J. Gumbo's, any one tried it?

[JD7.62]

I know the motive for the good price.

As far as how good of a friend he is, well you are really blessed if you have a friend like him.

[bassin_bug]

Don't want to burst your bubble but, if you want to keep your friend don't borrow money from him. It is common sense that, if a franchise cost runs from $143,000 to over $300,000, you can't get it for $40,000. The guy is your best friend now but dollars do strange things to friendships.

I make a practice of NEVER lending money to family or friends. Been there a couple of times.

The fact that you even mentioned bankruptcy makes me think you wouldn't hesitate to jump ship and leave your friend holding the bag.

[psprowler]

I know the motive for the good price.

As far as how good of a friend he is, well you are really blessed if you have a friend like him.

Go with your gut then and stick to whatever decision you make.

[DJD]

Have you talked to any of the existing (other than your friend) franchise owners? Can you? I mean is it cool to pick their brain on how they are doing and all.

I'm seeing people in the construction industry still going out of business so to me starting a food joint where eating out is an option would scare me.
I'm with Bug...keep family/friends and business apart.

[CMorg]

The most succesful people in the world are/were risk takers. Also there are more self made millionairs in this world than not. So , take a risk , but you must learn that a business runs your life , you dont run it. I had a small car audio shop 8 years ago , it got so busy I just had enough and shut it down ( I was young and stupid , I wish weekly I would have kept it running , and have recently considered opening another one ). It is very satasifing making your own succes...

[JD7.62]

I didnt say it ONLY cost $40K, that is all that I need as I have the rest saved up. Loan will only come from a bank or MAYBE an uncle who only expects the best business plan to consider. It is MUCH less then say a subway for example.

I have talked to other owners and the franchise is booming right now. Many are in the process of opening up in Chicago, Michigan, Knoxville and even New Orleans!

What I like about this particular franchise is VERY low operating cost for this industry. Start up costs are low too as I am not mandated to buy anything from the franchise other then the name and food, I can shop around for the equipment, supplies, etc and that saves you big money.

It IS a risk of course. However, with support (experience advice and contacts not financial support) from my friend who has made him self in this industry and my current situation with zero debt and a spouse with a stable job that will bring home enough $ for rent and to live off of so now is a great time to take that risk. Obviously RNs do not get paid much but we have been living on less then what an RN makes before so we are use to it and perfectly happy. Our projected living expenses will also be lower then what we have now. Rent will be $150+ less and we will not have to pay for daycare any more. The comment about bankruptcy was very much so a joke. Besides a $40k loan WILL get paid off pretty easily even if the worst shall happen. Hell my guns are worth nearly half that that I could sell if needed. Any money made off the business that first year or so will just be a bonus for us.

I am fully prepared and plan on being in the shop pretty much at all times for the first year or two and completely aware that the first couple of years I will work harder then I ever have before. My ultimate goal is to open several from Panama City to Biloxi, Mississippi and up into the Montgomery area of Alabama. That first store is always the hardest though.

I am obviously still in the beginning stages but in a month I am going down to find a location and then hit the banks. If everything works out I hope to be up and running by Summer! My only worry is that the franchise gets bought out before I get into it. There have been several offers from some bigger companies in the past six months. If its bought out before I get into it the price would jump out of my price range.