Ok guys. Again, this is our first year. I found an old building, w/o going into detail, it's 9,000 square feet total. Inside of this is a still licensed kitchen / concession area and a small balcony on one side. Open floor plan.
The building owners are very interested, in fact, they want to sign papers tomorrow! However, the lady is like "AT A MINIMUM... we'll get 30%..." yada yada. Ok, this is off the top. A little history, they use to have a dance here and they always said 60/40. 60% for the band, 40% for them. However, they had to work the building, the door, concession etc.
Does this seem fair to you guys? Or is this way off of what's fair to us? We're investing $26k as of now. WITHOUT the loan that's in process. We're expecting a minimum of 2,000 and estimating 3,500. We can do well, but I just want to make sure this is something you pro's think would be fair.
The contract's written up, just needs printed and all that. CAN BE signed tomorrow, it's that done. But, if you guys say this is ridiculous, we'd like to know.
The building probably has at least 6,500 sq ft of usable space. 3 doors, a double attraction is possible.
What do you guys think?
ANY input is very much appreciated!
Thank you for taking time to read.