Eddie’s Attic Looking For “Options To Generate Additional Capital”
Decatur Metro | May 19, 2010 | 2:39 pmThese Schumacher real estate posts have become an exciting guessing game for us.
While rarely going to the extent of naming a business outright , the site often describes a business in such great detail that it narrows the possibilities to just two or three parties.
But with this post, it was pretty obvious who was being discussed.
One of Atlanta’s and the country’s premiere listening rooms for performing songwriters, located in a vibrant, artist-friendly and pro-business community with a small town feel – yet just minutes from downtown Atlanta.
…The business produces a weekly radio show featuring live recordings from the venue that currently airs in over 40 markets across the Southeast, and has recently created a TV Pilot in conjunction with one of this country’s finest post production companies that is being reviewed by several networks.
Decatur Eddie’s Attic seems to be the only business in all of metro Atlanta that would fit that bill.
So what’s up? Is Eddie’s Attic for sale? Is it going anywhere?
DM recently spoke with owner Robert Ephlin, who quickly allayed fears that the Schumacher posting meant that Eddie’s was in any sort of trouble or under threat of closing. “The business isn’t going anywhere.”, Ephlin tells DM.
In fact, according to Ephlin, things are looking quite good at Eddie’s, with attendance at a 5-year high, a “strong music calendar”, and a weekly radio show that has expanded into 30 markets across the country.
Is it for sale?
Ephlin explains that while the post does offer up the music venue at a $330,00 price tag, he’s really hired Schumacher in an attempt to locate potential investors/partners who would be interested in investing additional capital into Eddie’s to expand the brand. He says capital could be used for renovations to Eddie’s or a TV pilot that’s long been in the works, but he’s also open to other ideas or opportunities.
Yep, looks Eddie’s is at least looking for investors according to the AJC. See: http://www.ajc.com/news/eddies-attic-seeking-investors-530964.html
According to the AJC? What about according to what I wrote above?
Ah, you’re right! I didn’t see the rest of your entry! Hope the character of the place is preserved regardless of what happens.
The AJC article had a slightly more ominous feel than your report, DM. I got the sense that they were ostensibly looking for investment (and gave some plausible suggestions of what those potential investments might be used for), but there was also tacit admission that a sale was on the table:
“If that means an outright sale, then Ephlin is willing to consider it, but ideally it could also mean a partnership or investment relationship of some sort.”
So it’s a little concerning. Then again, Eddie’s has already changed hands several times with minimal outward impact on the way the place operates or the quality of the booking, so I guess I shouldn’t be too worried.
Here’s an off-the-wall idea. There have been cases in the past where companies about to go under/be bought out are bought by their employees, making it an employee-owned business.
What if there were a large enough group of Decaturites willing to engage in a similar patronage? Perhaps Eddie’s could pitch something like membership levels, with higher levels of investment entitling members to a seat on steering, booking, etc?
Just thinking of a way we could make sure the spirit and the checkbook of The Attic stays in Decatur proper.
Renovations at Eddie’s would be expensive because they would have to bring it up to code. That means an elevator for handicap accessibility.