Looking at a restaurant. I practically run it for the owner. I do literally everything but his taxes. He pays me $60k salary to manage, order, negotiate contracts, and I even have access to the account to pay the bills.
The owner has recently gotten into some money trouble (got sued), and wants to sell. He’s willing to give me a slight discount since I’ve been there so long. The place makes about $220k profit per year. He’s selling for 700k but would sell to me for $500k. I already have some ideas to increase revenue, but I haven’t had the chance to bring them up to him. With that said, I have $30k in cash and around $20k in stocks. I’d also be saving myself that $60k that he pays me considering I’d be working the same amount, probably even more so that would be added to the profit part. Would this be enough to get me approved for a loan? If not, what would be the best route to get the money? Private investors?
Edit: would also like to mention my father is willing to gift me $20k to make it 10% down