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McClure's BBQ (1 Viewer)
- Thread starter tipsy mcstagger
- Start date
msommer
Footballguy
msommer
Footballguy
Brony
Footballguy
I knew Eminence did well on his Walgreens stock, but I didn't know he did that well.
Doctor Detroit
Please remove your headgear
Yeah I'd go with the one investor.
In a related note, I'll be by next week to invest $30 or so in my stomach.
In a related note, I'll be by next week to invest $30 or so in my stomach.
Gawain
Footballguy
The only thing that would work against going with a single investor is that a guy who drops 75K might want some input.
A bunch of us putting in 1-5K would probably look at it as a way to take a trip to New Orleans, eat some BBQ at cost and write it off for 2015.
If Tipsy didn't want to deal with someone who would be more than a FBG kickstarter, crowd sourcing might be more attractive.
Mad Cow
Welshers and Dawdlers Beware!
Bull Dozier
Footballguy
Yearly, or semi-annual if you don't want to be sitting on cash that isn't actually yours.
But ditto, dealing with one person makes more logical sense, even though I'd like to be a part of it. I'll just have to make a trip down and order the all meats all sides to join in on the experience.
Nathan R. Jessep
Footballguy
Would probably be in for $1K if it went to crowd-sourced option. Awesome, Tips. Good luck and congrats!
PinkydaPimp
Footballguy
Limp Ditka
Footballguy
Betting it was unlucky. I've heard he has a bunch of disposal money right now.
PatriotJohn
Footballguy
I'm in if you are taking money from the "littles".
tipsy mcstagger
Footballguy
guys...i'm overwhelmed by the support here. i am just wrapping up a 14 hour day...moved two pits around town....blah blah blah. I will be passing out soon. New landlord is on way to my place to eat with his wife and discuss some more details and then I'm out.
Nobody is excluded yet. It might not work with mysterious investor ffa guy so im still taking pm's to put you on the list.
Nobody is excluded yet. It might not work with mysterious investor ffa guy so im still taking pm's to put you on the list.
AcerFC
Footballguy
Just asked my wife if we can give Tipsy 1,000. Afterall, she has met him and ate his food
She says, and how are we getting paid back. I told her we didnt even need to get paid back, we were just doing it to help the cause
She wasnt thrilled with that answer. Something to the effect of are you effing kidding me
Dont think I will be in, but if I can come up with a way to hide it from her, obviously in
She says, and how are we getting paid back. I told her we didnt even need to get paid back, we were just doing it to help the cause
She wasnt thrilled with that answer. Something to the effect of are you effing kidding me
Dont think I will be in, but if I can come up with a way to hide it from her, obviously in
Baloney Sandwich
Footballguy
I'm interested but need to know that you are not hiring a company to redesign your website.
Don Quixote
Footballguy
Not an SEC/securities guy (and not legal advice), but I'd make sure to get the all clear from your lawyer if you have not already. Rules can be easy to trip.
tipsy mcstagger
Footballguy
tipsy mcstagger
Footballguy
that parking lot is already gone. its halfway done on one side, the other had dozers breaking up the other half. looked nicer than a brand new mcdonalds parking lot. he is spending more on that than both of my restaurants will have cost to open.
tipsy mcstagger
Footballguy
ok guys. i gotta pass out. hopefully i get home before then. updates in the morning.
![[icon]](/data/avatars/m/5/5167.jpg?1660313464){kind=avatar}
kutta
Footballguy
Tipsy, this sounds like a great idea, but if you are really promising 15% return and a portion of profits forever, you are really going to need some legal documents, lawyer and accountant reviews, etc. it won't be as easy as just saying you are going to do it. The problems will start if this location doesn't make it and people start wanting their share of the profits. Or if the profits don't come quickly enough.
I guess I'm just saying to make sure you have really thought things through and have some good legal guidance before moving ahead. You've worked too hard to make a big mistake now.
I guess I'm just saying to make sure you have really thought things through and have some good legal guidance before moving ahead. You've worked too hard to make a big mistake now.
krista4
Footballguy
I've been figuratively biting my tongue here and not typing a response, but the whole "gentleman's agreement" worries me in terms of its ability to become a real ####-show for you, your "investors" or both, despite everyone's best intentions, for about a billion reasons that aren't necessary to I hope this is all wildly successful for you--and I think it will be in terms of the restaurant itself.
