Exit133

January 5, 2016 · Exit133

The Defiant Goldfish: On the Market?

On New Year's Eve the guys trying to get the Defiant Goldfish off the ground posted a bit of bad news for anyone hoping to see the old Goldfish Tavern space open and operating again Just outside the gates to Point Defiance... Or maybe it's good news if you're looking for a new business venture? Either way, it sounds like the clock is ticking...

Dec 31st. Out of Time- Out of Money- Out of Options = Who’s Next?

Out of Luck? Nope. We didn’t have any to begin with 
Every option is on the table.

The Defiant Goldfish is “For Sale” 
The Defiant Goldfish Real Estate is “For Sale” (you can buy it from me and lease it back to us)
We will look at all business equity investment offers (partners)
We welcome any offer of a short term or long term loan
Any other helpful idea

I am not going to talk about the trials and tribulations of 2015. I am just giving a snapshot of The Defiant Goldfish as of the end of 2015. This is the how we enter 2016.

Corey and I are out of money, and apparently favors. So we do not know what our next move is. We need approximately $25,000 to finish construction. That number does not include any upgrades to the sidewalks, driveways and wheelchair ramps at the intersection that the city is requiring. We will need another $5,000 to $10,000 for opening inventory of food and beer, and another $5000 in operating capital to run the business.

We do not have these funds, and are sliding the business further into debt with every day we are not open. We have taken on several short term loans to bridge that gap, and the payments on those loans have started coming due. We are now in the position that we are missing payments to people that loaned us money because they either really want to see The Defiant Goldfish open, or really want to see Corey and I succeed. It is not fair to them for us to not seek EVERY option available to make this project work.
In the meantime, we will continue to work every day, with what we have, to get open.

January 1st. Payroll Due: $4,211 
January 1st. Mortgage Payment Due $2,500
January 1st. Dec Mortgage Payment now 1 month past due- officially in default: $2,500
January 1st. Contractor Payment 23 days past due: $3,892.10
January 1st. Electrician Payment 24 days past due: $2,611.20
January 1st. Department of Ecology bill from June 30th fire 22 days past due: $8,475.56
January 1st. 12 month short term loans are now getting behind.

We need $50,000 to come current and get open
(we are not in the best of moods as you can guess, so please keep the negative, and the “you should have…” to a minimum.

Corey and I want to open, run, and retire from The Defiant Goldfish. If you want us to, and want to be part of it, let us know. If you have the money, but want to do it without us, let us know. You will know where to find us.

Anyone looking for a challenge investment opportunity?

Previously from Exit133: Kickstarting the Defiant Goldfish.

Filed under: Tacoma Business, Neighborhoods, On the Market, North Tacoma, Restaurants & Bars

20 comments

  • altered chords January 5, 2016

    Is the business plan solid enough for a partner to come in and help? In other words, if money is kicked in, will there be a substantial enough return for the partner that helps out financially? If so, then maybe approach a commercial realtor like Dominic Acceturo of Kidder Matthews. If he can't help, maybe he can refer you to a broker who can help? Just lobbing ideas out there that might help.

  • Les January 5, 2016

    Yep - Not sure what I own....besides a t-shirt. Maybe some serious deep pockets will step up now that the hard part is done...

  • altered chords January 5, 2016

    Try these folks: http://www.pacificcommercialbrokers.net/FoodBeverage.html

  • Stephen Battey January 5, 2016

    These guys are *really* good at losing money.

  • altered chords January 5, 2016

    About 3 weeks ago the Hilltop Kitchen announced their closure due to failed lease negotiation. Chris Keil and Matt Schweitzer the owners plan to open another Hilltop Kitchen but maybe they could buy Goldfish and call it Defiant Goldfish kitchen. Contact them and work it out then pay me 10% for putting this deal together and for the branding rights. Or just give me free beer and food for life - if I eat and drink enough the lifespan will be short.

  • rankler January 6, 2016

    These guys also let their 35 employees find out they wouldn't be paid via a Facebook posting. Then again, 35 employees hired pre-opening for a small restaurant/bar? Just another of many incompetent moves these guys have made.

  • altered chords January 6, 2016

    am I the only one that noticed that many of their kickstarter blog posts start with "hello 325..." So all the folks that donated to the kickstarter may be in luck. Maybe there's a different defiant goldfish project in the Abilene/San Angelo Texas area that is on schedule, on budget and already serving burgers, beer, pizza, and coffee?

    • rankler January 6, 2016

      The "325" refers to the number of backers they got through crowdfunding.

      • altered chords January 6, 2016

        oh

  • Jesse January 6, 2016

    I admire people who chase their dreams. That being said, maybe these people have no business remodeling or owning a bar. It's been over a year of remodeling, while, I'm assuming, the bills have been piling up. The fact that they had to do a Kickstarter fund is evidence enough. I hope they can get out of this while selling to a capable party. Go chase another dream but make sure you can reach it.

  • Jake January 6, 2016

    Check out Lending Club for debt consolidation and even business loans. Crowd-sourced loans that tend to have better interest rates for folks who may be struggling with debt or credit.

  • pat January 6, 2016

    how does one get in touch about a possible purchase.?

    • Krampus January 6, 2016

      Just call 1-800-MONEYPIT

  • Laura B. January 6, 2016

    As one of the 325 original Kickstarter investors I've followed the story from the start to finish. Adam and Corey have been hit with several roadblocks that no one could have predicted. Many thrown in by the town of Ruston,the EPA and Pierce County after the fact. Who could have predicted that the Dept of Ecoogy would fine a business for a freak accident/fire. They have been upfront and open this past year about every one of those obstacles. Go check out the Facebook page, the entire story is there, before making judgemental remarks. If you are or know someone who is truly interested in investing or buying the property that the Goldfish sits on then contact them as directed in their original Facebook post. Don't just make a comment here do something and be a part of bringing back a new and improved family friendly Goldfish.

    • rankler January 7, 2016

      They hit some roadblocks, and they made some mistakes. I feel bad for them for that. It is incredibly sad. However, their mistakes seem to be affecting 35 employees (35! What idiot hires 35 employees for a small-medium pub that is not even open yet?), plus whatever suckers donate more money. Their sad circumstances do not render them immune from criticism.

    • Bev Wombacher January 7, 2016

      This property is not located in the Town of Ruston, it is the City of Tacoma.

  • MDF January 7, 2016

    Did they really end this message with the statement "you will know where to find us"?!?!?!?!? No e-mail, no phone number!?!?!?!

    • Scroober Jefferson January 7, 2016

      These guys are in so far over their heads, but they refuse to swim to shore.

  • Citizen January 10, 2016

    The Health Dept connected with many prospective buyers, including Dopps and Webb months in advance of deal closing, providing critical info about required hazard mitigation before remodeling and opening. All in the files, indisputable. This info was obviously not fully considered. Fast forward - Indoor air samples found too high for gasoline, gas tanks partially full of fuel, exactly as predicted. These guys did not take seriously the advice from City and Health offices on how to proceed with the least amount of friction. Dopps unauthorized work on the fuel tanks, resulting in fire and injury, was expressly forbidden by the Health Dept (such work is strictly regulated due to extreme hazards). This is not a story about 'red tape' or obstructionist gov offices but one of total lack of wherewithal.

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