I like Rivendells. I do. I decided to spend more for some Grand Bois, though. Probably Riv would have been cheaper/better/resellable.
Link?
Nvm I found it.
This isn’t quite as controversial as the Arizona Trail FKT kerfuffle.
TL;DR: One rider gave another rider €1 for a can of soda and someone protested.
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Endurance racers are the worst
Local bike shop is up for sale for six million dollars (30k katus), not including the inventory or the real estate it occupies. I know nothing about this place. Is this what a bike shop can be worth?
Gonna have to see some balance sheets chief
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To be fair, the judges reviewed the incident in light of the event rules and determined it was officially nbd. I literally don’t know what else they were supposed to do, since this seems to be their exact job.
Did yall see the bit about strassers derailleur running out of battery though?
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Uh is selling a business and inventory separately a thing? How can that be reasonable? A bike shop with no bikes or inventory cannot be worth six million
And it doesn’t include the building? Is this just an ad for a six million dollar business license/lease combo?
Inventory is in a constant state of flux with sales and re-supply. It’s not an attempt to sell separately, it’s a way of saying the price is variable depending on stock levels.
Unless that shop does in excess 12m a year in gross sales, that’s absurd.
Maybe some crypto type will pick up.
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For reference when S bought the local 3-store chain they paid about $1.5m + inventory (which was not particularly high because of covid). All three stores are in leased buildings. S got a very well-run chain with a solid staff ready for a smooth transition. Average gross sales across the three stores was probably going to hit 7-8m total for 2022. So yeah… 6m LOLWUT.
S just pulled out of a deal in northern VA to buy another 3 store chain AFTER the G account was closed. Shit is wild. Lucky for them G was left with basically no representation in the area and graciously accepted the apology.
This industry is a goddamn mess.
Edit… now I’m really confused. Their top brands are Felt and Diamondback? What is going on here?
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i was in the other location of the shop in question a month ago and bianchi was the main thing they were pushing. massive inventory in that store but the shop experience was far from special. i bought bb7 brake pads.
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some kind of money laundering presumably
It seems especially crazy since you can buy an entire building unit with tenants, one of those being a well established bike shop, for 63% less. That area does have some issues of its own, but there’s a real nice Italian deli atmo in the building next door.
Edit, just a unit with two tenants, not the whole building.
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That’s always the joke… but this is a really hard thing to actually do and pretty much impossible to sell. Especially to a bike brand that is going to do a deep dive into your books.
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bike shop seems like it might be a little tricky to really launder money through at scale.
You could invent ghost customers for expensive labor that doesn’t use a lot of materials (like shock tuning or fitting sessions), but it would be tough to explain to an auditor how you sold 100 helmets in a month that started with 50 in stock and no evidence of reordering.
and now I’m idly pondering if Yelp is an effective fraud detection tool for regulators - shop does a lot of business on the books, but has weirdly absent or negative reviews online.
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In Colorado one of the Mexican fast food chains I liked was I think a Sinaloa cartel laundering front. They owned the restaurants and a meat processing plant, money was laundered with beef purchases that never happened. The location I went to always had a long line, seems like that was a pretty good front
Edit: looks like the store I went to in Aurora was just a regular taco star, tho the commerce city one was pretty good too
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I think the money laundering comes in the form of payment of an inflated price for a business (house, car, painting, nft, etc.) which is actually disguised payment for something else which is either illegal or taxed at a much higher rate (drugs, bribery, blackmail, etc.).
The sale of the bike shop is not an ongoing money laundering opportunity for the buyer (tho those businesses do exist).
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