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krista4
Footballguy
krista4
Footballguy
The math tipsy set out indicates a 15% overall return, not a 15% interest rate. A lot of people have been using them (incorrectly) interchangeably.
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DA RAIDERS
Footballguy
listen to k4 tipsy, she smaht. i mentioned lawyers in my pm, as much or more for you, than for us goobers who are willing to give some dude from the internet $$$
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krista4
Footballguy
I'm a fan of crowdfunding and think a crowdfunding model for tipsy could work here. I suspect there are a lot of people here who would give $$$ without any expectation of return other than whatever rub (heh, heh) or 1/2-off BBQ or what have you might be offered at different levels. Or a single investor, with clearly defined terms and expectations, would work. I fear disaster for our GB tipsy under this nebulous (sorry Acer) scheme.
As an example, as I mentioned above, tipsy made reference to 15% interest, which in the usual nomenclature (sorry Acer) would be 15% per annum. No one goes for a mortgage, a credit card, anything that advertises an interest rate and sees a rate based on three years. What tipsy is envisioning is a 15% return, at a simple annual interest rate of 5%. Now, for most that might be understood, or people are eating their delicious McClure's and don't care anyway, but if even one guy says, "Hey, you told me I was getting 15% interest," then tipsy has a problem, the FFA has a problem, etc.
That's just a simple example. I"m not saying it couldn't be done in this fashion--it absolutely could be and is done (I looked at an offering memorandum as a potential investor in a Chicago restaurant that I still kick myself for passing on)--but that a lot more thought and work has to be put not only into valuation but into buttoning it up so as not to cause any problems for anyone. Sounds like tipsy is getting good advice to that effect from a number of people.
ETA: that's also setting aside the legal considerations surrounding an equity offering.
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msommer
Footballguy
Including you.I'm a fan of crowdfunding and think a crowdfunding model for tipsy could work here. I suspect there are a lot of people here who would give $$$ without any expectation of return other than whatever rub (heh, heh) or 1/2-off BBQ or what have you might be offered at different levels. Or a single investor, with clearly defined terms and expectations, would work. I fear disaster for our GB tipsy under this nebulous (sorry Acer) scheme.
As an example, as I mentioned above, tipsy made reference to 15% interest, which in the usual nomenclature (sorry Acer) would be 15% per annum. No one goes for a mortgage, a credit card, anything that advertises an interest rate and sees a rate based on three years. What tipsy is envisioning is a 15% return, at a simple annual interest rate of 5%. Now, for most that might be understood, or people are eating their delicious McClure's and don't care anyway, but if even one guy says, "Hey, you told me I was getting 15% interest," then tipsy has a problem, the FFA has a problem, etc.
That's just a simple example. I"m not saying it couldn't be done in this fashion--it absolutely could be and is done (I looked at an offering memorandum as a potential investor in a Chicago restaurant that I still kick myself for passing on)--but that a lot more thought and work has to be put not only into valuation but into buttoning it up so as not to cause any problems for anyone. Sounds like tipsy is getting good advice to that effect from a number of people.
Could kickstarter or a similar crowdfunding site be used to facilitate this? They ought to have boiler plates ready for this kind of thing.
Dragons
Delusions of Grandeur
Not sure if they offer legal advise for equity or return on the money, but they definitely have figured out the boiler plate for taking a cut.Including you.I'm a fan of crowdfunding and think a crowdfunding model for tipsy could work here. I suspect there are a lot of people here who would give $$$ without any expectation of return other than whatever rub (heh, heh) or 1/2-off BBQ or what have you might be offered at different levels. Or a single investor, with clearly defined terms and expectations, would work. I fear disaster for our GB tipsy under this nebulous (sorry Acer) scheme.
As an example, as I mentioned above, tipsy made reference to 15% interest, which in the usual nomenclature (sorry Acer) would be 15% per annum. No one goes for a mortgage, a credit card, anything that advertises an interest rate and sees a rate based on three years. What tipsy is envisioning is a 15% return, at a simple annual interest rate of 5%. Now, for most that might be understood, or people are eating their delicious McClure's and don't care anyway, but if even one guy says, "Hey, you told me I was getting 15% interest," then tipsy has a problem, the FFA has a problem, etc.
That's just a simple example. I"m not saying it couldn't be done in this fashion--it absolutely could be and is done (I looked at an offering memorandum as a potential investor in a Chicago restaurant that I still kick myself for passing on)--but that a lot more thought and work has to be put not only into valuation but into buttoning it up so as not to cause any problems for anyone. Sounds like tipsy is getting good advice to that effect from a number of people.
