Blimpy Burger is looking for funding to move to a new location. I know this a crowd favorite, so I'd figure I'd help them out a bit. Bring back Blimpy, you know, to impress recruits and whatnot.
Blimpy Burger is looking for funding to move to a new location. I know this a crowd favorite, so I'd figure I'd help them out a bit. Bring back Blimpy, you know, to impress recruits and whatnot.
I don't think they owned the property from what I remember reading...orginial owner's wife did, but the business hadn't been owned by her for some time
Here is the site for Blimpy Burger:
You are correct. It does say quite plainly that the restaurant itself did not profit from the sale. It also says that they are at least as far as a location near the original with a contractor and a design lined up, which is good to hear.
The bad service thing it's their shtick.
It's not even really true anymore. The last few times I went there they were nice enough. They just want to keep the line moving.
Your recall is faulty. The current owners of the business did NOT own the property, and received none of the proceeds of the property sale. They were simply commercial tenants.
As for your comment about the quality of the food or service, I'll leave that to others to respond. I've lived in town since 1975, and I ate there a grand total of two times, so their closing doesn't affect me at all one way or the other.
First off, owning a restaurant does not exactly make a ton of money. So I don't know where these massive profits are you speak of, but whatever they did make, is probably in 401k so they can retire at some point? Is it really that crazy they're asking for help to restart the place so they can retire before 80?
Second, if you didn't like the food or service (and sounds like you never even tried it, just heard it), why are you posting in a forum about helping the place out? If you dont want to help, don't. It's not a charity fundraiser for a kid with cancer, no one asked you to agree with the cause or donate.
I think we all would like to retire earlier. Do we all ask for donations?
They chose this way to restart the business. It's their choice and they have a right to do it as long as the money is used for the purposes they state. I have no reason to believe they won't. However, businesses have to make decisions all the time. If they believe in the business they could use their retirement funds to restart the business. If it's successful they could sell it at a later date.
I think a successful business has other options which are more commonly used such as loans, lease terms, investors or use their own retirement money.
Dude. If they can make money this way, why shouldn't they? If people want to donate, why shouldn't they? Sneering that they don't make money the Approved BlueCube Way is stupid.
Maybe you should ask for donations. If nobody gives you any money, you're probably not doing something they value.
You make literally no sense. I thought bringing back voting was supposed to get rid of people like this??
Sounds like you have never been there. All you are saying is stuff based on what you have "heard". The place is/was an icon, the burgers were great, the onion rings were great, and the service was part of the of the ambiance. I really could go for a quad right now....
The premise that an enjoyable product = great profits is incredibly faulty. They serve burgers and fries at fast food prices and pay a premium for quality products. It is not a high margin business. Perhaps they are not great business people or don't market effectively.
The food is great and the restaurant is/was a landmark. I, for one, will happily donate.
My guess would be payroll, taxes, and stock. The owners probably also took some money to live on. That went to living, presumably.
The business was split up into two halves - one owned the building and the other owned the business. When one of the owners died, his wife decided to sell the property to UM after the lease was up. So the sale of the building went entirely into their pocket, not into the owner of the business.
Though, donating to a private business for this reason seems a little odd. Seems like with such a long standing successful business they would have no problem getting a loan for a new building.
The late "Crazy" Jim Shafer was the original owner of the property (and my moms landlord in college), which includes that house next to it. The owners of Blimpy Burger rented the property from the Shafers until Jim's widow finally sold out to the university.
The attitude is part of the shtik. They yell at you for sitting while in line or leaving the door open or not being ready with your order or for bringing a blimpy virgin or for asking for extra ketchup or for dawdling in your decision of root beers, or ordering your cheese when you were asked for a patty number. Shtik is just weird tradition, something a college football fan ought to appreciate. There are enough places in the world that serve greasy spoon burgers without any shtik that I can appreciate.
I'll give them $10 if I am allowed to yell at the owners for not being financially and logistically prepared to move locations.
You know, since they did the same thing to customers who weren't prepared to order food.
They do not need your donations.
This time of year, there are its of people who really need help.
