Black business owner refuses to sell out. Turned down 3 million dollar offer

BucciMane

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A hole in the wall bbq joint, especially in Austin where there are so many good spots from big restaurants to other small eateries like his, ain’t bringing in that type of dough. If he’s holding due to sentimental reasons, aight, otherwise, he’s playing himself not taking million dollar offers...who knows, maybe someone let him know a good offer for that land is $5mil, but whatever his play, hope he doesn’t end up missing his payday

The food industry can have very small margins, especially when serving meat.:dame:.


He will get more than the $3mil if he wants, but to put it in perspective, the following restaurants are just a few that don't even do three million in REVENUE over a three year period on average for a single location.

Dominoes
Pizza Hut
Subway


Then you have KFC and Burger King just above the $1mil mark per year.

And, that is just revenue, not even profit.

Article below with some statistics.


The QSR 50
 

smokeurobinson

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Haven't most of you brehs said that black businesses in Brooklyn need to stand their ground and not sell to white development companies to fight against gentrification? But you want this dude to sell his business? :deadmanny:


Keep it a buck. If that was your husband. And they were waving that 3 mil in his face. And then the possibility of 4 mil comes along. Would u really tell your hubby to keep it community?
 

SleezyBigSlim

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food_SamsBBQ18_6.jpg

Despite concerns from longtime patrons, Sam’s Bar-B-Que on E. 12th remains open for business. The news comes as a relief to many because this iconic spot has been serving the Eastside, and the rest of Austin, homestyle barbecue for more than six decades.

Still, current owner Brian Mays, who inherited the restaurant from his father, Dan, warned the Chronicle this week that while he is committed to keeping Sam’s Bar-B-Que open, he’s also fielding increasingly rich offers on the highly coveted 12th Street lot. In fact, Mays explains that developers recently offered him $3 million so they could demolish it and put an apartment building topped with condos on the site.

The outside wall of the small white building features a painted bust of Martin Luther King Jr.; the inside houses the brick pit, seasoned for decades, where they slow-smoke meats from beef to mutton. Sam Campbell opened his eponymous restaurant in 1957, and when he died in 1976, the Mays family took over, maintaining the focus on good food and good community ever since.

It’s that very sense of community that keeps the doors of Sam’s Bar-B-Que open. Mays says a major reason he turns down the offers is because people in the neighborhood plead with him to stay open. Sam’s is a stalwart in a rapidly changing area where many beloved black-owned businesses have already closed. But with developers from Dallas to California regularly calling Mays, it’s not much of a stretch to imagine another offer coming along in the near future. And next time, it might simply be one that’s too good to pass up.

“I just turned down $3 million for the community,” Mays said. “I told them, ‘I don’t mind staying, but I turned down $3 million. I need support now.’ I’m going to be here, but y’all have got to support me now.”
This is my wife's family restaurant!:salute:
 

UberEatsDriver

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Brooklyn keeps on taking it.
food_SamsBBQ18_6.jpg

Despite concerns from longtime patrons, Sam’s Bar-B-Que on E. 12th remains open for business. The news comes as a relief to many because this iconic spot has been serving the Eastside, and the rest of Austin, homestyle barbecue for more than six decades.

Still, current owner Brian Mays, who inherited the restaurant from his father, Dan, warned the Chronicle this week that while he is committed to keeping Sam’s Bar-B-Que open, he’s also fielding increasingly rich offers on the highly coveted 12th Street lot. In fact, Mays explains that developers recently offered him $3 million so they could demolish it and put an apartment building topped with condos on the site.

The outside wall of the small white building features a painted bust of Martin Luther King Jr.; the inside houses the brick pit, seasoned for decades, where they slow-smoke meats from beef to mutton. Sam Campbell opened his eponymous restaurant in 1957, and when he died in 1976, the Mays family took over, maintaining the focus on good food and good community ever since.

It’s that very sense of community that keeps the doors of Sam’s Bar-B-Que open. Mays says a major reason he turns down the offers is because people in the neighborhood plead with him to stay open. Sam’s is a stalwart in a rapidly changing area where many beloved black-owned businesses have already closed. But with developers from Dallas to California regularly calling Mays, it’s not much of a stretch to imagine another offer coming along in the near future. And next time, it might simply be one that’s too good to pass up.

“I just turned down $3 million for the community,” Mays said. “I told them, ‘I don’t mind staying, but I turned down $3 million. I need support now.’ I’m going to be here, but y’all have got to support me now.”


He needs to seriously fix that place up. Don’t want to sound corney but one of my biggest criticism about black businesses is the up keeping.
 

eufemism

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Maybe he can stay....figure out a way to keep his restaurant on the bottom level while they build the condo on top of him in the new building. He pays ZERO rent/charges while they upgrade and maybe even let him keep a food truck or something when they do need to tear it down to finish the construction?

EVERYONE has a price and America is a capitalistic country. In this case HE OWNS, so he won't get screwed like so many others if they finally give him an offer he can't refuse.

:ohhh:

One of y'all needs to reach out to the breh fr fr


Take that 3 mil plus rights to have a food truck near the building is a fukking lick :wow:



You already know them hipster cacs would keep him busy too :wow:
 

funkee

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scout new locations while you wait for them to offer more, ask for them to help you to cover moving costs to new location, then sell old location, re-invest some of the money into new location and keep a couple milly in the bank. easy choice in my mind, fukk sentimentality.
 

Contrefaire

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good for the brother...he should hold out.....but why don't he fix up the outside of his business..shyt look like a junkyard...i hate when places make money and don't upgrade or renovate.

A lot of soul food and BBQ spots don't do renos because that's half the reason people come in. They see some hole in the wall joint and automatically think well shyt, it's gotta be good! That rundown aesthetic is a selling point. And white people love that shyt. I mean otherwise it's just....Lucille's :huh:.

Plus, it keeps the overhead low. Can't sell $10 BBQ dinners if/when you start trying to upgrade a place that's been around for generations.
 
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