Friday, November 27, 2009

Going-ons? Goings-on?

Wow, a lot has happened this week.

In no particular order, here is what's been happening in Café Novos world lately.

That wonderful space that Starbucks backed out of? We're hitting serious road blocks with the landlord regarding the lease.

(Said empty space, with two lovely people I happen to know.)

We met with the architect that had done the drawings for Starbucks, and went over what we are looking for. Got his fee proposal (he can certainly afford to buy the fancy car he pulled up in), and some suggestions as to what we should ask the landlord to complete before we sign the lease. Little things, that the inspector would need done regardless.

We emailed the landlord on Sunday night, with a proposal to lease, outlining what we'd need, and what we were offering - to put in $100K worth of renos to finish the place, and 3 months worth of security deposit, at the rent rate he was requesting. We just needed him to pay for the walls to be framed, and drywalled around the bathrooms and backroom.

Finally heard back on Tuesday, that he would be needing a full years worth of rent as a deposit, and he wasn't putting another dime into the place - don't we know he's already dropped close to $300K on the place?? Just to put it in perspective - a years worth of rent is approx. $50K. Up front, just for the privilege of leasing a property we're going to put $100K into, that he will benefit from.

After going back and forth a couple of times he tells us we need to make a decision on what we want, he can't work with us if we're not going to offer any security or covenant. You know - like what we offered with the 3 months deposit (security), and to sign a 5 year lease (covenant)?
I pointed this out to him, and have yet to hear back.
We're not so sure we want to get in bed with someone who's whacked from the get-go. So we're looking elsewhere.

Thursday Sadie and I went to check out a spot on College, operating as a restaurant. Gorgeous, perfect, amazing location - full kitchen. The pedestrian count alone was enough to quicken our heart beats. (Can you see the name Café Novo posted on that pretty yellow exterior, in your head? We sure can - and it looks good).

We decide we want it - let's do it. YAY right?
Wrong - there's an offer in, to buy the restaurant. Which means our offer to lease is going to take second stage, if we even get a shot to present it.
So now we wait...




We have to wait until the end of the weekend, for the offer to expire, before we know if it's available or not. And it's killing us.

So good blog-reading friends - will you say a prayer / wish on a star / cross your fingers for us?

In more positive news, we met with our lawyer, and finalized all the company positions, stocks and minute book.

Check it out!

(Neato - right?)

But we can top that! Oh yes! Check this bad boy out :

Heck yes that's our corporate seal! We're going to officiate every piece of paper that has to do with the company. Security measure are important, right?

We also now have a business bank account, and just today we got the permanent card in the mail, with the fancy chip and everything. It also says Café Novo Inc. on it, but I'd get in trouble from our CFO if I posted a picture of it. You'll just have to take my word that it's shiny and super impressive.

Next week we meet with the bankers that will formulate the proposal to the CYBF advising if they should lend us money - a bit nervous about it, but we know that business plan front to back so we think we'll be OK. Wish us luck regardless?

We'll leave you with that for now - in the next few posts look forward to more introductions, and hopefully elated joyful news of securing the space on College!

Elizabeth - President. (Now that's fun to type!)

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