To pay a private business that can charge whatever it wants for food to find a new location AFTER they were bought out of their old location is ludicrous.
The mere suggestion is offensive to me and will lead me to bit only hope they don't come back, but to probably boycott then if they do.
It's "offensive" to you? Seriously? Were you "offended" when this site asked for donations to publish a book? And are you "offended" at the site of Beveled Guilt donation tab at the top right of the page you typed your comment on?
Maybe you should begin your boycott right now with this Blog. They are just as guilty as Blimpy Burgers both being private business and all.
Hey, I'd love it if I could walk into Blimpy burger and eat without paying a cent but it doesn't work that way. MGoBlog isn't a traditional business; most people visit this site and gain a lot of entertainment without actually paying a cent. The donation tab gives them a way to donate, if they want. Or not. You don't have to donate. What Blimpy burger is saying is "if you want to eat our burgers again, donate"
They should've been ready for this move, they've had a couple of years to save up money to move.
Except they're not calling for "donations" per se—they specifically state they're looking for "investors." Presumably that means some sort of tangible return on the investment for the person who is investing. Whether that means free quints for life or a monetary return they don't say up front.
As far as wondering why the owners of the restaurant didn't plow their massive profits into getting a new space, running a restaurant is normally a small margin business if you don't have a liquor license and don't own the building you're in.
I think you've just stumbled upon the key to massive profits: Blimpy Burger with a Liquor License! Can you imagine?
The first time I ever went there I could barely walk back home due to the grease clogging my digestive tract and quickly coagulating in my circulatory system. Add alcohol into that mix and I'd probably never leave due to not being able to find the door. I'd die happy though.
what does this site charge it's customers? That the difference between this site and blimpy burger
The point I was making is that it shouldnt offend anyone for a business, any business, to ask for donations. If you dont want to give to Blimpy's, don't (I'm certainly not), but to be offended by their asking is just silly IMO.
Do we get offended by tip jars? We paid for the food afterall and the server was paid by the owner to deliver it.
A tip is more like a bonus than a donation. And it's goes to an individual(s), not the business overall. A business asking it's customers to donate so they can move is crazy to me. Just raise prices like a normal business would do
when I say bonus I mean like when you give the door man a holiday bonus for his good work. A tip is usually given for good work (service)
The federal minimum wage for tipped employees is $2.13/hr. In Michigan its $2.65 in OH it is $3.93 and here in FL it is $4.77. Tipping your server/bartenders is not a bonus, it is how they survive.
I pay for a magazine when I order HTTV.
If I donate to a website it's because they don't charge a fee.
Do you see subscription sites asking for donations?
The blimey businesses model is to charge you for food. Do you donate to Ford because you like their cars?
Your examples are ridiculous.
Being "offended" at their completely voluntary kickstarter campaign is equally ridiculous.
If ford had a kickstarter?
So Ford never had outsiders invest in their business?
It's not investing in a true sense of the word. Investing in Blimpy Burger to me would be giving them money to get a share of the profits down the year.
They are asking for a donation, which is no return.
Look at the incentives. Donaters are getting a return for just about every price level on the docket.
Investing =/= Donating
Investing implies that there is some sort of return on said investment. Donating is just giving them your money.
Peter I wouldnt be offended in the least in the least if Ford started a Kickstarter - I just wouldnt contribute and would think that others that did are being silly given that they could buy stock in the company.
I wouldnt be offended if you started a Kickstarter to raise money to fund the "Really important things that PeterKlima thinks about things" billboard campaign. Again, I just wouldnt contribute.
I would totally buy into a Ford Kickstarter if it was worth it. If they asked me to take out a $40k loan today, or write a $40k check, with a guarantee of a Shelby GT500 delivered to my doorstep in six months, I'm buying in for sure.
If the tangible/intangible benefits don't exceed the tangible/intangible costs, don't spend (goes for any unit, time, money, reputation, whatever). Same equation works for everything else in life, too.
I'd be all in if they did a kickstarter to bring back this bad boy.
