Any Restaurant/Bar owners here?

[FleshTuxedo]

Hey all.
I got approached by a buddy of mine to take over his business partners half of the restaurant/bar.
I am very familiar with the establishment, and I would love to do it.
I think it would be a great investment opportunity as well.
Any thoughts/opinions would be great.

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[Newbie]

Do it.

 

[Headsong]

Ask small biz accountants. Having a partner, esp. in a biz with lots of cash....will lead to trouble somewhere along the way. I have a short speech (that one) and a much longer one....I've never seen partners go the distance except for one, and they were brothers and respected each other's lanes.

 

[joez]

Watch a few episodes of this: Bar Rescue - TV Series | Paramount Network

 

[ChrisB351]

Ive never owned one but worked/ran several. If its a new adventure its a gamble. If its established then its all up to how you trust the partner.

 

[FleshTuxedo]

Ive never owned one but worked/ran several. If its a new adventure its a gamble. If its established then its all up to how you trust the partner.

This restaurant has been operating for 20+ish years. The one partner wants to retire (he's in his 60's, and wants to move south for the winters).
He is basically hands-off at this point.
I very much trust my friend, and perspective business partner.
I basically work there already, just don't get paid (help them out with fixing stuff, little things here and there, etc)

Just trying to get peoples stories/opinions if they have bought into a running business and how the process was for them.

 

[ChrisB351]

This restaurant has been operating for 20+ish years. The one partner wants to retire (he's in his 60's, and wants to move south for the winters).
He is basically hands-off at this point.
I very much trust my friend, and perspective business partner.
I basically work there already, just don't get paid (help them out with fixing stuff, little things here and there, etc)

Just trying to get peoples stories/opinions if they have bought into a running business and how the process was for them.

Id probably do it

 

[Headsong]

It's like a marriage, only more difficult. The usual challenges come with shared visions and goals, morals, work ethic, etc. Does one of you want to snake cash and the other doesn't? Does one want to write off the new Bronco even tho' you don't use it for biz? Does one like to take more days away than the other? Does one work harder than the other? Etc. etc. etc. That's where the shipwrecks eventually come, not to mention the deadly stuff like addictions and personal crap......personality differences, how you manage disagreements.....etc.

So you know.

 

[MayhemMike]

Situations like this are discussed at length on the ID channel. Ninety nine percent of the time the police figure out who killed the business partner in the end. Just kidding. Like some old Roman once said, “ Fortune favors the bold”. The worst that can happen is you wind up eating the cheap grade cat food.

 

[NatureMan]

Never become partners with someone you know. One of you will get F’d in the A.

 

[krasy]

My husband's sister has recently suggested opening a business together. We are good friends, but I have doubts as I worry that running a business together can spoil our relationships. Are there any successful stories from people who run a business with friends or relatives?

 

[alicestevens]

Depends highly on the business i guess but in general it is not a good idea to start business with the friends or relatives. I know a lot of examples were people stopped being friends after doing something like that together. On the other hand, if you are bold enough, you can probably take the risk. just don't forget to use Microsoft teams direct routing in your marketing strategy. That is one of the best tools i've used so far.

 

[Vebejaden]

Assess the market and competition in your area. Are there unique selling points that you can capitalize on to stand out from the competition? Additionally, consider any necessary upgrades or improvements that might be required to enhance the customer experience and increase footfall.Regarding the investment aspect, it's essential to have a clear understanding of the financials. Analyze the past and projected revenues and expenses to ensure the business is financially viable. Seek advice from a financial advisor or business consultant to help you make an informed decision.Now, let's talk about marketing. Building a strong online presence is crucial in today's digital age. Crowd funding link building can be a beneficial strategy. It involves leveraging the power of the crowd to promote your business, attract more customers, and improve your search engine rankings.

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