Our deal is dead

Well after 4 months of negotiating, studying, debating, dealing, praying, thinking, arguing, auditing, working with banks, and all the other stuff you have to do when you pursue a purchase of a business we have pulled the plug on the deal. Although we actually terminated the contract almost a week ago, we've been feeling somewhat discombobulated and didn't feel like blogging about it. However, it has been made clear that ignoring the situation, isn't changing the situation. What a weird and crazy ride this summer has been. Those who have been aware of the collapse of the deal have asked some interesting questions to us, such as: do we feel that we wasted several months here?, or do you wish you hadn't tried?, did you make a mistake in your timing?, and of course the standard-what now? Being that this blog is something akin to our family online journal I thought I'd address some of these questions.

The first question being was this summer wasted? That answer is no, and I am responding emphatically no. We have had many adventures, learned a ton and met some great people. Kasey and I have had a goal for some time now to pursue the acquisition of an outdoor recreational venture, preferably one that is family oriented, and this experience in no way detracts or hinders us in our pursuit of that dream. In fact we still feel that we have progressed and furthered our capacity to operate such a venture when we someday get to that point. As for do we wish we hadn't tried, well some days it does feel that way a bit. Knowing how close we were to being in possession of such a property and business is a bit painful. However, we do feel that we would have regretted not trying, and sometimes one needs to chase a supposed dream to find out if that is what they actually want. Then when one arrives at the supposed destination, one is more fully able to decide if that is actually the desired destination or merely a launching point for a larger more grandiose or simpler more realistic dream. Simply put, we feel that we made a good decision to pursue the opportunity that was presented to us, but have now decided to change course a little bit. As for the third question, timing. Timing is always an interesting thing. Especially in today's economy with banking regulations being tightened, property values falling and lines of credit being more difficult to obtain. The short answer is that we have determined that the time wasn't right to make this specific purchase, but the time was right for us to investigate and put ourselves in a position where we could make an educated decision. All along our goal has been to pursue such a business venture. But our goal was not to simply possess or own the business, it was to operate and be successful in the endeavor. During the process or pursuit of this business we have learned that the business was not cash flowing as we had originally thought. While the location was fantastic, the general facility was incredible, and a decent foundation of repeat business, there were issues that were going to cost money, fairly substantial amounts of money to rectify. I put together what I felt were very realistic projections. They included my assumptions on the current marketing needs, gear/equipment overhaul and such along with a gradual growth due to the current economy. The bank asked a ton of questions and then approved us for a loan of 80% for the value of the business. However, they used my projections as a base and did not value the business as highly as the seller had, thus the total loan amount was less than what we needed. After having a week to step back and look at the situation we have realized how important timing is. Did we mess up with our timing? I don't think so, but I do think that the time is not right for this venture at this location. Given the continued decline of the economy; risk and return on investment is all important. So while the timing was a factor, it is not something we are upset about. As for the final question-what now? That is being worked on. I am working on the next step. We are looking at some job options, along with starting the process of investigating some other businesses that are for sale. We feel that we are in a good position to make a great decision and find a great deal. We are not looking for a deal, we aren't looking for a good deal, we are looking for a great deal. We don't want to settle for good when our pursuit is something great. The effects of this economic recession have driven and are continuing to drive down prices of land and businesses. We feel confident that there is a great deal out there and if we look hard enough, we'll find someone who wants to sell at a price that makes it a great deal. Until then, we wait patiently and continue to work and learn so that we are prepared when the right opportunity presents itself.

On a more lighthearted note, I threw 9 strikes in a row on Wii bowling the other day and shattered our Wii bowling record with a score of 279! Here is a photo to prove it.