Lesson 7

How to Have the Landlord Give You Money to Build Your Business


Welcome to lesson # 7 Who Wants To Be The Boss? I’m excited to have you as a valued member of our 6-month training program and am looking forward to seeing your own “business” “come to life” over the next few weeks and months.
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2) What’s In Store The First Few Months. I want to give you just a quick look at what we’ll be covering during the first few lessons in your training…

The first month will be the basic steps involved in getting things up and running (don’t fret veterans, I’ve got some “gold nuggets” in these preliminary lessons for you!) and the next month will be advanced strategies for expanding and improving the foundation of your new business.

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Note: Remember, I teach you “How to start or buy a business with no money down” “Lock up your check book, you won’t need it.”

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In today’s lesson I’m going to explain the concept of

“A startup business and having the landlord that you lease from, give you money to build your business. I did this process 4 different times in the same shopping center. In future lessons I will share with you more on how you can do this. Enjoy and soak up this lesson. It can work for you. You will not learn this information anywhere else.”

How to have the landlord give you money to build your business.

When I bought my first business back in the early 70’s, I was flat broke and managing a local radio station, working 14 hour days. One day, I heard through one of the associations that I belonged to, that a franchise personnel agency was for sale. The owners were getting a divorce. I have to confess, I didn’t know the first thing about the personnel agency business and I still don’t, nor did I know how to go about buying a business. I must have sensed that I had a very motivated Seller and I knew I wanted to own my own business. That’s all you really need, a motivated Seller and a motivated buyer.

The Seller wanted $5,000 down! At that time of my life, it could have been a million dollars. I didn’t have anywhere close to $5,000. I ran the idea by my brother in law, Jim. He said he knew a guy who just might be able to help. Jim set up a luncheon appointment so we could meet with the gentleman. I went over my plan with him. I told him why I needed the money and what I would use it for. I also told him when I would pay it back. He told me to come see him in the morning and he would have a check ready.

Wow! I had no business plan, no marketing plan, no credit or background check and no cosigner. He wrote the check on the strength of my brother in law and my enthusiasm. What do you think the bank would have said to me if I had gone to them for this money? Well first, they would have reminded me that I had no experience in the personnel employment business. Secondly, they would tell me there was nothing for them to hold as collateral and that I was out of my mind. So I started out my first business ownership with none of my money down and the very best source of a small business loan, an Angel!

97% of business loans come from sources other than banks. Later I will show you the 25 best sources to find money to finance your no money down purchase. I kept my day job managing the radio station. My wife and I built the personnel agency for eleven months and turned it around. I sold it for three times what I paid for it. That was more money than I had ever seen in my life at one time. I immediately paid my angel and had money in the bank.

What’s next? Starting from scratch! I was visiting a friend Floyd, who was the manager of our new regional shopping mall. (120 stores) I made a comment that I would like to build a barbecue restaurant some day. You would have to know Floyd to know why the next story ever happened. Floyd was an enthusiastic leasing agent for the mall and loved my ideas and plans for a restaurant, plus the mall had more empty spaces than it could afford. We started our negotiations and about two months later we had a signed lease. Why did it take so long? I needed the confidence that I could pull this off, fear of the unknown. I had never even worked in a restaurant, let alone built and operated one. I tell people I did not even know how to bus a table.

I spent my time bugging other restaurant owners without telling them what I was doing. I spent time in the library reading restaurant articles and I talked with anyone who would listen to me. The lease on the space turned out to be my most important challenge. I knew I had to get the very lowest price per square foot, with a number of renewal options, so I could be there for a few years, just in case it was successful. I knew I had to have a building allowance to build out the space. I was determined not to use any of my cash to build this restaurant. In my case the building allowance turned out to be very big. By this time I had my accountant, Morris involved. Morris was great guy. When I visited with him about new business ideas, Morris would lean back in his chair, give me several facial expressions, then give me his opinion. I knew without him saying so that he thought I was a nut in those early days.

One particular day, I was telling him I was going to build a restaurant in the mall. His first reaction was to tell me I didn’t know anything about the restaurant business! He also let me know it’s the highest fatality business in the world. More people lose money in the restaurant business than in any other business! I let him tell me all the reasons I shouldn’t go into the restaurant business, then went out and did it anyway.

I f you want it bad enough, you beg, borrow and hustle to get it together and keep it together. Like I said earlier, the building allowance to build out the space was important. I had no idea how much it would cost. I knew the landlord was agreeable to giving me an allowance to build the space, the question was, how much? I had already found out how they were allowing for regular retail stores. I knew it would cost much more to build a restaurant because of the special wiring, heating and air conditioning, and special plumbing for the kitchen. I figured out right away that I could be my own general contractor.

I knew I could find the best sub contractors and work with them and build the restaurant myself. I had no clue how to read blue prints, but I soon learned enough to know what was going on. I went out and bought used equipment and kitchen and dining room furniture from a bankrupt restaurant that had been closed for several years. I learned that new equipment becomes used equipment very fast and it’s not worth very much just sitting in a closed restaurant or a warehouse. It took about three months to build and open my new restaurant. My rent didn’t start until a pre agreed upon date. Of course I opened two months before the scheduled date of completion.

This gave me two months to operate with no rent charge.

Here’s the best part. I built the restaurant, furnished it with new and used fixtures and equipment, paid everyone on time, bought my first months supplies and had money left over from the building allowance! Remember, I told you I didn’t have any restaurant experience. I had never worked in a restaurant before. I had about three months to find a manager before I was to open. I hired a local lady from my favorite barbecue restaurant to help me with recipes. We sat down in one day and planned a menu and figured out how many people we needed to hire. I ordered uniforms and got all the paper work done.

We were open and ready for business on time! I know in reading this story, I probably make it sound easy to do and I believe it is, if the timing is right. The timing is always right if you have the determination. You never quite know the definition of the word determination until you try to build something from nothing. You can’t do it half hearted. You have to have a vision, you actually see it completed. I think this is the reason you keep plowing ahead. Don’t be concerned if you are the only one who sees your vision.

I hope by now you are seeing and feeling the inspiration that is necessary to over come your fears and doubts you may have in following your dream in owning your own business. Hang in there with me; it’s going to even get better!

I can’t wait to share with you next week!

Hold on tight to your dreams,

Dave Meholovitch
Publisher, Whowantstobetheboss?™

P.S. Don’t forget the personalized coaching positions that are available at www.whowantstobetheboss.com/coaching.html


This Week’s Assignment

1. I want you to start thinking and envisioning your startup business. See it in your mind first. Start putting it down on paper. Visit some sites, like shopping malls, talk with your Chamber of Commerce, and network. Check out your would be competition. Ask questions. Where is the need? Very important to find a need and fill it. If there is no need, you’re wasting your time.


Coming Up Next…

Lesson # 8: “Negotiating Price and Terms

Okay, you’ve found a promising business to buy, or a lease to do a startup. So now what do you do? The fun part of negotiating with the owner or broker, is about to start. Do your homework. My way is a different way to negotiate. “You might call it Unreasonable” this is why I never negotiate with friends or family. You will learn my secret techniques and strategies in this lesson.