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Update on our venture
Topic Started: Sep 8 2012, 01:19 PM (7,373 Views)
FlashGordon
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Boston, the owner is retiring. She's been there 33 years (though the camp has been in existence for 70) and she's ready to scale back and relax a little. Even if she just stopped running camp, it is still a huge property to maintain, and I think she's ready to move on.

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WhySoSerious
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I am so, so, so happy for you and your family, FG. I would love to come visit NY and have an adult camp weekend, especially since I've never been up that way. I can't wait to see this plan unfold for you guys!
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Fish Cheeks
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So Flashy, when does Mr. Flashy quit his job??? ;)
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FlashGordon
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Ha ha Fishy.... honestly, we didn't think he would still *have* a job at this point. So right now we are milking it as long as we can.

He cannot wait to leave his job, and I cannot wait either. It just sucks the life out of him. The good news is that in addition to pursuing this venture, he has also been sending resumes out like mad (I like to have a Plan B and C and D and E) and had quite a lot of response.

Been talking to lawyers allllllllll morning trying to hammer out some details. At times this feels like the Impossible Dream! I am however trying to remember all the other things we have accomplished that started out as a crazy dream (adopting Makena being the biggest thing) and I know where there is a will, there's a way. ;)
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Corey94
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It's interesting that you mention the attorneys, FG, as I was thinking of the liability issues you will have with the camp when I heard of your venture. I don't know whether it's our area, or the litigious nature of folks these days, but I can only imagine what your insurance will be like for this undertaking. I am so hopeful that it is a reasonable expense that you never have to use....

Just this morning, one of my dump trucks backed into a guys cherry tree and broke a branch. He spoke w/ my foreman on the job, who was apologetic and will clean it up, but also called my office to see if there was any 'additional compensation' he could expect from us. He was a nice guy, but really is thinking that he's entitled to more. Heck, he may be entitled to 'additional compensation', but the folks that would have something like this happen, and just let it slide, and fewer an further between anymore.

Your property is just so beautiful, but the horses, the lake, the campfires, etc. all offer potential for issues. I'm sure the attorneys are just making sure you guys are protected....
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FlashGordon
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Oh Corey let me tell you, the insurance costs are astronomical. They will be our biggest expense annually.

I know people who run boarding barns and lesson programs and claim they are self-insured. No way in hell would I want anyone riding on my property without the proper liability insurance....

And the lawyers are definitely just doing their job. One of them is my brother, nonetheless, he's making me crazy with his legal-speak. However, they are trying to make sure we are protected in terms of what we are purchasing, in both real estate and business assets.

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Corey94
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Excellent, so glad you are doing the leg work now. It's all kumbaya and sunshine until something happens, and I am glad to hear you have professionals on your side.

Yup, 'self insured', right :rolleyes:
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JanM
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Flashy-I love that the lawyers are being so diligent. Protecting yourself is so important these days. And now your brother gets a chance to make sure you and your family are safe. I hope the lawyers are also doing the liability waivers, and contracts for staff and campers. You do have to clarify the legal signer of the waivers too-family and custody can be so complicated these days.

And your DH will feel so much better once things are settled, and he knows there is an escape route.
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FlashGordon
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Corey94
Oct 8 2012, 02:07 PM
Excellent, so glad you are doing the leg work now. It's all kumbaya and sunshine until something happens, and I am glad to hear you have professionals on your side.

Yup, 'self insured', right :rolleyes:
Oh yeah, I agree 100%. Sh!t happens. We knew insurance was going to be the biggest expense, but is a necessary evil. We have been working with an underwriter that specifically insures camps.

We are also going to be spending a lot of money in legal fees, buy my dad felt strongly it was worthwhile to invest in good legal advice from the outset. That way we know that every square inch of this purchase and project has been covered, inside and out.

But thank you guys for mentioning it, I appreciate it. That's why I love this board!!






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stephjm
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Sounds like things are moving along wonderfully!!! I work with lawyers, and I can just imagine the "stuff" that needs to be worked out, but huge kudos to you and Mr. FG for going through all that now, instead of later. Even if your legal fees are high, and even if your insurance is high, at least you're going into this with all the information you need. That's so important.

I would love to come to horse camp sometime. :) I never did anything like that when I was a kid, perhaps I will get a chance now that I'm older! :)
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gunnar
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Sounds like everything is falling into place! So happy and excited for you guys!
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MayaTy02
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did you already have the inspection FG?
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FlashGordon
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No MT..... the laywers disapproved the contract (which we had a feeling they would) because it was kind of fast in loose in terms of the business assets, since really, the real estate agents had no business drawing that aspect of it up. However we were just getting our foot in the door, and knew the lawyers would sort things out once the contract wen to them. So now they are re-writing the contract. The owner is also doing a very thorough list of inventory, and that list will be included in the contract.

So we are just waiting. Had another meeting with the bank yesterday. Starting to get antsy. The longer this goes, the harder it is going to be to market for next year.
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MayaTy02
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well but it does sound like things are moving as fast as they can... it's only October ;)
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FlashGordon
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MayaTy02
Oct 12 2012, 09:36 AM
well but it does sound like things are moving as fast as they can... it's only October ;)
Ha ha, they are. I know I keep trying to remember... it is only October........!

Thanks for checking in. :)
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