QUESTION.
We own a Quizno's Sub Franchise. Unfortunately, the business was not thriving at all and we had to close the doors yesterday. Do to lack of business and funds we owe almost everyone - especially the landlord. The lease was signed by my husband personally as that was the only way the landlord would allow us to sign. Do you have any recommendations as to our next step? We are in touch with Quiznos Franchise but to be quite honest - they have not been helpful at all since we've owned the place. My husband was going to try to settle terms for the lease with the landlord in hopes that they would take something over nothing - but we don't have anything to give really! I am so afraid that we are going to be financially destroyed personally - including our house. (We have a home equity loan on our home for the business as well.) Should we get a lawyer to help us or can you give us some advice? We sure could use your assistance.
ANSWER.
Before I try to answer your question(s) I need more facts. What is your net worth (you and your husband, you, and your husband)? How much equity is in you house? Who owns the house? Is the house titled in you and your husband's name as tenants by the entireties or as joint tenants? And has your husband filed for bankruptcy within the last 6 years?
If you can answer the above questions I can provide you some of my thoughts. Good luck! Regards, -Jeff
Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
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4 comments:
Hey Jeff, I'm kind of in the same situation. My parent's business isn't doing so great, and they want to sell it before they have to close the doors. What's a good way to find a seller? Where could we post the site online? Thanks for your help
@ Chloe-- I recommend checking out BizTrader.com. It has two different options for selling, and they're very reasonably priced. I only know this because my brother is in the process of buying a business through the site, so I've been looking at it with him. In any case, good luck with the selling!
Great suggestion, Lucy. I checked out Biztrader.com a couple of weeks ago, and I was really satisfied with the service. I thought it was great. It's a good place to find a small business on the Internet.
@Chloe, you might also try BizAg.com which lists over 150,000 businesses for sale.
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