. For my situation we would probably take out a small loan to get our stuff all situated.

According to him to no matter what anyone says in Michigan it takes roughly a year to get a liquor license .but I guess once you sign up for it and are on the waiting list you can get a temporary permit to sell