Ignacio Velazquez announced today that he plans to sell his
downtown restaurant, The Vault.
Ignacio Velazquez announced today that he plans to sell his downtown restaurant, The Vault.
“I don’t have time right now,” Velazquez said. “It really needs somebody who can be there and enjoys it.”
Velazquez founded The Vault 10 years ago, he said. Although he is still proud of the restaurant, he said he wants to focus on his family and his other business, American Electrical Services.
The electrical company is growing, with contracts in Hawaii in elsewhere, and Velazquez said he seems to spend half the month in an airplane traveling to different work sites. At the same time, Velazquez said he’s trying to find more time for his 2-year-old son and 10-month-old daughter.
“I can’t work all night anymore,” he said.
Velazquez is now accepting bids from prospective new owners. Money isn’t the only factor, he added.
“I want to find people who really want to do it,” Velazquez said. “First and foremost, they need to treat it like their baby. That’s what a restaurant becomes, your baby.”
The sooner a new owner takes over, the better, he said, because the new owner would need to be ready for the annual biker rally in July.
In addition to being a businessman, Velazquez ran an unsuccessful campaign for the California State Assembly in 2006. Asked if he’s clearing his schedule to prepare for another political campaign, Velazquez laughed and said: “I’m not ruling that out, but this is just trying to get my business life in order.”
