I was thinking about what to post next, after Show Me the Money. I didn’t know if I wanted to finish editing the upcoming page on Mentoring or do and update on Blue Diamond. Blue Diamond won out. I have a lotta shit to pull together to make Blue Diamond happen and why not just put my to do lost it in a post.
Now I keep a “To Do List” but not using an app or Excel sheet. I don’t use any of the “Project Management” software or any of that shit. I could, probably but I don’t have to manage the software for shit I’m trying to manage. I know that is the attitude that project manager training tells you not to have and work hard to get you to overcome, I do…yelp, had some of that kinda training. I keep my to-dos on a legal pad. I update the “tasks” at least daily. I might do it differently if I were trying to track the behavior of somebody other than me. And, therein lies the problem.
I got a lotta shit to do. I understand how the Michael Dell’s and the Mark Zuckerberg’s and to some extent, the Puffy’s of the world start this shit in college. You get people to help and you ain’t gotta pay em shit! An exaggeration? Probably but starting a business when you’re young has its benefits. I’ll get to that in another post
But, Blue Diamond. What’s happening with it?
I think the last thing I posted was that I was trying to get cost estimates for the renovation and or rebuilding of the stores so I could get an offer to the sellers. I’m still in the middle of that process, waiting for a quote to come back on the replacement of the fuel tanks, pumps and the point of sale equipment. I have had several conversations with the company clarifying the work and which equipment I want them to quote. Hopefully, they will finish that soon. It’s a lot. It’s 14 stores. I gave them the construction order, not that it matters but for some reason they are going to give me quotes based on my priority of construction.
You know what’s interesting, there are two companies that I still haven’t heard from if you read the Race Does Matter post. My feelings about them remain the same. Fuck em.
I’ve got two other major quotes I’ve got to chase down, one for the actual construction of the stores and the other a quote and plan for corporate infrastructure, particularly, systems or IT
For the store construction, there are really two distinct components, the renovation of stores and the construction of the raze and rebuild stores. The renovation is more like a commercial buildout. I’m. Going to paint the interior and put in common graphics. On the exterior, repaint to my color scheme, redo the landscape and repave and strip the parking lots. I’ll do some other shit but you get the picture.
On the raze and rebuilds, it’s exactly that, tearing down stores and rebuilding them. There are 5 of those on the list. I gotta find a couple of companies to give me quotes for these. It doesn’t have to be exact but I need some basis to negotiate my purchase price.
Oh, by the way, I text the seller to let him know that I’m still in the game. I still look at his ass with the side eye, figuratively.
On the IT front, I’m doing calls and demos with a lot of companies so I can determine which ERP, enterprise resource planning system I’m going to use. There are three major components to the system and then a bunch of companies to evaluate that support each component.
There’s the financial management piece which is arguably the biggest roost important component. It cost the fucking most and will help me manage and grow the company. I have a favorite right now but still shopping.
There’s the point of sale component. It might be the most important because it is where I price the stuff we’re selling and measure item and category profitability. It’s also, of course, where the stores financially interact with the customers. I have a favorite here too.
Then there’s the HR component. We will evaluate the HR modules for its functionality relating to timekeeping, track applications, and tracking employees. This is a very important component as well. I don’t have a favorite here.
There are other things I’m working on while simultaneously working on getting arms around the costs and functionality of systems and fuel systems, like people.
Every deal, every company is made of or broken by people. Finding good people is hard as shit, especially committed, people with real leadership qualities. My leadership team must be in place and fully functioning at least 30 days before we close on the acquisition. I’ve already posted a couple of very key jobs on the Blue Diamond website. Yelp already put the website up, kinda. It’s not clean but I needed somewhere to post these jobs.
Do you how Indeed works? I’m not posting that here but Google it and you will see why I have done what I have done with respect to posting these jobs. I’ll keep adding to the job descriptions but I gotta find some candidates, fast. Imma do some shit on LinkedIn too
That’s the shit that’s right in front of me.
I want to have a price to talk through with this seller by the end of October. We don’t have a deal until we agree or at least get close on a price.
I’m keeping my banks and private equity firm in the loop. They want to do this deal and gotta be careful that I don’t fuck it up. My targeted closing was the end of January. I can’t make that. The target now is the end of February. That’s only. That’s only three months. That’s a tight window when I don’t even have a contract to purchase yet.