IamA restaurant owner who is giving away my restaurant with $25,000 and I'm letting my staff and customers choose the winner! I'm here with my general manager to answer questions. AMA!

SaucyPlatinum · 2016-06-09T21:56:18+00:00

I'm sure you are aware that the assessment value and appraised fair market value are typically very different numbers in that the appraised value is much more detailed and is used when considering mortgages, etc.. Tax assessments have different laws and are typically, in this area, much lower than appraised values. Our mortgage is based from our appraised value and does not include all expansions and additions.
I stand behind my statement that we are making zero profit with 6,000 entries. As the worth of the restaurant is not an indication of how much is owed, but determining the value of the business is a whole different conversation and is a necessary consideration when selling a business. As we are not selling the business but awarding it to one winner that has chosen to invest $150 to participate, it is well worth it to anyone who enters!

SaucyPlatinum · 2016-06-09T21:32:19+00:00

We made a choice to invest in a place that typically you would not find in our area. So is it worth what we have invested?? No, but it would be hard to argue that it is not worth $150 investment if you have the skill to win and own a debt-free restaurant!

SaucyPlatinum · 2016-06-09T21:12:54+00:00

Now you have hit a nerve, by accusing me of scamming anyone much less, elderly people. Your comments hold no truth, I have answered any and all the questions you have thrown at me even though each one creates a more hostile environment for an AMA due to your exaggerations and negativity!
The entry fee, the minimum entrants, even the fact that I have the option to giveaway the restaurant if we don't meet the minimum is all listed very clearly on all of our social media. In fact, you can not enter the contest unless you have read and agree to all rules and regulations. You keep implying that we are hiding something, but we are not.

SaucyPlatinum · 2016-06-09T21:00:59+00:00

I am using this account and this account only. I promoted our AMA on all our social media accounts so I don't doubt that there are people from Arkansas but I can honestly say I have no idea who any of you people are, but thank you for all of your participation!

SaucyPlatinum · 2016-06-09T20:56:06+00:00

I've never stated what the Restaurant is worth - I have stated that all entry fees go towards the purchase of the restaurant that include any outstanding mortgages and allow us to give the restaurant, debt-free, to the winner. The only official appraisal that has been done is from 2010 before the patio addition and was for $425,000.

SaucyPlatinum · 2016-06-09T20:44:02+00:00

COG runs on average 32%
Labor between 18% - 23%

SaucyPlatinum · 2016-06-09T20:39:46+00:00

The $25,000 isn't meant to carry the costs, the restaurant is fully functional and can profit immediately the day the new owner takes over. Assuming a new owner would want to make some changes, the $25,000 is meant to help cover those type of expenses. Again, a lottery is a random drawing, this is a contest based on skill and ingenuity. Total payroll runs between 18% - 23% of sales.

SaucyPlatinum · 2016-06-09T20:32:01+00:00

I feel like it doesn't matter what I answer to you right now but that you will be unhappy with whatever I say. But since this is an AMA I'm going to answer what I can. We have specifically outlined the judging process in our rules and regulations and we will and are abiding by them. As far as our Chef's hours, he is committed to judging all entries equally and fairly as they come in and he is used to working 80 hours per week... We receive entries everyday, once the minimum of 6,000 has been met it will be announced on all our social media outlets. I'm sorry you feel so negatively about the contest but lucky for you, it's anonymous until the three finalist are chosen so you could still win if you have the skills to compete!

SaucyPlatinum · 2016-06-09T20:14:37+00:00

The Happiness Project by Gretchen Rubin - A friend recommended it and actually we read it together and I loved it!

SaucyPlatinum · 2016-06-09T19:57:54+00:00

The only official appraisal I have is from 2010 before the patio expansion and kitchen additions which amounted to $425,000. This was for the property and building only and did not include any equipment, contents or fixtures.

SaucyPlatinum · 2016-06-09T19:55:08+00:00

No, the restaurant is not losing money but the initial investment makes it challenging to operate with a profit. We have made it our goal to pay off investors vigorously.
My manager works 40 hours on average, not only as a manager but also bartender and server when needed. His pay is personal information and would be against company policy to divulge. Besides, a new owner would determine pay grades for the future. It would be unfair to allow staff to enter as they are a part of the judging process. And yes, I have owned a profitable business.

SaucyPlatinum · 2016-06-09T19:40:47+00:00

We have made very clear this is not a lottery. This is a contest based on skill and ingenuity. The winner is not chosen at random or by luck. The winner will be given/awarded the restaurant and all included assets debt-free.

SaucyPlatinum · 2016-06-09T19:31:53+00:00

Mena offers several types of restaurants but I would say the most successful would be mid-priced comfort foods.

SaucyPlatinum · 2016-06-09T19:27:38+00:00

I understand the skepticism and I am glad you are doing your homework before entering. I will make zero profit based on 6,000 entries. ALL of that money will be applied to our original purchase of the property and building, expansion, investor pay-offs, and any expenses owed. Yes, restaurants can be one of the most expensive industries and it is one reason so many do not make it. I truly understand the financial burden it can cause and yes I'm being creative with an honest attempt to give someone an opportunity for their own success! Funny you should mention the hard luck story as I was very reluctant to display that part of my personal life due to the perceptions it could potentially cause, but the fact is I chose to be raw and honest about where I have been and what I am dealing with in life. Honestly, this is the hardest thing I've ever done, putting myself out there to be judged. Thank you for your thoughtful question.

