Sunday, July 17, 2011

Should we lease a convenience store?

My husband wants to lease a convenience store. He is almost 65 and plans on retiring in about 1 1/2 yrs from his current job. He wants to go ahead and lease this store to have extra income from it when he retires. I would have to run the store by myself until then. We would also have to borrow about 1/2 of the money to stock the store with and would have to use our rental home for collateral. Then we would have the lease paymnent on the store and a bank payment on the loan. The store has been closed for about 3 months. The people who own the store ran it from 1979 until 1997 and then thier daughter had it until 2009 and then it has been leased to somene else until it closed 3 months ago. The couple that own it made a good living from it but the economy was better when they had it. The store has a deli in it, the mainstay of the store was cigarettes sells and they have gas pumps. I am afraid I would not be able financially to hire someone to work some and i would have to run it 7 days a wk, 12 hrs a day plus another hour to clean and cash out at night. It is the only store from from one town to the next which is about 15 miles. The last people who had it gave it a bad reputation so i don't know how long it would take to build it back up. I am also 53 yrs old and have just closed a variety shop that i had due to not enough business. It was a jewelry and handbag shop and i sold floral home decor also. I would like for him to have his dream of having this store but don't want to lose everythng we have in the process. He supported me in my business venture but i did not invest this kind of money nor did i borrow any.Can someone please give me some goodadvice?

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