This is literally the only recently discontinued thing that I want to return (thanks to Wendy's for the bacon portabella making a reprisal).
If I were in the market, Ford GT > everything, except the F12 and Mercedes SLS.
they did, it was called the bailout. or was that GM?
That was what we call a loan, or at least in the case of GM, the outright purchase of its shares by the US government (later sold at quite a profit to you, the taxpayer).
Neither Ford nor GM recieved a donation.
want to do some research Speakeasy....
The taxpayers took about a 10 Billion dollar loss on the bailout of GM.
there is plenty of resentment when celebrities make kickstarters for random stuff.
this obviously is totally different than blimpy's situation, but that blanket statement is not shared by many
No, we only donated to GM and Chrysler lol
... all businesses have the right to find any legal revenue stream they can. Mgoblog is a media company. It benefits from advertising revenue, associates revenue from companies like Amazon, donations from readers, and paid content like HTTV. This is what Brian does to pay his bills, pay his staff, and keep the lights on in order to pursue his passion (even if it is slowly killing him, as this season has shown).
The owners of Blimpy Burgers also have the same right. While I don't question your right to be offended, because that's just like your opinion, man, it seems an odd thing to care about. Don't donate if you don't want to, bitch if you want to, but you're wrong.
You pay (handsomely) for football tickets and college tuition. Are you "offended" when the AD or uni asks for donations?
And if you say, well, Michigan is nonprofit - they probably run on similar margins to a fast food joint frankly.
Anyway, the indiegogo / kick starter route usually implies that the "investors" get some sort of value in return, so it's not a donation per se.
For those curious, the website says they did not profit off the sale of the old place. They claim they were merely displaced tennants, so the the money from the sale did not go to them.
I would split the 10k with someone.
Are they going public? Free burgers for life sounds too good. I can easily eat 10K worth of burgers...... What will get you is if leave Ann Arbor.
It's one per week for you and a friend. 5k each at ~$10 per burger is 500 weeks or just short of 10 years. Definitely achievable
You get to skip the line for life, which I would easily pay an extra $5-$10 for many days.
From what I read they leased the location so they wouldn't have benefited from the sale. I would think a profitable business would be able to get financing or landlords will pay for improvements as part of the lease.
It is curious that no options exist if they ran a profitable business for years.
This is dead on.
often a landlord will provide some level of tenant improvements to get tenenats and that fluctuates from nothing per square foot to a lot, depending on how badly a tenant is needed and how much rent they are willing to pay, etc. etc.
A retail space/location in Ann Arbor I will assume does not have much trouble finding tenanats (I live in Cali now, so I'm not sure how much vacant space there is in A2 these days) and geting a decent rent for it, so they aren't likely to be dropping a ton of $ for T.I.s for anyone beyond paing and flooring or something like that. If Blimpy's needs to outfir it as a restaurant there is a bunch of equipment and perhaps some mods required to the actual space, so I would assume the money would go toward that.
If you have no attachment to the place, i can see why you would find the idea of funding it odd, but I grew up going there with my parents who graduated from M and ate there when i attended and I brought my son there last year when we came back for the NW game, his first. I would like to see it continue in some form so I can continue to go ther when i come back, so I'll chip in. If you just see it as b ad service and greasy burgers, by all means don't. Not really sure how someone gets offended by that.
I used to go to other places on game days with my parents that were their hangouts in college (Preztel Bell, Cottage Inn, Drake's Sandwich Shop) and hang with their alumnae friends after games and hear them talk about the old days, cooler still to eat hang there when i was in school. They were heartbroken when it closed, as was I.
Cottage Inn and Blimpy's are all that was left and Cottage Inn isn't at all the same.
Not sure what i would do if Rick's closed...maybe try to buy that sticky/scummy section of carpet back by the pool table where i puked once?
I highly doubt that poorly ran business will be impressing recruits. Poor quality food and even poorer quality customer service. Even at their low prices they are way overpriced.
