...and I've been BUSY. Sorry to leave you all hanging in the meantime.
Here's a quick update of what I've been working on for the past couple weeks.
1. My attorneys have drafted a basic Operating Agreement for the business. We're finalizing it now, as it is required for both the SBA loan and for getting a business bank account. I also need an initial corporate resolution or meeting minutes in order to get the account.
2. Speaking of that, I of course need to get a business bank account, credit card account, and order checks for the business.
3. I also need to choose a merchant services provider. As a very large percentage of sales are made by credit card or debit card, I want to make sure I'm getting the best deal possible. It's hard to believe the level of misinformation and scams out there, not to mention the hugely varying amounts and hidden fees that various companies will try to charge. Initially, I was very frustrated by attempts to research this subject (just TRY doing an online search for this subject, I dare you), but I eventually found a helpful series of posts in the NY Times. The series ended with this post, where the author recommends the sites Merchant Maverick for reviews and CardFellow for quotes. Now I'm choosing between a couple of really good quotes, and also waiting to hear back from my bank and the current provider with their quotes.
4. I recently learned I needed to obtain SAIF worker's compensation insurance coverage before I hire the store's employees. This is really easy to do if you're a small business, and especially easy if you're taking over an active business. You call SAIF and they have some very helpful staff just for assisting small business owners. If you're buying a current business, you benefit from the company's (hopefully) good claims records, which I will. Kathy at SAIF filled in all the forms I needed and emailed me a quote within 10 minutes. Then, I went to the SAIF website, where I registered and will pay my first 6 months' premium online as the closing date nears.
5. Of course the main thing I'm still waiting on is for the SBA loan to be finalized. I have a small stack of documents that I need to sign and mail to my loan officer Mary. After that, we'll be waiting on the Operating Agreement, the Liquor License, and the Lease to be approved. Hopefully, the loan will be finished and I can close on the business sale during the 3rd week of July...well, July 31st at the VERY latest.
6. I'll be working 2 afternoons next week with Jo, one of the current owners, to learn about ordering, and to place my first group of orders for when the business is mine. Exciting!!
7. Other small tasks include: ordering new business cards and editing the current employee handbook.
So yes, I'm pretty busy these days - thank goodness I'm only working half-time at my current job right now. My last day of work as a private eye is next Friday. Hopefully everything above with my new venture will progress smoothly and without any difficulties or surprises...keep your fingers crossed for me!
Love to you all. Amy
Here's a quick update of what I've been working on for the past couple weeks.
1. My attorneys have drafted a basic Operating Agreement for the business. We're finalizing it now, as it is required for both the SBA loan and for getting a business bank account. I also need an initial corporate resolution or meeting minutes in order to get the account.
2. Speaking of that, I of course need to get a business bank account, credit card account, and order checks for the business.
3. I also need to choose a merchant services provider. As a very large percentage of sales are made by credit card or debit card, I want to make sure I'm getting the best deal possible. It's hard to believe the level of misinformation and scams out there, not to mention the hugely varying amounts and hidden fees that various companies will try to charge. Initially, I was very frustrated by attempts to research this subject (just TRY doing an online search for this subject, I dare you), but I eventually found a helpful series of posts in the NY Times. The series ended with this post, where the author recommends the sites Merchant Maverick for reviews and CardFellow for quotes. Now I'm choosing between a couple of really good quotes, and also waiting to hear back from my bank and the current provider with their quotes.
4. I recently learned I needed to obtain SAIF worker's compensation insurance coverage before I hire the store's employees. This is really easy to do if you're a small business, and especially easy if you're taking over an active business. You call SAIF and they have some very helpful staff just for assisting small business owners. If you're buying a current business, you benefit from the company's (hopefully) good claims records, which I will. Kathy at SAIF filled in all the forms I needed and emailed me a quote within 10 minutes. Then, I went to the SAIF website, where I registered and will pay my first 6 months' premium online as the closing date nears.
5. Of course the main thing I'm still waiting on is for the SBA loan to be finalized. I have a small stack of documents that I need to sign and mail to my loan officer Mary. After that, we'll be waiting on the Operating Agreement, the Liquor License, and the Lease to be approved. Hopefully, the loan will be finished and I can close on the business sale during the 3rd week of July...well, July 31st at the VERY latest.
6. I'll be working 2 afternoons next week with Jo, one of the current owners, to learn about ordering, and to place my first group of orders for when the business is mine. Exciting!!
7. Other small tasks include: ordering new business cards and editing the current employee handbook.
So yes, I'm pretty busy these days - thank goodness I'm only working half-time at my current job right now. My last day of work as a private eye is next Friday. Hopefully everything above with my new venture will progress smoothly and without any difficulties or surprises...keep your fingers crossed for me!
Love to you all. Amy