My new wine bar - update

[cuffthis]

Things are progressing. Lease signed, construction demolition begins this week to install hardwood flooring, replace both bathrooms with marble, rebuild existing bar in mahogany with brass accents and various upgrades to existing lighting.

We hired a consultant to help us with the existing kitchen and to help us interview and select a chef from the various interested parties.

I have met with the liquor control people and the liquor license application will be submitted within the next week. I have also interviewed most of the distributors to select which one will handle the wines I will be bringing into my state which I will have exclusive rights to.

We are still planning for an opening date of 10/1.

Most importantly, we have finalized the name.

If you are in Wilmington, DE after 10/1, please stop by and visit us at Domaine, 1314 Washington St.

Cheers!

Tom

[Mark Seitelman]

Good luck. I know that it will be a first class and successful establishment.

How did did a CPA come to open a wine bar? It must be an interesting story.

You are tempting us with an East Coast Chapter visit!

[mathew]

I'll hope to stop by someday, best wishes in this venture! (At least you don't need an accountant )

[cuffthis]

How did did a CPA come to open a wine bar? It must be an interesting story.

This is an excerpt from a recent trip report I wrote in my online journal while vacationing in Negril, Jamaica in early July:

After 20 years as a CPA including becoming a Partner in a nationwide firm, I made a career (and life and financial) decision in April to resign my position and to focus on the things that are the most important to Meg and me. Over the past 4-5 years, I have become increasingly frustrated at my job, as my 25 person firm at which I spent 10+ years at and worked my way up to Partner, sold to a publicly held company. The publicly held company, known in the trade as a consolidator, purchased numerous CPA, insurance and employee benefits firms throughout the country, with the business model of creating a one-stop shop for closely-held businesses. In the Philadelphia region, the publicly held firm purchased three CPA firms, an insurance company, a benefits company and a computer consulting company. They merged all the separate firms into one brand new office in the suburbs, and, to put it mildly, it became complete chaos. The combined culture never came together and there was a lot of side taking from each of the different former firms. It was a disaster.

I, along with 20 of the 25 former personnel of my previous firm, was forced out. I ended up in a much better position in a high quality specialty firm in Baltimore. Instead of relocating down there, I took Amtrak trains daily. Although my office was 70 miles each way from my house, the total commute was about an hour each way, as the trains travel at almost 100 miles per hour. It was actually a lot less painful a commute than when I used to live 20 miles from the office, as the constant traffic could result in a commute as little as 30 minutes or as much as an hour and a half each way. All of the principals and senior management are top quality and our firm is known throughout the country for our expertise. Our tax personnel actually work directly with Congress to help write tax laws and to help further define them through the tax regulations issued after a law is passed.

Although I thoroughly respect the people I work with and the firm I work for, I realized that there has been one thing missing in my career since I started working with large firms – passion. Your skills and knowledge can help you to do a good job, but it is passion that enables you to do the best you ever will. Without passion, you will never wake up and simply can’t wait to get to your office. Without passion, your career becomes simply a job and a vehicle to pay your bills. Without passion, you find yourself daydreaming about other tasks and being in other places, instead of focusing on what is directly in front of you.

Meg and I have discussed our future a lot in the past 5 years. We seriously considered moving to Jamaica, as there are still some excellent values in real estate to be found. We both were actively looking at properties the past 2 years. Meg and I disagreed on one key issue – she wanted to purchase a house down here as an investment and a rental property. I wanted to purchase a house down here to move full-time. The deciding factor in why Meg wouldn’t allow us to move down here? The dog, as he would have to be in quarantine for six months before being allowed in the country.

Since selling it all and cashing out was no longer an option, I went with my other choice, which I am as passionate (or more) than I am about Jamaica – wine. Meg and I share a bottle (or more) of wine a day, have a fully stocked cellar, and enjoy traveling to the various wine producing areas in different countries, most recently to Portugal last fall. I read 4 different wine magazines from cover to cover each month, am active in most of the serious wine forums on the Net, and we host wine tastings at our house at least once a month. We know many winemakers throughout the world, and recently traveled to Scarsdale, NY to meet some of our favorite winemakers from Australia and New Zealand, who were up there with an importer we want to do business with in Delaware, as we want to be the first in our state to have access to their wines.

