When does this cross the line?
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January 19th, 2019 at 10:27:50 PM
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Now I'm going to tell a story. Let us stipulate it is in fact entirely hypothetical. Some here may see things they may be aware of but this entire story is hypothetical.
For the story's sake, I will tell it in the first person, but I must stress it is all hypothetical.
To ease some minds, this doesn't involve gaming in any way and no information any member here may or may not have passed along to me has any part in this tale.
So here is part one of my hypothetical story. Comments and critiques are welcomed.
About ten months ago, I was approached by two fellows I had seen around a few auctions. We sometimes bid on the same items but about 80% of what I'd like, they wouldn't and vice versa. They are two retired railroad workers who buy and sell part time, much like myself.
We form an alliance of sorts and buy a couple of lots together but also buy and sell on our own. Nothing formal. We are at an auction when it is announced that two shipping containers are also to be auctioned off. They are sold sight unseen, unopened and I agree to go up to $300 with him. He thinks I mean $300 each but I didn't, so when he wins at $550, I'm pissed. For all we know, it could be a container of crap or anything. On the spot, we pay an additional $100 for 3 weeks storage. The container must be broom clean in three weeks time or more penalties kick in.
We are $700 into a blind pig in a poke. Double what I wanted to spend.
We open the container and find shipping boxes that indicate each box holds 144 of some sort of vaping cartridges. Google shows they retail for about $10 each and we have at least fifty boxes, if not more. It looks like a homerun.
We meet up the next day to start sorting the stuff out and discuss our plans. It turns out to be 64 cartons of four different items, with a retail value of about $45,000 but two of the items can be readily had at half off. I'm for moving most of it now ,cheaply and moving on. They think this is a gamechanger and want too try and get as much out of it as possible. I'm reminded constantly that I would have passed on the unit and they offer to buy my half for $500. I think we can sell everything tomorrow for $5,000 so I say give me $2500. They say no, and we leave for the day without any plan.
One of them calls me and tells me there is some sort of meeting for vape enthusiast in a couple of days and that we should go. Of my two partners, I know this guy the least. He is always there but you hardly notice him. Very soft spoken and kind of aloof. We agree to meet at the container to grab some samples and once there, we take my car. One on one, he is much different but its soon obvious we have different ideas. I try to get in and out of deals, making some money but leaving money for the next person. I'm not really in a rush for the money so when he suggests that I allow them to do the deal and I will get my half of the profits, I'm okay with it. It's only $350.
The event was strange. Half support group for vapers and half people pushing products, or trading merchandise with each other. We meet a young guy who says he has three years in retail vaping and claims to know the business inside out. He asks us to give him the weekend to put together an offer for everything. We agree.
We meet on Tuesday and only the other partner shows. He tells me before the meeting he thinks we should get at least $30,000 for it and he wont go a penny less.
James, the young man shows up, with a man who looks like a professional- lawyer, accountant, something. He is introduced as Patrick, James's business coach.
Seems like James has himself a mentor. But I digress.
James makes a very aggressive presentation, with Patrick chiming in on occasion and after about fifteen minutes makes us a ridiculous offer. He wants us to give him our stuff to stock a store he proposes to open, in return for 40% of the non-existing business. My "partner" jumps in and says he's in with his half, leaving me on my own. I make James the same offer I made my partners- $2500 for my share. Problem is that James didn't have a pot to piss in. He was sleeping in his van when not couch surfing and depended on his gym membership for showers. So I thought it over a bit and figured that the worse that could happen was I lose my original $350.
Patrick draws up a nice partnership agreement, my cousin gives it the once over, suggests a couple of changes that no one objects to and we are in business together.
James draws a small salary once we open, the three of us agree to do some work for and in the store and get 40% of the profit.
James did have connections in the business and he was able to trade some of our stuff for other stuff and work out some consignments for some merchandise, and was even able to get sixty days credit on a few accounts. Patrick found a storefront where a business had gone under but was still paying off his lease and got an incredible deal. My partners are spending less and less time around me and communication seems to be by text only. James keeps reminding me they are obligated to put in hours.
Soon, it's time for a soft opening of the store and my partners, James and I are supposed to go out for a bite to eat and just discuss things. I get there and James and Patrick are there. They inform me that my "partners" sold their share of the business to James and that they are accepting my offer to sell my shares for $2500.
To my regret, I said no.
As good a place as any to stop.
For the story's sake, I will tell it in the first person, but I must stress it is all hypothetical.
To ease some minds, this doesn't involve gaming in any way and no information any member here may or may not have passed along to me has any part in this tale.
So here is part one of my hypothetical story. Comments and critiques are welcomed.
About ten months ago, I was approached by two fellows I had seen around a few auctions. We sometimes bid on the same items but about 80% of what I'd like, they wouldn't and vice versa. They are two retired railroad workers who buy and sell part time, much like myself.
