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Re: Drag Strip Business Opportunity [Re: Al_Alguire] #160413
12/03/08 12:52 PM
12/03/08 12:52 PM
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Arlington, Tx.
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BJS racing Offline
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Well Al, if you need someone to work the place I am in the process of looking for another job. So if you do this let me know!


Back in the swing of things at Painless again! Great to be back!
Re: Drag Strip Business Opportunity [Re: bigdad] #160414
12/03/08 12:57 PM
12/03/08 12:57 PM
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Posts: 19,304
Las Vegas
Al_Alguire Offline
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I kind of like the shares idea, HOWEVER the possibility of 699 other partners quite frankly scares the heck out of me...Been there done that with partnerships. Heck I used to be a partner is a Comp car, it was only 4 guys and it ended pretty ugly...

However I would not be opposed to buying a place like this and issuing shares to others, while maintaining a majority share. Of course I am not sure it can be made profitable for any of the share holders. One of the largest issues right now is MONEY is extremely tight right now, especially for business ventures.


"I am not ashamed to confess I am ignorant of what I do not know."

"It's never wrong to do the right thing"
Re: Drag Strip Business Opportunity [Re: Al_Alguire] #160415
12/03/08 01:04 PM
12/03/08 01:04 PM
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S.E. South Dakota !
bigdad Offline
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Thats how the Green Bay Packers are ..

I don't think there would be 700 owners either
more like 250 maybe (or less)

Just like buying stocks in any venture on a much smaller scale

Majority rules --2 years everyone wants to sell
it goes ..simple as that really


The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
Re: Drag Strip Business Opportunity [Re: bigdad] #160416
12/03/08 01:05 PM
12/03/08 01:05 PM
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Las Vegas
Al_Alguire Offline
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Las Vegas
Well it sure sounds simple dont it


"I am not ashamed to confess I am ignorant of what I do not know."

"It's never wrong to do the right thing"
Re: Drag Strip Business Opportunity [Re: Al_Alguire] #160417
12/03/08 01:07 PM
12/03/08 01:07 PM
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Florida STAYcation
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Anyone know if there are any zoning or neighbor "issues" ?

Re: Drag Strip Business Opportunity [Re: dIc dOc Deity !] #160418
12/03/08 01:07 PM
12/03/08 01:07 PM
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Las Vegas
Al_Alguire Offline
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So far no....


"I am not ashamed to confess I am ignorant of what I do not know."

"It's never wrong to do the right thing"
Re: Drag Strip Business Opportunity [Re: Al_Alguire] #160419
12/03/08 01:11 PM
12/03/08 01:11 PM
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Posts: 34,828
S.E. South Dakota !
bigdad Offline
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I'm from the glass is half full team ..



The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
Re: Drag Strip Business Opportunity [Re: Al_Alguire] #160420
12/03/08 01:41 PM
12/03/08 01:41 PM
Joined: Apr 2007
Posts: 871
WA 98043
thecarfarmer Offline
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Quote:

Well you have hit on some of the "issues" Although so far it looks like they are really not going to be issues. The place is kind of isolated surrounded by farms. Gilliam is the closest town and it is relatively close but not much else around. Our guy is trying to get a feel for how the city "fathers" feel about the facility...

Bad news for large events is there is no place nearby to stay really. The pits are fairly small as well..Not sure it can be a big money maker ever but worth a look and maybe a run at it..


That's a real concern. Anybody who's interested should talk to the city/county planning dept; ask what their view is for the future of the area.

My dad bought a commercial building just outside of Seattle for the same price as that dragstrip; has a $6000 payment every month.

Seems that the city planners really want to see a retail establishment instead of a food processor. Even though his business fits the zoning, he's got all kinds of problems with parking, building permits, etc...

People putting in retail stores (which pay more taxes than wholesalers) aren't having these problems w/ the city hall.

If the local municipality is cool, then on to the next issue: why were the previous owners shrinking the business as opposed to growing it? Not saying it can't be turned around, but there has to be a real good plan in place to do so. We're heading into a temporary financial downturn, which will likely be very hard on a thing like a drag strip which lives or dies by peoples' discretionary income.

One more 'buzzkill' point... in the likelihood that this would take more capital to get it profitable, where would the money come from? Getting a group of guys to put the purchase price together really wouldn't be that hard. If it would pay for itself. But, if it loses money, someone's got to foot the bill. Otherwise, all the guys who put up $1000 for a piece of the action lose it when the place gets closed back down due to not being profitable, and then have to sell or be foreclosed upon.

Not trying to bash this idea; I love land, I love business, and I love racing. I think it's a REAL shame whenever a drag strip closes. But IMHO, buying into a business for emotional reasons is a good way to lose money.

Hopefully interested parties will be able to solve these problems and keep a strip open!

-bill


Seduce the attractive, and charm the rest. ****** 489 C.I.D., roller cam, aftermarket heads, tunnel ram, stock '54 Dodge rear axle assembly: which of these doesn't belong?
Re: Drag Strip Business Opportunity [Re: BJS racing] #160421
12/03/08 01:42 PM
12/03/08 01:42 PM
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Joplin, Mo
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rt66jim Offline
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Joplin, Mo
Maybe it could be developed into a Drag Strip country club. Instead of a home on the 18th green. You could have a garage at the starting line! Just a thought. Jim

Re: Drag Strip Business Opportunity [Re: rt66jim] #160422
12/03/08 01:46 PM
12/03/08 01:46 PM
Joined: Apr 2007
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WA 98043
thecarfarmer Offline
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It would give you a built-in count of neighbors who won't snivel about the dragstrip being there when a community starts to build up around it!



