Owning a Restaurant

[mickeysgal]

Reading this I am betting right now you are going to do it. Right or wrong think hard on it before you do. I hope there isn't any money being borrowed. Cash flow is very important.

No, I wouldn't say that. All signs are still pointing to NO for me at the moment. I have some questions on the table that haven't been sufficiently answered as of yet. I want to hear what they have to say in regards to those questions before the final yes/no - and it most likely will take a few more months into their planning before the answers are available. They're going to have to sell it to me hard in order to get me on board.

 

[Swan4Me]

Does anyone here on the DIS own and operate a restaurant? What do you like about it/dislike about it? Would your choose owning a restaurant again if you had a chance to do it over? I've been asked to help with the general overseeing/operating of a new restaurant being opened and I'm on the fence whether this would be the right move for me. I understand the mega hours involved, but other than that, this is an occupation that I know little about, yet some of my skills that I currently have (managing people, customer service, financial background, some marketing) may be applicable.

Lots of restaurants open here, in fact one of my son's family has started a successful franchise in 3 states and he has worked all legs of the biz since his college days . The hours are brutal.

I cant imagine anyone hiring someone to manage a restaurant who has never done it

 

[lukenick1]

Exactly. My DH is second generation Greek-American. His Grandfather came here at age 17 with nothing. He found a job working in a restaurant. Couldn't afford an apt so he slept on the floor in the kitchen. Eventually he saved enough money he bought the restaurant. Got married & had kids. Kids all worked in the restaurant. Granpa helped FIL get his first restaurant. DH grew up working in the restaurant with his mom, sister, dad, and an uncle. DH has NO DESIRE to work in a restaurant again. Here's his take on it:

*There are no days off for management & the hours suck
*As an owner/manager you can easily spend 20 hours a day at the restuarant
*High risk of business failure
*Very high cost of healthcare insurance
*Negative impact on family life--business always comes first

DHs Grandpa worked every day except Sunday for 50 years. Never took a sick day or a vacation. At 67, he decided to retire. Five months later he was dead of kidney disease. In all those years of working, he had neglected his health and his family and left them with nothing to show for it. Very sad. And the very reason that my DH went into the credit industry, instead of food services.

I think you have to really be married to the idea if you're going to do this.

Good points but your DH's grandpa is not a good example of what a restaurant does to you. My DH is 1st generation Greek and his Dad is 75 and works 12 hours a day 7 days a week at our restaurant because he wants to. Those old Greeks are die hard and will work themselves to the bone by choice. It doesn't have to be that way. They have this mentality that you need to work hard and save every dime you make and never enjoy your life. It's all about the money to them.
My DH and I have owned our pizza shop for 16 years now and it has it's pros and cons. The money was GREAT for a very long time and has given us nice things. The past few years we have been declining and it is due to the economy. Not easy to survive in this day especially with lots of other competition out there. Here is my point of view.
If you have a college degree or another career DON"T DO IT! You will be working every weekend while your friends are all enjoying time off. That's my biggest gripe about our place. Weekends and Holidays are spent at work. My DH refuses to miss his children's life so he has hired help so he can be home for sports events, and school events. There are also risks with hired help....THEFT! It is a tough business but is great for those who never went to College to get a real career for themselves like us. Also, make sure you have enough money to cover unexpected expenses like equipment failure. Big bucks! Please feel free to ask me anymore questions.

 

[Acklander]

No, I wouldn't say that. All signs are still pointing to NO for me at the moment. I have some questions on the table that haven't been sufficiently answered as of yet. I want to hear what they have to say in regards to those questions before the final yes/no - and it most likely will take a few more months into their planning before the answers are available. They're going to have to sell it to me hard in order to get me on board.

If they're going to have to sell you hard in order to do it, don't do it. If the passion isn't there, it's not going to work. If the passion is there, nothing is going to stop you from doing it and you wouldn't have asked the question in the first place.

 

[eliza61]

Exactly. My DH is second generation Greek-American. His Grandfather came here at age 17 with nothing. He found a job working in a restaurant. Couldn't afford an apt so he slept on the floor in the kitchen. Eventually he saved enough money he bought the restaurant. Got married & had kids. Kids all worked in the restaurant. Granpa helped FIL get his first restaurant. DH grew up working in the restaurant with his mom, sister, dad, and an uncle. DH has NO DESIRE to work in a restaurant again. Here's his take on it:

*There are no days off for management & the hours suck
*As an owner/manager you can easily spend 20 hours a day at the restuarant
*High risk of business failure
*Very high cost of healthcare insurance
*Negative impact on family life--business always comes first


I think you have to really be married to the idea if you're going to do this.

LOL ironically this is our story too, except we're AA. Ironically my family sold our restaurant about 10 years ago because no one wanted to continue it.

My grandfather and his 2 brothers left Tennessee for the north to escape JimCrow.
Opened a soul food restaurant in NYC. every kid in my family worked the restaurant at some point in our life, whether we wanted to or not.

Ironically, the success of it allowed my grandfather and great uncles the ability to send all their kids (my mom included) to college. My mom became an attorney so no way was she taking over it and all the other kids became professionals also.