Anyone own a restaurant???

[Peter Vincent]

I have been a Chef for about 12 years now and I am presently trying to buy a restaurant. I would like to pick your brain if anyone is in the business.

Thanks,

Peter

 

[Kevin Palmer]

Although I am not in the business, my wifes company sells to hundreds, maybe thousands of restaurants. They also sell to many other sectors of the food business as well.



The one thing I can tell you from her perspective is, don't get too big before you can afford to do so.



Bottom line, on average about 30 restaurants a year fold and simply do not pay the bill they owe to her company. She sees them making money, but they either buy too much other stuff or a second location and then can no longer maintain the money they owe out.



We know several friends that have very successfully locations. The one thing in common is that they practically live there. I don't know the amount of hours they work, but rest assured it is PLENTY. I am guess 70 hours a week or so.



They never take vacations and lose almost all family time. That said, they are making it and doing well financially.



Hope this helps from a different angle...

 

[Thomas Rogers]

My folks owned one for years and I used to talk to my dad about the business often (they bought it when I was in college). You can ask me some questions via email if you want.

 

[Richard L]

I don't own a resturant, but I have eaten in many of them ! :lol::lol:

I guess that doesn't qualify me as a food critic??



...Rich

 

[Fred]

:lol: RichardL.

I like crab legs.

 

[Kerry Matthews]

I inherited my mom's restaurant back in May when she passed away. I've spent many years in the business, and I knew that yes, you do spend ALL your evening & weekend hours there, and I wasn't ready to spend all mine running the restaurant. I'm single with no kids, and I still didn't want to be there EVERY night!



My mom spent ALL her time there, which is why she was in business for 28 years. She used to tell me that "your business is your jailer". She was always frugal about how much she spent, and always paid the business's bills before spending any on us. I STILL don't know all there is to know about it... I just know that I don't have the personality or the patience to run it myself, so I'm paying someone else to do it, and fortunately they're family and can be trusted.

 

[Dale Carlson]

Not me. But from a business perspective, I'd say find a partner who will not only share your costs, but also run the day-to-day business operations, while you handle the food and creative end. I'd also recommend you find and attend a small business class/seminar - and pay attention!



You don't know what you don't know...



and THAT can and will reach up and bite you in the ass...