Re: Opening a Bar
All,
For clarification, let me explain my thoughts more fully and a couple things I've taken away so far.
1) I've yet to get clear books from my "partner", but at this point I think our monthly nut is somewhere around 3k. Needless to say this weighs fairly huge in my decision making (He is currently dating the rental spaces daughter which a huge clusterfuck that needs to be solved, but if we can cut initial investment and get atleast a 1 year lease locked in at retardedly low rate. Shipz)
2) To cover this... It would likely take almost nothing at all. We'd need to pack the place out once a month. Or just have a decent sized crowd a few times a month.
3) He is currently managing another bar that runs a large Thur night crowd, but opens at 1 on Fri/Sat due to his current agreement. This is another issue that I think needs to be worried about. How he splits his time and priorities etc.
Things I'm taking away:
1) I'm not actually "working" in the bar. I will likely be there rarely during business hours. We'll have video surveillance and an annoying inventory control system so we can match profit margins and hire someone to watch tapes if we need to make sure we aren't being skimmed. Not to mention for general liability reasons this seems to be A+.
2) Get a large umbrella policy to make sure nothing goes awry.
3) Be sure to lay out responsibilities before we move forward on anything.
spex,
I reread what you wrote. I am actually the investor. I will be doing none of the work and putting in all the money. The only real work I'll be doing is auditing type stuff to make sure I'm not getting dicked and collecting dollars.
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