Getting investers?

W

whitey

AzB Silver Member
Silver Member
I have a friend who is thinking about openning a pool hall.
He would like to get some investers but has no idea how to go about it.
I am thinking he has some names of people but what would be the proper way to approach them?
Do you just send out letters to everybody you think may be interested?
Is there a certain letter format that is appropriate?
Do you just approach them in person?

I am just guessing here so if anybody has any ideas please let me know.
Thanks, Whitey
 
Whitey,

Without getting in depth, he needs a business plan. He thinks he wants to but for now all he can do is try to sell an idea. Thats fine but he/they will need a written plan before it ever happens. If I was selling most all my ducks would be in a row before approaching anyone. That's selling and is not an idea/dream.

Tell you what, a sucessful pool room isn't all that common.

Rod
 
whitey said:
I have a friend who is thinking about openning a pool hall.
He would like to get some investers but has no idea how to go about it.
I am thinking he has some names of people but what would be the proper way to approach them?
Do you just send out letters to everybody you think may be interested?
Is there a certain letter format that is appropriate?
Do you just approach them in person?

I am just guessing here so if anybody has any ideas please let me know.
Thanks, Whitey
Click to expand...

Tell him to lie down until he feels better. Just kidding, I agree with Rodd
 
i have a healthy distrust of anyone connected with pool rooms and related solicitations, especially when i comes to asking ME for MY money. i think most people who know the game would feel the same way about parting with their money. to begin with, most people who open rooms are not good businessmen. and i think it is the downfall of most rooms that their owners are more pool related people than business people.

so if your friend expects to get people to invest THEIR money in a room, i think a letter is a bad way to go. it's too impersonnal. he should know them, and if he knows them, he should talk to them in person. the soft spot in pool room business plans is that investing in a room is a pool person's biggest wet dream. and he usually goes in without thinking about the business consequences. i think that's the main reason why rooms are doomed to failure.

does your friend want to open a room because it's always been his dream?,,,,,or is it a solid business plan.
 
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whitey said:
I have a friend who is thinking about openning a pool hall.
He would like to get some investers but has no idea how to go about it.
I am thinking he has some names of people but what would be the proper way to approach them?
Do you just send out letters to everybody you think may be interested?
Is there a certain letter format that is appropriate?
Do you just approach them in person?

I am just guessing here so if anybody has any ideas please let me know.
Thanks, Whitey
Click to expand...


If he has to ask...
 
I know a pretty good investor...it's the loan manager of his local bank. As Rodd said, he needs a business plan and if he can't sell it to a lending institution, how is he going to sell it to individuals. Besides, with investors and having to cut the pie into more slices, what does he think his take is going to be on a monthly basis out of it and how will he pay them back? One of them just might know Tony Soprano.
 
I agree with JPB.

But, if he does have the background and some business sense he can contact the local SBA (Small Business Administration) in his area. They can put him in contact with volunteers from the business world who can work up a business plan with him. He can also get a loan through the SBA.

Will he rent the building? Or buy it?

It would probably be a good idea to visit all the poolhalls within 100 miles and pick the owner's brain. He might find out that half of them are willing to sell their place.

Jake
 
whitey said:
I have a friend who is thinking about openning a pool hall.
He would like to get some investers but has no idea how to go about it.
I am thinking he has some names of people but what would be the proper way to approach them?
Do you just send out letters to everybody you think may be interested?
Is there a certain letter format that is appropriate?
Do you just approach them in person?

I am just guessing here so if anybody has any ideas please let me know.
Thanks, Whitey
Click to expand...

One partner is one too many.
 
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