Hi,
I am currently in a position that I have never experienced before, I have the chance start my own or buy out a 2nd company.
My idea is a local restuarant, no decent english restaurants in a town of 10,000+ people. My best mate is a very good chef and I believe that we could make a real go of it despite the high start up costs and high failure rate.
The second option is a manufacturing business that I know. It started as a family company and was making a very good profit. It was bought out by 5 guys and ran into the ground. Bought out by someone else who didn't have enough capital to buy it and run it so he bought a ruthless investor type in. Between them they only put a limited amount of money in initially and have decided that they both want out. I know this could make a lot of profit if it was run properly and some of the more expensive and useless staff where weeded out.
Either way I would need a business loan from a bank. Before I go off and even think about applying for one or speaking to a business advisor I was wondering if any of you could help me.
I want to do one of these things however I do not want to put the my families lifestyle at risk. I wouldn't want to lose the house etc and leave my family on the street. Is it possible to get a business loan (at max £1 million) without having to secure it against your home?
I am currently in a position that I have never experienced before, I have the chance start my own or buy out a 2nd company.
My idea is a local restuarant, no decent english restaurants in a town of 10,000+ people. My best mate is a very good chef and I believe that we could make a real go of it despite the high start up costs and high failure rate.
The second option is a manufacturing business that I know. It started as a family company and was making a very good profit. It was bought out by 5 guys and ran into the ground. Bought out by someone else who didn't have enough capital to buy it and run it so he bought a ruthless investor type in. Between them they only put a limited amount of money in initially and have decided that they both want out. I know this could make a lot of profit if it was run properly and some of the more expensive and useless staff where weeded out.
Either way I would need a business loan from a bank. Before I go off and even think about applying for one or speaking to a business advisor I was wondering if any of you could help me.
I want to do one of these things however I do not want to put the my families lifestyle at risk. I wouldn't want to lose the house etc and leave my family on the street. Is it possible to get a business loan (at max £1 million) without having to secure it against your home?
