Retiring our reataurant.

[Mcstealth]

Only slightly aviation related..

My family has decided to retire The Cowboy Steak House in Kerrville. My two older sisters are the pushers for this, and I don't exactly have enough money to buy them out fully, so retirerment of the brand it is. Very mixed emotions for me. How this relates to aviation is now I will have much more time to become more than just a practice pilot. I look forward to that. Wish me luck. 

[DonMuncy]

So sad to hear, David. We had a bunch of really nice Mooney get-togethers there over the years. Good luck to you and your family.

[jetdriven]

Have y’all though about selling it whole? 

[Pinecone]

Hmm, when will it close?

Sounds like a good excuse to fly a bunch of Mooney to Kerrville for a dinner meeting.

[Mcstealth]

1 hour ago, jetdriven said:

Have y’all though about selling it whole? 

We are not going to sell the name. To us the children, we for some reason are not comfortable with that. 

Undecided if we want to lease, owner finance, or sell outright. Not sure which makes the most sense. 

[Mcstealth]

10 minutes ago, Pinecone said:

Hmm, when will it close?

Sounds like a good excuse to fly a bunch of Mooney to Kerrville for a dinner meeting.

31st, this year. The decision happened quickly, just two weeks ago and the CPA said finish it by the end of the year to avoid having another tax return. 

Edited December 16, 2022 by Mcstealth

[MooneyMitch]

I always enjoyed my visits to the Cowboy Steak House.  Wishing you the very best in whatever decision you all come to.  Happy flying to you David. 

[jetdriven]

28 minutes ago, Mcstealth said:

31st, this year. The decision happened quickly, just two weeks ago and the CPA said finish it by the end of the year to avoid having another tax return. 

That’s some strange logic if you need to sell it at a fire sale price in 4 weeks to avoid paying $800 in CPA fees for a tax return for next year. 
 

I’m sure the situation is more complicated than that,, sorry to hear this is happening to you and I wish you and all of your family the best of luck

[Pinecone]

Too quick and too soon to arrange and do a trip.

Bummer.  Good luck going forward.

[thinwing]

im sorry to hear your closing.Im confused why the name (and its years of good will in the community)wouldnt be sold along with the physical plant,recipes,staff staying on ,lease of the building if not owned ,etc to maximise return .Typically sales of business like resturants go for 100% of 1 years gross receipts or % of net profits.....Im told Mcdonald franchises that are non corp owned ,go for even more.Good luck with your retirement.

 

[Danb]

On 12/16/2022 at 2:08 PM, Mcstealth said:

31st, this year. The decision happened quickly, just two weeks ago and the CPA said finish it by the end of the year to avoid having another tax return. 

That’s one of the dumbest things I’ve heard a CPA say although he may a an unknown reason behind it

[aviatoreb]

On 12/16/2022 at 11:50 AM, Mcstealth said:

Only slightly aviation related..

My family has decided to retire The Cowboy Steak House in Kerrville. My two older sisters are the pushers for this, and I don't exactly have enough money to buy them out fully, so retirerment of the brand it is. Very mixed emotions for me. How this relates to aviation is now I will have much more time to become more than just a practice pilot. I look forward to that. Wish me luck. 

Good luck and enjoy this next phase of your life!

[Mcstealth]

1 hour ago, Danb said:

That’s one of the dumbest things I’ve heard a CPA say although he may a an unknown reason behind it

I didn't ask many questions in that reguard. I was out voted from the get go, so I didn't push one way or the other. 

 

[Mcstealth]

On 12/19/2022 at 5:33 PM, thinwing said:

im sorry to hear your closing.Im confused why the name (and its years of good will in the community)wouldnt be sold along with the physical plant,recipes,staff staying on ,lease of the building if not owned ,etc to maximise return .Typically sales of business like resturants go for 100% of 1 years gross receipts or % of net profits.....Im told Mcdonald franchises that are non corp owned ,go for even more.Good luck with your retirement.

 

Working through all that now. 

Thank you.