My husband and I have long entertained the idea of owning our own bar and grill. I know, a very common dream at which many people fail, loosing their home and savings.
Due to the economic situation, my husbands company is closing down, leaving him without a job and a little bit of severance pay. I still have my job and plan on keeping it. As of now, it is not in danger of elimination.
Here is the deal: We have a very good friend who has been in the restaurant and bar business for about 15 years. The restaurant was very successful, but after a divorce from his wife they decided to sell it and go their separate ways. Now, he owns a bar and has been bugging us to open one also. He will do the financing and shadow us for as long as it takes. He will be in the bar with us night and day until he feels comfortable that we are on our feet. In return he will get 10% of the sales. Almost like a franchise.
On the one hand, I am very reluctant. On the other, that man knows his business and he turned his bar around from a whole in the wall when he bought it to a booming place.
In addition, we live in a college town and this little grill is right accross from the college, perfect for lunch.
Any advice or dos and donts? What is the expected profit margin in a business like that. I have looked at the menu and find it way too complicated. Personally, I would like to concentrate more on booze, pool and music than on food.
I am thankfull for any input.
Hille
Due to the economic situation, my husbands company is closing down, leaving him without a job and a little bit of severance pay. I still have my job and plan on keeping it. As of now, it is not in danger of elimination.
Here is the deal: We have a very good friend who has been in the restaurant and bar business for about 15 years. The restaurant was very successful, but after a divorce from his wife they decided to sell it and go their separate ways. Now, he owns a bar and has been bugging us to open one also. He will do the financing and shadow us for as long as it takes. He will be in the bar with us night and day until he feels comfortable that we are on our feet. In return he will get 10% of the sales. Almost like a franchise.
On the one hand, I am very reluctant. On the other, that man knows his business and he turned his bar around from a whole in the wall when he bought it to a booming place.
In addition, we live in a college town and this little grill is right accross from the college, perfect for lunch.
Any advice or dos and donts? What is the expected profit margin in a business like that. I have looked at the menu and find it way too complicated. Personally, I would like to concentrate more on booze, pool and music than on food.
I am thankfull for any input.
Hille
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