Re: Opening a Bar
[ QUOTE ]
I don't know about a bar, but my dad used to own a liquor store and his margin was 8%.
[/ QUOTE ]
20% on liquor, 25% on bottle beer, 30% on Draw beer. Had two bars for 8.5 years, one a neighborhood lounge, the other a preppie dance/live music club. I had a silent partner which made me the day to day operator. Best advice I can offer you is to let the operator make 100% of the personell decisions, if not they will run to Mommy/Daddy (you) and try to get a more favorable decision.
Also be sure to incorporate and still carry a large (Million $ at least) personal liability policy. Would also advise an insurance policy on each partner payable to the other partner in an amount large enough to pay his/her estate for their share of the business should one of you die, like in a barfight stabbing for instance. [img]/images/graemlins/smile.gif[/img]
YMMV
Jimbo
|