Puget Sound Fly Co Future

Bruce Baker said:
I know someone mentioned they saw a "new" fly shop, Puget Sound Fly Shop, will be opening at the same location that Puget Sound Fly Company was at. The new shops hard opening will be on March 1.

From the Fly Fish Dan YouTube channel -
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Yes!! They’re like a mile from my house, and I was extremely bummed when PSFC closed. Had no idea about this development.

I feel like I recognize the new owner. Did he previously work at Patrick’s?
 
NRC said:
Yes!! They’re like a mile from my house, and I was extremely bummed when PSFC closed. Had no idea about this development.

I feel like I recognize the new owner. Did he previously work at Patrick’s?
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I have no idea who the new owner is or where he is coming from.
 
Bruce Baker said:
I have no idea who the new owner is or where he is coming from.
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I'll be a rumor monger and pass along a fellow local FFI club member mentioned that PSFC staffer Matt was purchasing the business.
 
IMHO there should be some celebrating happening. A new small business, a fly shop even, coming to an area where one is needed. They need our support. The owners also need to earn the repeat business. I agree with others about an online presence with shopping.
 
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Yep, Matt bought the store from Anil and will reopen it under Puget Sound Fly Shop. The reason for the subtle name change is that they had some customers confused by the name "Fly Company" thinking they only sold flies, not everything else. Matt feels calling it a "shop" provides a clearer picture of the full service they have always provided, and he will continue to do.

The place looked great last week when I was there. Matt has put up a fresh coat of paint, laid new carpet, and was awaiting large shipments of product to hang on the walls. He's also reorganized the interior a little.

It'll be great to have the shop opened again, and Matt's a great guy to be running it.
 
wanderingrichard said:
Me thinks that man do more harm than good. "fly fishing dan" needs to get his facts straight. there was plenty of warning the shop was closing. that kind of feels like a cheap shot at Anil
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I am confused.

Did you not see fly fish Dan's video timed before the closing of Anil's shop before it closed?

If I remember Fly Fish Dan was very complementary of Anil and seemed sad to see Anil's plans to shut the shop down.
 
In my town, there were a couple sequential changes of ownership in flyshops over the past 10 years or so. All the proprietors were/are great. The biggest challenge to the community always seemed to be gift certificates. The new owners struggled with the right way to handle gift certificates from the old shop. I would recommend that anyone who has a gift certificate go over and see how the new folks are going to deal with them.
 
Doublebluff said:
The biggest challenge to the community always seemed to be gift certificates. The new owners struggled with the right way to handle gift certificates from the old shop. I would recommend that anyone who has a gift certificate go over and see how the new folks are going to deal with them.
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I mean, you can't really fault new owners of a business if they aren't honoring existing gift certificates that they weren't given money for. Would it be nice if they did? Sure. But that could be thousands of dollars of revenue that went into the previous owner's pocket that you are asking the new owners to cover.

In addition, there may be tax implications for the business since often (always?) revenue for a gift card is not recorded until the gift card is spent. So if you honor a gift card a previous owner sold, then you are creating taxable income for your business when in reality you received none of that income (in addition to paying for whatever inventory is purchased with the gift card)

Gift cards, gift certificates, and layaway purchases | Washington Department of Revenue

dor.wa.gov dor.wa.gov

EDIT: To be VERY clear, I am not an accountant. So please verify with a tax professional if it is relevant to your own business.
 
Josh said:
I mean, you can't really fault new owners of a business if they aren't honoring existing gift certificates that they weren't given money for. Would it be nice if they did? Sure. But that could be thousands of dollars of revenue that went into the previous owner's pocket that you are asking the new owners to cover.

In addition, there may be tax implications for the business since often (always?) revenue for a gift card is not recorded until the gift card is spent. So if you honor a gift card a previous owner sold, then you are creating taxable income for your business when in reality you received none of that income (in addition to paying for whatever inventory is purchased with the gift card)

Gift cards, gift certificates, and layaway purchases | Washington Department of Revenue

dor.wa.gov dor.wa.gov

EDIT: To be VERY clear, I am not an accountant. So please verify with a tax professional if it is relevant to your own business.
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One thing to add, after 3 years a gift card can be considered "abandoned" and you then record that card as income and pay the taxes. It's called breakage income and it keeps you from having a huge ever growing liability account. Cards still never expire as long as the business is still around, I've had customers bring me gift certificates 15 years old they found under their couch 😂
 
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