I’m ready for Pollard to make a move somewhere else TBH.
'People are flat-out slobs': Jamie Pollard
- Thread starter johnstoncy
- Start date
But they still have liabilities that need to be added in to the equation even if they aren't paying an insurance company. The lawyers have to make a living you know.
You gotta be kidding me. If there were an ISU AD Mt Rushmore, Jamie would be on it three times.
So by the 20% number others have put on here as reasonable for similar venues, Iowa gets roughly $900K, not millions.
Correct, the government may self-insure, but the vendor also has liabilities. Probably a shockingly large portion of the percentage they take goes to that. My company works for the Federal government who self-insures but has its own insurance because they could not afford a 200 million dollar hit if they were found liable for damaging government equipment due to the negligence of one of their employees. With alcohol, you don't even truly need negligence for a jury to award a large sum against you.
That percent can go up to 90% if the team is doing it on it own, we do not know if Iowa is subcontracting it out or what that percent is, or are they doing it for themselves. Even $900K is better than nothing,
You have to assume the State carries Catastrophic Coverage of some kind. I think the self-insured suggestion may have been debunked earlier in the thread. That same post mentioned a deductible, whose responsibility is that? Again, can any of it be charged back to the State institution that has the claim?
You would have to have all of your product donated to reach 90% of revenues as profit and you probably still couldn't reach that number.
You are living in a fantasy land.
Yes, $900k is much better than nothing. I'm sure within the next few years...
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If the state is carrying a $5M deductible, they're basically self insuring.
I was on the committee that brought alcohol sales to UNI and we were explicitly told the state self insures and all of the proper licensure and what not was already held by the university because they sell/provide alcohol at other venues across campus and for special events in the athletics complex.
One caveat that may be different at UNI than Iowa State is that UNI does not use an outside concessions vendor, it's all held in house so you don't lose that layer of profit paying someone else to administer your concessions.
So they are insured and assuming a sizeable amount of the upfront risk. If UNI manages their own concessions, they are taking on the cost themselves versus transfer it to a third party. Both approaches cut into profits. What’s the impact of the two, and the difference, I don’t know.
Well @LAClone and @1SEIACLONE are safe, they now haven’t made the dumbest statement the last number of pages. This takes it.
If an insurance claim were made, ISU would need to pay as the are the policy holder. Now, where that funding comes from to pay that deductible depends on the situation and cause.
A few years ago, with all that hail, ISU hit the $3mil deductible on building roofs/damage pretty easily.
Buildings, workers' comp, liability, motor vehicle, etc, are all different policies with different limits and deductibles.
If someone wants to make a claim against or for reimbursement for losses against ISU, then they have to go through the state TORT process.
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I’m calling absolute ******** on 90% margin. Show one example of a stadium, arena, or AD getting that margin or anything close. Spoiler, you won’t.
You’d have to get most if not all the product, coolers, draught lines if draft options were available, etc, free of charge to even get close to reaching that margin line.
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No ****? I'm honestly kind of shocked by this. Normally facilities dont want to deal with the payroll, HR, training, warehousing, logistics, etc. of running concessions but maybe being a smaller facility it isn't as large of an undertaking?
I feel like in the last 10 years or so ISU tried to do theirs in house and immediately went back to having it managed but I could be off base.
And they went back to levy pretty sure which in circa 2010 when I worked at Johnnys was awfully ran.
Yeah, kind of a neat setup. They use volunteer groups to do the actual manning of the traditional concession stands and have 1 or 2 university people supervise and oversee it. Also, lots of self service, especially in the McLeod Center, where you just grab what you want and pay a cashier on the way out.
They also have several vendors on the concourses (mini donuts, walking tacos, adult slushies, chick-fil-A, etc) that operate their own stands and get reimbursed through the university POS system.
Smaller venues for sure but it's really efficient.
Levy is not a good concessions company. From what I've heard, they have not been able to keep the role that oversees all of Iowa State's operations consistently filled
Do I really live in your head rent free? Yikes.
