TechShop Durham announces January Moving Sale

When we started to build TechShop Durham, we took a hard look at all the numbers and made projections using the original store as an example. We took into account all the differences in our location versus the one in California. We canvassed the area to find the very best location with the most reasonable rent. We did all our homework and we did it well. However, we have moved into the worst recession since the great depression of the 30s and this has had a significant impact on our ability to get funding and sell memberships.

This series of events has made us take a hard look at our business plan and make adjustments accordingly. I have intensely studied the situation and written a whole new pro forma and business plan, based on what we are actually doing now, not some pie in the sky numbers we wish we could meet. This plan is incredibly conservative in projections and shows us breaking even in 2010 and turning a profit from there. TechShop Durham will survive. And we will prosper.

In order to stay in this location, we needed to renegotiate the lease for this building. Although we tried, we have been unable to come to agreeable terms with the landlord for this location. While this may seem like a negative thing, in reality it is the best thing that could have happened to us. We are being forced into a rental agreement we can afford.

And so TechShop Durham is going to move to a new location. While this will disrupt our operation a bit, we feel we can make the move quickly and without losing too many "open" days. But we will lose some.

We want you to stay with us and if you have not joined us yet, we want you to know that you will be able to count on us to be there for you in 2010.

And so to help you make the decision to be a part of the new TechShop Durham, we are going to offer some special deals both for new members and for those who have already become a part of this great community.

First and foremost, I want to assure everyone that you will not lose any money on our down time. For our annual members and those who are current monthly members, we will prorate your memberships to cover for any down time you may experience. And then some. If we're down for one, two or three weeks, we'll give you a month free added onto your current membership.

Second, TechShop Menlo Park has a gift card promotion going on and we are going to do the same. During the month of January, which will coincide with our move, we will be selling gift cards for $39 for one month membership and two free classes.

Thirdly, I want to ask for your support and help with the move. We have locations we can take immediately, but are looking for the best deal we can make. If you know of a space from 10,000 sf to 20,000 sf that is vacant and seems like a good fit for TechShop Durham, let us know. 15,000 sf is our target size. One person suggested an old empty Wal Mart building. It wasn't in a great location for us, but gave us the idea that there might be buildings out there that are not listed with the brokers but have been empty for a long time. Perhaps someone would like to have us in one of these.

And finally, we are entering into our final round of funding. We are converting most of our first round lenders to equity and offering all the new investors an equity deal as well. The new deal with the super conservative numbers I spoke about above, results in doubling the previous returns a lender was expecting. If you have thought about becoming a TechShop Durham lender before, now is the time to become a TechShop Durham investor instead. Twice the money and an equity deal to boot. I encourage anyone who wants to participate in this phenomenal opportunity to contact me ASAP. We're only accepting another $200,000. Once this is done and we have our new location, all the rest of the pieces of this puzzle will fall into place.

As always, your comments and input are welcome and appreciated. I will respond to any and all emails.

Thanks,

Scott

--
Scott Saxon
TechShop Durham
Build Your Dreams HERE!
scott@techshopdurham.com
336-460-7373
www.techshopdurham.com

Fax 248-692-0604

Otto,

There is no way for us to give you any kind of schedule. We will try as hard as we can to keep everything accessible as much as possible, both here and at the new location. More than that I cannot tell you because it is totally unknown.

As for counting down time when certain machines are down, understand that it is my intention to give you and all the members more than they will lose. Way more.

There is no first day of planned downtime. There is no plan other than to get our new location secured and move as fast as humanly possible. To that end we will be accepting any volunteer help we can get with moving and setting up the new location.

While inconvenient for us all, this move is not only required, but should prove to be the source of new life for TechShop Durham and I hope all our present members will join us in the new location.

Thanks,

Scott

any news on the move at all? The time frame is getting wicked tight, or so it appears from the outside.

jc

So now that the address has been publicized, does this mean that there's an actual signed lease, the ink is dry, and it's ready to go?

JC

I sent out this official notice earlier today.

Hi everyone,

I am trying to find the words. This is the hardest letter I have written in a long time. We have had our location pretty much stolen from us. We had a verbal agreement and were just waiting to sign the lease. We found out the landlord has accepted an offer from a more established company. That's about all the info we got.

While disappointing, this will not stop us. There are several other locations we can take and will decide on one very quickly. We are weighing our options and working hard to open or re-open discussions with several other property reps. There are several spaces that want us and are willing to negotiate a good deal for us to get us into their properties.

We will certainly keep you abreast of all that is happening.

Thanks,

Scott

Good luck, Scott, we're pulling for you.

Scott

I have had people from Raleigh saying the whole time we have been here, "I'd join if you were in Raleigh". I always asked them if they knew where we actually were. Usually they thought we were somewhere deep in Durham. Truth is we have been about halfway between Raleigh and Durham. Right near the airport.

Now we are moving to a Raleigh address and I am sure many from Durham will think the same thing. And now we are moving just six miles away from our present location and barely crossing into Raleigh. Almost right off the East end of the RDU runway. A Google search of 5905 Triangle Drive in Raleigh will show you where we actually are in relation to you.

OK, I will admit that the Chapel Hill folks will feel the added distance the most, but it is only six miles more.

The bottom line is this. We are the only TechShop this side of California and it is within a half hour or so from every address in Raleigh, Durham, Cary and Chapel hill. Two of our most avid members are coming in from Pittsboro a couple of times a week. It's all about perceived value. If it is worth it, you'll come. If not, you won't. Try us for a month and see if it has the value for you. One month and you'll know.

I hope you see the value of becoming a member of TechShop RDU and look forward to seeing you here soon.

Thanks,

Scott

For ease of visualization, here's a Google Maps view of the new site.

I live in central Raleigh and work in RTP, so this is right on the commute track. Good for me. But it also seems reasonably central to the larger Triangle area.

I believe this is the correct street view from google maps. (I drove by this afternoon.... hopefully I got the right place). ;)

had to work late on my actual job. :-(
So looking at the streetview - there are 2 floors does TS-RDU have both or just the ground floor?