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

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

Fax 248-692-0604