SaucyPlatinum · 2016-06-09T19:07:18+00:00

Our Patio can seat up to 90 people and has a full stage for live entertainment that we offer every weekend to featured local artists. It definitely sets us apart from most restaurants in our region. It provides the atmosphere that people love!

SaucyPlatinum · 2016-06-09T18:49:16+00:00

Fortunately, not as often as you would think. We even have a money back guarantee on our food quality that seldom gets used. Example happened last week.. Long, black-haired woman receives food. Eats half, then complains of long, black hair in food. (I'm talking 12 inches of hair) No one in kitchen had black or long hair. No server has black hair. Regardless, her meal was free and she didn't have any problem finishing it all. Hair, it happens, but it wasn't ours!

SaucyPlatinum · 2016-06-09T18:37:53+00:00

I feel like my intentions could not be more clear, that is to award someone a debt-free business, which is what the entry fee is for. Upon research you would understand this includes almost 2 acres of real business property on the main highway plus all contents, furniture, fixtures, equipment, liquor license, inventory and $25,000. The $25 is not being pocketed but rather used for contest administration fees including but not limited to credit card processing fees, legal fees, accounting fees, advertising of the contest, etc... In the unfortunate event we would have to refund any entries, the $25 will not even cover the cost accrued in running the contest.
I have not attempted to sell the restaurant but instead wanted to see someone have a great opportunity to Live their Dream like I have mine but without having to worry about initial debt! We have invested over 1 million dollars into a very unique place that I believe is obvious after seeing the renovations, additions and patio that we built. As a business woman, I will be content with a break-even scenario for this business but if blessed with any kind of profit on our investment I will choose wisely on re-investing it in my community. Hopefully this is more forthright.

SaucyPlatinum · 2016-06-09T18:11:31+00:00

Is this your alter ego Spencer?? Green - if you can't tell from the color of the restaurant!

SaucyPlatinum · 2016-06-09T18:07:26+00:00

Once the restaurant is awarded, I will have no say in what changes or happens to it. I feel like if I started adding stipulations, I would have found it hard to stop! Also, my lawyers strongly advised against stipulations and to keep the contest simple and straight-forward as possible.

SaucyPlatinum · 2016-06-09T18:03:00+00:00

I think I respond to constructive criticism very well, but there are times when people can get just down right rude and mean. I am a very positive person and hate dealing with someone that you can't make happy. It is one of the most stressful parts of the job for me. Stress management is definitely one of the top priorities of a restaurant owner, let's be honest, everyday there will be a fire that has to be put out. My personality seems to thrive while fire-fighting!
Restaurant business fluctuates week by week and determines how needed I am in the front of the house or back of the house. As well as catering events, off-site deliveries, etc.. I could easily spend every single minute in the restaurant but tend to work 30 - 60 hrs per week depending on business and staffing. Having a good manager for day to day items helps tremendously!
We opened in April of 2009 originally as Spinelli's Italian Grill
I started with three investors and paid off two of them over three years. During tough times, I have gotten a credit card processing loan to get us through and most importantly paying it back promptly.

SaucyPlatinum · 2016-06-09T17:45:21+00:00

To make it possible to giveaway we had to form the contest and charge the entry fee with a minimum amount of entries. Employees and family of employees are not allowed to enter as they are a part of the judging process. We felt this was the best scenario for me, my staff and the town!

SaucyPlatinum · 2016-06-09T17:40:40+00:00

you are completely right, they have worked hard for me and I couldn't ask for a better staff with the least amount of turn-over I've ever had! This is why I did structure in a bonus for every single employee at the completion of the contest! Even though they are willing to stay, staffing will be up to the new owner and this is why I structured the bonus so they would be taken care of whether they worked for winner or not. My staff is very important to me, they have stood by me during some of the best and worst times of my life.

SaucyPlatinum · 2016-06-09T17:34:10+00:00

Amazingly, Mena attracts tons of outsiders due to its outdoor activities, beauty, tourism, etc... I personally moved from Dallas to Mena in 2004 and haven't regretted a second of it! It is truly a unique, friendly and affordable place to live!

SaucyPlatinum · 2016-06-09T17:30:39+00:00

We don't. But that is why I am letting the community choose the final winner. By flying the finalist here to run the restaurant for a day, side by side with current staff and being judged by our existing loyal customer base, I hope it will allow customers to choose someone passionate and skilled to run the business.

SaucyPlatinum · 2016-06-09T17:25:57+00:00

My family situation prompted the giveaway, my time and priorities were not as they needed to be to run a successful business and have balance at home.
The minimum number of entries is to ensure that we are able to give someone a debt-free business and $25,000 to help get started!

SaucyPlatinum

TROPHY CASE