I love Blimpy, but something is really fishy in how the owners have been handling this whole "move" situation. $100 a plate "last supper" during the final 2 days they were open, and now this kickstarter type deal to raise funds? I call shenanigins. You aren't a business that's open for 60 years (with the current owner owning it for a decent amount of time now), become a local staple, end up on a few tv shows, have lines consistently going down the street, make a boatload during the last week you are open and then not having the funds to start a move to a new location. That, and I'd have to imagine the owner of their old property gave them some sort of going away pre$ent.
Yeah, that's right Blimpy. As someone who loved you and grew up with you, I'm calling you out on your bullshit. This is a blatant cash grab. Pony up for the move yourselves like any other business, you'll only be getting my money when it's in direct exchange for a burger.
1. The "Last Suppers" were to pay salaries to their employees so they could hold over until either the new location opened or until they found a new job.
2. The current owner did not own the building, and got nothing from the sale. What they did get was a homeless business. They're going to have to find a new location in a pretty high-rent city, they're going to have to install all new equipment, construct a new space, etc. It's not that easy to do.
I wish them well, and it's unfortunate there's so much hate being spewed in their general direction for doing a Kickstarter-type campaign, which is a perfectly legitimate way of raising capital for a new space. They have a loyal following. They'd be stupid not to do something like this if it will help them get off the ground.
If you don't want to donate, don't donate. It's as easy as that.
I know the building wasn't his, but I also imagine they still received something out of the sale (unless Krazy Jim's widow is completely heartless, which is always a possibility). But do you honestly not believe the current owners don't possess the fiscal means to get the process rolling or to get a reasonable loan? What Ann Arbor area based bank would dare try to give the shaft to Blimpy Burger?
Anyways, I'm not hating on people who donate, and clearly I'm not going to donate myself, but I personally just find the whole situation suspect (ala Dave Brandon waiting on supporters to send the band to the Bama game for him when the fiscal means for the University to do it themselves was there).
I don't know, I find the armchair speculation about what they may or may not have, or how well or not well they run their business, to be a bit ridiculous. If you don't want to give, don't give. But to trash the family the way you guys are based completely on assumptions is pretty tacky, IMO.
This is a forum. Without assumptions and uneducated speculations, it wouldn't serve any purpose. Besides, any who puts themselves out there asking for cash, accepts both sides of it: people happily willing to fork over cash, and the people who will (quietly or otherwise) pass judgement on them for it. It happens, and I reserve my right to do one or the other.
Emphasis on the word "imagine."
Their situation has been covered in the local media a number of times since it was announced that the property was sold to U-M, and there has never been any assertion by those involved that the restaurant owners received any of the proceeds of the property sale.
This reminds me of the people who "know" that Lloyd Carr was fired.
Back in '09 my wife wanted to try Blimpy's because she saw it on the Guy's triple D show on the FN. However, the line was too long, so we opted not to wait in the 2 hour long line! I'm surprised they had to close!
Can I pay my donation in $2 bills and half dollars?
At first I was sad about the whole thing, but each time this progresses I feel like Blimpy Burger is just milking every ounce of nostalgia and good will that they can to get more money. Kind of like Dave Brandon and the athletic department.
Man, I can't believe how much of this I've seen in this thread. I'm not an anti-Brandon the way some are (though he tries my patience), but to compare a small, low-margin restaurant business with the Michigan Athletic Department is ludicrous. U of M athletics rakes in millions of dollars in television, apparel, ticket, and donation revenue, pays its top employees massive salaries, and has a brand that is recognized worldwide.
Blimpy Burger is none of these things. Anyone who thinks that the management is rolling in cash and just trying to get more (you know, because this is way more profitable than actually opening the restaurant again and raking in the riches they apparently make) has no concept of what is actually involved in running a small business.
If Blimpy had the money and the situation available to open right now, they would open right now. If they are as rich as people think they are, they would have no motive not to re-open to rake in the cash.
It seems clear to me that they are in a tough spot. Don't donate if you don't feel like, but don't pretend that you have a clear understanding that they're just a bunch of greedy businessmen, either.
I never said I thought they had tons of money. It just bugs me that they're pining for charity off their name and nostalgia.
