Yeah, it's crazy I know, but it's the truth. This update is good, confusing, and just downright out in right field.
So the asset appraisal came back and I was pretty happy with it, to no surprise the buyer was very unhappy with it. When we met he voiced his concern and ended his comment with....."probably similar feelings to how you feel about the real estate appraisal" He nailed that one on the head! We decided together that the assets were probably worth less where the real estate was probably worth more so we decided together to just let it be and accept the numbers we had. I luckily had spent the day deciding that I was just walking away. I'm not making very much at all, by the time the bills are paid it could be almost be nothing, but I'm out of it and I'll be alive.
The bad part of this situation is we found out he can't close on his loan for 60 days because of paperwork involved for the secondary loan money he's getting. Without the secondary loan money the bank won't loan him the rest of the money needed to pay off my loans, so we have to wait for that in order to close on his loan. We talked to the county who is in charge of the secondary loan and they said it's approved he just has to wait for the final paperwork, and after talking to the bank we decided to move ahead with the transfer under a managing contract. He moves in and operates under my existing licenses and is responsible for the gains and loss of the business and just pays me rent for the space.
I in turn keep the mortgage on the building and all my existing loans until the closing of his loan at which time I will be free. It's not quite what we were expecting, but this way he can get started and get opened up during the heat of the summer when business is best. The bad part is, he doesn't have his loan money to use to get started and I have no money to move on with yet. We're both kind of stuck, yet moving forward. So it's all confusing, but it's progress and moving towards the end.
My business as I know it is closed, I am now just a property owner. We agreed on a rent amount that will cover the cost of the mortgage and electric up to a budgeted amount. If the electric bill goes above and beyond the budgeted amount he offered to cover the excess which is really great. He seems very overwhelmed when I talked to him today, but he's really a good guy. I hope he does better than I did, or at least as good as I did. I have to keep reminding myself that this business did not fail until I put it up for sale. It wasn't easy, but it was getting easier. It wasn't until I put it up for sale that things took a turn for the worse.
I don't regret this, I don't think I could have continued in this business, I was sick of it and there is a part of me that is really glad to see it go. There is another part of me that is crushed to see it go, but that part will find solace in a new town with a new job and maybe with a margarita in Cincinnati out on the patio. :) So that's the update. At the latest I'll be moving at the end of July unless work or something else happens before then. I'll be alright, I have plenty to get done before then.
I had the pleasure of hosting B this weekend!! She graciously gave up her holiday weekend to come up and put the smack down to help me pack. With her help nearly my entire kitchen is now in boxes and I was also able to clear out the store of my personal stuff. She was a HUGE help and it was so much fun having her here. It was odd to have someone staying in my house for more than a few hours. I haven't had an over night guest in over two years, it was kind of nice. It was also really nice to spend time with her. :) She also got through that awkward situation of meeting nearly my entire family. lol. She even got to finally meet Julio. Everyone here has taken a liking to her and want to trade me for her. lol. While I knew they would love her....what's not to love? I was still a little nervous. I always get nervous when two worlds meet one another because it's gone bad many times before, I just didn't want that to happen in this situation. I'm glad it all went well.
Well I'm sure I have more to say, but I have to go to bed because I'm tired and I've got a busy day tomorrow. We're taking out a few more loads of crap out of here tomorrow to clean it up some more and I have to figure out timing of a few things. The month of June is just crazy and I have some trips to get planned!!