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I did it today.

post #1 of 4
Thread Starter 
As some of you know I own several different places with manageing partners running all the day to day operations. All good people and smart operators.

About a month or so ago I started talking to the 3 of them about buying the places. Got positive feed back from them a we put together a plan. Got the places appraised, set a fair price and worked out the fiance aspects of it.

So, after a full day of lawyers, bankers and bean counters as of the first of June I have scaled back a bit. Im still underwriting a large part of their financing but they will have full ownership and all the joys that go with it. Im carrying thier co signing for 7 years, so if they fail I get it back but they are all long term expierenced people and I would have never made the offers if I had doubts.

So now i'll have the schools, catering and the import company. Still enough to do but Ill get a little more free time. To be honest I was getting bored with the places, they ran smooth and all I felt like was an interloper when I was there.

So off to something new. I will be looking at several available locations in the city( Göteborg) and have a concept in mind that Ive always wanted to do. As usual, it will take some time, a year or so to get it up, right, and running, but thats where the real fun us anyway. Ahh, nothing like shopping new toys.
post #2 of 4

Congrats!

 

Sounds like a well executed plan.  I wish you much more continued success with your new endevour. 

 

New concepts and new places are always such a rush.  You never actually feel the moment until it's all over and the dust has settled.

 

I'm also in a bit of a transition and will likely (hopefully) become the head care-taker, chef, and chief bottle washer at a privately owned fishing lodge.  Right now I'm working there as Jack-of-All trades to get the hang of the ropes and see how things run.  Then start driving tacks and splitting hairs with the current owners.  We'll see.

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"Plus, this method makes you look like a complete lunatic. If you care about that sort of thing".  - Dave Arnold

 

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"Plus, this method makes you look like a complete lunatic. If you care about that sort of thing".  - Dave Arnold

 

Reply
post #3 of 4
Thread Starter 
Ive always thought a job like that would be fun, fishin/huntin camp, ski lodge, ranch, any of those concepts. When I way a youngin, in the late 60's early 70's my parents would take us up to a fishing camp in Canada. We would have our own cabin but all the meals and social aspects revolved around the "big hall". It was a couple that ran everything and their kids were my age so we would spend the weeks playing. Looked like a great life. I hope your place works out for you, sounds like a cool place.
post #4 of 4
Nice lagom...woohoo!...on to write your next chapter....how exciting. I wish you the best whatever you do or you don't do....i'm sure your young family is thrilled. Over the years i have bought and sold a few restaurants, catering companies and sizable sail boats. While i gave all of them my 100% and enjoyed each to the max,the maxim holds true ,'the two happiest days of your life are the day you buy them, and the day you sell them'. Congratulations and cheers!

@michael...best to you too...nice to see people at our stage in this crazy business still 'transitioning'
I have worked in some fairly remote places myself...one island was only accessible by boat, one boutique desert lodge only accessible by helicopter, one job at 11,000 feet, and many years at sea on boats. Aside from some of the food provisioning challenge,the remoteness was all so worth it.
all the best to you...

joey

food is like love...it should be entered into with abandon or not at all        Harriet Van Horne

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food is like love...it should be entered into with abandon or not at all        Harriet Van Horne

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