A awesome opportunity just fell in my lap, someone who already owns several restaurant franchises wants to open a cake shop for me!
He said I have the talent and he has the money and we should talk.
He already has the space (next door to one of his existing restaurants), kitchen equipment and delivery van, all he needs is me.
So I am meeting with him this week to talk and get some more info. Problem is I have no idea what to ask or were to start, I am so overwhelmed any suggestions?
And yes I know it seems to good to be true but it is, he is actually my mothers boss (she does HR for his companies) and it is a legit offer.
I found out this morning when my mom forwarded me an email of his, it said " Been thinking about your daughters cake making business. Could she be the creative chief behind a new cake company? We know business, she can cook. How interested is she in getting larger?"
I do know that I dont want to be anyones employee, I can make cakes at Wal-Mart for that matter, and that would be a deal breaker but other than that I'm clueless.
Any help and advice on what to ask when I meet with him is greatly appreciated. Thanks in advance.
Sounds like while you will have plenty of creative license, you will be his employee. He takes most of the risk, he takes most of the profit. If you think of it as a new job and want to do it, great. If you are thinking of it as akin to opening your own shop, it is far from it. You will probably still have most of the hassles (the buck stops with you, if you don't do it no one else will) with less freedom and pay.
Well thats the thing, I don't know yet if I will be an employee or possible part owner. He has done deals in the past where he has fronted the money for the other person and they paid him back over a number of years (with interest of course), and then they were given the oppurtunity to buy more of the company when they had the funds.
In a perfect world thats is what I would love to have.
However I have'nt the slightest clue what he has in mind and I just want to be prepared and ask all the "right" questions.
Sounds like he's an entrepreneur and would be driven by your dream. Have it ready for him.
Blessings & Prayers To You
Sounds like he has a business mind .... go in and listen to what he has to offer. I would be surprised if he expects you to give him an answer then and there. He will expect that you want time to think about it, and as you think about it, you'll come up with questions for him. So don't stress about the first meeting. See what he's looking for ... think about what he offers .... make your counteroffer a day or two later.
You'll be fine. It's a wonderful compliment that he's even thinking about doing this for you. Keep us posted, please!!
Begin now to make a list of questions and concerns. See how many of these issues he addresses.
Listen carefully to what he says and take notes.
Go home and evaluate what he has offered. Compare your "wishlist" to his offer.
Go back and negotiate if you must.
Make very sure you know his intentions, goals, his commitment to the deal.
Make sure he knows what YOU are bringing to the table.
I agree with indy, just go see what he's looking for then take it from there. Good luck and let us know what happens
Keep these things in mind. He NEEDS you. That is in your favor, use it to your favor. The prob being if you use it to much he'll find someone else LOLOL Good luck to you. PSSST get a contract, spin it that it will help him keep you once you make the cake shop famous.
Ok well it turns out he does want me as an employee.
Although he did offer 2% ownership.
We did'nt get very far before I decided this is not what I want. I want to expand not quit what I'm doing now and work for someone else.
Basically I just need the money for a storefront.
But some good things have come out of it, I talked to several other people all how suggest a SBA loan and have offered any and all help they can.
So I guess that is my next step, I've already started researching the loan and I found someone to help me write my business plan.
I'm glad I met with him even though it did'nt turn out to be what I wanted I still learned a lot about business that I did'nt know before.
Thank you for all your advice.
Honestly, that might not be that bad. He's willing to take all the risk. I don't mean this as an insult in anyway, but what if the shop is a total flop and in a year, you close up shop? You're out all that money and stuck with the debt. If he fronts the money, you just walk away and it's no loss to you plus you're learning all the ins and outs of a retail shop on his dollar too. You don't have to worry about payroll or taxes, profit and loss. If it works out, maybe add an clause in your contract that each year, you get a larger stake of the company. One year of successful business, 5% or 10% ownership and so on and so forth.
yourstrulytx...sent you a PM
I was just reading your story and as I'm sorry that it didn't work out for you with this person, I am VERY excited for you to be looking into getting your own!!!! That would be a great start to a new year. Keep us updated, Best Wishes.