I need a mentor (restaurant industry)

[fordracing19]

Losing money and working your ass off for it sounds great to me

Is your family in the biz?

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[sosoe]

Losing money and working your ass off for it sounds great to me

Idiot.

[Quadforce]

If you do not mind me asking were is it located at I am in restraunt management and have been for past 13 years

[crapstang]

Is your family in the biz?

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many pilots use it as a second job/business investment and all of them either barely break even or lose their life savings. It is an extremely hard business venture

[GTBrian23]

many pilots use it as a second job/business investment and all of them either barely break even or lose their life savings. It is an extremely hard business venture

That is because it is not something to be done for second job. Running your own restaurant generally requires 6-7 day work weeks and being there during all of your peak hours. Unless you have the money to dump into hiring a trained management staff, which most startups do not.

It is an extremely tough business, and most are not profitable for the first few years if ran effectively, and if run the wrong way are just a money pit.

[slow99]

From what I've seen and what my dad and I talked about when I was still entertaining the idea of opening a bakery here (its not 100% identical, but its similar), he used to own some sonic drive in's back in the late 70's early 80's, was food cost % and labor %. Those are two of the driving factors for your profit margin. If you don't have some already, i can set up some spreadsheets for you to calculate your food cost %, labor %, and keep track of inventory. Like the bakery, I'll gladly help anywhere I can.

That's the COGS and G&A side of it...all that's left is sales & marketing and r&d (minimal to zero).

I'd be glad to look over a the financials if you need someone to do that. Hopefully you have some sort of P&L, balance sheet, cash flow statement. I can build the cash flow statement if you have the other two.

[forbes]

i am looking for someone to open a bar with.. it was established but lost the liquor license and has been closed for a year... hit me up.. i have an investor

[slow99]

I'm always willing to help, but we are so far understaffed right now I haven't seen some of my customers in months, so I don't know how much help I can be. Your market is also vastly different than what I am used to.

Stephen is getting you pointed in the right direction. I'd also make it a point to talk to someone who failed in the industry. Lack of operating capital is the #1 reason new restaurants close. Consistency is key.

Yep, most people think of income and expense and forget cash flow. General rule of thumb/advice I give is to use conservative projections, calculate cash flows - then quadruple what you think you need. (although this isn't a startup).

I'm watching one of my best friends' family go through it right now. I tried to get him to let me talk to his father in law, run through his projections, but he assured me he had a trusted guy looking over this stuff. Now they're going broke b/c they're running negative CFO.

[black2002ls]

i am looking for someone to open a bar with.. it was established but lost the liquor license and has been closed for a year... hit me up.. i have an investor

PM sent

[cobrajet69]

I have been in and out of the family business my whole life. We have owned and sold and closed quite a few stores. We currently own the IHOP here in marshall. I am sure I can be of some help. It looks like we have a few people here in the industry. My suggestion is to post up your questions/concerns as they arise and let us have a group discussion to hopefully help you out.

Truth be told, not every restaurant can be ran the same way and achieve the same result. You have to find your system and be willing to adapt and evolve.

Oh, and fyi, this is going to consume your life...

Still have Giovani's?

Loved stopping in that place anytime I was out that way.


David

[fordracing19]

many pilots use it as a second job/business investment and all of them either barely break even or lose their life savings. It is an extremely hard business venture

I asked you a question not what pilots do. Our restaurant has been open for 8 years so I know a little about them.
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[halo/horns]

I’m in Breckenridge and that limits a lot of things. :bBishope: Since I know there are some other locals on the board I can’t discuss anything heavy but appreciate the offers of help! I’ll be sending PMs shortly!

@Stephen- What did you call me? LOL That isn’t a good sign, huh? I keed.

I can’t sell it and I can’t close it. But, the unique situation I have is that one business piggy backs off the other. We could be a powerhouse… if I could get a handle on things. It is what it is and I’m honest enough to admit I need help.

Mainly, I’m looking for a sounding board with some experience and someone who won’t laugh at my asinine questions.

[Stephen]

I’m in Breckenridge and that limits a lot of things. :bBishope: Since I know there are some other locals on the board I can’t discuss anything heavy but appreciate the offers of help! I’ll be sending PMs shortly!

@Stephen- What did you call me? LOL That isn’t a good sign, huh? I keed.

I can’t sell it and I can’t close it. But, the unique situation I have is that one business piggy backs off the other. We could be a powerhouse… if I could get a handle on things. It is what it is and I’m honest enough to admit I need help.

Mainly, I’m looking for a sounding board with some experience and someone who won’t laugh at my asinine questions.

I dont think i called you anything lol.. Best of luck in your new biz! feel free to shoot any pm's if you have any questions

[halo/horns]

By the way, Brent's seen it. He drove his happy ass out into the sticks to give me some great advice on kitchen set up.

[71chevellejohn]

I'm pretty sure that I know where you're talking about, but I promise not to say anything and wish you the best of luck.