As I was at home recovering from my surgery this past April, Meg and I discussed the opening of a wine bar. We both agreed it is better to do something you are passionate about than to do something that provides the maximum earnings. After returning to work, I gave my resignation from the firm. I have spent the last 20 years of my life as a CPA. This was not an easy decision, but to date I have not regretted it.

In order to make up for some of the lost cash flow of me not currently having a paycheck, we are negotiating with several of the large companies in Wilmington to provide corporate housing in 3 of the extra bedrooms in our house. Our c. 1913 house is a former B&B and each of the 7 bedrooms has its own full bath. We are planning to rent these rooms, along with full house privileges, to traveling executives of select large companies who are in Wilmington for an extended period. In my mind, if given the chance, I know I would much rather stay in a tastefully appointed historic house filled with antiques than to stay in a generic Residence Inn or similar long term corporate housing. Time will tell if this is a good idea.

I brought my laptop with me to Negril to type my trip report as our vacation progresses. I also brought it with me to finish my financial projections, budgets, cash flows and break even analysis that are very important to me. I will always be a numbers person. Having spent the past 20 years working with entrepreneurs, I realized early on the most successful ones weren’t necessarily the smartest ones. It was the ones who were the most passionate about their vision who succeeded. This is one thing I am absolutely not going to deviate from. Everyday I want to make sure that all of my employees know my passion and also feel the same drive and desire to succeed that I do.

[Guest]

This is an amazing and moving description, at least for me. I cannot wait until you open your bar and I will probably treck there from Philly to try it with my wife (or one of my many mistresses!).

If you are interested in fine Romanian wines, let me know....I know Romanian wines that have been traditionally imported are lousy, but there are many fine wines in Romania that are never exported.

[Trilby]

What a fantastic story. It's wonderful to hear about someone escaping from the daily grind to do something he truly enjoys.

I used to spend a lot of time in Wilmington. It's been a while since I've been back, but I would definitely like to do a trip once you open for business.

[alden]

Let's read a bit more about your wine interests in the Champagne Bar forum. There are a few gents who are passionate about the study, collecting and tasting of wine. Some are even interested in making the stuff..you could sell it in your wine bar!

Cheers

[jekarwoski]

I will put 1 October / Domaine opening in my personal LL calendar, and will plan to be there with a few friends when you open.

[cuffthis]

This article appeared in today's local newspaper. We will be open within 2 weeks. Please let me know if any of your travels bring you to the Wilmington, DE area. I would love to host any LL members.

http://www.delawareonline.com/apps/pbcs ... 095/LIFE05

[TVD]

Tom, this sounds absolutely fantastic. There is nothing more depressing than having to chose between the twin evils of some horrible cheap stuff by the glass and drinking too much because one had to order a full bottle.

I also admire your markup rules. This really encourages to push the boat out if one wants "value".

The only drawback is I am unlikely to be going to Delaware anytime soon, as I am based in Europe.

Congratulations, and good luck for the opening!

[Guest]

Tom, I am a half-hour away and I promise I will visit. Just don't throw me out (a little Lounge consideration) when I get tipsy and fall asleep and my wife does a strip-tease on the bar!

[Guest]

By the way, is the restaurant open? If not, what is the opening date?

[cuffthis]

By the way, is the restaurant open? If not, what is the opening date?

The restaurant will be open by the end of the month. The back of the bar is being finished this weekend. It will then need to be stained. After that, we have to get the city to isssue a Certificate of Occupancy for us to open.

I will let you know when we are open. I look forward to meeting you.

Regards,

Tom

[Mark Seitelman]

Tom, best of luck to you.

The East Coast Chapter is cheering for you!

[whittaker]

Very best wishes to your new venture, Tom.

Anthony