Thremp - Whats happening with the bar?

[spex x]

Hows your bar venture coming along?

[Thremp]

How do I keep missing these posts with my effing name on them?!?!?!

Before I list this what has happened perhaps Spex and I should just detail stories to one another since I assume he finds this interesting enough to post about while I want to learn to find/develop/manage property... soon.

Okay... Where are we.

1) My partner is the current manager of a bar. So we gave the future manager of our new bar a little test run behind the register. I wasn't here for the show, but needless to say it was so awful that it got him fired from his current job and he lost his future one managing our bar. GG idiot. Basically he proceeded to get drunk behind the bar, break some bottles of booze and lose count of the register. The first isn't really an issue unless it leads to the second two. So thats one thing we're gonna have to do. Find a new manager.
2) We have another ancillary issue that is holding us back somewhat. If we're opening a bar in the major bar district (which we want to do) we're gonna need to find a place in the next couple weeks if we want to get it open by Mardi Gras (ultra important). Its a very large business time and a v good cash infusion for a new place opening up. The clusterfuck of events has pushed us back a decent amount, but we'll figure it out. This isn't a deal breaker by any means, but needless to say... Its gonna alter our projections if we can't get this bish open in time.
3) We got our LLC papers finally. So we can open a bank account and fund it. That is good. This is about all we needed to do on this front.
4) Partner got a mark on his liquor license. Or a ticket or whatever the [censored] they call it. This isn't really an issue, just wastes some of my time as they call me in and I have to apply for it instead (I think, we need to talk it out with our lawyer). AL is very very forgiving on this front and they're v v cheap as well so it isn't an issue whatsoever.
5) For some reason it seems that when you reach millionaire status down here you don't care about making more money (I don't understand this whatsoever. Though it does make it really cool to just be semi-wealthy down here since no one makes any money... Just making some makes you look like a big shot. God forbid I ever get to the point where I make 7 figures a year like I would like to one day... But I digress) No one returns calls, cares about renting their buildings or generally gives a [censored]. Its not an issue to buy a 700k building and leave it vacant for like 6 months while you sit around doing nothing. Aside from the fact people want to pay you money to improve it and lease it. This annoys me greatly. Waiting >1 week for a call back for a building up for lease is absurd. Waiting months is like suicide.
6) This brings us to the location issue. We're having trouble finding one. While I sit here and think about this... I have an idea for a temp solution if we can get it to work, but I'm not going to bother to write it out. Basically it involves getting some this [censored] to give us favorable lease terms (or just use some shady biz practices) to use his building and generate some cash and then GTFO whenever we find something better, likely in 2-4 months post Mardi Gras.

So basically, we're about where I'd imagined we be right about now. Nothing is done other than we have an actual LLC and can do business. We have not spent any money and have had some relatively minor problems.

Questions?

[spex x]

I thought that you guys had a location worked out when you started - your girlfriend's dad's place or something?

[tippy]

Thremp, if you need any advice or opinion on attorneys, real estate people, etc. let me know. I practiced law in Mobile for about 8 years and I know a few guys who have owned bars on Dauphin Street and over in Baldwin County.

As for making seven figures and hanging it up, that is pretty much standard procedure in Mobile. It is just so damn cheap to live there, why bust your ass if you have plenty? You can pick up a 4000 sq foot house for about 400k and a nice car. Living expenses are nothing there. You can't buy anything in Mobile with your excess money.

A million invested wisely is plenty, unless you decide to leave Mobile, LOL.

[Thremp]

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I thought that you guys had a location worked out when you started - your girlfriend's dad's place or something?

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His girlfriend's Dad's place. But there was some legal gibberish that was holding it up that I don't really understand. Like he wanted to lease, but couldn't. I have no clue really what is going on. We'll work it out.

This is something I need to talk out. We've looked at probably 4-5 different spots so far, but none really in depth.