Buying a Business
- Thread starter a_skeleton_03
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I hear that is good and so are laundromats but I don't want to buy a business just to make passive income. I want to do something.
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Seriously, dude. Think hard before getting into the food industry as an owner. It will suck the life out of you for the first while.
Oh I am, hard. I really doubt I will but I am thinking about it.
So this family owned restaurant that is local. We are talking small.
Miller's Family Restaurant
We are talking a population of 766 in town and the restaurant has like 15 tables max I think. No liquor license and I don't think they want one. Nothing on the menu above $8.
The place just shuts down completely for a week in December for the holidays.
I think it essentially runs on autopilot but here's the thing the minute they sell I bet every single one of them leaves, it would make sense. Not only would I need to learn it all but I would need to find an entirely new crew.
pharmakos
soʞɐɯɹɐɥd
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you know, lots of people are giving this advice, but -- i doubt it would suck the life out of him more than getting this board up and running and being in charge of it has, haha.
@a_skeleton_03 can handle it.
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A new crew isn't the end. A small business like that sounds like a lot of fun. But plan for the first few years to not feel anything like retirement. It might be awesome fun. Training new can be awesome, too. The only caution I bring is to plan long hours. If you're committed, you can absolutely make it work. And in the long run, it can run itself. Babysitting required for the first bit.
But you're a smart dude, and you didn't likely marry a dummy. The two of you can figure it out.
But you're a smart dude, and you didn't likely marry a dummy. The two of you can figure it out.
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Work in the restaurant industry as an owner. Pretty sure running this board will feel like a holiday.
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Dandai
<WoW Guild Officer>
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I started a “yuppie microbrewery” with my best friend of 10-15 years a couple years ago. He brewed the beer and handled the social media/marketing and I did almost everything else. Starting this business was as hard and painful as lurkingdirk describes, but there were very few days that I didn’t enjoy it. I found that more responsibility made me feel as though my life was more meaningful.
We made a lot of mistakes and didn’t know shit about running a business, let alone a production brewery with a taproom. But we were passionate and put everything we had into our beer and our space, and I believe that is the reason why we managed to break into the top 20 on Untappd less than a month after our soft opening.
I say all this because I wanted to point out that hard work and long hours don’t inherently lead to misery and regret. There are very few things I would change about my experience.
We made a lot of mistakes and didn’t know shit about running a business, let alone a production brewery with a taproom. But we were passionate and put everything we had into our beer and our space, and I believe that is the reason why we managed to break into the top 20 on Untappd less than a month after our soft opening.
I say all this because I wanted to point out that hard work and long hours don’t inherently lead to misery and regret. There are very few things I would change about my experience.
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pharmakos
soʞɐɯɹɐɥd
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we watched this week's episode of Bob's Burgers tonight. in it, Bob's health inspector Hugo thinks Bob doesn't appreciate him enough. so, Hugomakes a deal with Bob -- he'd take Bob to the grand opening of a restaurant called Wrap-Topia, where Bob would have to eat a wrap, no matter what the conditions of the new restaurant were. there, they meet the owner, a guy who they learn made his money in finance and knows nothing about restaurants. they find many unsanitary conditions. the meat is improperly stored. there are rat droppings near the salad bar. Bob eats his wrap and ends up vomiting profusely shortly after. he admits to Hugo that Hugo has an important job, and learns to appreciate health inspectors. he gets a ride home from the restaurant owner, and gives him some advice -- go to school to learn how to run a restaurant, seriously.
the timing seemed too interesting of a coincidence for me to not share. not sure if it means anything, tho.
the timing seemed too interesting of a coincidence for me to not share. not sure if it means anything, tho.
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This is a fantastic post, and brings a whole new light to the things I said. Yes, expect the work as I described it, but there can be real enjoyment in that hard work, and a lot of joy. If you're ready for the hours, then by all means, have a blast!
Dandai
<WoW Guild Officer>
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moonarchia
The Scientific Shitlord
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Unless they have some baller financials, do not buy. Period. Food industry is hell in many ways. Insane employee turnover, as well as only being able to get shit employees who will steal everything in sight to begin with. Shitty margins. It will consume every waking moment of you and your wife's life for years.
