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Just received the figures late this arvo…they are not what was expected or advised verbally.
The net is very poor for the business so I will need to rethink the deal.
Unless the seller drops their price by $250k they will never sell the business…no accountant would take their figures as really sound I feel.
Still i will do the exercise and throw them a lifeline if they are serious about selling and make a very low offer…you just never know.
I'll keep in touch if it advances further.
Thanks for the feedback Richard.
The property we own is not under my wifes or my name…..there is absolutely no way any finance outlet will be sinking their teeth into it.
Without a doubt they will want to use the property as collateral if they offer a loan.
I'll raise the funds another way if we would be forced to use the property in any way……the property is for our kids to benefit from.
Locality of the motel is very good, be it that its in Tassie itself may detract a little for some lenders, its on a major tourist route and a rapidly expanding area.
Sale price is yet to be negotiated but the seller has indicated a price they are seeking.
Until all the accounting figures have been presented and checked I wont discuss any offer with them, pretty pointless really.
Will do the basics and may come back to you if it looks inviting and see where it leads.
Thanks again,
M
