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By Ted Williams |
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Hello Thursday. A new private golf club called The Trail is in the works on several hundred wooded acres southeast of Charlotte. Targeting a 2028 opening for golf.
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Membership will be capped at 275 and is by invitation only. It will be a walking course with caddies.
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Renowned golf architects Gil Hanse and Jim Wagner will design the 18-hole course.
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The project is led by founder Ryan Hanks, who owns a Hanse-designed private club named High Grove in Florida.
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Ryan told me The Trail is the next evolution of his Florida club and says it’ll be “pure golf with absolutely no houses.”
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Hornets co-owner Rick Schnall is Ryan’s partner on the project, with Jay Levell of Long Road Partners also involved. Andrew Shuck will be The Trail’s Director of Golf.
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I’m bullish. It’ll be oversubscribed. With waitlists nearly 10 years long at MPCC, Carmel, CCC, and Quail, there’s an insatiable appetite for premium golf in our city.
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I just hope Ryan waives initiation fees for longtime Charlotte bloggers! Anyways.
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| Aerial shot of The Trail with its arrow logo |
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💼 Hot Job: Group Manager, Brand Marketing at Credit Karma ($213K – $289K). Swanky Ballantyne office. 5 direct reports.
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🍺 Shout-out: Cheers to NoDa Brewing owners Suzie and Todd Ford for celebrating the brewery’s 15th anniversary. Party on October 24.
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MARKETS: YEAR-TO-DATE
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S&P 500 |
7,801 |
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Nasdaq |
27,539 |
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STARTUP DIARIES
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New $300K coffee shop perseveres through $46K rebrand and 37% sales dip after Instagram suspension
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| New mural at The Lost Plot in Plaza Midwood |
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Debut: Lines wrapped around the block when Plot Twist opened 4 months ago in Plaza Midwood. Immediate success.
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Owners Nikki Velazquez and partner Eric Flanigan bootstrapped the $300K investment using savings and debt.
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“We were putting a nice dent in our loans,” Nikki told me.
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Curveball: Instagram suspended their account with 13K followers, contributing to a 37% sales drop. Then a Texas-based book bar sent a cease-and-desist letter. Stressful.
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The 34-year-old couple made the hard decision to rebrand to The Lost Plot, investing another $46K in legal fees, signage, and marketing.
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“Our financial cushion is now more of a lightweight throw pillow that doesn’t do much other than look cute,” Nikki told me.
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Forward: “We’re very fortunate this didn’t kill the business,” said Nikki. “If Eric didn’t have his full-time finance job and we didn’t open strong, we wouldn’t have been so lucky.”
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Tiny take: I’m cheering for Nikki and Eric! I agree with what she told me: “We’re using this experience to make the business stronger.” 👊
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PRESENTED BY CARNEGIE PRIVATE WEALTH
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Carnegie Private Wealth helps Charlotte families plan for life’s biggest money decisions
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| Founded in 2023, Carnegie Private Wealth advisors serve more than 1,400 families |
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Wealth management: SouthPark-based Carnegie Private Wealth manages $2.5B in brokerage and advisory assets through LPL Financial. The firm works with clients throughout life’s pivotal financial years.
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This includes buying a first home, starting a family, building or selling a business, and planning for equity compensation.
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Clients work directly with a locally owned, advisor-led team that serves as their personal CFO. This keeps planning and investment guidance under one roof.
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Book it: Schedule a conversation with my friends at Carnegie Private Wealth!
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HOTEL ECONOMICS
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2 dudes buy The Oceaneer for $5M, invest $6M more to open 26-room boutique hotel
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| The Oceaneer on Carolina Beach |
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Investment: 67-year-old Rob McCord and 42-year-old Billy Morse own and operate The Oceaneer.
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Projections: The Oceaneer targets $1.35M in annual revenue. About $52K per room.
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“The return on a value-add hotel isn’t about year 1 cash flow,” Billy told me. “First 3 years were about building the asset; the next 3 are about growing income through occupancy, weddings, events and rate.”
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Hidden costs: “On the coast, insurance alone can rival a mortgage payment. During 3 years of construction, insurance exceeded $100K.”
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Back of the napkin: If over the next 3 years they hit $850K in net operating income, a premium valuation at a 6% cap rate would imply a $14M value.
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MONEY TALKS
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34-year-old banking couple making $450K pays $3,100 per month on daycare
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| Daycare for their 2 young kids costs $37,500 per year in total |
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Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.
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Living situation: “We bought a house in 2020 for $400K. Put 20% down. We feel very lucky to have locked in a 2.75% mortgage. We’re considering buying a new $1M house soon.”
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Job: “We both hold senior-level roles in banking back office. Combined, we earn $450K per year. $350K in base salaries and $100K in bonuses.”
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Work-life balance: “Not ideal for young children. We’re both in the office, with no WFH flexibility. We each work about 40 hours a week.”
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On your mind: “We have 2 kids under 5 years old. We’re deciding between public and private school. Is it worth the money? Should we just supplement with investments in their passions? We are VERY fortunate that this is our stress.”
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Net worth: “$1.2M. It consists of investments, 401(k)s, savings, and $300K in home equity. We inherited about $175K, but other than that, we’ve built wealth through salary.”
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Retirement: “This is why we need an advisor. Ideally, we’d retire around 55. I think we need $3M to retire. I want to take classes and learn to build things.”
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Full story: 34-year-old banking couple wrestles with $1M house or private school tuition
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MONEY SNACKS
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5 other financial headlines I’m snacking on
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SORA in Myers Park pivots from $195 tasting menu to a la carte. Smart move! $25 wagyu burger. $65 12-piece sashimi on ice.
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2 established F45 locations for sale asking $1.1M. Total revenue $1M. EBITDA $400K. Seller financing available.
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Aureum Golf sets November 9 as grand opening date in South End. 24/7 private golf simulators. Membership costs $249 per month.
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Understated Figure 8 house asks $4.4M. 100 feet of direct beach frontage. 4 beds. 3 baths. 2,436 square feet.
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Concrete delivery business for sale asking $900K. Revenue $2.4M. Cash flow $275K. Owner works 25 hours per week, retiring.
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HOUSEKEEPING
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Postino opens in Plaza Midwood with 4-piece $17 Bruschetta Boards
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| GM brought this spread to me and I ate it alone like a weirdo! |
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Now open: Postino opened about 10 days ago in Plaza Midwood near Uchi. Think slightly more laid-back Barcelona Wine Bar.
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Sleeper pick: Postino’s $13 Crispy Cauliflower with smoky romesco sauce. Tasty.
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Happy Thursday! I’m still tired from attending that electric Panthers victory on Sunday night where I should not have gotten a second tall boy Pernicious. But YOLO.
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– Ted
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P.S. No newsletter next week. Our kids have fall break and I like them more than newsletter writing (barely)!!
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MONEY POLL
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Is $100K in annual income enough to live comfortably in Charlotte?
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Last week’s poll results: Is it okay to bring an iced coffee to a job interview? (14,784 subscribers)
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