Jono's eyes widened almost imperceptibly. He tried to play it cool, shrugging nonchalantly, but a current of eagerness pulsed beneath the surface. "Uh, yeah, man. Serious. Definitely serious." He sat up straighter on the stool, attempting a business-like posture that didn't quite fit his stained apron. "This place… yeah, got potential, you know? Solid bones. Just needs someone with… uh… vision. And time. Which I don't have, 'cause of my other ventures."
"Right, the tech stuff," Theo nodded gravely, playing along. "So, if someone was interested, what would that look like?"
"Well, uh..." Jono floundered slightly, clearly having put zero thought into the actual process. "Guess you'd wanna, like, see the place? Check the numbers?"
Perfect. Stage two: the due diligence charade.
Week 18 - Wednesday
They arranged for Theo to come back after closing time on Wednesday. The shop felt even sadder empty, under the stark fluorescent lights. Jono, trying to project an air of professionalism, pulled out a crumpled shoebox overflowing with faded receipts, handwritten notes, and supplier invoices stuffed in haphazardly.
"Yeah, here's the books," he announced, gesturing vaguely at the chaos. "Does pretty good, steady traffic. Could easily do double with some, you know, online marketing. Maybe add delivery."
Theo picked up a random gas bill, then a receipt for bulk-purchased frozen fries (confirming his earlier suspicion). He nodded slowly, maintaining a poker face. "Right. Looks… comprehensive." He spent the next hour pretending to sift through the mess, asking basic questions Jono answered with vague optimism or outright guesses. "Food costs? Uh, pretty low, man, chicken's cheap. Profit margins? Yeah, they're… decent. Real decent."
Meanwhile, Theo's real focus was on the physical assets. He subtly checked the seals on the refrigerators (old but functional), peered at the greasy ventilation hood (likely needing a deep clean, possibly repairs), noted the cracked linoleum near the fryer station (trip hazard, replacement needed). He paid close attention to the rotisserie and deep fryer. Externally, they looked unchanged, heavy-duty commercial units, showing signs of age and Jono's neglect, but no obvious damage. The enhancements had left no physical trace. Perfect. His internal checklist confirmed, the core value proposition (the enhanceable tools) was sound, while the surrounding neglect provided ample justification for a low purchase price.
While Theo was mentally cataloguing necessary repairs, his phone buzzed. He glanced down discreetly. Sarah.
Sarah: Hey Theo! Quick update - judgment day was today... and I survived the chop! 🙌 Wildest meeting ever, but got moved to a new 'synergized' Mega-Team doing Ad and Content algorithms now. Sounds like twice the stress tbh, new boss has a rep for being ruthless lol. BUT... still employed, still got that paycheck & benefits! Definitely taking your advice to heart. gonna stick it out, build up the runway fund, and keep grinding on the cycling thing nights/weekends. Seriously though, thanks for the reality check the other day when I was about to rage-quit. Really helped get my head straight! Hope your 'roadblocks' are clearing up! 😊
He quickly typed a reply, his mind half on Sarah's corporate drama, half on Jono's fabricated revenue claims.
Theo: Glad you landed safe. Smart move staying put for now, especially with market uncertainty. Keep focused on the side project when you can. Let me know how it develops.
He hit send, pocketing the phone. Good for her. Stability secured. Potential future asset protected. Back to the current acquisition.
"Okay, Jono," Theo said, closing the shoebox lid with an air of finality. "Appreciate you showing me this. Gives me something to think about."
Week 18 - Thursday
Thursday afternoon. Negotiation time. They met back at the empty shop. Theo came prepared.
"Alright, Jono," Theo began, leaning back casually against the counter, projecting relaxed confidence he didn't entirely feel, parting with a large chunk of his capital was still nerve-wracking. "I've run some numbers based on what I saw, looked at comps in the area... factoring in the declining online reviews," he added pointedly, "and the necessary repairs to the flooring, the hood needs servicing... Frankly, the business needs a significant turnaround investment."
Jono shifted uncomfortably. "Yeah, well, like I said, potential—"
"Potential requires capital," Theo cut him off smoothly. "Based on the current state, my opening offer is twenty-five thousand."
Jono visibly recoiled. "$25k? Are you kidding me? My parents built this place! The goodwill alone is worth more than that! Plus the equipment! I was thinking more like sixty!"
Theo almost laughed. Sixty? For this dump? "Jono," he said patiently, "goodwill fades when quality drops. The equipment is old. Your books," he gestured towards the shoebox still sitting on a side table, "are disorganized. Realistically, a buyer is looking at significant risk and investment here." He let the silence hang for a moment. "My offer reflects that reality."
They went back and forth for nearly an hour. Jono argued about the 'prime location' (it wasn't), the 'secret family recipe' (which he clearly wasn't using properly), the 'untapped delivery market'. Theo calmly dismantled each point, citing recent negative reviews, visible repair needs, lack of verifiable financials. He saw the desperation in Jono's eyes, the overwhelming desire to get cash for his crypto bot dreams. Theo held firm, budging only slightly.
"Look," Theo said finally, making a show of checking his watch. "I need to make a decision soon, got other options I'm looking at. Best I can do, final offer, is thirty-eight thousand. Covers the equipment, whatever inventory you have left, and assumes the lease transfer goes smoothly. Take it or leave it."
Jono chewed his lip, glanced around the shop as if seeing its flaws for the first time, then seemed to picture his glorious crypto future. He deflated. "…Okay. Okay, fine. Thirty-eight. Deal." He stuck out a slightly greasy hand. Theo shook it briefly, careful to keep his expression neutral despite the internal surge of victory. He'd secured his target asset at a bargain price.