{ "media_type": "text", "post_content": "Would anyone buy a restaurant?\n\nThere's a decent restaurant near where I live selling for what appears to be a pretty low price (assuming due to COVID). I'm really tempted to give it a go, and I have the finances to \"weather the storm\" until vaccines are out.\n\nI would of course go over their books before moving forward, just curious if anyone's had a positive experience?", "post_id": "5fbcd6a2c28cba0024eff67c", "reply_count": 17, "vote_count": 3, "bowl_id": "5b3f7377ab53db00136f7b4c", "bowl_name": "FIRE Financial Independence Retire Early" }

Would anyone buy a restaurant? There's a decent restaurant near where I live selling for what appears to be a pretty low price (assuming due to COVID). I'm really tempted to give it a go, and I have the finances to "weather the storm" until vaccines are out. I would of course go over their books before moving forward, just curious if anyone's had a positive experience?

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The money is in owning the real estate. Rent the building to dreamers who WILL fail.

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MacD Model is the best

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This is probably one of the toughest, if not the toughest, businesses to do well in. Also, it is going to require a lot of your time and I would prefer businesses that are more passive (tech, subscription-based, rentals, etc.). When it comes to businesses, don't forget about the importance of how scalable something is/isn't.

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I owned a successful restaurant for eight years, and my family owns many. Some of the wisest words I ever heard: you never own a restaurant, it owns you. Don’t do it! DM me if you need more convincing.

likesmarthelpful

I used to work at a small firm that had a bunch of restaurant clients. It isn’t wildly profitable in almost any circumstance. Alternatively you may just enjoy having a place to host your personal events and socialize with friends and family in the community. But like others have said, you’re either going to need a good restaurant manager to be on top of things or have to monitor it all yourself.

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I have not bought one, but have been doing research for a while. One of the conclusions that I have made to move forward is whether or not I am able to make the restaurant better, either by improving the offering, experience, and etc. or completely change the way it currently operates. I do not think the ability to “weather through the storm” is good enough a reason for me. But, as you said, if you have the play money to try it out, why not?

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"How do you make a small fortune in the restaurant business?" "Start with a large fortune".

funny

This

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My thoughts is unless it’s your full time job, don’t do it. Margins are not good. Very time intensive. Now is a terrible time to revive a restaurant. Nobody wants to go out to eat right now. It’ll likely be a money pit for 2021 and will require great execution to recover afterwards. Margins are probably better in the delivery only sector of mobile kitchens like cloud kitchens. The exception to this might be a great deal on a McDonald’s franchise or similar venue.

A1- I could argue that 5-ways to Sunday.

I grew up working in a restaurant as a kid. Overall in our town the restaurant did reasonably well but it was a family business where essentially my parents exploited myself and siblings for long hours of labor. Had they not, who knows. In any case the restaurant business is more a labor of love than an investment. The margins during a good time might be 4-5% at best assuming you pay a decent wage to staff. My parents are actually trying to sell our family restaurant in a quaint small town of 6k people. The restaurant has a big lot which coincidentally we get $275/month for to rent out to employees of a company next door

While I agree with everything.. 4-5% and you’re going out of business. We maintained a 25% margin with a single unit. My family with revenue of 50 million in restaurants are also in the 20% range. Something doesn’t add up.. but yes, don’t do it OP

If you’re fabulously wealthy - go for it!

Restaurants are a full time job aside from your normal job. If you are not careful enough, you will start hemorrhaging money and employee turnover is a bitch. If you want to go forward with it, you need to hire a manager full time and incentivized his/her compensation for the long haul.

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