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1beastnstl

1beastnstl

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Anyone ever own/run a restaurant/cafe? I have an opportunity to partner/take over daily operations of an established cafe. The owner needs to remove himself from the "front" of the business to focus on his family/children (be home more). He will be available 24/7 for questions, etc but leave minor decisions to my discretion. I have NEVER run a restaurant but have worked at a couple in the past. A bit nervous but intrigued at the same time......
 
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I have a really good friend who has been head chef at country clubs and smaller restaurants...be prepared for long long long days. He thought the country club was bad and then he went to work at an upscale hotel in Cali...damn near had a stress breakdown! Not saying its not a good idea, but be prepared. Theres always someone needing something or complaining about something...good luck though!
 
Millerad1651 said:
I have a really good friend who has been head chef at country clubs and smaller restaurants...be prepared for long long long days. He thought the country club was bad and then he went to work at an upscale hotel in Cali...damn near had a stress breakdown! Not saying its not a good idea, but be prepared. Theres always someone needing something or complaining about something...good luck though!
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I work for myself now so I REALLY understand about people "always" needing/wanting something.
 
1beastnstl said:
Anyone ever own/run a restaurant/cafe? I have an opportunity to partner/take over daily operations of an established cafe. The owner needs to remove himself from the "front" of the business to focus on his family/children (be home more). He will be available 24/7 for questions, etc but leave minor decisions to my discretion. I have NEVER run a restaurant but have worked at a couple in the past. A bit nervous but intrigued at the same time......
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Do they want your help because you have a strong management background or experience in that industry or because they figured you could be convinced to put in $50,000 or more of your cash?

There is a difference between a partner and a general manager. I wouldn't put any money in a business like that unless they were willing to turn their 'books' over to me AND let me have them examined by an independent accountant.

Even if it is a family friend, you can't trust them without an professional audit. I have heard stories where small businesses sucker in new partners because the business is failing. The new partner isn't told that of course.

Also consider how well this business will hold up if the World Financial Markets collapse in April. I work for the man so I will lose my income if I get laid off, but as a partner/owner you might possibly lose all the capital you put in.

BTW, 'wants to spend more time with family' is a nice story and could be true BUT it is also the same thing politicans say when they quit or flee a sinking ship (white house press secretary).

:bat:
 
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Things I would consider:

Is he being truthful in why he's selling the business? As the guy mentioned above me, it's a nice excuse but typically just that; an excuse.

Is it in a good location, will you have competition to worry about?

How big is the place? Will you need to hire help, and if so how much?
What kind of reputation does that place have?

Do you have the money to do this? Do you have funds should things not work?

When a biz is under new ownership, people usually are intrigued and want to see what's different.

I've always been hesitant to jump into a biz like that but I think it's just my own paranoia. Aside from all of the stuff I mentioned, you also have to worry about all the paperwork/office work.

Definitely do research and talk to the guy as much as you can. Read him if you don't know him well, and see if there is any potential there or if it will just be a headache.
 
Thanks for the input and keep them coming.........

Just a few other points.......

NO $$ input from me and my wife (just take over and pull salary)
1st week we talked he gave me ALL business account statements
Met with his Accountant yesterday (all is on the up and up)
My wife is in finance/investment and has looked the books over
I have spent the last 2 weeks at the cafe all different times of the day
4-5 employees right now (all part time) with ALL secret recipes being left
GREAT business reputation and well liked in the community
 
Since you've previously worked at a couple of restaurants you know the time that it will take to run it effectively.
 
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