And the comparison isn't ludicrous at all when you consider the fact that both systems are set up to leech the customers and fans that are the only ones propping it up in the first place.
I don't claim to know anything about Blimpy Burger's finances. Maybe they are in a tough spot, but this stuff bothers me regardless.
They bought the business. A huge part of the value of the business is nostalgia. As of right now, they don't own a burger joint, they own a name. They are leveraging that name, as it is their only asset. Capitalism.
I lived in Ann Arbor for six years. I ate at Blimpy Burgers a total of one time while there and puked at least three times afterward....needless to say, never went back. So forgive me if I don't understand the attraction.
Forgiven although I dont know why you are spending your time in this thread. Not exactly a revelation that people can have different views of a restaurant
Any business with the traffic and reputation they've had for years should be able to get financing in their sleep. If, and it's a big if, that business was well run. Either the owners are money grabbers or they suck at running a business.
Probably a little bit of both.
What was Borges' role in the financial planning for Blimpy?
What happens if you donate and they can't get the business off the ground? Do you get your money back?
this is already a done deal and just a free-money grab.
You don't pay unless they meet the goal of 60k
"This campaign will receive all funds raised even if it does not reach its goal. Funding duration: December 13, 2013 - January 25, 2014 (11:59pm PT)."
regardless of whether or not they're on the level, anytime i see indiegogo i think it's shady as hell.
in this specific case, the idea that a business couldn't handle moving locations without this points to a bad investment imo.
I disagree, particularly in a tight area like Ann Arbor at the fringes of the University. In Duluth, my favorite Chinese place has had to go through a similar trial, with its location sold (to CVS, as it happens) and a long wait to figure out if they had a place to move to. For a while, the inability to find a new location and the money to move held up the entire property sale, but the owners eventually just closed the restaurant.
It was not poorly run, but it was tremendously popular. No matter; it's gone. Maybe it will come back, but there's no guarantee of this, and the area of Duluth they are in is a lot easier to find space in than Ann Arbor.
The fact is, these restaurants just do not have a lot of spare capital floating around to make big changes to their business. They have a specific model of staffing, equipment, and food that works as far as it goes but does not do much more than pay the staff and net the owners enough income to live off of.
They really can't find a single bank that will finance their move?
You could look at it as either repaying a bank loan, or repaying the loyal customers who donated to the Kickstarter. Which, if you look at the incentives, is what they'd be doing.
Typically you need some amount of capital on hand in order to receive a small business loan, so this strategy isn't at all surprising.
Also, it's kind of funny to read that people think restaurants are extremely profitable enterprises. This is even more true for Blimpy Burger, since they were leasing their building!
There are restaurants everywhere, particularly of the independent/non-chain/family run variety, that lease their space and make plenty of money. If they weren't leasing then they'd be paying a mortgage, which affects cash flow just the same.
While many restaurants are poorly run or concieved and lose money, there are plenty that are profitable and make very good money. Any place with the traffic of Blimpy, leased space or not, should have significant positive cash flow which, multiplied over a lot of years, is a hefty amount of mony.
What made the place great when I was there you could pick a lot of different items to make your own style of burger. It was way ahead of most burger places, but now places like Red Robin offer a lot of combinations. I graduated in 90, so I don't know what the burger scene is like in AA now.
If the owner had actually planned to transition to a new location while the old was still in business maybe he would already be established at the new location by now. It's not like he knew well in advance that the building was being sold. By the time he finally opens, there will be an entire generation of students who don't even know what Blimpy Burger is and may not even car. He/She made their bed now they can lie in. Anyone lacking even the most basic business sense really has no business being in business (excuse the pun) IMHO.
I'd donate. In the form of 5 bucks for their donation of a burger and fries back to me.
I happen to know the Magner's personally. I grew up next door to there nephew and he's been my best friend since I was 4. Give money or don't, it's your choice. HOWEVER, they're not rich. They made a decent living from Blimpy's, but not what some of you seem to think. They are about as middle as middle class gets. Things like health insurance are expensive for independent business owners. They did not profit from the sale of the building. They bought the business, but not the building. They were not compensated after the sale of the building. It's fine if you don't want to give, but this isn't a scam. It's just a local family trying to get there business back up and running. That's all.
