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    #1

    Don't know what to do ?

    hi,

    i've just bought a business for $275,000... Looking through the tax returns and everything I was expecting the biz to gross about $400,000 a yr with a profit of about $100,000.

    However, the biz is dead, i've barely made $1,000 in two weeks, and my costs are around $350 a day..

    it's not going to be long before I'll be serious financial trouble.. I really have NO idea on how I stand.. or how to cope..

    Can anyone offer any advice ?

    Because I'm in SW Florida,People are saying business is slow this time of yr... And things will pick up soon.. But even so, my losses are too much. I've moved all the way over from England in hope to start a new life, however things are just happening.. It's been the worse two weeks of my life.. Actually the worse 6months of my life !! Since it was 6 months ago that I made the decision to move out of my comfort zone to make a go of things.

    Any advice is obviously apprecitated.

    Many Thanks
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    #2
    Originally posted by thedoc46
    hi,

    i've just bought a business for $275,000... Looking through the tax returns and everything I was expecting the biz to gross about $400,000 a yr with a profit of about $100,000.

    However, the biz is dead, i've barely made $1,000 in two weeks, and my costs are around $350 a day..

    it's not going to be long before I'll be serious financial trouble.. I really have NO idea on how I stand.. or how to cope..

    Can anyone offer any advice ?

    Because I'm in SW Florida,People are saying business is slow this time of yr... And things will pick up soon.. But even so, my losses are too much. I've moved all the way over from England in hope to start a new life, however things are just happening.. It's been the worse two weeks of my life.. Actually the worse 6months of my life !! Since it was 6 months ago that I made the decision to move out of my comfort zone to make a go of things.

    Any advice is obviously apprecitated.

    Many Thanks
    First off you need to determine what you really want to do with your business venture. You obviously don't have the capital to sustain "slow" business times. If you want to bail out of the business, file a Chp 7. If you want to keep trying, so if you meet the criterias for a Chp 11, so you can reorganize. Whatever you do, you'll definatley want to consult with a few different attorneys to see what your best course of action is.

    Good Luck!
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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      #3
      Hi,

      Sorry, I don't have any advice for you, however I am curious to know how you are doing? I am kind of in the same situation you are. I opened a small business almost three months ago. Business is really slow and I'll be out of money pretty soon.

      I wish lots you of luck and you're not alone.

      Ana

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