What would you do?

[BOSS]

Scenario....your building where your business is located has been the home to your shop for 3 generations, 55 years...you have "lived" in it for 34 of them yourself...it's a one of a kind that can not be duplicated.

A developer comes along, and because your property is in between two other parcels he wants for developement, he offers you $1.5 MILLION for the property plus another 100K for relocation expenses.

You know that if you make the deal, that you can build a brand new state of the art design center, pay off everything you owe, and continue in another location.

Here's the kicker...if you make the deal, your current building will be demolished....

What would you do?

 

[CHR]

Are you kdding?

Start scouting for a new location and calling a tax attorney to minimize Uncle Sam's cut today! I'm jealous.

 

[prestonway]

Unless it's a heritage building, which would be the developer's problem with zoning anyway, ...OOOO LAWD, TAKE THE MONEY & RUN!!

 

[CFD]

Boss - That's A Given!!

Yes you have "sentimenatal value" but WOW what an opportunity. You have your reputation built. Your customers will follow you and the community will see you not as a new florist but as one that is bigger and better and ready to meet their every need!! People love to visit "state of the art facilities" which in return would bring you even more customers. Go for it!! I'm REALLY jealous!!

 

[clay]

Moving On

I view it the same way as moving "on" to a different (usually better) home that where we grew up (or our kids grew up). It is always tough leaving all of the memories at first, but later on, it is not that big of deal. Things and things in our lives change.

 

[steve]

Can you find another suitable location that will give you the desired visability. Yes run this by a good accountant so you know how much the goverment will skim. And if this is their intial offer I would try to hold out for more because they did not play there best hand yet.

 

[Luc]

Before I would say yes I would

Investigate a few things. Aside from what he has offered, like htey said how much you will have left. I would also look at other sites and find out how much it would cost you to relocate and start over. I know you have done many renovations in that start but imagine finally having a flower shop/cofffee house just the way you want to.
THe other thing is having a clause in the deal that there will be no other florist in that spot or part of the development. Or maybe in coperate your store as part of the development.
Good luck on your new venture. It doesnt happen every day for a opportonity like that to come along.
Luc

 

[Fly2hi]

It's only bricks and mortar and there's no point getting attached to them. i think of all the stuff I collect that has sentimental value but I know that when I die, my wife will hire a great big skip! Think of it this way, If it was one of your neighbours that was contemplating the offer, would you advise him to take it?

 

[Blue Oyster Cult]

A test I see..

Scenario....your building where your business is located has been the home to your shop for 3 generations, 55 years...you have "lived" in it for 34 of them yourself...it's a one of a kind that can not be duplicated.

A developer comes along, and because your property is in between two other parcels he wants for developement, he offers you $1.5 MILLION for the property plus another 100K for relocation expenses.

You know that if you make the deal, that you can build a brand new state of the art design center, pay off everything you owe, and continue in another location.

Here's the kicker...if you make the deal, your current building will be demolished....

What would you do?

I'm being very honest mark, I would take the Money and Relocate within the Midland area which seems to be a better location if you want to continue the passion....$1.5M?....I say this because Midland is exploding outwords and this Industry WE were BORN IN changes from year to year and what better way to branch out within the areas with the spending habits.

Just a thought....Memories can be replaced but life is full of memories and we should always create new memories which makes us why we are.

 

[mlou]

Boss,
Talk to a tax accountant first...

You need to make him buy and build out the new location, then do a tax "free" trade...That way you will only pay capital gains on the "boot".
.

 

[mlou]

Boss,
Talk to a tax accountant first...

You need to make him buy and build out the new location, then do a tax "free" trade...That way you will only pay capital gains on the "boot".
.

After having thought about it...

The building you're in now is commerial rental property. Have them buy a retail shopping center, where you can move your store and have rental income from other stores. This shopping center will also be classifed as commerial rental property. Theretofore, it makes a bigger "tax free"trade and smaller taxable "boot"...
.

 

[Lady Biker Florist]

I'm so NOT sentimental this would not even be a serious question if it was me. But then if it was me I would pay off what I owe, invest some, and move to Florida. When I got there I would most likely seek employment working for an existing florist. I'm thinking that since I know how to do pretty much do everything there is to do in a florist and am quite a flexible personality not to mention dependable, trustworthy and easy to get along with that perhaps I would not have a hard time finding that job.
:notyet: Oh fiddlesticks, I was dreaming, time to wake up!

Seriously though BOSS, you seem like the kind of person that IS senitmental and you have to weigh that part out for yourself if this is in fact a real situation and not just a hypothetical question. You are not a "go with the flow" kind of guy and that's just part of who you are. You also have to consider it as an opportunity which might not come along again.

 

[BOSS]

Thanks everyone for your thoughts....

Yes Patty, I am kinda ScentiMENTAL not sure I would want to do the same thing in another "building' as this one hold memories back to my earliest childhood, when on holidays like Mothers Day they would stick me out in the fish pond to occupy my time as they worked nights....oh and the time I dropped 60 dinner plates down the basement stairs, and then there was the time....

Mike, you are right, Midland is exploding...and this is possibly an opportunity to make it new and make it my own, not that I want to distance myself from the previous generations. That said...this will be a year or two away as we move thru the City Council. I wish I could upload the diagram designs here, but the 50 page study won;t fit...

One thing I did do last night, was talk to Cheries brother he's a General COntractor from Florida, who still holds his Michigan building License, showe him all the stuff, and it just might work out where we buy out the other developer (property) and modify the plan and do the condos and row houses ourselves....time will tell...

Thanks again everyone...the time will come when I lose sleep over this...but not just yet...I'll keep you posted...

 

[theRKF]

Man oh man ... I've got an 80 yr old building my great-granddaddy built for the shop. If your developer friend is looking for space in Toronto, I've got the space if he's got the coin.

Ask for 1.75 and 250k in moving expenses - and cash that cheque!