A funky restaurant near me is for sale

[Deleted]

This my dream. I say just go for it!

[vicky]

Do itttt.

Then hire me for pastry.

[bcv513]

Oh I love it!! And the price isn't bad at all

[Deleted]

The other has owned bars in the past. Why in the past? If they were successes, why is she not still doing it?

[alzi]

Do it! I'll come eat!

[lust2hart]

Do it!

[alzi]

Sept 22, 2014 13:13:39 GMT -5 @stpete said:

It has a really great koi pond too.

You are a pro at that!!

I just realized I never saw your monster fish.

[BeagleMama]

I'll concur with jillianashley6 - are you prepared to devote your life to this place? How would you structure the business with the partners? What if they bail or want out? Where are you getting the investment money?

I have two close friends who work with their family's (successful) restaurant businesses. It is all-consuming, you work at times when everyone else plays.

[gretchenindisguise]

I've watched enough Kitchen Nightmares to know this has bad idea written all over it.

[Deleted]

My vote is no. How much business is it bringing in? And why are the owners selling?

[ohyouknow]

I read the online forums at biggerpockets.com, which is all about buying real estate. I've learned a lot about people that buy restaurants.

The most profound thing I've read about franchises and restaurants is "You are buying yourself a job that you can't quit easily."

[Marle]

I know this has been your and your
Friend's wish for a long time. Wasn't that why she went to culinary school? And you wanted to do the same right?

I hope they are in a place to make this happen if it is a good deal. And if not, it is nice to daydream.

[maggiemoo]

Sounds fun, but have you ever watched Kitchen Nightmares?

[nomad100]

Sounds good in theory but practical side is that unless they are willing to give up the SAHM thing and work more than full time or have a never ending supply of capital, restaurants are not the business to be in. There is a reason why the majority fail within the first year.

Part of the reason I got out of the food industry was the weird hours (start working at 3, get home after midnight) and working every weekend because that was when the bulk of the money was made. I couldn't see making that my life longer term. 4 years was enough.

While it isn't as much of a money maker because not much booze sales, I know of several successful breakfast and lunch places in my area. But that means childcare in the mornings since these places open at like 7ish so prep would begin even earlier. On the weekends they do a brunch only but are still open a good chuck of the day. They are closed on Mondays.

[prettyinpearls]

My first thought is "Why is this restaurant for sale?" If it's because of poor performance, it may be difficult to rebuild a new restaurant from under it's prior reputation.

[Saint Monica]

I do not have the balls for this. Tough industry.

[CajunShrimp]

Sept 22, 2014 13:13:15 GMT -5 @booby said:

Sept 22, 2014 13:05:47 GMT -5 @stpete said:

I am sitting here day dreaming of buying it with my best friends and opening our own place. The price isn't bad considering it comes with the land. They are both currently sahms who have been trying to figure out what they want to do. One went to culinary school and the other has owned bars in the past. 

It's not completely crazy. 

oh, they are totally qualified then!


lol.  sorry.  i watch too much restaurant impossible.

This is the first thing I thought too.

[lilac05]

As the child of a former bakery/bar/restaurant owner, my gut reaction is "RUN! Run far, FAR away!" It is a super cute place & fun to dream about all of the possibilities, but restaurant life is super tough...even if you do it for love & not money.

My dad literally lived there about 75% of the time (attached hotel room). Restaurant turnover is so high...and when your dishwasher simply doesn't show for work, guess who gets to do it? Then stress about how to find a new one. Then you find out the bartender is giving away free drinks frequently, but has a loyal following who will leave if he does. Hours are absolutely unpredictable and you're never off. I'd worry about how that would work with your kids. My parents both missed out on a lot of things because of the restaurant. (Mom had another high stress, time demanding job, too...but immediately went from that job to the restaurant most days.)

I think the most successful restaurant owners have extensive experience in the restaurant industry before buying. It's not the same as owning another business, and unfortunately being an insanely talented chef doesn't cut it, either. Would you keep the staff? MAYBE things would be smoother if you gained a successful restaurant with a well-loved restaurant manager who was willing to stay on staff.

My parents bought the restaurant with savings, too. We lived off of my mom's (low) salary. It was a tough, tough loss when the restaurant closed & all savings were gone. They're still OK, but they have a lot of hard feelings about it & really don't talk about it...ever. I think there's a lot of "it would have succeeded if you had just..." For that reason, I wouldn't want to go into it with friends. Maybe you could hire your friends as kitchen/bar manager, but I wouldn't be partners.

[WOT?*]

These guys did it when their favorite restaurant was going to close. It's now locally award winning for the biggest cinnamon rolls ever and some pretty good food. And makes loads of money for them. The place is packed every weekend and Mother's Day there is no way you can get in without waiting for hours. We made that mistake once.

www.maltbycafe.com/main.htm

If they can live the dream...

Actually, having been the child of business owners, you'll be putting in way more hours than you'll ever imagine. If you're prepared for that reality then there are a lot of other realities you have to think about as well. It's a time suck, a money suck (until it's not, if that day ever happens) and a suck of so many other things.

[isabel]

Sept 22, 2014 13:10:25 GMT -5 vicky said:

Do itttt.

Then hire me for pastry.

Yes, and I will take the FOH manager position. Please and thanks.