WHYS HAVE IT The

It all seems so fun and glamorous: the shiny, well-oiled lanes, the spotless concourse, the up-to-date arcade, and the world-famous nachos in the snack bar.

You are thinking you might want to buy a bowling center. Have you really thought it through? Are you prepared to take on such a venture? Let’s find out.

If you cannot answer this question with confidence, you may not be ready. Your why is the fuel you need to get through the process of buying a bowling center. Sometimes it takes a lot of fuel to get to the finish line so your why needs to be strong.

You are not just buying a bowling center; you are buying a small business. You must be mentally prepared to take on tasks such as securing finances, licenses, insurance, etc. It can sometimes be a stressful process and you need to be prepared. If you drop the ball at any point, you can watch the deal fall apart right in front of your eyes.

Depending upon your budget and the center you are looking to acquire, you may be required to be heavily involved in the day-to-day operation of the center. This could potentially mean a lot of night and weekend time. Can you fit this required time into your current schedule?

If necessary, are you willing to leave your current job? Unless you are looking to buy a local center, are you willing to relocate your family to a new town? You need to discuss all of this with anyone that will be affected by your decision and make sure everyone is on-board and understands how it may change their lives as well.

First and foremost: do you have the necessary liquid assets to purchase a bowling center? If you will be seeking a bank or SBA loan, you will most likely be asked to put up 20% of the purchase price. If you already own a bowling center, have extensive bowling experience, or own another successful small business, you may be able to get away with 10% down. Either way, you will need cash to get started.

You will also need some money in the beginning to pay for inspections, accountants, and attorneys. Once you close on the center, you will need some start-up cash as well. Do you have the necessary funds? You might need to go out and find investors to help you raise the required capital. Either way, before you go out and start looking for a bowling center, know what your feasible budget is.

As I mentioned above, you may want to have an accountant and attorney on your side to assist with evaluating the value of a center and look over any potential purchase agreements on your behalf.

You may also need a banker or broker to assist you with acquiring any necessary loans. It would be advisable to work with someone with knowledge of the bowling industry and acquiring SBA loans for bowling centers. Lastly, it would be a good idea to work with an advisor with extensive knowledge of the industry to help you locate and evaluate potential bowling centers to help ensure that you are making a wise choice.

Buying a bowling center is a big undertaking. Taking the time to go through all the steps discussed above will go a long way in determining if it is the right move for you and your family. Having the right advisors on your side will help to make sure you are making a wise investment.

If you have any questions or comments about this article, please feel free to reach out to me. You can contact me via email: travis@firstframebowling.com•

Travis has 15+ years of center management experience and is currently the operations manager at First Frame Bowling and the midwest representative of the Hansell Group. You can contact Travis at travis@firstframebowling.com or (844)923-BOWL (2695).