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mm2003

LP Member
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About mm2003

  • Birthday 08/01/1983

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  • Location
    Ohio
  1. The restaurant business is a PITA as most others have said. I'll outline below a few suggestions based on my experience. Average unit volume (yearly) = 3x or better the build out cost $/SF generated = $500+ Full ROI = 2yrs or less Royalty = 6% or less 1) Make sure your franchise agreement is transferable and the business terms remain the same for the buyer. 2) If you're purchasing development rights try to extend your target development dates as far as possible and include a ROFR for any new rights being sold in your area. 3) Solid lease in place. Ability to assign lease to approved franchisee (without LL approval). No personal guaranty on the lease. 20 years min total (including options). No percentage rent. Limit of liability in place for the tenant entity. This is to protect your exposure and also provide you the option to get out of the lease if a better site comes available during the lease term. Do not settle for a B/C/D location. Pay a little more rent and make sure you are in a good location for your business. 4) Tenant Allowance - may be tough to get depending on the RE market but we typically see $30-50PSF on new space. That is with electric, HVAC, and slab in place. 5) Solid franchisor. Align yourself with a solid franchisor that is showing good growth. This is important as you'll be able to capitalize on the exit. 6) Incentives - ask about reduced royalty/marketing incentives along with reduced franchise fees. Review FDD as these will be disclosed as well. 7) Have an exit strategy. Remember you'll need new equipment, remodels, franchise renewal, etc between year 5-10 typically. The exit is extremely important and often overlooked when just getting into a new venture. Most units trade for 3-5X unit level EBITDA. Hot brands on the higher end with less desirable brands trading lower. E and W coast will trade at a higher level as well. Higher EBITDA/unit ($200K+) will also impact the multiple.
  2. +1 TT R8 passed inspection in Ohio with import in the tank as well
  3. This will give you an idea where he's at. http://www.columbusracing.com/forums/showthread.php?t=102588
  4. That might be the case maybe but I guess my opinion is we need a tougher system in place. Not just for incidents like this either. There is a reason people keep doing dump shit all the time (robberies, murders, theft, etc.). Bottom line, there are less people being murdered than robbed, and less being robbed than stolen from. Reason IMO is the punishment for the crime. As much as you may want to hurt someone sometimes, for what ever reason, 99% of us don't do it because of the consequence. Most of these people who have very little to lose look at things a little different, sometimes the risk is worth the potential reward. I'm referring to criminals as a whole, not just this individual involved in the shooting.
  5. The problem is we keep putting up with the problems rather than solving them. This guy will be thrown in jail for a few years, "rehabilitated", and back out on the streets to do something stupid again. All while tax payers are funding his housing, meals, guidance, education, etc. Big joke IMO.
  6. DAMN, that was pretty good. Couldn't have said it any better.
  7. Hey Guys, just got word the car has sold. I did send John an email outlining the situation and what happened though. Sounds like this isn't the norm for L Dallas so I will keep an open mind and hopefully get the chance to put a deal together in the near future. Thanks for everyone's insight and recommendation. Hopefully the car went to another member here.
  8. Alright, I remember looking at the website the other day and didn't recall seeing John's name. Decided to check it out again and see if he is still there. I went to the sales page and saw his name but that guy Chris was no longer listed as the sales manager. Hmmmm......I just called and they said Chris is no longer with the company. No surprise. Might have to reach back out and see if we can put something together.
  9. I like the car and was trying to put something together with them. Just feel like they are trying to pin me against a few others and start a bidding war over the car. If they don't like my offer turn it down, that's my thought. Not to mention all the stuff above. Oh well, I'll find another.
  10. I've been going back and forth with these guys for a week on the car. Each time the deal keeps changing. First it comes with the stock bumper then it doesn't. Then it comes with the fabspeed bypass and come to find out they took them off and don't have them. Last I heard they traded the front bumper with the parts dept for a set of cats LOL. And now there both no where to be found. Who knows? To top it off yesterday I offered them 116K cash for the car and was told if the other couple people interested wouldn't pay more by 3p it was mine. I'm not sure that is the best business practice on there part (sales guy I was working with agreed and called BS as well). Guess this Chris guy hasn't been selling high end cars very long and likes to play games. Anyways, thought that was BS but called them back at 4p and they said there not doing 116K now. These guys are a joke. Last email that Chris guy sent said they had someone in TX willing to do 115.5K for the car. Hopefully someone will be able to work out a deal.
  11. I sent you a PM about the car a couple days ago. Might be able to save you the hassel of coming up with the cats.
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