If the building is purchased, is it more feasible to wait for a bank that is willing to back the construction loan, or should Roper take on investors or limited partners to get the project moving faster?

Michael and Louise’s Hopleaf is a Brasserie-style pub in Chicago, Illinois, that was founded in 1992 by Michael Roper, a long-time bar owner and restaurateur who had recently moved to the Chicago area in search of a new business venture. While searching for a desirable location for the business, Roper came upon a building that was used as a liquor store business with a taproom connected. Roper purchased the business for a moderate $77,000; however, until Roper was able to purchase the building itself, Hopleaf functioned solely as a bar without the ability to offer food, as there was no kitchen in the venue. During this time, Roper’s business brought in $420,000 annual revenue on beverage sales alone. Once the building was purchased, Roper installed a kitchen and made other necessary renovations, which resulted in annual revenue jumping to $1.5 million and continuing to grow until eventually topping out at $3.2 million.