BookSmart of Morgan Hill Needs Your Help!
We come to you with serious and sobering news. Despite all our efforts, it has finally come down to this: Without debt refinancing or a drastic change in circumstances, we will be forced to liquidate.
For the last twenty years BookSmart has served Morgan Hill as a place where children have grown into avid readers and adults have indulged their reading desires. BookSmart promotes literature, community, education, and family values, without telling people what they should read or how to think.
We have been a de facto community center and meeting place where people come for books, art, literature and community connections. (We have even fostered a few romances over the years!) Now we need your help if we are to carry on for the next twenty years.
Since the beginning we have had good
times and rough times. We have overcome (or endured) the opening of big box
bookstores to the north and south of us and we have dealt with Amazon’s deep
pockets and ruffian ways.
Three years ago, after the opening of our store in San Jose and with the soft economy, we found ourselves in financial trouble. We have continued to struggle and cut costs, but now, after many sleepless nights, we realize that without an infusion of capital we will not be able to go on.
Banks will not loan money to a small business like BookSmart with no land as an asset and small margins. We have reached out to our customers in the past for help and have had some success but not enough to put our debt to rest. We are now behind on our taxes and publisher payments. Without financial help we can't go on.
Over the years we have been given many suggestions for possible financing, such as a private offering or creating a local financing fund, but we are not bankers, we are book sellers. We’ve thought about crowdfunding and have been waiting for the SEC to rule on the JOBS Act so we could sell equity shares in our store to make BookSmart truly community-owned, but so far lawsuits have kept equity crowdfunding from happening.
We have finally realized that our only hope is to reach out to our fans and loyal customers for help. We have decided to create a group of “Honorary BookSmart Stockholders” to fund us. We hope that this will raise some real capital, while offering our customers an innovative and fun way to support us. Please look at the following offer and see if you might become an “Honorary Owner.” We are coming up on our 20th anniversary at BookSmart, and with your help we can go forward with another 20 years of serving the book loving community of Morgan Hill. We thank you sincerely for your past patronage and your consideration.
Take these two steps and become a BookSmart Honorary“Owner*” by becoming a “Stockholder”*
1st Take the BookSmart Honorary “Stockholder” Pledge
2nd Invest in BookSmart at one of the Honorary “Stockholder” levels.
The BookSmart Honorary “Stockholder” Pledge:
I am a book person and I will tell the world!
I believe in the transformative power of books, especially for young minds.
I believe every community should support a good local independent bookstore where people can browse, shop and talk about books with other “book people.”
I believe bookstores should be carefully curated but not censored.
I will support the art of writing and the importance of reading by attending BookSmart author and publisher events.
I will read a banned book!
I will take the following BookSmart “One Book Pledge”: Every month, I will buy one less book online and one more book at BookSmart.
(A recent study found that even customers who define themselves as loyal independent bookstore customers only buy four out of every ten books from an independent bookstore. Imagine what would happen if everyone dedicated themselves to buying that fifth book from an independent as well. For a store like ours, it means more local jobs, more author events, the ability to carry more unique, small press titles and more money flowing to local schools, libraries and public safety through the collection of local sales tax and store donations. It would certainly mean more ongoing income for BookSmart.)
I will invest in BookSmart by purchasing “Honorary Stock” to help keep BookSmart alive.
Brad & Cinda