Want to own a night club?
Nov. 27th, 2007 08:17 pm![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
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davis_square{Stop! Please don't reply to this post by leaving a comment in the Davis Square community. I really do want to hear from you, but for my own sanity, I'm collecting all the discussion in my LJ. Thanks!
Of course you do. Clasping the hand of the regulars, scribbling "OK" on people's checks like Rick in Casablanca, booking acts that are going to be stars — or already are. Who doesn't think that'd be cool?
Well... here's a business opportunity in Davis Square, Loyal Reader.
I have a chance to rent the old Jimmy Tingle theatre/nightclub in Davis Square. I took a walk around it today, and it's in great shape. I could do a show there tonight and it'd be better shape than many of the Boston venues I've played.
My plan is to create a theatre/nightclub that plays jazz, blues, big band, and swing, and also does some live theater type events (magic and maybe stand-up comedy). The vibe of the club is a little speakeasy-ish. We may also rent rehearsal space to dancers, actors, photographers, etc. during the off-hours for additional income. More details and projections are available.
Monthly expenses (rent, utilities, payroll, marketing, insurance, consumables, etc.) would be in the $10K/month range, and I'm looking to pull together backers for about eight months worth of expenses.
"Leaves me out..." I hear you say. "I don't have eighty thousand dollars".
You don't need too. I'm setting up an L.L.C. to fund this enterprise. The way and LLC works is that at its creation, the various partners are assigned a percentage of ownership. If there are two of us, it could be 50/50 or 92/8 or however we chose to split it. At the end of the year, each owner gets a statement and is responsible for the taxes on their percentage of the profit. That is, if there are two equal partners and the company makes a profit of $1,000.00, each partner is responsible for the taxes on $100 (and, presumably has received that $100 from the company).
I'm doing an early round of financing, where you can buy 1% of the company for $500. This isn't stock, and you don't get to vote. You do get a percentage of the profits — and if the company loses money one year, you also get to write off the loss on your taxes.
A couple of quick things:
- I'm only selling 49% of the company. I'm putting in 51% and going to maintain controlling interest. If you want to have input in how the company is run, drop me a note. Voting shares will cost more.
- This is early round financing; once I raise $12,500 (25%) the price of shares goes up to $1,000.00 for each 1% share.
- Opening date is projected to be beginning of April 2008.
- If you ever want to sell your share, the value is fixed at what you paid for it. If the company every gets sold, you get a percentage of the profits equal to the percentage of the company that you own.
- Income is paid annually for the first three years; quarterly after that.
- There's no guarantee this will work. You can lose all or part of your investment.
"Leaves me out..." I hear you say. "I don't have five hundred dollars".
I'm willing to do a limited number of shares for sweat equity. Commit to 50 hours of work, and you'll get a share. Work can be things like ushering, manning the box office, helping with promotion, painting, building a website, or anything else that appeals to you, benefits the club, and is within your skill set. If you've got a rarefied skill (like, you're a lawyer or an accountant), than I'll increase your hourly rate. The only catch with sweat equity is you have to complete your hours of work within six months of the time you make the commitment.
If you're interested and want more details please go to the post about this in my LJ and leave a comment.
Of course you do. Clasping the hand of the regulars, scribbling "OK" on people's checks like Rick in Casablanca, booking acts that are going to be stars — or already are. Who doesn't think that'd be cool?
Well... here's a business opportunity in Davis Square, Loyal Reader.
I have a chance to rent the old Jimmy Tingle theatre/nightclub in Davis Square. I took a walk around it today, and it's in great shape. I could do a show there tonight and it'd be better shape than many of the Boston venues I've played.
My plan is to create a theatre/nightclub that plays jazz, blues, big band, and swing, and also does some live theater type events (magic and maybe stand-up comedy). The vibe of the club is a little speakeasy-ish. We may also rent rehearsal space to dancers, actors, photographers, etc. during the off-hours for additional income. More details and projections are available.
Monthly expenses (rent, utilities, payroll, marketing, insurance, consumables, etc.) would be in the $10K/month range, and I'm looking to pull together backers for about eight months worth of expenses.
"Leaves me out..." I hear you say. "I don't have eighty thousand dollars".
You don't need too. I'm setting up an L.L.C. to fund this enterprise. The way and LLC works is that at its creation, the various partners are assigned a percentage of ownership. If there are two of us, it could be 50/50 or 92/8 or however we chose to split it. At the end of the year, each owner gets a statement and is responsible for the taxes on their percentage of the profit. That is, if there are two equal partners and the company makes a profit of $1,000.00, each partner is responsible for the taxes on $100 (and, presumably has received that $100 from the company).
I'm doing an early round of financing, where you can buy 1% of the company for $500. This isn't stock, and you don't get to vote. You do get a percentage of the profits — and if the company loses money one year, you also get to write off the loss on your taxes.
A couple of quick things:
- I'm only selling 49% of the company. I'm putting in 51% and going to maintain controlling interest. If you want to have input in how the company is run, drop me a note. Voting shares will cost more.
- This is early round financing; once I raise $12,500 (25%) the price of shares goes up to $1,000.00 for each 1% share.
- Opening date is projected to be beginning of April 2008.
- If you ever want to sell your share, the value is fixed at what you paid for it. If the company every gets sold, you get a percentage of the profits equal to the percentage of the company that you own.
- Income is paid annually for the first three years; quarterly after that.
- There's no guarantee this will work. You can lose all or part of your investment.
"Leaves me out..." I hear you say. "I don't have five hundred dollars".
I'm willing to do a limited number of shares for sweat equity. Commit to 50 hours of work, and you'll get a share. Work can be things like ushering, manning the box office, helping with promotion, painting, building a website, or anything else that appeals to you, benefits the club, and is within your skill set. If you've got a rarefied skill (like, you're a lawyer or an accountant), than I'll increase your hourly rate. The only catch with sweat equity is you have to complete your hours of work within six months of the time you make the commitment.
If you're interested and want more details please go to the post about this in my LJ and leave a comment.
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Date: 2007-11-28 05:07 am (UTC)no subject
Date: 2007-11-28 05:07 am (UTC)