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By Ted Williams |
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Hello Thursday. Football playoffs remind me of coming in last place in my fantasy football league. As a punishment, I took the SAT at Myers Park High School as a 30 year old.
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Registration was $45. I sat in a classroom of 25 students. They must have thought I was a tutor, or just an old weirdo.
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I got a score of 1290 and 6 out of 10 on the essay portion. Yes, I’m dumber than I was in high school. Anyways.
đź’ĽÂ Hot Job:Â Growth Marketing Manager at Franzy ($65K – $85K, plus stock options). This "Zillow for franchises" startup raised $1M. Hiring manager is CEO Alex Smereczniak.
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đź‘©Â Shout-out: Molly Grantham, who last year left her TV anchor job after 27 years to "bet on herself" and landed 72 speaking gigs in 10 months. What a badass.
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MARKETS: YEAR-TO-DATE
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Nasdaq |
19,511 |
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S&P 500 |
5,950 |
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THE LEAD
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$750M Caesars Virginia brings Vegas-like casino 2 hours from Charlotte
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Outside of Caesars Virginia, 45 minutes from Greensboro
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Caesars Virginia opened a few weeks ago. It’s 2 hours and 3 minutes from Charlotte.
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Over the holidays while visiting my in-laws in High Point, I ignored my family to go explore the casino and lose $240 on the craps table.
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By the numbers:
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320 rooms, starting at $442/night on a weekday to $956/night on a weekend. Wild!
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5 restaurants, highlighted by a Gordon Ramsay spot.
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79 live tables games, 75-ish person poker room, and cool sportsbook.
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$15 minimums at Blackjack tables and $25 minimums at craps tables.
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No free casino drinks! They’ll run you $8-$12.
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Big miss: Pool was mediocre at best. I would have had some cabanas, outdoor gaming, slides, and pointless fountains.
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Tiny take: It’s perfect for a gambling-centric junket when you don’t want to see daylight. The Greenbrier (4hr 2min) and Harrah's Cherokee (2hr 56min) are better for couples or family gambling trips.
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PRESENTED BY KITCHEN GUARD
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Kitchen dirty… and a potential fire risk? Say hello to this Charlotte-based kitchen exhaust cleaning company
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FOR SALE
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Kid's consignment store generating $190K in cash flow asking $550K
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Mr. Potato head! If you buy this biz, get me in the deal
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From time to time, I’m going to feature a business for sale that I find intriguing.
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Today’s business listing is a kid’s consignment store located in a town outside of Charlotte. They sell children's clothes, baby equipment, strollers, and more.
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Listing details:
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$425K in gross revenue with $190K in cash flow (profit plus owner's salary).
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8,000 consigners, including 2,000 of which are repeat customers.
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2,000 square foot showroom. Rent is $750/mo.
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3 employees. 40 years in business.
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Open only 4 days a week.
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Active Facebook page with 2,000 organic followers.
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Expert take: I reached out to my M&A and e-commerce buddy Bill DAlessandro, CEO of Natural Dog Company.
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“I was surprised at how much I like this deal,” Bill told me. “40% net margins (wildly high for a retail store) with zero dollars tied up in inventory. And bougie baby stuff is an evergreen niche, especially in Charlotte.”
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Bottom line: 3x cash flow seems like a good deal for a business with clear growth opportunities (expand hours, tap into Charlotte market, increase digital presence).
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MONEY TALKS
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45 year old quits $225K finance job to start franchise
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The Teal Turnip, this entrepreneur’s No. 1 favorite restaurant
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Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.
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Job: “After 25 years in financial services, I quit my job 8 months ago to bring a franchise to Charlotte. I saved 10 years’ worth of annual bonuses to make this transition possible.”
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Other income: “Over the past 15 years, my wife and I have built a portfolio of 4 rental properties valued at nearly $1.5M. My tip is to find properties with a cap rate of 8% or higher (annual rental revenue divided by purchase price).”
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Best financial advice: “Save at least 20% of your income in retirement accounts. After 25 years of maxing out our 401(k)s and Roth IRAs, we now have over $2M.”
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On your mind: “While excitement starts something like a new business, execution completes it. We don't believe in having a Plan B. We are on track to realize profitability in late 2025.”
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Splurge: “My Charlotte Yoga membership ($129/mo).”
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Rich in Charlotte: “Owning both a beach house in the Outer Banks and a mountain home near the Highlands.”
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Full story: 45 year old quits job backed by $1.5M rental portfolio
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MONEY SNACKS
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5 other financial headlines I’m snacking on
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Vegas-like sports lounge opening in South End. Their 60 foot by 15 foot TV costs $1.5M.
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Myers Park Country Club hiring golf interns with 6-month commitment. Benefits include employee housing, meals, and playing privileges. 1,204 members.
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Last Minute Club, an Instagram handle that aggregates last minute appointments at cool spots, launched this morning. $35/mo for businesses. Led by Corri Smith.
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Employee referrals have become lucrative side hustles with the rise of "pay-to-play" platforms. Some individuals are earning up to $30K for referring strangers.
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Blake Pope, formerly Chief Experience Officer at Kindred Studios, left to start a new hospitality branding agency named Field Day. He already has 10 restaurant clients.
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HOUSEKEEPING
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Milkbread debuts $4 bagels, selling so well they "can't keep up with production"
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Smoked Turkey Bagel at Milkbread Plaza Midwood
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Milkbread bagels are made in house with 100% naturally leavened sourdough. "They're selling very well," owner Joe Kindred texted me.
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Bagel sandwich options: I can confirm, both are delicious.
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Morning Bagel ($7.50): Western style baked egg with pepper jack, onions, and red bell peppers.
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Smoked Turkey Bagel ($12): Smoked turkey, pepper jack, avocado, black mustardaise, mayo, and lettuce.
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Milkbread sleeper: Don't forget that Milkbread's Uptown location offers a burger, cooked on the same griddle that Shake Shack uses. "It's FIRE!" explained Joe.
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Future locations: They’re eyeing Myers Park, South End, and SouthPark.
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Happy Thursday! I’m in the process of creating a luxury roadtrip guide and I’m currently booking a research trip to Cataloochee Ranch and The Swag. If you’ve been to either, hit me up.
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– Ted
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MONEY POLL
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Did you make new year's resolutions?
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Last week’s poll results: Would you invest in a restaurant? (6,426 subscribers)
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