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To: sandintoes who wrote (5195)10/29/2002 5:53:23 PM
From: Ish  Read Replies (1) | Respond to of 34894
 
No, it was a men's wear store in a downtown location. No parking and most of the retail was moving to the malls. A bank had bought the buildings on both sides of ours for a parking lot. A partner in another clothing store mentioned they were looking to put another store in a different mall but wanted a different established name to use.

A little light blinked in my head. A bank needed our building for the lot plus we had a potential buyer who just needed a little more credit. I told my dad he better line up a meeting with the other store and the bank all together. He had always thought I wanted to be in the business even though I hated it so it was a little shock.

Let's just say that after a 6 hour negotiation with the bank NEEDING our building or looking really dumb on the other building it had bought, my dad walked out with the deal of the century. Double the value on the building and 100% on the fixtures and inventory, usually you get close to zip on the fixtures and 40% on the inventory.

Then the family got on my ass. How could I do that to my father??? He'd been in the business for 54 years!! He'll drop dead. And he did, 5 years later.

We stuck the money in CDs that were paying 21%, thanks Jimmy Carter, and my dad got real serious about golfing, fishing in Canada and doubled his trips to Florida during the winters.