Control
Ahn'Qiraj Raider
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Literally the worst kind of business. Have you ever worked in a restaurant or even know anyone who runs one? Did the owner/manager seem happy/fulfilled/etc.?
Do something software based, or literally anything that isn't a restaurant.
You don't need to know what you're doing to make something, you'll learn along the way. Just start by scratching your own itch. Next time you get pissed at a tool or service or you think "I wish x did y", start digging in on how you could make something to solve that problem. (You probably have a mental list of about 50 of those things already, anyway.) If it's something you need, then other people probably need it too. Even if that's not true, you'll have built something useful from the ground up, and you'll have learned throughout the process. Even if it makes $0 ever, that's still at least 6 figures more money than a restaurant will result in.
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I can't think of the name of the movie, it's a comedy based in a restaurant. Most of the shit in it is hilariously true.
I'm pretty sure it was this one
Waiting... (2005) - IMDb
I will echo what most in here have said, it's extremely hard and time consuming work. You're going to have tons of bad employees, and just as bad customers. You really need to learn the financial aspect before hand, because there are a lot of ways you can really fuck up. Things aren't as easy as just figuring out what the food costs, you have a lot of other overhead in things like building, payroll, etc. You really want a chef who knows what he is doing, this is not a spot to cut costs. Someone who can cook good food, present well, and run a kitchen is a god send. If you get that, let them do their job. Find out what you need to enable them, and help them, don't get in their way.
It might be a little different in a town that small though. In a population that small word of mouth is huge. Keep in mind though, with a population that small you have to do things to get people coming back.
I'm pretty sure it was this one
Waiting... (2005) - IMDb
I will echo what most in here have said, it's extremely hard and time consuming work. You're going to have tons of bad employees, and just as bad customers. You really need to learn the financial aspect before hand, because there are a lot of ways you can really fuck up. Things aren't as easy as just figuring out what the food costs, you have a lot of other overhead in things like building, payroll, etc. You really want a chef who knows what he is doing, this is not a spot to cut costs. Someone who can cook good food, present well, and run a kitchen is a god send. If you get that, let them do their job. Find out what you need to enable them, and help them, don't get in their way.
It might be a little different in a town that small though. In a population that small word of mouth is huge. Keep in mind though, with a population that small you have to do things to get people coming back.
BrutulTM
Good, bad, I'm the guy with the gun.
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This is the key. As someone who left a cushy government job to take over a family business that I had no idea how to run 9 years ago, I have worked 10 times harder for way less money than I did at my old job but I would never go back. If you are doing something you're passionate about, it's easy to work hard. If you're getting into it for relaxation, you're nuts. If you're getting into it for money, you probably don't know enough to do that. That said, there's few things more rewarding than giving everything you've got to something that's important to you.
I would recommend reading Anthony Bourdain's book, Kitchen Confidential. Especially the chapter "Owners Syndrome and Other Medical Anomalies". I don't know how relevant it is these days, but it's a very entertaining read whatever you get out of it.
Tsar Bomba
Molten Core Raider
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Sledge
Trakanon Raider
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You know a lot more than the people looking for website help though. I was going to contact you last year to see how much you would charge to work on a message board and a couple websites.
tyen
EQ in a browser wait time: ____
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Watch a bunch of Gordon Ramsey "Kitchen Nightmares." That should be enough to prepare you for whatever slum of a restaurant you buy.
Kiroy
Marine Biologist
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as a business owner my advice would be to not take advice from tyen
my real advice would be to start your own thing and stay away from the food industry unless you have general manager experience (pretty sure you don't?). As a small business owner that deals with a ton of inventory, I couldn't even imagine what we'd do if it was perishable. I start sweating at the thought of it. pretty sure those X businesses fail in the first year stats we always hear is like 99% because people think they can open/buy/run a restaurant.
unless of course you can weather a failed business financially, if that's the case do whatever the fuck you want
my real advice would be to start your own thing and stay away from the food industry unless you have general manager experience (pretty sure you don't?). As a small business owner that deals with a ton of inventory, I couldn't even imagine what we'd do if it was perishable. I start sweating at the thought of it. pretty sure those X businesses fail in the first year stats we always hear is like 99% because people think they can open/buy/run a restaurant.
unless of course you can weather a failed business financially, if that's the case do whatever the fuck you want
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