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By Ted Williams |
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Hello Thursday. When did shorts and pants become so expensive? Or am I just an idiot for buying them at Lululemon?
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I avoid shopping. I’ve had the same Bonobos khaki shorts and khaki pants for 5 years. I just wear them over and over again. A bit gross now that I’m reflecting on it.
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My new Lululemon ABC classic-fit shorts were $88! Pants were $128! If you see me around town, please comment on how fashionable I look so that I feel better about these prices. Anyways.
💼 Hot Job: Director of Marketing & Communications at Carolina Ascent FC ($60K – $80K). You’ll have 7 direct reports. Supervisor is COO Timothy Schuldt. |
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👨 Shout-out: Finley and Landon Funsten, Davidson grads and MADabolic owners, for their aggressive Instagram post offering “4 free weeks of unlimited classes with proof of your gym membership elsewhere.”
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MARKETS: YEAR-TO-DATE
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S&P 500 |
5,485 |
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Nasdaq |
16,802 |
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THE LEAD
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Ace. No 3 offering 20 Class B shares at $30,000 for new Uptown location
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| “The Ace” burger, two 1/4lb chuck blend patties |
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Award-winning Ace No. 3 is opening its fourth location this summer in Uptown where Sukushi used to be — and you can own a piece of it.
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Founder Paul Manley shared with me how he’s approaching raising capital. It’s a rare look inside how a restaurant comes together financially.
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How it works: Ace No. 3 Uptown is selling 20 Class B shares at $30,000 each.
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Class B members own 60% of the business and receive 75% of the distribution funds (accelerated returns) until their initial investment is paid back (estimated 2.5 years).
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Then ownership flips to 60% Class A (founding team) and 40% Class B members. Distributions are then based on ownership percentages.
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“I’m excited because this model keeps the business out of debt and the promoted stock that goes to the founders is more performance-based,” Paul explained.
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Unit economics: Here are the average financials of an Ace No. 3.
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Active deal: The deal is live and not yet fully subscribed. If you’re interested in the full investment prospectus, go fill out their investor form.
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PRESENTED BY ALBERTINE
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Book Albertine on Sunday, Monday, or Tuesday to snag an easy reservation
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| Crispy pickle-brined SC hot quail ($26) |
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Congrats to my friends Katy and Joe Kindred on Albertine’s hot start in Uptown!
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Favorite dishes: “The meze platter is the No. 1 seller along with the quail,” Joe texted me.
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Group idea: Albertine’s 10-person table elevated above the dining room is the most prominent spot to have a power meal in town.
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Booking tip: Weekend Albertine reservations are hard to snag, so grab one on Sunday, Monday, or Tuesday!
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SIDE HUSTLE DIARIES
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33 year old architect Tyler Suomala quits day job as newsletter side hustle hits $100K
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| Tyler awkwardly posing for me in Oakhurst |
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Tyler Suomala launched Growthitect a few years ago as a side hustle newsletter. It provides growth hacks for architects.
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How it’s going: “Last year, I 10x’ed annual revenue and crossed 6 figures,” Tyler told me. “The newsletter is up to about 15,000 subs and revenue per subscriber is around $11, so still plenty of room for improvement.”
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Making money: 60% of revenue comes from selling ads into the newsletter, podcast, and Tyler’s LinkedIn feed. The other source of revenue is a private community which costs architects $1,500/yr
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What’s next: “I want to hit $500K in revenue this year, but that’s my highly ambitious goal,” Tyler told me. “$300K is a bit more likely, lol.”
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Tiny Take: As a media entrepreneur myself, I LOVE Growthitect. It’s got it all — B2B niche, creator led, private community, recurring revenue, and lean cost structure.
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MONEY TALKS
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33 year old DINKs making $425K have 45 credit cards and practice “extreme buys”
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| Midwood Smokehouse, this guy’s No. 1 restaurant pick |
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Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.
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Income: “I work in logistics & supply chain for a healthcare company. My base is $191K, with an additional 15% bonus. My spouse makes $120K. Our side hustle consulting/content work brings in another $85K.”
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Net worth: “$1.9M. No inheritance! We just got lucky with our earnings and always lived extremely far below our means.”
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Investment strategy: “Up until the end of 2024 we were maxing out all tax advantaged accounts (401ks and a Mega Backdoor Roth) and putting ~$40K into post-tax equities each year. However, given all of the market uncertainty right now, we’ve gone to mostly cash.”
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Charlotte money hack: “Having a Bank of America credit card gives you free access to select museums during the first weekend of every month.”
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Financial freedom: “$5M. 3% withdrawal rate is $150K, which is way above what we actually spend.”
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Credit cards: “We’re prolific credit card churners and have over 45 active credit cards at the moment. Sign-up bonuses!”
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Budgeting tip: “We do extreme buys. For example, we’ll see paper towels on sale for 40% off and buy 5 years worth.”
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Knowledge: “My parents were both extremely bad at handling money. That inspired me to do better.”
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Full story: Financial goals of 33 year old couple looking to retire “in a few years”
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MONEY SNACKS
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5 financial headlines I’m snacking on
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Forbes’ billionaire list tops 3,000. 67-year-old David Tepper came in at 95th place with a cool $21.3B. My bestie Ric Elias was the only other Charlotte billionaire.
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Rally releases “$20 Tuesdays” for one hour pickleball court reservations in April. DJs spinning on April 15th and 29th.
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Gen Z admits to TV binging while WFH. A recent study found 84% do it and 48% admitted to lying to their managers about it.
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Elizabeth duplex asking $725K could make great investment property. Each unit is 2 bedroom and 1 bathroom. Listed by Anne and McSwain Bell.
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Lebowski’s permanently closed after 16 years as a Dilworth staple. Nashville-based Ladybird Taco will take the space.
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HOUSEKEEPING
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30 year old Viktor Poznyur releases founding memberships for $1.2M Bathhouse CLT
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| Located on the edge of South End, near BofA Stadium |
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Charlotte’s health and wellness scene continues to explode. Next up is the $1.2M Bathhouse CLT which plans to open May 9.
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Think traditional saunas, herbal steam rooms, polar plunge, leisure pool, kombucha bar, and wellness lounge.
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Viktor just released Bathhouse founding memberships starting at $149/mo.
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Booming category: I can count 18 different spots that provide hot and cold therapy around Charlotte 🤯
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Happy Thursday! I’m heading to bougie Intown Golf Club tonight with my wife and plan to crush the 3 other couples we’re playing against. And yes, I’ll be wearing my new $88 Lululemon shorts.
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– Ted
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MONEY POLL
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Do you approve of the job billionaire David Tepper has done with the Panthers, FC, and Stadium?
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Last week’s poll results: Which brand new restaurant are you most excited to try out? (8,161 subscribers)
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La Lima Sangucheria – 45%
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Blinders 14%
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Mazi 12%
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Yassou Greek 11%
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Tommy Bahama Marlin Bar 10%
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Illios Crafted Greek Oakhurst 8%
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