Betty The Restauranteur

[earl colby pottinger]

Income reports

Betty inquired about the Paycheck Protection Program and picked up an application. Like all restaurants in Minnesota, she's only open for takeout. Dine-in has to be closed until May 4. But when I told her we'd need her quarterly payroll number from 2019, she said she hadn't done her taxes yet. So I doubt she'll bring the application back.

Lots of companies are hoping to get their hands on the money the government plans to pay out to keep things going, just one problem, the government wants detailed reports and receipts on what money you made before. I bet Betty has not been paying taxes and employment insurance that she should had been paying.

[Ghel]

Betty inquired about the Paycheck Protection Program and picked up an application. Like all restaurants in Minnesota, she's only open for takeout. Dine-in has to be closed until May 4. But when I told her we'd need her quarterly payroll number from 2019, she said she hadn't done her taxes yet. So I doubt she'll bring the application back.

[csquared]

So, not an investment opportunity.

[Victory Sabre]

Do you know if the bank trying to get market value, payoff value or something in between?

I really don't know. The previous owner has allowed so many easements into the property, so it's really not worth much at all. My guess the bank is going to get as much as they can, but it will, likely, be a loss.

[csquared]

I'm also dealing with that right now, because the property my restaurant leases from is now banked owned as of the 3rd of April, and they really didn't want it, and were working hard with the previous owner to figure out a way not to get it.

Do you know if the bank trying to get market value, payoff value or something in between?

[Victory Sabre]

All restaurants are feeling the pinch, I can`t imagine how Betty can survive this virus crunch. Sales will be off, but also there are lots of banks who will find they have to trim the fat and get rid of their worse customers.

I can`t see her getting the lighter treatment she has also have so far, I think she is doomed now.

I'd say yes and no. Restaurants in the state of Minnesota are closed to dine in until the end of the month. As someone who owns a restaurant that is hard hit by it, I can say that my sales are down by around 70%. It's hurting, and killing small restaurants. I'd say that Betty is in the same boat.

Now, on the other hand, I know that the banks really don't want the property, so, if they can make it work, they will try in this environment. I'm also dealing with that right now, because the property my restaurant leases from is now banked owned as of the 3rd of April, and they really didn't want it, and were working hard with the previous owner to figure out a way not to get it.

[earl colby pottinger]

Virus closing

All restaurants are feeling the pinch, I can`t imagine how Betty can survive this virus crunch. Sales will be off, but also there are lots of banks who will find they have to trim the fat and get rid of their worse customers.

I can`t see her getting the lighter treatment she has also have so far, I think she is doomed now.

[Rosco the Iroc]

I was hoping the link would lead us to a different kind of Carousel...

LOL I just watched that on AMC Sunday. Followed by Soylent.

[Tama]

No, that carousel will be when the foreclosure finally happens.

I think Betty actually DYING would be more likely to happen before the foreclosure, at this point...

[taxguykarl]

I was hoping the link would lead us to a different kind of Carousel...

No, that carousel will be when the foreclosure finally happens.

[Victory Sabre]

Wouldn't it make more sense to sell with your business still operating? I'd have thought guaranteed income from a long-term tenant while the new owner decides whether to renovate or level and rebuild would be very attractive, and in the UK actually increases the property value.

The owner of the property wants to sell, but, he's very unlikely to get any takers. Anyone interested in the property also would know about the foreclosure process, and would just wait to get it for less from the bank.

All I know is the next few months will be interesting. I also know is I will be very happy to be out of the restaurant business come later this year. It's time for me to move on.

[greek_jester]

After that, the bank can kick us out, with a 3 month notice. However, our lease ends at the end of September. All the experts we've talked to say that it's highly unlikely that the bank will kick us out before the end of our lease.

In all honesty, the bank is going to get hosed, because this property really has bad access issues. If they get 300k, I'd be amazed.

Wouldn't it make more sense to sell with your business still operating? I'd have thought guaranteed income from a long-term tenant while the new owner decides whether to renovate or level and rebuild would be very attractive, and in the UK actually increases the property value.

[Racket_Man]

I was hoping the link would lead us to a different kind of Carousel...

Wait until Betty finds out the awful truth . . . there is no sanctuary.

DAMN IT YOU TWO beat me to BOTH scenes. The book was mostly different.

[DGoddessChardonnay]

I was hoping the link would lead us to a different kind of Carousel...

Wait until Betty finds out the awful truth . . . there is no sanctuary.

[Nunavut Pants]

Get ready for the foreclosure nonsense carousel.

I was hoping the link would lead us to a different kind of Carousel...