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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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Featured Biz Question

Hi, My husband and I are tired of waiting for opportunity to knock and have decided to find him. We are both staff accountants for large companies; his career has taken him into retail management while mine stayed on the accounting track. We have been pondering the idea of purchasing a Convenience Store w/gas-type operation as it has and will have a constant customer base and verifiable positive cash flow...virtually recession proof (hopefully).

Anyway, we're going to do this in my name as I understand there is certain tax/loan breaks, his credit is "not so good" and lastly...the idea of being his boss is somewhat appealing! Anyway folks (deep breath and sigh), the cost for the one we are interested in is around 300K...owner will finance 150K. I can scrape up 15K in cash and another 10-15K in real estate equity.

My question is do I have a shot at getting financed? My credit is not spotless, but not bad. Both my husband and I have the experience and "let's make it so" attitude. We just need help with that little financing thing. And all advice in turning our dream into reality would be so greatly appreciated.... Sorry for the life story. Lucette

Answer from our Guest Expert Lillyvette Montalvo

Convenience Store Advice

Dear Lucette,

The idea of owning your own biz and being your own boss is probably better than all the hot fudge sundaes in the world! Owning your own biz is the most rewarding venture and the toughest job all wrapped up into one. You’ll never work harder (or be more determined to succeed) when this is the case.

When it comes to convenience stores with gas stations, you have your work cut out for you in the research area. For example, gas prices are high right now, but do you know if these prices are peaking or going to go down? How will this affect your business? A complete market study of this industry and the convenience store field are the first order of business. Where can you start? continued

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About the Expert

Lillyvette Montalvo

Lillyvette Montalvo

Lillyvette is a Certified Diversified Cash Flow Specialist who used her years of public relations, marketing, and financial experience to create Star Capital, Inc. which helped biz owners get the dollars they need to make their businesses grow and succeed. more