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TOPIC: everything but the money

everything but the money 03 Mar 2000 15:25 #240

  • adam
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I would like to own my own theater some day, and I have been in the business for 10 years.
I run 3 theaters and have learned everything I can from the owner. We have talked and when he retires in a few years he will give me first shot at buying from him.My problem is that I am not making alot of money now and with 2 children saving money is getting harder and harder.How does an "average joe" like me get enough money to purchase a business? I would like to hear from anyone who has an idea, or someone who has already been there.

THANK YOU!
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Re: everything but the money 03 Mar 2000 19:17 #241

  • Mike
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Good topic Adam. Show me the money! And they're not kidding either. Let me think on this as it's a lot of info to deliver but I'll give you the full missive treament. #1 start saving until it hurts. If you can save you can run a movie theatre. Set up direct withdrawal from your checking acct. into a fund or savings bank. That's the easiest part! The rest I'll talk about later.
Michael Hurley
Impresario
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Re: everything but the money 04 Mar 2000 01:09 #242

  • RoxyVaudeville
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Getting the money to start a theatre? Great question! If possible....make an agreement to lease the theatre with an option to buy. Make sure the price is agreed upon up front, so that after you work hard and make a success of the theatre while leasing,you don't have to pay a higher price based on your success.
If it is an older theatre or in a smaller market,it may not be that easy for the owner to sell. You may be his only hope, and he may therefore be willing to hold the mortgage
to unload it. It would be a great retirement income for him where he would reap the benefit of the interest income as well as the principal. It would also create an income for his heirs after his departure as well, should he die before the mortgage is paid off.
If the theatre is located in a designated historic area or a blighted area, state or federal monies may be available at low interest rates. The SBA should be investigated, but usually only after you have been turned down elsewhere.
If you are a woman or minority, there are federal assistance programs available. For any or all of these, check with your state and federal elected officials office.
I know things have changed...when I started out 35 years ago, I leased a theatre from an elderly gentleman for $100.00 a month including heat, water & sewer fee, and didn't have to pay any rent until after I opened so that I'd have some cash flow to get started. I owe that man a lot. I wonder if there are any like him still around?
Good luck.
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Re: everything but the money 06 Mar 2000 10:24 #243

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Wow. Thanks Roxy for responding in such specific detail. I'm sure your direction will aid many in their quest to own their own business.
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Re: everything but the money 10 Mar 2000 00:15 #244

  • jrjrfm
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Another route I have seen taken is to make
the theatre a public owned entity..IE chamber of commerce or city owned. Thus you could be set up as administrator with full control, yet the theatre would be eligable for tax monies, and grants...This has opened a few old houses in Montana, and N.&S.Dakota..
allowing young people to directly get involved in theatre operation.
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