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Old 07-25-2013, 12:30 PM   #41
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Old 07-25-2013, 01:18 PM   #42
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That's it, after seeing this thread I am getting into the restaurant business. I can see the returns are far better than the business I am in.
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Old 07-25-2013, 02:07 PM   #43
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That's it, after seeing this thread I am getting into the restaurant business. I can see the returns are far better than the business I am in.
sixshooter's compelling pitch sold you, huh?
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Old 07-25-2013, 02:47 PM   #44
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This is interesting, and I'd never even heard of an external liquor-auditing service before.

One thing puzzles me- they claim that "You’ll see any discrepancies, spotlight top-selling brands (and “dead” stock), streamline purchasing, and even highlight shifts costing you the most."

If they only weigh the liquor once a week, how can they pinpoint individual shifts which are causing the most loss?
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Old 07-25-2013, 03:03 PM   #45
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Originally Posted by sixshooter View Post
Expect to not be able to pay yourself for a long time, but rather to continue to spend large portions of your savings propping the place up after you have spent a large sum of money purchasing it. It often takes 12-18 months for an experienced manager to get the cashflow to a positive number to begin to pay off debts. Until then much of it comes out of pocket for the food, mortgage, electric, payroll, etc. You will be spending more than you will take in for many months.

Wait! Did you say you will be re-naming the place and changing the menu? Then why are you paying money for an existing business? All you buy is a reputation and a "brand" when you spend anything more than the cost of the building and equipment. If you are changing the brand then you only need a lease and the equipment and are throwing money away if you are spending a dollar more.
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This is actually a very great point that has not been mentioned yet in the thread.
Yeah, not lost on me. It's the *location*, that specific insanely cool old building in an insanely cool and opportunity-filled location, already built out and equipped, which I'm primarily buying. He does have an existing customer base, enough to keep the doors open for ten years, which also has some value, but it's the building and the FF&E I'm after. I'm under a Non-Disclosure so I can't really get into specifics, but there are a number of really unique circumstances that make that place worth buying. His financials (and my first hand experience in stalking the place through a number of lunch services) lead me to believe that he's missing out on a **** ton of opportunities because he's never really open and his food blows. And he plays Kenny G-esque soft jazz on his background music.
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Old 07-25-2013, 03:05 PM   #46
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That's it, after seeing this thread I am getting into the restaurant business. I can see the returns are far better than the business I am in.
Right? I was initially filled with excitement and anticipation, then came the night of Fear and Crippling Doubt, and now I just feel a little queasy.
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Old 07-25-2013, 03:11 PM   #47
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Originally Posted by Joe Perez View Post
This is interesting, and I'd never even heard of an external liquor-auditing service before.

One thing puzzles me- they claim that "You’ll see any discrepancies, spotlight top-selling brands (and “dead” stock), streamline purchasing, and even highlight shifts costing you the most."

If they only weigh the liquor once a week, how can they pinpoint individual shifts which are causing the most loss?

I don't see that claim. I'd assume you couldn't pinpoint it like that...

You could possibly review the POS and see when/who is serving what particular alcohol that's suffering from "shrinkage" and possibly figure it out?
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Old 07-25-2013, 03:46 PM   #48
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Originally Posted by Braineack View Post
I don't see that claim.
It's right there in the PDF that you linked to, lower-left quadrant of the second page:





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You could possibly review the POS and see when/who is serving what particular alcohol that's suffering from "shrinkage" and possibly figure it out?
The POS only tells you what's being sold, not what's being poured.

This would also tend to presuppose that the ratio of vodka sales to rum sales (as an example) varies dramatically from shift to shift in a predictable pattern. (eg: people only buy vodka from 2p-4p, but never buy rum during that time, and they only buy rum from 9p-1a, but never vodka.) I'm pretty sure that drink-ordering doesn't work that way.
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Old 07-25-2013, 03:48 PM   #49
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sounds like that's referring to an initial audit where they might be measuring after every shift, each day to provide initial stats.

yeah see, next sentence is: we'll then sit your staff down and out them as thieves.
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Old 07-25-2013, 06:19 PM   #50
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Originally Posted by Scrappy Jack View Post
sixshooter's compelling pitch sold you, huh?
It sounds like a living hell, but some people are drawn to that kind of life I guess. I know a few people in the business. Some are successful, and some are barely making it.

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Right? I was initially filled with excitement and anticipation, then came the night of Fear and Crippling Doubt, and now I just feel a little queasy.
You never know, it might be a fun new adventure for you. I am sure you know the peril of trying something new. Only you will have that feeling whether it is a good idea or not. It definitely takes a certain kind of mindset to make that kind of investment.
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Old 07-25-2013, 09:54 PM   #51
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Originally Posted by miata2fast View Post
It sounds like a living hell, but some people are drawn to that kind of life I guess. I know a few people in the business. Some are successful, and some are barely making it.


You never know, it might be a fun new adventure for you. I am sure you know the peril of trying something new. Only you will have that feeling whether it is a good idea or not. It definitely takes a certain kind of mindset to make that kind of investment.
For what it's worth, let me share this tidbit of knowledge; I literally bullshitted and tapdanced my way into ever-increasingly more high-level positions all throughout my career. I mean, positions for which I was completely unqualified and without the first clue about how to perform the tasks required. When I finally bailed on the corporate scene I had gotten from a union represented telemarketer to a management "third tier" regional pre-sales engineering gig dealing with huge voice and data networks. Straight-up "customer facing gotta know your ****" job. I literally knew nothing on Day 1 in any of my jobs, and by that I'm not talking like "how they do stuff here", I mean "I have utterly no knowledge of packet networks at all".

And in every case I rocked the job. Like I mentioned before, I have a weird knack for figuring stuff out really quickly. I'm pretty much dumb as a post in every other way, and completely ADD, but I have that one ability (lol, it's probably borderline Autism or something..) and it's served me well. I'm good on my feet, I'm an ISTP, off the charts, if you're familiar with Meyers Briggs profiles, and good in full crisis mode. Happiest, even. I think restauranting is right up my alley.
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Old 03-14-2014, 10:18 AM   #52
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Any update?

I have been formulating a restaurant business concept/plan and have made several connections that I plan to tap soon for everything from funding, to grants, to mentorship and am eager to hear how your venture is turning out.
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