Hi everyone, (this first part is a few weeks old now)
I hope you’re all doing well and enjoying the first days of Spring. It’s been really nice to have some warm sunny days in Vancouver, I even managed to have a nice park hang.
Let me just jump right into a thought I’m having, hopefully it will encourage some creative flow. (it didn’t)
I couldn’t get the thought out. I don’t know why I have been so tongue-tied.
I want to share about the due diligence period I am going through, and how I find the process of negotiating exhausting.
Starting a business is such a giant leap from the creative work I am used to doing in kitchens and bakeries. A lot of what I am doing is new and unfamiliar, and I am often outside of my comfort zone. I hope it’s not too long before I find myself in a those familiar spaces again. I miss kitchens.
We extended the conditional period. Today I am submitting a revised lease to the landlords, with over 600 additions and 300 deletions to the original lease. The blackline comparison shows that the original lease has nearly been completely rewritten. This is being done with the help of my team, my real estate representative Layla Vera, and my legal representation from Denton’s. It’s a ton of work, and it one of the scariest parts of this process so far.
Here’s how I am hoping this plays out..
We sign the lease. The landlords might push back a bit on some of the language we added, but hopefully not so much that it goes several more rounds. Originally I was under the impression a lot of the equipment in the space would be available for sale, but it seems more likely not an option. It’s one more thing that irks me just a little.
I have an estimate on the cost of construction before I signed the offer. Clayton from TotalPlan is going to be in charge of design/build. This is the fourth location he viewed with me. Once we signed the offer to lease, as one of the conditions, Clayton will have to do a much more accurate quote of the work the needs to be done. He showed up at the space with a team of people; mechanical and electrical consultants, HVAC technician, interior designer. Like most of this process, Layla was there as an extra set of eyes and ears, making sure I am asking the right questions and covering everything. We waited 20 minutes for the landlord to arrive to let us all in.
I’m still waiting for Clayton’s final estimate. After that, will be to apply for the loan. Some foreshadowing: I imagine that will be the next anxiety-inspiring step. I have to make sure I have enough capital for the build out, all the equipment, and enough left over for cash-flow. I’m going to go over-budget on legal fees, that’s for sure. But that’s fine. One step at a time, keep going.
Kat and I were away last week. We split our time between Toronto and Montreal. I really miss our two cats while we are away, but it was so nice to get out of town, see some old friends and family, and spend some quality time together. So much has happened since moving to Vancouver, so many amazing opportunities and new chapters. But it was nice to visit Toronto, and remember the vibrancy of that city, and the community I was part of.
Montreal felt like two days of summer, and I got to have dinner with Kat and Homa and Tinc Set. It doesn’t get much better than that.
Coming home always has the nice feeling of returning to yourself. Being away gives me an opportunity to reflect on myself and decompress. I am trying really hard to ground myself and breathe deep. It can be easy to feel beat these days.
I am setting the goal of creating a better routine with my newsletter. I don’t mean for it to be as infrequent as it is. I keep hoping some mental space will free up after this lease is signed and I can move on to some more creative things.
Thank you for reading. Thank you for your support and interest in the work I do. I appreciate your patience while I figure out how to balance this all.
More soon.
Happy baking.
Interesting update and insight Tommy. Location, Location, Location. Keep your head down and move forward! Aloha
Great newsletter. Thanks for sharing all the steps!!