Owned, Mike said.
Do you expect to go public? I asked.
No, Mike said.
I strolled up to them and handed them a contract. “Here is how this works,” I said. “I will initially own all real estate. The first year at each new location is rent-free. It will allow you to get established. Please select Real Estate, which will appraise at the purchase price. Beginning in year two, and for as long as the business is open, your rent will be market-rate plus ten percent. I will entertain cash sales for the real estate, after year ten. Utilities and upkeep of the building are your responsibility. I require you to have standard business insurance making the owner the loss payee. Questions on this part?’’ They both said no. “Ok, you do not intend to offer a public investment opportunity. I advise you t