Their kid is Bart Simpson? /s
I will donate. My Dad has great stories from hanging out there during his undergrad in the 1960's. I always liked it just fine and it is an icon we were able to bond over.
They taught me the meaning of pumpernickel one time.
This fundraiser is for $60K, a small portion of the $300K+ they state the re-opening will require.
One of the options is to donate $10 in return for a $10 gift card.
Many people lamented the restaurant's closing. I'm sure there were also many who said they wished there was something they could do to help it re-open. This effort is directly primarily to them. Launching a fund raiser of this type isn't a sign of desperation. It's one way of raising money while also helping to publicize the re-launch.
The only difference between Blimpy and a place like Five Guys was the color... once this place opens again, the student body will have moved on.
Let this be a lesson... always plan ahead
This couldn't be farther from the truth. One is a unique experience, the other is a universal one.
I'm not sure where I fall on this issue. Part of me wants to believe the poster who said the owners are middle-class and trying to get the business going again. I actually know of quite a few owners of Ann Arbor "staples" who you would assume are very wealthy based on the town's recognition of the business, but in reality are not. What many people tend to forget is that, with a private business, it is the owners, not the employees, who see a fluctuation in income depending on the times. Many owners will forego their own profits and salaries to pay their employees in times of need. I've seen this first hand.
At the same time, this to me, seems like an opportunity to get cheap debt--or rather no debt at all. Rather than taking on interest-laden debt, this is free money. Moreover, 60k is probably enough to get them going for the first month. Doing so would allow them to create the necessary revenue that would decrease borrowing costs substantially. And even though the owner's rights were in the business only, i can't imagine they didn't also own the equipment and inventory--the largest start up cost in the first place. Witih how cheap debt is these days, taking out a loan should be as easy as ever. Many companies are doing it just for the heck of it, solely because they won't be able to get it this cheap for some time, if ever again.
I get the feeling blimpy will be back regardless of the donations, but the donations will help immensely nonetheless. I, for one, would love to see them back in action.
That's what I said... They're both overpriced greasy burgers, but at one you're part of a campus tradition. Except if it takes two years to start up again, will anyone care any more?
That's not what you said. You said the only difference "is the color." It's not. The experience of blimpy outlasts the time spent eating there. When I talk with friends about the best burger I've ever had, I don't say "have you been to Five Guys?" That is, unless, I'm trying to be a sarcastic asshole. On the other hand, when I reminisce with alum about our experience, or when I bring outsiders back to AA with me when we go to games, I make sure to take them to the Ann Arbor "unique" experiences. Not the same thing they could get anywhere else.
So, no, it's not "just a different color." If I was returning with friends to AA I wouldn't just take them to Five Guys because Blimpy is gone. That'd be like heading to New York and being like "we gotta try this new deli around the corner that replaced a neighborhood staple.. It's called 'subway'.
If blimpy returns, students will return to its doors as well.
I find it incredibly bizarre that a business which has been successful for decades to the point of becoming an Ann Arbor landmark is now asking for donations. The owner must be incredibly bad at business management or money management. If anybody contributes to Blimpy Burger, they should get a piece of the business as an investment. Otherwise, it's foolish. It's probably foolish anyway to invest in a business who's current management has apparently been totally incompetent. That being said, Blimpy Burger is an Ann Arbor institution with an incredible brand and I would think somebody might be interested in investing in that brand. I do love Blimpy Burger and sincerely hope it can continue on despite management incompetence.
I like how people are bashing Blimpy's saying they are just taking your money because they are greedy. If that was true, then they would not be giving you the incentives at each mark.
Simple math: everything except 1 or 2 options does not equal a dollar for dollar trade off (i.e. - you give them $50, you get $25 back and a cheap bumper sticker). People who contribute to this aren't investors who get a fully realized return. This is purely an attempt by Blimpy to avoid taking on a loan where they have to actually pay it back with interest by making sugar daddies of us all. In essence, it's professional begging, and while you may think that's just business saavy, I think it's greed.
