What can you tell me about St. Croix

[sailchef]

Specifically wether or not there is any political or social unrest towards outsiders moving in. I have an opportunity to invest in a small business on the Island which I think could do very well. I wouldn't be relocating, at least not for a year or two if at all, but am concerned about the mentality towards outsiders. Tourist are accepted because they show up, spend thier money, and leave. The business would revolve around the Cruise Ships schedualed to return over the next few years. I may be spending a few weeks to a month at a time there, if it goes well.

Anyone?

[s_morrison57]

I've worked and travelled for the last 20 years through the islands and although i won't say "don't do it" I will say that picking your partners is more critical there than at home especially when you will not be there for a couple of years. Can't you wait till your there to start the bizz? There is a lot of monkey business that goes on in that part of the world when absentee owners are involved.

[Rot 911]

A friend of mine is an attorney in Christiansted. If you get serious about this, I can put you in contact with him.

[Rusty Heap]

local news down there. I say go for it.


Virgin Islands Daily News | virginislandsdailynews.com | A Pulitzer Prize Winning Newspaper, Virgin Islands Guide, Virgin Islands InfoVirgin Islands Daily News

[sailchef]

You guys will have to excuse me if I ramble but I am on over drive trying to get info and decide what to do. A decision needs to be made soon. A week to 10 days. We ( myself and two of the partners) actually discussed this once sitting on our surfboards waiting for a set to roll in about 10 years ago. Well, they came a knockin’ last month.

The project was opened 4 years ago. So far there are three partners total, I would be the fourth. It’s a small beach bar/restaurant very close to the pier in Frederiksted. They have all been friends of mine for 10 or more years. We worked and surfed together back in the day. Two live here and one is actually living down there running the place, and it’s making money. Everyone gets disbursement checks on a monthly basis. And YTD sales have been going up each year One of the partners living here has parents who live there and he has gone back and forth since I’ve known him. So he knows the lay of the land. A second location has become available and they have secured a 5 year lease. At this point my money will help open the second location but I will be getting an interest in both properties. If either of these turns out to be over the top successful, that is when they would want me there, possibly full time , or maybe on a part time basis to oversee and give them advice on the logistics of feeding a large frenzy of people out of such a small kitchen. That’s my expertise. Picture a lot of people coming off the cruise ship wanting to have lunch on the beach. It would go from a small beach bar to Grand Central overnight. That’s the plan, but you all know how many times a plan can change.

I appreciate the comments. Keep them coming.

Rot911, they have an accountant and a legal firm in Christiansted that will be drawing up the paper work. It would put me at ease greatly if your friend could just give me an opinion about the firm being used. I trust these guys but I have always worked for others and have never owned or been a partner before so the whole thing, besides being on an Island in the Caribbean is a little over whelming.

Rusty, thanks for the news link. I’ve been reading that all morning.

I met with the two that live here last night and they are totally excited about the whole thing. I asked them why they don’t just use their own money for start up and they laughed, “What money”. They both got caught up in the real estate turmoil here in the US and own more than a few upside-down properties but are still making payments. This has created the opportunity for me as they need fresh money. It’s the determination not to loose these properties and the work ethics of all three of these guys that tells me go ahead and do it.


So, have I left anything out?

[mossguy]

What is your risk?

Best,
Tom

[imcarthur]

Bear in mind that a minority partnership in a business is virtually useless if you ever want/need out, since it is only valuable to the other partners. And partnerships are like marriages: some work & some don't despite the best of intentions.

Ian

[Rot 911]

Originally Posted by sailchef

Rot911, they have an accountant and a legal firm in Christiansted that will be drawing up the paper work. It would put me at ease greatly if your friend could just give me an opinion about the firm being used. I trust these guys but I have always worked for others and have never owned or been a partner before so the whole thing, besides being on an Island in the Caribbean is a little over whelming.

His name is Andy Simpson. Here is his website with contact info: Andrew Simpson, P.C. / Home Page

Send me a PM with your full name and I will pop him an email and let him know to expect an email or phone call from you.

[stomachmonkey]

FWIW, I have done a lot of cruises. While they do generate serious income in the ports they visit I have yet to see a place over run with cruise ship guests. And these are established properties like Senor Frogs, Carlos and Charlies.

When people leave cruise ships they go on excursions.

What cruise line will be coming in?

Carnival has a high percentage of budget cruisers. They'll get back on the boat for the free buffet before dropping a dime in port.

Just my observation. I don't run a pub in a Caribbean port so take it for what it's worth.

Personally I'd love to have the opportunity to do something like that.

Think about it every time I get off a cruise ship.

One day.

Good luck, hope it works and turns into one of those once in a lifetime great experiences.

[sailchef]

Originally Posted by stomachmonkey

FWIW, I have done a lot of cruises. While they do generate serious income in the ports they visit I have yet to see a place over run with cruise ship guests.

Exactly what my friend said. He is trying to figure out how to get these people in his door. 50% of his business is local. The other half a vacationers who are staying on Island.

The ships haven't started showing up in big numbers yet, 2011-2012 schedule is what he is looking at.

I guess my initial concern about the political unrest, if there is any, came from when another neighbor told me that it is not the safest place to be right now. I have learned more about the Island in the last couple days and it really seems like there is a lot going on there, and, it has its problems as well.

I am going to make the investment and the idea of spending time there during the busy season was brought up. That would be why I was asking all the questions.

I plan to go down for a couple weeks in January, and just be a windsurfing dude. I will get a much better feel for what is going on then.

For the time being I'm not giving up my day job.

Oh, for what its worth, I just went thru a divorce over the summer. It was amicable but stressfull. She refinanced the home we bought together 3 years ago, and I took cash out.
I am now living back at the beach house. It would be a hoot to call her from the Caribbean and ask her to forward my mail. LOL

I guess I just need a little input from the brain trust to help me see thru the fog.

[red-beard]

I worked there, about 20 years ago. I met some of the "white" locals who were still having issues with the islander locals. They suggested banking at the Chase bank and not the local bank, as service was much better for the islander locals.

One was simply a retired resident, the others were the owners of the best hotel on the Island. I do know there are some very positive tax implications for starting a business there.

Again, my experience was from 20 years ago. Defitely talk to the lawyer on the island both for feel and local acceptance.