cellini's Diaryland Diary ----------------------------------------------------------------------------------------- In which I have my suspicions about this real estate deal. I am really good at running a bookstore. Everything that I put out on display in the last week has sold. My New Yorker display, sold out. My father has raised points that I hadn't thought about enough before. Why would I let Philip come in for 50% of the business with only a $50k cash infusion on a building worth over $2M which I am buying for $975k? The sale at these friendly terms is directed at me, because I am the only person who can run this place as a bookstore, according to the wishes of the outgoing owner who is barely cognizant of anything that is happening and his wife is trying to honor his legacy and avoid him seeing his life's work turned into an expensive restaurant. I'm gonna give Philip a 50% stake in this business and building for 50%? When we could sell it the day after the outgoing owner dies for over $2M? Not that I even want to sell it. I really like running the bookstore, putting over 100,000 books towards a more perfect organization and helping people to find books, both those that they knew that they were looking for and those that they did not. I definitely need cash available from day one. But the deal that this guy is proposing is starting to smell really fucking bad. He is in his 70's and is an old friend of the owner. Just wanting to help the place survive is looking like a thin motive. When he first proposed this deal, he said "take on a small, minority share for a thirty thousand dollar contribution." 50% is not a minority share. This is starting to look like greed. There was that guy in the Godfather, maybe in part two. The guy who was old as fuck and acted like he was in his dotage but was really planning deals as if he would live another 40 years. This reminds me of that. I need to get a valuation on the property from a commercial real estate agent and then I'm thinking that I might ask my father if he wants to come in as the guy with $50k. 2:51 a.m. - 2023-10-09 ----------------------------------------------------------------------------------------- |
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