Why cry for Miki's market
Original post made by Jonathan on Aug 29, 2013
However, for the first three months of business Miki paid himself $12000/month then he gave himself a 50% raise to $18000/month then $6000/month then $0.
Creditors have every right to cry foul and get their money back!
on Aug 30, 2013 at 2:25 am
> Creditors have every right to cry foul and get their money back!
Why? Are you citing a legal argument or just saying it does not seem fair?
I'm thinking there was more to the story. I thought it was mentioned in other articles that he got tax and rent breaks to bring a market into that location. I don't think giving up his salary would have made a difference, the business just did not work out.
$6000 a month is 72,000 a year,
$12,000 a month is 144,000 a year and
$18,000 a month is $216,000 a year.
For someone making that kind of commitment and taking that kind of risk I don't think that is too much to expect to earn, though it does seem clear he was not in it for the long haul.
One has to wonder what was the real story behind this business?
I wonder how Fresh Market is doing. I rarely see it very busy, but there are always a few people in there. I hope it does not die like Miki's.
on Aug 30, 2013 at 11:39 am
Fresh Market won't last, it's dead in there all the time and I should know I go in every other day. It'a beautiful store and the bulk area is fun and the Meat department is beautiful love the dried green beans and okra. The bulk coffee is delicious too. Breads are great and salad bar. But business needs to pick up or they will be the third strike out for palo alto. I would like to know where did these numbers come from where did the source come from. Very interesting I wonder if I could get a copy of the Cresentparkano. source of income and post that for all too see??? Hmmmm? Funny how much time is spent on pointing fingers at small businesses and not directly going to the source of the developer who hooked Michael into the building. Michael did not have enough lawyers nor investors to help him. [Portion removed.]
on Aug 30, 2013 at 2:03 pm
I went into Miki's once, just to see it when it opened. Nice store, claustrophobic intimidating access. The location was roomy and inviting in the old Lucky days, where I dropped in a thousand times as a kid to buy odds and ends or on family shopping trips. But maybe that's the rose-colored glasses of nostalgia.
Fresh Market is off my beaten path, but I stop in sometimes on excursions to the Baylands, taking advantage of that $5-off coupon on a $20 purchase they mail out regularly. Great deli sandwiches. Nice selection of fresh fruit. But sadly they won't stay in business on my patronage.
Agree with CrescentParkAnon. I suspect Miki was putting in 80-hour weeks, and don't know whether he paid himself anything for the months of effort before the store opened. Probably more to the story than we'll ever know.
Grocery Outlet? That'll be interesting . . .