Dream of opening coffee shop slipped away from veteran - Tough luck? Bad planning?

2015-06-03T08:59:57-04:00

So O'Kane took the $70,000 from the military for her business plan and she borrowed $160,000 from friends, who by the way, she is still paying back at the rate of $900 per month. Long after her failed dream.

She also took out a $200,000 mortgage in the form of a promissory note from that Choice Properties of Pennsylvania, LLC. But when the dream failed, the mortgage company foreclosed on her. The company has the building for sale at $250,000.

http://www.stripes.com/news/veterans/dream-of-opening-coffee-shop-slipped-away-from-veteran-1.350272

Response by Capt Richard I P. made Jun 3 at 2015 9:02 AM

2015-06-03T09:02:33-04:00

Coffee shops are a very competitive business.

Response by LTC John Shaw made Jun 3 at 2015 9:54 AM

2015-06-03T09:54:57-04:00

SPC Jan Allbright, M.Sc., R.S. So sad! This is the downside of capitalism, people take risks, fail and lose everything. It looks like she is a survivor and will keep going.

I will not judge her at this point, sell the building for whatever she can get and move on with life.

Response by MAJ Ken Landgren made Jun 3 at 2015 4:18 PM

2015-06-03T16:18:12-04:00

Owning a business might financially break a person or reward the person. It is the riskiest form of investment you can make.

Response by MAJ Robert (Bob) Petrarca made Jun 3 at 2015 8:12 PM

2015-06-03T20:12:43-04:00

Probably a little of both. Restaurants are tricky investments.

Response by MSgt Private RallyPoint Member made Jun 3 at 2015 8:58 PM

2015-06-03T20:58:35-04:00

Useless story....not enough information to really know anything....looks like sensationalism in journalism at best. Hell does not even say if she ever actually opened the doors or made a single sale.....must of been a slow news day.

Response by PO1 John Miller made Jun 3 at 2015 9:54 PM

2015-06-03T21:54:48-04:00

I couldn't read the article as Stripes wanted me to create an account.

However based on what little information is available, it seems like she took a risk and it didn't pay off. While I do feel bad for a fellow veteran, that's what owning (or trying to own) your own business is all about. Taking risks.