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Thursday, August 9, 2007

Crisis Averted

posted by on August 9 at 17:40 PM

I was disheartened earlier today to receive an announcement that the great little art space, McLeod Residence (I wrote about it here), sent to its members yesterday:

This is a difficult email to write, but we owe it to our members to be transparent about our situation. Simply put, McLeod Residence is in big trouble, as in financial trouble. The short story is, we’re running out of money. Our initial personal and angel investments are dwindling, and due to circumstances that have not allowed us to fully implement our business plan, our revenue hasn’t yet caught up to costs. McLeod Residence will have to close its doors unless we are able to raise a hefty amount of cash on the order of $40-$50,000 and quick.

The problem, according to the letter, has been the discovery that McLeod Residence needs to do serious work on its 100-year-old building in order to bring it up to code to get a liquor license—at which point, the sales of drinks are intended to support the art.

I called Lele and Buster McLeod immediately, and talked to Lele, who informed me that the notice was old news—and that everything was going to be fine with McLeod Residence.

“We have some very nice friends,” she said. “We raised the money, yes.”

The McLeods sent another notice to members this afternoon, updating them as well. It was a little less emphatic about having raised the money, but indicated that things were looking up.

Yesterday we sent an email to our members to alert them of a financial crisis caused by unforeseen (and therefore unbudgeted) building construction expenses. We wanted to search for investors from within our base before we widened the net. We received a tremendous response from our members and are currently in talks to secure new business partners. We are feeling very positive about the future of McLeod Residence and incredibly grateful to our generous members who answered our call. McLeod Residence is committed to its mission to be a home for art, technology and collaboration. We will follow up with everyone who responded with offers to help within the next couple days.

Godspeed, McLeod!

RSS icon Comments


That is great news! I love that place. I will become a member now.

Posted by yay! | August 9, 2007 5:53 PM

Amazing the power of the Internet. It's great to see their members wanting to help them out. It sounds like they'll be able to survive.

Posted by Shawn | August 9, 2007 8:17 PM

I'm confident that McLeod will win Seattle over with its take on the art gallery in a modern, urban environment.

Today the drinks support the art. Tomorrow, art sales buy my drinks!

Posted by &y | August 9, 2007 9:07 PM

"Godspeed, McLeod"

Jen, if you ever decide to become a McLeod member (assuming you're not already), this should be your McLeod Name.

- Grp. Capt. Lionel Mandrake McLeod, RAF (Ret.)

Posted by COMTE | August 9, 2007 10:22 PM

McLeod is an art gallery? I thought it was just a place for needy losers to get drunk and take pictures of themselves.

I wonder how long it will take them to blow through this batch of money and end up in a deeper hole. Is there even a business-minded person in this bunch or are they just drunken schmoozers who have a way with guilting people into giving them large sums of money for nothing? Perhaps that is their business plan.

Posted by Todd D | August 11, 2007 12:02 PM

well it seems that you todd d are a person that is inconsiderate of others.

Posted by robert | August 12, 2007 8:13 AM

Hmmm.. my studio needs expanding. Perhaps I'll use the internets to send out a plea for $50,000 too.

Posted by Da Dah | August 13, 2007 12:24 PM

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