-bill


Seduce the attractive, and charm the rest. ****** 489 C.I.D., roller cam, aftermarket heads, tunnel ram, stock '54 Dodge rear axle assembly: which of these doesn't belong?
Re: Drag Strip Business Opportunity [Re: thecarfarmer] #160423
12/03/08 02:07 PM
12/03/08 02:07 PM
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Alexandria, LA
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Blucuda413 Offline OP
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Alexandria, LA
As previously mentioned this track is in a farming area. The small community of Gilliam is close but last cencus had only 174 residents. The track is about 20 miles north of
Shreveport so I can't see any housing/business development for many, many years. I also cannot see the community or Parish complaining about bringing money into the area or the increase in taxes.

I have been to the track for a race with better than 200 cars and the pits didn't seem overcrowed. I also went up to spectate a Div 4 race several years ago and I don't remember any crowding either. In any event the land is part of the package and flat so extension of the existing pits would not be a huge undertaking.

Re: Drag Strip Business Opportunity [Re: thecarfarmer] #160424
12/03/08 02:10 PM
12/03/08 02:10 PM
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ohio
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HEMIDARTS Offline
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I would be interested under the right terms.
I guess i would like to see what Al and everyone find out.

Re: Drag Strip Business Opportunity [Re: Al_Alguire] #160425
12/03/08 03:08 PM
12/03/08 03:08 PM
Joined: Jul 2008
Posts: 30,247
Florida STAYcation
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Quote:

Well it is 156.98 acres of land. If it is not sold it WILL NOT be re-opening for the foreseeable future. Leasing the facility is NOT an option either, the Wilhite family want it sold as they want/need to focus on their main business. Cant really blame them for that.




THIS is a very unusual attitude ....something does not "smell right" here.

Re: Drag Strip Business Opportunity [Re: dIc dOc Deity !] #160426
12/03/08 03:15 PM
12/03/08 03:15 PM
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Charleston
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sixpackgut Offline
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Charleston
put my mom down for one. i have no money


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Re: Drag Strip Business Opportunity [Re: bigdad] #160427
12/03/08 03:33 PM
12/03/08 03:33 PM
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Cali S.B
Sub95 Offline
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If i lived alot closer, i would give a few k and all i would ask is not to have to pay to use the track when there was a event like T&T going on.

as a real event would cost alot out of pocket for the track for 700 people.

Re: Drag Strip Business Opportunity [Re: Sub95] #160428
12/03/08 03:49 PM
12/03/08 03:49 PM
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Posts: 12,481
Chino Valley
RodStRace Offline
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Chino Valley
Bigdad, I remember the other track in east TX on the other site. It also started out okay, but nothing ever went further.
I'm in for 2K, and I've never been as far east as NM!

Re: Drag Strip Business Opportunity [Re: RodStRace] #160429
12/03/08 03:56 PM
12/03/08 03:56 PM
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S.E. South Dakota !
bigdad Offline
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Quote:

Bigdad, I remember the other track in east TX on the other site. It also started out okay, but nothing ever went further.
I'm in for 2K, and I've never been as far east as NM!





In the case of Hallsvile track

A few that shall remain nameless ..

Took a offer of $390k to them ( that was asking price of it), it was was tangled in a web of murder, theft, etc

County did not want it to be used as a track, would not issue release of tax debt and so on

it sold on county courthouse to be used I'm told as homes ..

I did not go to auction guy I know did, he said it brought allot more than asking price

Soooooooo ..

There is all I know about it


The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
Re: Drag Strip Business Opportunity [Re: bigdad] #160430
12/03/08 05:06 PM
12/03/08 05:06 PM
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West Virginia
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B1Frank Online content
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West Virginia
Do you have #700 people you can trust ???? NOT ME,I can't think of #699....It would be a good deal,...to ge t it back open,...

Re: Drag Strip Business Opportunity [Re: B1Frank] #160431
12/03/08 06:02 PM
12/03/08 06:02 PM
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Sunnyvale, CA
Jeepmon Offline
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Sunnyvale, CA
This is a very interesting idea and something I would very much be interested in..

After all the community research is done and once the long term plan of drag racing is set in concrete... a property management group must be established and ran quite similar to a corporation with officers and etc..

Either 70 or 700 partners doesnt scare me.. assuming the hierarchy is well thought out.

Al... please keep me updated as this progresses..

Re: Drag Strip Business Opportunity [Re: HEMIDARTS] #160432
12/03/08 06:12 PM
12/03/08 06:12 PM
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Posts: 2,333
Kalamazoo, MI
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StrokedW7 Offline
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Kalamazoo, MI
Quote:

I would be interested under the right terms.
I guess i would like to see what Al and everyone find out.




I agree... Under the right terms, I would be interested. I would even be willing to review the financials, etc. to determine if it would be a viable option. There are obviously reasons, why they are selling. We would have to make sure that the proper managment team is in place to overcome what ever hurdles may come.


Steven M. Hamacher, CPA, MST
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www.Kalamazoo-CPA.com
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