Didn't they get a pretty penny for their property?
The owner of the location did. Bimpy's did not own the property tho.
I used to live right down the street from the place. Back in 1997-98. Back then, I thought the food just wasn't very good. I thought the other place -- was it Red Hots or Red Hot Lovers or something like that? was much better.
Maybe you just don't like burgers.
Oh . . . I like burgers. Just thought they were not very good and as i recall not very good quality meat.
Why not join forces with Zingerman. They are looking for partners who share their vision and ideals and want to stay in Ann Arbor Zingermans has figured out how to turn an Ann Arbor icon into a successful business with a twist of anarchy. Perfect for Blimpy if they can align.
People are acting like you don't get anything back from this. If you spend $10 you can get a $10 gift card...
Meh, I know chains are the devil to many people, but if I want to get an over priced burger then I'll just go to Burger Fi where they I can also get a beer and they'll put maple syrup on my bacon and egg burger. And their fries are better.
To the contrary, this appears to be a crowdfunding solicitation. The SEC permitted this concept through the JOBS ACT of 2012, which allows local small investors to contribute to a business concept. The 2012 Jumpstart Our Business Startups ("JOBS") was designed so that local investors could participate in local businesses. It requires a portal (Indiegogo) and an unrelated sponsor of the business (Crazy Jim's Blimpy Burgers). Indiegogo is a large national portal.
The business does not have to treat the investors with financial rewards but can provide other perks. For instance some investors in movies get to have their names listed as "associate producers" or other title.
So the bottom line is that Crazy Jim is soliciting capital through the JOBS Act and it has nothing to do with donations. Contribute capital if you desire and wait for your returns, whatever they may be.
This is fascinating. My question is, if the place has been in business for 60 years or whatnot and has been profitable at all, why hasn't the business retained ANY earnings or hold any assets that can be put up as collateral for a loan? Did the owners take 100% distributions on all the earnings and spend it all on hookers and blow? Meanwhile, interest rates are as favorable as any time in US history, so why is debt such a bad word? I wish them the best of luck, and put me down for a Quint next time I'm in town if it works out. This reminds me of the new wave of middle class kids trying to crowdfund trips to Nepal to "expand their horizons" or some shite like that.
There is nothing at all that requires a business owner to do anything at all with the profits. Maybe he pays his house. Maybe he buys his kids food. Maybe he buys drugs. Maybe he lights it on fire? So?
Most small business owners make a living, and nothing more. This is especially true in the restaurant industry. I know. I was raised in restaurants, have family that still own restaurants, and have managed quite a few. Restaurant owners essentially buy themselves a job. If you don't own the real estate, you are, by and large, not going to get rich.
But even if you did, you are not obligated to do anything in particular with your money.
Don't donate, don't invest, whatever. But why do we think we have a right how to tell a guy how to spend his money? This is even stupider than telling someone how to run their business.
You do realize that the original owners sold the business after about 40 years. Also this fundraiser is only for 20% of the costs of re-launching.
Local business seeks capital to move to a new location after losing his tenancy in the former location. Such business seeks capital investment through a new SEC regulation. Local investors may invest in the business with relatively small investments. In the case of Blimpy, those investments may be as small as $2.00.
So what does one expect from a $2.00 investment? Probably not much.
I have been to Blimpy about once a year for the past 40 years, generally leaving with unfavorable digestive consequences the next day. The efforts of the staff to emulate Belushi in the SNL Cheese Burger Cheese Burger skits is weak to say the least, but they are trying their schtick.
I will throw at least $25.00 to help a local business even if I don't think it is great, but just to support a business that had a local following for a long period of time in Ann Arbor. I don't expect anything in return and certainly don't look at it as a donation. I may even throw $100.00 to help them. It is really a small amount to support a local business that some consider a magnet for students and athletes at UM.
Stop the nonsense about whether the business deserves it or not. Either get on the bus or not and no one gives a shit one way or the other.
Be sure to put the money in 10 at a time. Best money back option on there.