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Music Spot seeks cash to remain in business

The owner says business is good, but the startup costs are swamping the restaurant-music store.

By MICHAEL CANNING
Published May 27, 2005

Mike Martin has no problem being frank about the troubled state of his combination restaurant and music store, the Music Spot.

"We're making money in the two most ... volatile businesses on the planet," he said. "But initial debt is the problem, and I haven't been able to make any headway paying it down. I just didn't fund (the business) properly."

So after 16 months of surprisingly good business, Martin sent out an e-mail last week to some of his best customers and friends. If $50,000 isn't raised by the end of May, the e-mail said, the Music Spot will close.

"How's that for subtle?" Martin wrote.

Late rent payments are the crux of his money woes, Martin said. Even though his unlikely concept of combining a gourmet bistro with a live music venue and record shop succeeded at 1902 S Dale Mabry Highway, he hasn't been able to overcome debt he acquired prior to opening.

That happened, Martin said, because a financial partner backed out shortly before launching the Music Spot, north of Plant High School.

Now, his recent effort to reconfigure some of his sales floor space into an additional dining room has stopped midconstruction.

In a desperate bid to raise money, Martin is offering deep discounts on his merchandise and even stock ownership in the business for those who spend or donate $1,000. Martin's short-term goal is to raise enough money to pay an attorney to put the Music Spot in Chapter 11 bankruptcy to keep his creditors at bay. Beyond that, he hopes to find a business partner.

Some have offered to partner with Martin and move the Music Spot to another location in Tampa, Martin said.

That kind of support has been a testament to Martin's business concept, if not acumen. Twice, a person has come in the store, wrote a $1,000 check, and left without asking for anything in return, he said.

"I'm doing a lot of things wrong," he said laughing, "but I must be doing something right."

[Last modified May 26, 2005, 08:26:10]