Contracts and frustrations

So, it turns out that people who sign contracts do not have do not have to hold up their end of the deal simply if they don't feel like it at the time. We were supposed to close this Friday, but the seller called and wanted us to go ahead and close, but to give a 120 day extension to him on the repairs that he signed for in the original contract. The problem with this is that we were going to have the business open and running in less time than that... so 120 days was NOT an option. Even 120 hours was not really an option, because we were planning to start work on Saturday morning at the building.

So, he is breaking contract, and therefore has to pay all expenses we have incurred in the process, which he will be quite upset when he finds out about that part.

God has it all under control, ultimately, which is the hardest part to keep reminding ourselves of during this whole ordeal. Life is changing quickly, in more ways that we can keep up with it seems like, but God remains constant.

Let us regroup, and then we will get back with you.

Pause

Yes... that is right.... pause

Out of town

I will be heading to L.A. and Mexico for about a week, and won't be back in town until next Thursday evening, so I thought I would leave you with one last update until I get back. The appraiser finally called us, and we are meeting up today to begin putting it all together. There have been some decent comps to use in just the last few weeks, so it looks like our appraisal will be coming back for more than we thought... which is always a good thing.

Closing is still looking like the 2nd week of September, so that is when the real work starts I suppose. The calls and emails have been pouring in this last week in regards to studio inquiries, and it looks like we will only have a few studio spaces left by the time we open, so that makes us breath easier.... not that we were worried, but there is a certain amount of risk associated with anything you do, and this is no exception.

See you all in a week, in a manner of speaking...

Tyler

Hurry up and wait

The bank is looking good so far. Our loan got approval, but now it is on to the "post construction appraisal" of the building, and an appraisal of our home. Evidently, these things take time, and it looks like our closing will get pushed back to mid-September. So, for now, we get to hurry up and be patient. We are still shooting for an opening date in the Nov/Dec window. We are going to need a TON of help from friends and family, mostly with tearing out all the old parts of the building.... there is a LOT of demolition to do. Not too much construction which is nice. We even get to rent one of those huge roll-off dumpsters... so that should be fun I suppose.

Maybe I will sit outside a couple of evenings and watch the dumpster-divers sift through busted plaster, stucco, and old carpet. I think they will leave dissapointed.

Well, our loan goes through for final approval tomorrow morning! We are very excited and things appear to be shaping up!

A few questions coming in about the studio... so here are some more details. Only 6 spaces left!

-The studio on the whole is right at 2200 square feet.
-This includes the individual studio spaces, lounge, informal meeting area, 8 seat conference/presentation room (complete with a large LCD HD Display in this room as well as in the lounge).
-Each individual studio space is right around 100-125 square feet or so, but the rent is not just for that because you get to use everything else 24 hours a day if need be.
-We are keeping the studio as one large open area, with half-walls separating the studio space. These half-walls will be movable, so if someone needs a bit more room, we can definitely accomodate them.

Keep the questions coming in, and we will do our best to answer them.

Commitments needed

We need to get 3 or 4 more commitments from creative professionals as a greater incentive for the bank to give us the loan for our small business. They like what they have heard so far, but this would make it that much better. We are looking for web designers, web programmers, graphic designers, free-lance photographers, videographers, and any other creative professional that needs a first-class facility to call home.

$250 per month gets you studio space with desk, use of an 8 seat conference room for meetings with your clients, high speed internet access, all utilities, use of the "lounge"/ informal meeting area, and you can access it all as often as you need to. For most graphic designers, 5-8 billable hours will pay your rent for the month, and for web programmers it would be even less.

We believe that The Studios on Broadway is an affordable solution for your business to grow in a professional and comfortable atmosphere. Spread the word about us, and give out our number (479.220.9874) because we only have 8 studio spaces available (actually 6 now... we already have two commitments). If all goes well, studio space will become available in the November/December time-frame.

Round One

The Studios on Broadway had its first finance meeting with Signature Bank today, and we are off to a great start. I am really glad that we have been working on this for so long because we were able to answer almost every question that the bank had for us. Being prepared pays off! We have a few things to fill out, appraisals to get, estimates to make official, and we need 3 or 4 commitments from creative professionals saying that they will definitely lease from us upon the opening of the studio.

More to come...