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doktor_g
Jun 28, 2007, 3:59 PM
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Registered: Oct 14, 2003
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Folks,
Well, the gym I've been building in Klamath Falls, Oregon is nearly done. It's been one hell of a ride, and I think I might need to get off. Last week we put in the last panel of plywood. Yesterday we finished 8 of the 45 TR anchors and did some seam filler. With some more filler, sanding and some paint we'll be ready to open in a month. You can see old construction pics on my previous posts.
Frankly, I'm exhausted. I've been holding down 2 jobs and need some time to breathe... and climb.
So here's the scoop:
- I am 50% owner of a 16500sqft building (apraised value around $400k) that is downtown on a main street.
- In the building there is a 2000sqft, full service outdoors store of which I am also 50% owner of. It has been in the black since being est in 2003.
- The climbing gym will be finished in about a month's time. 20ft high walls. Incl freestanding boulder. Lead climbing. Double arches. Pretty rad. High community interest. All timber construction. In this I am 50% owner as well. Me and one other guy built it. A labor of love. The closest gym is >50 miles away and friendly.
- The other half of the building is being rented to a Laser Tag Arena/Video game arcade. They pay monthly rent and half electricity. Nice guys.
I think I need out. I'm just tired and want to climb, not work. My other (real) job affords me plenty of free-time and reimbursement. I could be out having fun rather than busting my ass doing gym construction and then daily ops.
I'm going to finish the gym as a point of pride, then really consider selling.
I'd be asking $200k for the whole shootin' match. That is 1/2 ownership of building (appraised at $400k), 1/2 of the store and 1/2 of the gym. I'm not planning on leaving the area, and would prefer to be a steady customer rather than manager/owner.
Feel free to assess my seriousness through previous posts.
Feeling out the market...
Grover
Old pics... old thread:
http://www.rockclimbing.com/cgi-bin/forum/gforum.cgi?post=1531804;#1531804
(This post was edited by doktor_g on Jun 28, 2007, 4:21 PM)
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fitzontherocks
Jun 28, 2007, 5:01 PM
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Registered: Jun 11, 2003
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You've held on for all this time, put your blood sweat and tears (and cash) into this baby, you're a month away from opening, and you want to sell now? I'm not trying to discourage you, but understand why. I would love to write you a check for $200K, but might have a little trouble getting permission from the boss (the one I sleep with).
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microbarn
Jun 28, 2007, 6:23 PM
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clickable:
Sorry to hear it has taken so much out of you. You should atleast get free membership for life. :)
From your description, everything is worth well over 200K. Good luck in finding a buyer.
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jrocksice
Jun 29, 2007, 12:22 AM
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Registered: Jun 29, 2007
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Hey Doktor_g,
I am interested in your biz. I managed a retail store and climbing wall for 9 years. I got out of the retail biz but have been thinking about getting back in.
Can you send me more info? Website? Pics?
Thanks
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doktor_g
Jul 7, 2007, 9:41 AM
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Registered: Oct 14, 2003
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Well I've had alot of lookers but not many askers. Does anybody have any questions out there?
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daydreamer
Jul 9, 2007, 1:57 AM
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Registered: Dec 6, 2006
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will you throw in a few cases of PBR??
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amylovesred
Jul 10, 2007, 7:46 PM
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Registered: Sep 20, 2006
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Grover... No!
Surely construction has been the hard part... Get 'er open and hire people to man the desk. You can teach lessons and set routes if you feel like it or hire people for that too...
That church we wanted to buy got sold to someone else, for $200,000!!! I can't believe it. Wish I could have had that good luck! But we're still looking for new locations. I'll keep you posted :)
It may seem like a lot of work but don't you still think it will turn into a lot of fun? Maybe I'm too optimistic :)
Amy
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tarsier
Jul 10, 2007, 8:24 PM
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Registered: Jun 7, 2003
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Any ideas on the bank financing? Usually a bank will loan money for something collateralized (like a building). However, even though the 50% ownership is valued high enough to collateralize the loan, having another owner could make that tricky.
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doktor_g
Jul 13, 2007, 2:58 AM
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Registered: Oct 14, 2003
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Amy,
Yeah. I realized that pride of building a business is good enough. I need time to climb and train and travel... not do books and worry about renters earthquakes theft fire etc. I just worried too much... not my cup of tea. Too bad about the church that place rocked!
Tarsier,
Not sure what you mean. Our LLC contract stated that we could borrow against the business if it was agreed to unanimously by the board. You could only collateralize (or whatever) up to your percentage ownership and that you and only you would be responsible for the payments etc.
Grover
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N_Oo_B
Jul 19, 2007, 2:38 AM
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Registered: May 21, 2007
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wow, ill have to check this place out when it opens. I'm not much of a gym climber down here in gold hill (prefer real crags) but I like to see everything there is in the area.
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daydreamer
Jul 25, 2007, 2:47 PM
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Registered: Dec 6, 2006
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alright...final offer...you give me the gym plus a case or two of pbr and I'll give you whatever money I can come up with (not 200K), the keys to a very ok baby blue 1989 toyota van AND I'll do your yard work for you...what the hell I'll even throw in Monica, she's gotta be worth something.
Oh but I'll need a place to live so uh...can I borrow your extra room again?
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doktor_g
Jul 25, 2007, 7:56 PM
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Registered: Oct 14, 2003
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That's a deal.
Give me a ring sometime you butt-plug...
Grover
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elwood54
Jul 25, 2007, 8:19 PM
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Registered: Jul 8, 2005
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The info provided is ammunition for an emotional purchase. If this is such an attractive option, why doesn't this guy's partner buy him out? Makes no sense.
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doktor_g
Aug 5, 2007, 7:58 PM
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Registered: Oct 14, 2003
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He did buy it... 8 days ago.
The gym building and retail shop has sold. I've PM'd the interested parties. Thanks for all your interest. Stop by K Falls and see me though if any of y'all are ever slidin' through.
Grover Shipman
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N_Oo_B
Aug 5, 2007, 9:20 PM
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Registered: May 21, 2007
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Guess you shut that guy up =P
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