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TOPIC: Funds for buying a Theatre

Funds for buying a Theatre 26 Feb 2012 20:04 #37937

  • jacker5
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I have a theatre (twin) there almost giving away. Small town absentee owner went bankrupt. Spent to much a bout 5 years ago to purchase. Spent a ton to make it nice then had nothing to convert to digitial.
The price is rite under 50,000. It is out of town about 8 hours from were I live. But i have a freind in the next town. I would like to make this a summer venture. From Memorial day to Labor day! This way I can be there to run things.
I really dont want to invest to much in case it folds. It is pretty much turny key was there and everythign is new.
What would be the best way to get financing. How much down is required and how many years can you get to pay it back!
I know about big city terms but small town is different!
I appreciate any tips on this!
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Re: Funds for buying a Theatre 26 Feb 2012 21:14 #37938

  • leeler
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the biggest hurdle is going to be explaining to a financier why the last owner failed and you will succeed. Show them the books for the previous owner and how you're going to change it around so that it will be profitable. Once you do that you should be able to go to a local bank. $50K is not that expensive and from a collateral standpoint I would think you'd be fine. Is a three month operation going to pay all the bills? If not, I'd reconsider relocating.

Good luck.
"What a crazy business"
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Re: Funds for buying a Theatre 26 Feb 2012 21:41 #37939

  • rufusjack
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I like to hear more about why you think you can make this work. No real estate involved right?
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Re: Funds for buying a Theatre 27 Feb 2012 05:06 #37941

  • jacker5
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That price includes business, equipment and real estate! I would have an expanded schedule and special events! Have rentals and private screenings. I am also involved with the indy film making scene and would host Indy festivals!
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Re: Funds for buying a Theatre 27 Feb 2012 21:48 #37945

  • BusyBee
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Don't go to the big banks, go to the smaller, community banks first. Also, if that town/county has an economic development person or committee, you should talk to them. They may be able to help you access funds that you can't get to on your own.
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