Remember over two years ago when we were hot to trot about opening a pub? Well, we have made that dream come true!
When Nick’s job ended and I began at Krobar, we really didn’t know what we’d do. One of Nick’s bosses had expressed interest in funding our pub idea, but then backed out. I was over it and figured I’d just work this shitty Kroger job and try not to get fired. Nick was over it, too.
One day, Nick was tooling around the intertubes, looking at various funding sites, etc., and he came across this thing called the ROBS Program from the IRS. There are several companies who administer them, but Nick contacted Guidant Financial.
When he told me about this Wile E Coyote plan, I was skeptical. Plus, it costs $5k to put it in place and $139/mo administration fees forever after that. But we discussed it and then had a call with a sales weasel from Guidant and after more discussion, we decided to do it.
What ROBS is, is a plan – fully backed by the IRS – that allows you to take your 401k money, roll it into a NEW 401k under your company name, then dump that money into your C corporation bank account. No penalties or fees, other than the $5k you pay Guidant to manage all the paperwork. They issue you “stock” for the $5k, so it’s sort of refunded.
Long story short: we now have $107,681.95 in the IndigoDragon Inc. bank account and we can now start looking for commercial real estate. :) (You can’t look at commercial real estate until you engage a realtor, and for that, you gotta have fat stacks in the bank. Now we do!!)
There are myriad rules when dealing with ROBS and the C corporation, but so far, Guidant support has been good. Dealing with a C corporation rather than the standard LLC or S corp that most small businesses use is a huge PITA, and we’ll get taxed twice (once on the corp and once on our income), but it is a strict rule and it’s the price we’ll pay until we can get out from under the ROBS program. I’m hoping 2-3 years and we can buy out of it and be on our own. But in any case, we are funded, and…
I’m making the announcement:
PLAYER ONE ARCADE PUB IS REAL. WE ARE DOING IT.
We are putting literally every bit of money we have into this project. We eat/sleep/breathe it. It’s all we talk about. Midlife crisis FTW!
I’ve quit the Krobar and shout out to Doug, Thaddeus, Cheri, Aaron, Miranda and everyone who made my last day a BLAST! Man, we had some fun up in the Krobar yesterday! LOL No adult supervision! Wheeeee! Ended up staying on for a bit longer, but they reduced the hours of the bar when I was off for Momo, so I did quit. The wine steward is out of that hellhole, too. FUCK KROGER.
If any of you would like to keep up with our progress on the bar, please follow the Player One Arcade Services FB page. Hopefully I can change the name again and use this page, but I’m not sure, since it’s been changed before. In any case, all announcements and news will be posted on the current FB page and the website. There are benefits to following along early, such as dry run invitations (FREE food and booze!), helping me create the menu and bar (I LOVE INPUT!) and being on our Friends and Family supporter list (discounts and perks!)! Come on over, give us a follow and let’s DO THIS!