We form an alliance of sorts and buy a couple of lots together but also buy and sell on our own. Nothing formal. We are at an auction when it is announced that two shipping containers are also to be auctioned off. They are sold sight unseen, unopened and I agree to go up to $300 with him. He thinks I mean $300 each but I didn't, so when he wins at $550, I'm pissed. For all we know, it could be a container of crap or anything. On the spot, we pay an additional $100 for 3 weeks storage. The container must be broom clean in three weeks time or more penalties kick in.
We are $700 into a blind pig in a poke. Double what I wanted to spend.
We open the container and find shipping boxes that indicate each box holds 144 of some sort of vaping cartridges. Google shows they retail for about $10 each and we have at least fifty boxes, if not more. It looks like a homerun.
We meet up the next day to start sorting the stuff out and discuss our plans. It turns out to be 64 cartons of four different items, with a retail value of about $45,000 but two of the items can be readily had at half off. I'm for moving most of it now ,cheaply and moving on. They think this is a gamechanger and want too try and get as much out of it as possible. I'm reminded constantly that I would have passed on the unit and they offer to buy my half for $500. I think we can sell everything tomorrow for $5,000 so I say give me $2500. They say no, and we leave for the day without any plan.
One of them calls me and tells me there is some sort of meeting for vape enthusiast in a couple of days and that we should go. Of my two partners, I know this guy the least. He is always there but you hardly notice him. Very soft spoken and kind of aloof. We agree to meet at the container to grab some samples and once there, we take my car. One on one, he is much different but its soon obvious we have different ideas. I try to get in and out of deals, making some money but leaving money for the next person. I'm not really in a rush for the money so when he suggests that I allow them to do the deal and I will get my half of the profits, I'm okay with it. It's only $350.
The event was strange. Half support group for vapers and half people pushing products, or trading merchandise with each other. We meet a young guy who says he has three years in retail vaping and claims to know the business inside out. He asks us to give him the weekend to put together an offer for everything. We agree.
We meet on Tuesday and only the other partner shows. He tells me before the meeting he thinks we should get at least $30,000 for it and he wont go a penny less.
James, the young man shows up, with a man who looks like a professional- lawyer, accountant, something. He is introduced as Patrick, James's business coach.
Seems like James has himself a mentor. But I digress.
James makes a very aggressive presentation, with Patrick chiming in on occasion and after about fifteen minutes makes us a ridiculous offer. He wants us to give him our stuff to stock a store he proposes to open, in return for 40% of the non-existing business. My "partner" jumps in and says he's in with his half, leaving me on my own. I make James the same offer I made my partners- $2500 for my share. Problem is that James didn't have a pot to piss in. He was sleeping in his van when not couch surfing and depended on his gym membership for showers. So I thought it over a bit and figured that the worse that could happen was I lose my original $350.
Patrick draws up a nice partnership agreement, my cousin gives it the once over, suggests a couple of changes that no one objects to and we are in business together.
James draws a small salary once we open, the three of us agree to do some work for and in the store and get 40% of the profit.
James did have connections in the business and he was able to trade some of our stuff for other stuff and work out some consignments for some merchandise, and was even able to get sixty days credit on a few accounts. Patrick found a storefront where a business had gone under but was still paying off his lease and got an incredible deal. My partners are spending less and less time around me and communication seems to be by text only. James keeps reminding me they are obligated to put in hours.
Soon, it's time for a soft opening of the store and my partners, James and I are supposed to go out for a bite to eat and just discuss things. I get there and James and Patrick are there. They inform me that my "partners" sold their share of the business to James and that they are accepting my offer to sell my shares for $2500.
To my regret, I said no.
As good a place as any to stop.
The older I get, the better I recall things that never happened
January 19th, 2019 at 10:38:45 PM
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Darkoz's was better.
100% risk of ruin
January 19th, 2019 at 10:50:08 PM
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I'd stick to soap dishes.😀
I'm confused as to why you will now not sell for your initial asking price.
I don't see how a small vape store can support more than one owner.
I'm confused as to why you will now not sell for your initial asking price.
I don't see how a small vape store can support more than one owner.
January 19th, 2019 at 11:04:52 PM
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Wait until I write one :)
January 19th, 2019 at 11:23:36 PM
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Quote: RogerKintDarkoz's was better.
Mine gets betterer.
The older I get, the better I recall things that never happened
January 19th, 2019 at 11:25:57 PM
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Quote: MaxPenI'd stick to soap dishes.😀
I'm confused as to why you will now not sell for your initial asking price.
I don't see how a small vape store can support more than one owner.
I should have. My gut told me to, but James had something about him that made me think he might take the business someplace, and I kept telling myself it was only $350.
The older I get, the better I recall things that never happened
January 19th, 2019 at 11:32:21 PM
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Quote: billryanI should have. My gut told me to, but James had something about him that made me think he might take the business someplace, and I kept telling myself it was only $350.
Maybe he will take it somewhere. However, you should let your part go for your initial asking price. The motivation will most likely not be there if he has to drag someone else along. Stick to your initial objective of leaving meat on the bone for the next guy and moving onto the next deal.
