Bryce and his wife had been running their takeaway restaurant successfully for 2 years. When the opportunity came to buy out their silent partner they weren't sure they were ready. CFI was there to help.
Bryce and his wife know how to run their business, having purchased it in 2021 in partnership with an investor, they'd increased turnover and built a loyal customer base.
Although they had some savings, much of their share of the profits had been reinvested in the business. With a Business Loan from CFI Finance they were able to buy out their silent partner and take full control of their growing enterprise.
A Business Loan from CFI Finance helped this couple to:
- Buy out their silent partner
- Pay for the buyout from future profits
- Acheive this despite an outstanding ATO tax bill
Bryce and his wife bought their takeaway restaurant in early 2021, along with the help of a silent partner / investor. In late 2022 they had the opportunity to buy out their partner but they weren’t sure they could achieve it; the business had some existing finance for kitchen equipment and was also paying off a small ATO debt.
- Bryce and his wife knew their business well and had shown they could run it successfully
- The business was profitable and could service a loan
- Bryce and his wife had good personal credit files and low levels of personal debt
- The business had some existing finance over most of the kitchen equipment so couldn’t offer it as security
- There was a small tax debt which was slowly but steadily being paid off
- Bruce and his wife didn’t own property and had limited savings
A Business Loan from CFI, secured over the unencumbered assets of the business, allowed Bryce and his wife to buy out their business partner and take 100% ownership of the business.
Loan payments were covered by a portion the future business profits, ensuring that cashflow was maintained.
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