2million for Qmasters....
- Thread starter The Renfro
- Start date
If that's true, then he is not being very forthright.
Since they were always a part of the US Open it seemed to me (and all the spectators) like that was going to be their future. Barry constantly talked about passing the torch to them.
Barry retiring in the PI. Jay retiring in the PI. Maybe we'll see Barry's & Jay's billiard room in Manila soon.. Johnnyt
ooohhhhh.... that's bad.... very very bad. i'm picturing pigs & a ski jacket.
My understanding was they declined because of the $2,000,000.*
Blood may be thicker than water, but money is the thickest of them all!
* And remember, that's 100% non-negotiable.
Last edited:
Barry retiring in the PI. Jay retiring in the PI. Maybe we'll see Barry's & Jay's billiard room in Manila soon.
I think they will call it:
BJ's in Manila.
I think maybe Jay's name first on that one. Johnnyt
The rent is cheap. The building is 25,000 sf - that's only 60 cents a square foot. The averages there for retail are considerably higher.
I would consider something like this. Build out the space and sublet out a portion of it for a restaurant or other compatible business. Say 4,000 SF for a restaurant at a lease rate of 6K per month. Let the restaurant cater food to the customers for a percentage of sales, while I took in table time and alcohol. My guess is the combination of rents and food sales would then cover at least half the total lease cost, while only giving up a small amount of space and considerably cutting overhead by eliminating the kitchen.
Of course this is all speculative thinking - I have no clue what the place is like.
Last edited:
Another thing - what value does the 'US Open' really have?
If I decide tomorrow to do a pool tournament, add $75,000 and call it the Wonderful Watchez Open is no one going to show up because it doesn't have the name US Open tied to it? The players will follow the money unless they are being sidetracked by some carnival act like Bonus Ball.
If I decide tomorrow to do a pool tournament, add $75,000 and call it the Wonderful Watchez Open is no one going to show up because it doesn't have the name US Open tied to it? The players will follow the money unless they are being sidetracked by some carnival act like Bonus Ball.
Sorry Tate. Don't agree with you on this one. Assets + something for goodwill (not a lot). Other than the assets you are buy nothing. For $200k I could open the greatest room right down the street. For $1m I could open a room AND own the real estate. $2mil represents delusion. Isn't this the same guy that had to pay US Open winners over time? With his profitable pool room couldn't he just take it out of petty cash?
Bob
Well in Barry's release he did throw in the one little line of "any debt will be paid off prior". Maybe he don't even own the tables
Brady quit doing the Open 6-8 years ago, and Shannon quit before the last one -no?
The reason why goodwill is worth something has to do with start-up costs. I've been involved with a number of buy outs (never started a business from scratch). In 1978 I managed a company and negotiated the buy out where the owner's bought it for about $300,000 goodwill with only maybe total of 25K in hard assets. Right away we had annual income of 200K to 300K a year to work with.
We put 20K down, leveraged the loan against real estate so the seller was secure, then paid for the company from profits in three years. The company was later sold for about 500K.
Let's say we started that business from scratch. In a retail start up, you will generally lose money for the first year or two, then either succeed or quit. Our bare bones overhead would have been $15K - $20K per month at that time. If we lost 10K per month for 24 months until we broke even, the cost would be hard asset purchases (25K) plus losses (240K) = outlay of 265K just to make break even to stem losses. In the other scenario our outlay was only 20K and we paid for the business in 3 years.
Buying businesses is very risky business. It simply depends on the deal, quality of the business, and what you can do to make it profitable. I have had many white-knuckle moments in my career. My current business was a buy out in 1985 and still going strong.
Generally, retail companies that are a good deal have a loyal following, have potential to grow, but are not well managed and not particularly profitable as a result.
Last edited:
Yeah i dont think that is bad at all JT. I know a guy paid 14k/month for 12.5 sq ft-33 tables 17 years ago . He made money for 4-5 years until he messed it up himself
True it was in central Westchester but Hampton Roads is not all that different and it's 17 years later-Good rent i think.
Shannon was at last year's Open.