Could kickstarter or a similar crowdfunding site be used to facilitate this? They ought to have boiler plates ready for this kind of thing.
tipsy mcstagger
Footballguy
Lots to process after reading these posts and a couple of PM's.
I don't really see a big roadblock to making it all more legitimate. I have a lawyer, I have an accountant. I just want to get this train rolling I guess....I follow my instincts and this project had me begging my wife to 2nd mortgage our house and sell a kid to make it happen.
Btw...does anybody want to buy my children? I'd go with the youngest...he is really funny.
I don't really see a big roadblock to making it all more legitimate. I have a lawyer, I have an accountant. I just want to get this train rolling I guess....I follow my instincts and this project had me begging my wife to 2nd mortgage our house and sell a kid to make it happen.
Btw...does anybody want to buy my children? I'd go with the youngest...he is really funny.
tipsy mcstagger
Footballguy
Trying to sway the biggest fish with my food instead of ownership. Pay him back the money with interest....and come and cater at his estate every summer.
I like that idea best of all....it cuts through the bs and gives me an excuse to get away every summer.
I like that idea best of all....it cuts through the bs and gives me an excuse to get away every summer.
Binky The Doormat
Footballguy
If this goes back to a crowd sourcing model that is more formalized I would definitely be interested.
Johnny Rock
Footballguy
I want to do it to because Tipsy and this gang seem like great peeps. Also to be part of the inevitable TV show and internet lore...like Leroyyyyy Jjennnkinnsssss!
tipsy mcstagger
Footballguy
Looking at a couple of the crowd funding sites like Kickstarter & Go Fund Me....doesn't look like there is a way for me to offer financial rewards for lending me cash.
Anybody have experience with these?
Anybody have experience with these?
AcerFC
Footballguy
No, but slow down and take a deep breath
Call your lawyer and see what he says. Listen to the experts in those fields.
Don Quixote
Footballguy
SEC has not finalized rules yet: http://www.forbes.com/sites/kevinharrington/2015/02/03/will-jobs-act-equity-crowdfunding-ever-happen/
tipsy mcstagger
Footballguy
I'm breathing. Yesterday may not so much....but i've already put a couple emails out to my lawyer and accountant. Just checking on other options while I sit here cooking.
tipsy mcstagger
Footballguy
Skipdog77
Footballguy
Steve Tasker
Footballguy
I've been following along here, and unless I've missed something, I'm not sure I really understand the investment scheme.
Investor loans $x to a new legal entity (?) over a 3-year term. Looking at a quick amortization schedule, the annual interest rate appears to be 8.656%.....this is the $31.64/month payback for $1,000 invested model. Then the investor retains an interest in "future profits" of a fractional percentage. Is this a royalty stream? Is this an equity stake? Is this a transferable stake? What if I die? Who determines "profits"? What if Tipsy decides he's not making enough take-home and wants to take a higher salary, this lowering the "distributable profits"? Are your financials going to be audited/reviewed? How does the investor have faith that you're not bleeding the company dry? Is this new entity going to be an LLC throwing off like 50+ K-1s? Cause that's not a cheap tax return for a preparer to prepare.
I'm guessing most people aren't thinking about these things, and they're just looking at it as a fun way to throw some extra cash at a fellow FBG, one who we all love and have enjoyed following. And that's cool. But once you actually start mixing business interests and friendship....well you've gotta be careful.
I hope you realize that none of this is directed at you personally, just my general comments/concerns on reading the past few pages. Good luck
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Ray Karpis
Footballguy
Just keeping this conversation going...I don't think most people in here looking to "invest" are really doing it for the potential profit in terms of % ownership. I could be alone here, but I think most would be satisfied with loaning the money, getting their loan paid back with a little interest, and being able to say own a tiny piece of a cool restaurant run by a cool guy. Against that backdrop, I think most would be willing to take a guaranteed minimum annual distribution - say $10 - with total discretion to Neil determine how large the profit pool is each year. There needs to be an eye on the front end to what happens if McClure's II sold to Bubba's BBQ, Inc. for $5 gazillion, but I don't think this needs to be too complicated.
I think Tasker raises good points, but If anyone is getting into this with a mind to question whether they're getting their "fair share" - I really don't think this is something you need to worry yourself with.
I think Tasker raises good points, but If anyone is getting into this with a mind to question whether they're getting their "fair share" - I really don't think this is something you need to worry yourself with.
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