Thank you so much for sharing this practical stuff, I’m finally opening a cafe/bar/gelateria myself, it’s a small tiny place, and I’m following all your advice.
Appreciate your no BS approach. Wondering it you do coaching or calls. I have two independent restaurants and am in the process of a third. You seemed to have already walked the path and might be able to give some tailored guidance. Thanks for the consideration and videos.
If you want to have a chat about the restaurant business, you can send me an email at iix2323@gmail.com Please include the websites of your restaurants for me to see what we are talking about. We can set a meet from there. Cheers.
Thank you for putting this content up. Now, I have a few questions. I have been working in a family business, its Small carry out restaurant. We have been in business for over 20 years and we are looking to acquire another restaurant that has been in business for 10+ years (Owner retiring) It is a different concept, it is already running so I think it should be easy to keep the same operation going (Not trying to reinvent the wheel) in your experience, what do you think about acquiring something that has been running successfully for more than 10 years? Obviously, there is always a risk, but I think if it has been running for more than 10 years, it should be pretty solid and should be okay to keep the same operation running correct? I think its safer than to start something from scratch, since I am getting something that has been running for years and financials prove it. Anyways, I always think its best to acquire something that has been running for years than start something new. Whats your take on that? Have you acquired already running restaurants before?
If the business is healthy,, why not. The hardest part in business is to acquire customers. If they come with the restaurant, the rest is only operations and that is the easy part (if you know what you are doing ;) ) . Since you already operate a restaurant, this should be "Rinse and repeat" for you.
Great video! I have a guy that want me to be his partner to open a high end restaurant which cost to build and operate at about 1M. He allow me to borrow his 3% and then if the restaurant runs good, he will allow me to borrow 37% more to make total of 40% and then payback if the restaurant is making profits. If not he will sell it before borrow 37%. And I will pay back to him 3%. I never open an independent restaurant before even though I am very experienced in running kitchen. Should I go ahead and join him or is there a “warning sign”?
Are you getting a salary? If yes, you could give it a try. If not, 3% is not going to pay your bills. Make sure to have a lawyer or an accountant look at your contract to make sure that your interest are looked at and protected. What ever papers (contract) you are given, do not sign them before having a professional look at them.
Looking forward to new video soon!
Thank you for continuing posting interesting and informative content.
Thank you so much for sharing this practical stuff, I’m finally opening a cafe/bar/gelateria myself, it’s a small tiny place, and I’m following all your advice.
Wish you the best, let us know how it goes.
@@iix23 I will do a video and share my results, i’m super pragmatical about it.
Appreciate your no BS approach. Wondering it you do coaching or calls. I have two independent restaurants and am in the process of a third. You seemed to have already walked the path and might be able to give some tailored guidance. Thanks for the consideration and videos.
If you want to have a chat about the restaurant business, you can send me an email at iix2323@gmail.com
Please include the websites of your restaurants for me to see what we are talking about.
We can set a meet from there.
Cheers.
Thank you for putting this content up.
Now, I have a few questions. I have been working in a family business, its Small carry out restaurant. We have been in business for over 20 years and we are looking to acquire another restaurant that has been in business for 10+ years (Owner retiring)
It is a different concept, it is already running so I think it should be easy to keep the same operation going (Not trying to reinvent the wheel)
in your experience, what do you think about acquiring something that has been running successfully for more than 10 years? Obviously, there is always a risk, but I think if it has been running for more than 10 years, it should be pretty solid and should be okay to keep the same operation running correct?
I think its safer than to start something from scratch, since I am getting something that has been running for years and financials prove it.
Anyways, I always think its best to acquire something that has been running for years than start something new. Whats your take on that? Have you acquired already running restaurants before?
If the business is healthy,, why not. The hardest part in business is to acquire customers. If they come with the restaurant, the rest is only operations and that is the easy part (if you know what you are doing ;) ) .
Since you already operate a restaurant, this should be "Rinse and repeat" for you.
Any updates?
Yes, I am opening another new restaurant at the moment.
I will post soon.
Great video! I have a guy that want me to be his partner to open a high end restaurant which cost to build and operate at about 1M. He allow me to borrow his 3% and then if the restaurant runs good, he will allow me to borrow 37% more to make total of 40% and then payback if the restaurant is making profits. If not he will sell it before borrow 37%. And I will pay back to him 3%. I never open an independent restaurant before even though I am very experienced in running kitchen. Should I go ahead and join him or is there a “warning sign”?
Are you getting a salary? If yes, you could give it a try. If not, 3% is not going to pay your bills. Make sure to have a lawyer or an accountant look at your contract to make sure that your interest are looked at and protected. What ever papers (contract) you are given, do not sign them before having a professional look at them.
@@iix23 I planned to get salary. Thank you for your answer. 👍
Do you have any friends on Long Island that need servers?