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In mid-March, when Phil met with a group of about 30 friends and regulars to tell them it wasn’t feasible for him to continue running Canucks, he thought the show might finally, really, be over. But out of that meeting came a volunteer Steering Committee determined to find a way to keep the popular club in operation. With Lou Raskin as chair/spokesperson, they came up with a restructuring plan.
In mid-March, when Phil met with a group of about 30 friends and regulars to tell them it wasn’t feasible for him to continue running Canucks, he thought the show might finally, really, be over. But out of that meeting came a volunteer Steering Committee determined to find a way to keep the popular club in operation. With Lou Raskin as chair/spokesperson, they came up with a restructuring plan.
First, the committee examined the identity of the popular Olas Altas gathering place. Their conclusion was that it wasn’t just a bar or restaurant with entertainment; Canucks is also a community center, with a smorgasbord of groups meeting on a regular basis – including a writer’s group, theater group, card players, a newcomer’s welcome group and a multitude of charitable organizations and community service programs. As the committee continued its discussions, this would become an important focal point: Maintaining all these functions was essential to the success of any restructuring plan.
They pored over the books and financials, assisted by an accountant and a notario. Without the crippling debt, Canucks’ books and records showed it to be a profitable and viable business, with a 30% profit margin, more than a quarter million pesos raised for charity, and broad recognition in the community as a club and community center. An investment of $90,000 Canadian dollars would bring Canucks to the even point with no debt, and carry it through the summer season ahead. This money was to be raised by offering 90 units, or investment shares, at $1,000 Canadian each (about $800 US, $11,250 MN).
The committee posted these ideas on the open forum at What’s Up Maz, the busy local website Phil runs. (This is separate from Canucks and will continue operating with no changes.) A meeting was held and the response was immediate; within days, the 90 units were sold and the entire amount was raised. People responded from all over the world, with 48 individuals purchasing the available units. Their investment capital is being held in a safe bank account in Canada, with a planned three-year payback at 6% interest per annum.
The plan calls for membership fees to cover the summer operating costs, when there aren’t many shows and business slows way down. The November-April costs will be paid for by the revenue generated from shows, the restaurant and bar, etc. The committee believed Canucks could best run as a membership organization, with decisions made by a membership-elected Board of Directors and day-to-day operations carried out by paid staff. An interim Board of Directors, drawn from the Steering Committee, will guide the transition until the election of the BOD by the as-yet non-existent members. They’ll also draw up preliminary membership and guest guidelines of the organization, develop by-laws, and guide the club through 2009. Canucks remains a place where everyone is welcome, including Mexican nationals.
Community volunteers have already come forward to assist in making this a seamless transition. Rob Lamonica and Gerry Perkin pledged to remain as house band, and Phil will continue to book the entertainment for the busy season.
Will it still be called Canucks? Although the name is Canadian, on any given night you’ll find a comfortable melting pot of Mazatlán residents and visitors – Canadian, American, Mexican - with no distinctions (except maybe the accents). For right now, the name Canucks, with its widespread community recognition, will remain, but the concept has been clarified as a “North American Community and Entertainment Center in Mazatlán.” Down the road, this will be one of the first decisions for the membership and Board of Directors.
For more information, contact Lou Raskin at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
Comments
Gracias amigos,
Bob Story
I remember very well when Canucks was born and I wish you both the very best in wherever you are and whatever you do.
Take care and keep in touch !!!
Cindi Rose