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Competition BBQ *On Topic Only* Discussion regarding all aspects of Competition BBQ. Experiences competing or visiting, questions, getting started, Equipment, announcements of events, Results, Reviews, Planning, etc. Questions here will be responded to with competition BBQ in mind.


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Old 12-03-2019, 02:53 PM   #1
Jorge
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Default Email Re:KCBS building sale

I just checked my spam folder and I had an email from KCBS yesterday that landed in there. Beginning Dec. 2, and running through the 10th, membership can vote for or against the sale of the building.

I voted in favor of selling.
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Old 12-03-2019, 03:21 PM   #2
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Everyone get out and vote!
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Old 12-03-2019, 06:25 PM   #3
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I voted
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Old 12-04-2019, 08:16 AM   #4
PatAttack
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Done.
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Old 12-04-2019, 09:13 AM   #5
Right on Q
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Voted. Hopefully this will help them get debt free and the focus back on BBQ
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Old 12-04-2019, 09:41 AM   #6
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Voted to sell!
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Last edited by ewatts2003; 12-04-2019 at 03:22 PM..
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Old 12-04-2019, 10:52 AM   #7
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I voted....sell!!!
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Old 12-04-2019, 01:51 PM   #8
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Sell.
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Old 12-04-2019, 02:36 PM   #9
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I voted sell.
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Old 12-05-2019, 04:26 PM   #10
Bill-Chicago
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I voted twice.

My second vote was for Jorge to be the Buyer
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Old 12-05-2019, 05:10 PM   #11
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For those who have no idea, what's the issue at hand?
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Old 12-06-2019, 12:01 AM   #12
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I don’t know how to vote without drilling down into the financials. Real estate is a serious asset and selling to fix a problem is only temporary. Sure, you can use the sale proceeds to operate but what happens when those proceeds are gone? If the short fall continues to exist, then what? If the problem was there before the sale, what makes the problem go away after the sale?
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Old 12-06-2019, 08:50 AM   #13
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Quote:
Originally Posted by JbTech View Post
For those who have no idea, what's the issue at hand?
What is the purpose and mission of KCBS? Is it to be a landlord of commercial property for rent, if so, they are poor at it!
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Old 12-06-2019, 09:15 AM   #14
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Quote:
Originally Posted by LongTong View Post
I don’t know how to vote without drilling down into the financials. Real estate is a serious asset and selling to fix a problem is only temporary. Sure, you can use the sale proceeds to operate but what happens when those proceeds are gone? If the short fall continues to exist, then what? If the problem was there before the sale, what makes the problem go away after the sale?
I copied a comment from current board member, David Qualls, from a facebook group that I am in. I believe Meat Rushmore posted his comment from a screenshot in this thread earlier. It is a great explanation as to why we need to sell this building and move on.

This is the comment I shared on my Facebook page www.facebook.com/manmeatbbq

Great explanation of the current KCBS vote that is happening now. The below is a comment from current board member David Qualls helping provide clear information as to why we need to approve the sale of the building.

"The property was purchased in 2015 with the anticipation that its expenses would be self-funded by sub renting out two of the three floors of the building once refurbished. One floor was rented, and KCBS resides in the first floor of the building, and the 2nd floor was never finished out or funded.
The Monthly Mortgage and operating expenses far exceed the rental income of the one tenant of the building.

This has caused KCBS a great drain on revenue generated by BBQ and thus preventing KCBS from fulfilling its main mission to promote BBQ. For the record, KCBS is not in any position of default on mortgage nor a single day late on its payments.

It was decided over a year ago to explore the sale the property. Only now has a legitimate buyer come forward and the Building has a Contracted offer for sale with Earnest Money received.
As a Non Profit Corporation in Missouri, State Law requires that the Membership approve any such sale of a substantial portion of the Non-Profits assets.

Bottom Line is this, KCBS is presently almost $2 Million dollars in debt on this property and we have secured a buyer that will retire that debt and place around $750k back into KCBS where it can once again resume its mission of, “Recognizing barbeque as America's Cuisine, and to teach, preserve and promote barbeque as a culinary technique, sport and art form”.

In the interim, KCBS will relocate to a much smaller leased property and re-establish cash reserves, and plan, and budget for the future of KCBS on behalf of its members. And most importantly, KCBS will be Debt Free!

KCBS can do this with your approval. You can do this by voting to APPROVE the sale. If you are a current member you can log into your membership portal and click the Engagement Tab and select Elections-Enter Voting Booth and follow the instructions from there."

If you're a member of the KCBS, log in and vote.

kcbs.us
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Old 12-06-2019, 10:27 AM   #15
Jorge
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Quote:
Originally Posted by LongTong View Post
I don’t know how to vote without drilling down into the financials. Real estate is a serious asset and selling to fix a problem is only temporary. Sure, you can use the sale proceeds to operate but what happens when those proceeds are gone? If the short fall continues to exist, then what? If the problem was there before the sale, what makes the problem go away after the sale?
There are multiple issues. Membership is down. I believe the number of contests has declined, but I haven't looked at the numbers to confirm. Sam's Club revenue is gone. The building, purchased with the intent of leasing two thirds of it to cover O&M, never realized that potential.

The following is my opinion based on reviewing the available financials, reading meeting minutes, and conversations with people, over the years, in positions to know what was going on. At the time of the purchase membership was up, and it was steady or growing. KCBS received a sizable check annually from the Sam's Club series. It's my opinion that KCBS couldn't afford the building when they purchased it, let alone when revenue diminished. If you require tenants to make a property viable, and you are a NFP it's probably a bad decision. I don't know who did the inspection prior to purchase, or what representations were made to the board but the minutes of board meetings indicate ongoing maintenance issues that sucked more money out of KCBS.

If the building was a revenue neutral asset, or KCBS had sufficient revenue/reserves to absorb the expense I think it could be a conversation. That's not the case. Selling the building doesn't solve the cash flow problem, but it eliminates several other issues, most importantly stemming the financial bleeding.
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