Posted on 03/02/2010 4:33:18 PM PST by Yaelle
In this economy, even Rush Limbaugh said to turn your luck around by creating your own destiny, doing what you'd love to do. What if you would love to buy a pub, and such an opportunity is before you?
Have any of you done this? What were some of the pitfalls? What are the big decisions that factor into whether or not to take the plunge?
The opportunity that presents itself in this instance is of small capacity, maybe 50 persons, light and airy, with a kitchen for pub food as well. Location could be listed as "Could NOT be any better." Water view, tourist and local favorite area, plenty of foot traffic.
The long work day, or no free evenings, weekends, and holidays, does not frighten us.
Easier said than done:)
Does the current owner have any he would recommend?
Are you hiring? I sure need a job and I used to be the fastest bartender in northern Colorado. Even if it was 20 years ago.
Keep your overhead as low as possible in the beginning. You could always do remodeling and other things down the road if you’re doing good. My friend bought a fully furnished bar for $20,000 and then buried himself with $250,000 of debt remodeling a building he didn’t own. He refused to listen to anybody and lost the bar within two years.
Do not listen to Gordan Ramsey. You’re kitchen staff will turn around every three weeks.
good advice!
Supposedly, the pub is for sale because the owner has realized the business “isn’t for him,” and doesn’t enjoy it. He has owned it for about five years. The kitchen appears to be clean and functional. Overall, the place is very clean, and attracts a nice-looking clientele that includes young children during the day.
My pal opened a small pub inbetween two churches, Baptist and Mormon. Business couldn’t be better, dude trades in his Benz every two years! On Sundays he has to open early! Three words: location!
Wait, is this a new place or is Yaelle buying a going concern?
I’m sorry, I haven’t read the whole thread.
Not sure what "phoning it in" means. Have you had an accountant check his books (or are you an accountant)? It sounds like it could be a good deal, but if I were you, I would trust but verify. ;-)
Move?
Once upon a time, I worked in a restaurant with bar. I did every job there except manage it.
It's a lot of work. Hours will be long, and employee turnover is great. But the smaller operation that you're envisioning, you might luck out and find good people who will stick around. As long as you treat em right. You'll also have to look out for theft. Dishes, glasses condiments, you name it.
Bartenders like to give away drinks to up their tips. And for good customers, there's nothing wrong with the house buying them a drink or two as long as the house knows about it and can account for it. But you'll have to lay down the law to the BT's not to exceed a promo allowance. People tend to want to come back if they're treated right and you show your appreciation in such ways, and they'll tell their friends.
Try and find a way to have other, or at least an addition to, your basic "bar food". There's a neighborhood bar not far from me that started small like you describe. Well not the water view, more like parking lot view. But it was a close intimate friendly place. Yes, got free drinks from the bartender (I tip well), but also discovered that their kitchen, though small, put out some excellent meals. The main cook, was a bit of a party animal, young, and often hung over, but I'd always see him sitting at a back table looking through recipes on his breaks. He liked to cook. The best Top Sirloin steak I've had was there. I don't know where they purveyed it from, but it was always spot on excellent. The kitchen is probably what put this guy over the top. A few years back, he leased out the space next door that had opened up and expanded.
The bar will bring you the best profit margins, but good food at reasonable prices, and good staff brings people back.
Good luck with your venture.
yes lotsa fights sat-sunday nights-lotsa fun and broken noses n furniture with broken beer bottles everywhere
Watch the help and make sure you don’t treat the till like
an ATM. I’m sure there are more cautions but those are two
that come to mind as being huge.
Just don't kick out the smokers. They need love too. :)
I say go for it also. Hopefully the city you want to open in is not a smoke nazi haven. I'm not a smoker, but I believe it should be up to the establishment's owner to allow smoking or not.
Just don't kick out the smokers. They need love too. :)
I say go for it also. Hopefully the city you want to open in is not a smoke nazi haven.
Since Dallas put in their smoking bans I have done an informal survey and the suburb establishments where one can still smoke are doing much better than the ones in Dallas proper.
I'm not a smoker, but I believe it should be up to the establishment's owner to allow smoking or not.
In California, by law, no smoking in bars. Been that way for years now. Locals have gotten used to it.
Ya know, that is the first thing I thought of when I saw the title to this thread. I check out Day by Day every morning.
Buy your ingredients locally and fresh. Promote your local suppliers to build goodwill in the community. As we lose our taste for imports and fight the contracting economy, people are shopping at their farmers markets and shopping locally. I think a restaurant would get a lot of support for supporting other local businesses.
Great advice. We’re just in the initial looking phase right now, but plan to do a lot of homework. There seems to be a lot of items on the menu, and we’d probably seriously consider cutting some things out. The challenge of coming up with promotions is very appealing, not to mention having a marketing effort to include FB and Twitter. The existing owner does not have any visible marketing efforts right now.
I wish that was available.
All I can say is - do your research! I have had four different friends involved in the bar business over the last ten years. Only one currently still owns a bar (to be fair two of the others were part-time owner/partners who had “day jobs”).
In every case the onerous restrictions and regulations of the city, county, and state PLUS the state liquor control board made turning a profit a virtual impossibility.
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