So I bought a restaurant with a friend.

[resjudicata]

@josephmetalman You don’t get lucky with restaurants. They take an enormous amount of work.

 

[ncnctv]

@josephmetalman The only ship that doesn’t float is a partnership.

I learned this the hard way when I was the money and my business partner was the “know how and connections”. Within the year the company was running great and the money guy (me) wasn’t needed anymore, as it was feeding itself. I was forcefully bought out.

 

[1yugioh]

@josephmetalman Sounds like your business partner was raised in south Florida.
Lack of focus + Divided teams = imminent bankruptcy
Pull a no BS, successful restaurant owner in, pay them $250 for one hour… lay it all out on the table, then do what they say.
Most of your probs are solved by real talk and basic execution of what the successful restaurant owner tells you.

 

[jackdcat]

@josephmetalman I would never buy or invest in a restaurant

 

[patorikkudozzu]

@josephmetalman #1 never go into business with a friend or relative #2 did you draw up a contract? Is this business making profit ? and did you all know that the food business is known to be one of the most time consuming and hardest business to do Maybe you can hire someone to get a small salary with a bonus of the profits every month but do a contract!

 

[tiago]

@josephmetalman 2+ years and can't pull a profit? Might be time to close up shop or sell your interest in it.

 

[kobolt]

@tiago The last two years aren’t a great indicator of success in the restaurant industry.

 

[tiago]

@kobolt All depends on location obviously but restaurants have done really well in the pandemic

 

[josephmetalman]

@tiago It usually nets about 150 a year. He’s just been putting every dime back into it. Which don’t get me wrong it needs. The last 2 quarters we have broken even or taken a slight loss due to exponential rise in labor and food costs. The area were in is taking off though there’s about 1500 new condos being built in under a 1 mile radius so within the next year the demographics are going to be insane.

 

[annie09]

@josephmetalman Assuming those condos get completed and sell, have you been paying attention to the real estate market? Jesus, you're business only works if people move in who currently don't live there.

You can make $165k as a software developer, why are you messing with this nonsense for pennies?

 

[trinicia]

@josephmetalman With any business, it will take years before it is proftiable and turns an upside for owners and initial investors. If you cannot survive on the salary provided from the resturant there isn't much logic in remaining in the venture as a salary employee.

Taking the quarterly draw as a form of passive income isn't a bad idea, perhaps you could keep your primary job and work part time for a salary, and gradually increase your stake in the business, to increase your take.

The current economic climate isn't the best, keep that in mind. But I would consider an increased investment, offer to work part-time on an "when I can basis" perhaps for a lesser salary, and keep my day job, and remain patient understanding it takes a lot of time, energy and money before a business becomes a profitable money maker.

 

[levian14]

@josephmetalman I’d get out.