Tuesday, August 14, 2007

The deal for the second store is off. It was just taking too long, with too many complications.

I'm going to concentrate on my own store for the next couple of years, and hopefully I'll have made enough money to have some flexibility. I still like downtown.

I think the economy is going to be shaky for awhile, anyway. So maybe it's for the best.
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6 comments:

Keeneye said...

Good for you for trusting your gut.

It's difficult once you get caught up in the current, but sometimes, you just have got to dive under and wait for the next big wave.

August 14, 2007 at 11:01:00 PM PDT
Jason said...

That's too bad. Better safe than sorry, though.

August 14, 2007 at 11:19:00 PM PDT
Duncan McGeary said...

I want to sleep on this before I say more. Kind of disappointed, but I know that I've probably saved myself a ton of stress and work and worry and probably cash.

August 15, 2007 at 12:04:00 AM PDT
Anonymous said...

Your doing the right thing, given that your wife has a store, you could experiment a little with some of your satellite concepts.

The next five+ years is going to be hard to just to survive, no reason to add additional cash-burn to the situation.

If cash and health is looking good, in three years you should be able to pick&choose any property you want in town for less than 1/2 asked now. This is peak market for commercial, just wait and be patient.

You really need to purchase your own property, in the long haul your best investment will be you yourself becoming the land-lord, and you renting out your space's to some young bucks wanting to work 18 hours/day.

Don't do the mayor thing, put your energy, youth,... in your own business.

Personally I know you don't like ownership, but I think you should spend the next three years looking for your own space, there should be some once a generation deals coming down the next 3-5+ years.

In the tough times ahead it means working twice as hard for 1/2 as much just to survive. It means cutting back to the essentials, no point of exposing yourself to large costs at this point in time. As businesses go bankrupt in the next few years keep your eyes open for stuff, and find a large cheap storage area.

August 15, 2007 at 7:18:00 AM PDT
IHateToBurstYourBubble said...

I have a conflicted opinion on this: I thought (and still think) that diversifying away from downtown is a good idea. But you've also just got to the point of being the only game in town & should ride that gravy train as long as possible.

August 15, 2007 at 8:14:00 AM PDT
Duncan McGeary said...

If I keep my credit in good standing, and I can get a bit of cash assembled, I may well be able to buy something in a couple of years if the commercial property goes the way of the housing property.

I always thought this was a possibility. The problem was that a couple of years was too soon for both reality to take hold and even more importantly, the AWARENESS that it was happening. That I figure is 3 to 4 years down the road.

August 15, 2007 at 9:18:00 AM PDT

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