The Pro’s Closet?

[beaterdit]

I think it’s more nuanced than “they screwed up”. Venture Capital tends to focus on crazy growth “10x growth within 18 months” and that leads you to take risks. Buying a bunch of bikes and paying more than you should? Likely what you needed to do to even have a chance at the growth investors were looking for. I’ve chatted with a few Venture capital groups and they’re clear that a majority of their investments fail they’re just looking for a couple to work out and they earn a bunch of money from them. Kinda shitty as it burns the people who you invested in and the deck is always stack in VC’s favor. I work in lending and tend to see any group that’s partnered with Venture capital as someone I’m not willing to work with.

I don't work in finance or anything remotely related but even I and most people I know, as consumers, equate VC involvement with degraded product and/or service and most likely, demise of said product and/or service. Basically like you said. Easy for VC scum to play that game when they have eggs in many baskets, each representing small relative potential loss for them. For the business owner courting such funding though, how do they not see this? All their eggs are in the one basket that the VC DGAF about. It's one thing to cash out and exit/retire but if you want to keep your business it's tall odds at succeeding in this model.

[Dantheman]

For the business owner courting such funding though, how do they not see this? All their eggs are in the one basket that the VC DGAF about. It's one thing to cash out and exit/retire but if you want to keep your business it's tall odds at succeeding in this model.

Everyone thinks they're going to be the big thing.

[alias_rice]

Everyone thinks they're going to be the big thing.

This.

I work in commercial lending and the # of guys wanting to open a distillery in Utah is absurd. Every single one of them uses High West as an example of what they are shooting for.

[jm2e]

Went to poke around on their website. Surprised it's still up. They probably don't have enough components to build up a bike. Looks like they could put it all in the back of a van and take it to a bike swap meet.
I guess they unloaded that massive inventory afterall.

[frorider]

This.

I work in commercial lending and the # of guys wanting to open a distillery in Utah is absurd. Every single one of them uses High West as an example of what they are shooting for.

lol. It’s like the pitches that say ‘we’ll be the Uber of Xxxxx’.

[Skistack]

TPC liquidation auction going on now. Own a piece of history!

https://online.localauctions.com/auc...28/bidgallery/

[Dee Hubbs]

Cross post from the SSU insolvency post:

So back to The Pros Closet. I came across their foreclosure auction site:
https://online.localauctions.com/auc...28/bidgallery/

Holly fawk they have a lot of equipment, more tool stations than a World Tour service course, more laptops, tablets, and monitors than a tech company. Fancy coffee machines and arcade games.
It must have been a spending heyday with all that VC money. The raised over $100 million in VC money to sell only 46,000 bikes in the business' lifetime (do that math), only 146,000 individual customers they have ever done business with. I read they received a $5.5 million input as recent as January of this year.
It really baffles me on how upside down you can finically get trying to sell used bikes.

[Skistack]

Alot of Herman Miller Aeron chairs too, I put a bid on one.

[bamboocoreONLY]

judging by how many EVT repair stands vs park tool stands they have, seems like they really liked to waste money. Not that the EVT stands aren't worth it, but not so much so with that volume to need to spend that much extra.

[Dee Hubbs]

judging by how many EVT repair stands vs park tool stands they have, seems like they really liked to waste money. Not that the EVT stands aren't worth it, but not so much so with that volume to need to spend that much extra.

41 EVT repair stands for sale! Seriously, I looked though the whole auction, but I'm still trying to find the incinerator where they put the $100 bills into.

[bamboocoreONLY]

Lots of nice work benches in the lot, I have a garage in my new house coming next month, may just have to see if they're cheap enough. Was gonna build my own but if it's cheap!

[waxman]

Geezus. If any VCs want to buy into a small profitable ski/bike shop in BC I'll happily take your money and not spend it on however many flat screen TVs, video games and other money holes I see in that auction?
Who in their right mind (even in a vaccine induced covid fever) thought that was sustainable?

[jm2e]

Bread Truck is dope


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[Dantheman]

Holy shit! I had to tap out after less than 10 pages and there was over 40 left.

[singlesline]

Someone grab one of those giant parts washers with Park bike stand built in and mount it to the wall of my garage please.

[J. Barron DeJong]

Alot of Herman Miller Aeron chairs too, I put a bid on one.

WTF? Can’t figure out how this company didn’t make it.

[Rideski]

Well damn. Had I known they liked to blow money like that I would have tried harder to get acquainted with them. Only dropped in once.
How were no maggots employed there?

[Name Redacted]

How were no maggots employed there?

It wasn't a dental office dude.

[jm2e]

It wasn't a dental office dude.

Are you sure? Maybe on page 73 they have dental chairs and xray machines….


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[Name Redacted]

Are you sure? Maybe on page 73 they have dental chairs and xray machines….


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There is a pretty good market for used dental office equipment out there if anyone is looking to upgrade.

[Rideski]

[Dee Hubbs]

50 Park Tool rolling stools!
They had 62 employees working for the company when they declared they were closing down.

[Rideski]

Did anyone get the tooth polisher ?

[comish]

Anyone get anything?

[rideit]

50 Park Tool rolling stools!
They had 62 employees working for the company when they declared they were closing down.

Just think of how much shit disappeared over the course of their operations as well, lol.