Quote:
Originally posted by TaDoW@Mar 11 2005, 10:12 AM
It's a fairly quiet bar in a local upscale neighborhood, their numbers look good for their history. Myquestion for you is this ... I haven't ever TOUCHED the food/beverage service industry. Now, obviously until I had a clue wtf was going on, I'd keep everything the same - bartender, manager, wait stafff, etc... have any of you ever owned a restaurant and/or bar? What are some of the pitfalls? Would you recommend actually working in the field/industry before ever trying to purchase a business of that sort?
Also - I've heard that WA state doesn't allow the same business to own both a porn company AND a company that serves alcohol ... can anyone shed some light on this?
thanks all =-)
P.S.: Happy Friday!
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I've part owned pubs , bars , restaurants , clubs and even a country hotel.
Though as a "silent" partner ( ironic name..people that know me, know I'm rarely silent)
The one thing that drove me totally mental was "spillage" I think it is called.
Which is basically "theft"
The rants I have done over "people are stealing....from me?" Are of epic proportions lol.
I have been VERY lucky in my involvements.
The UK pubs did ok.
The Hotel lost money operating , but made huge property value when we sold it.
The restaurants did good , but was mainly a "vanity purchase". Its cool going to a top flight restaurant and owning a peice.
The first club I was involved in years ago was doing lousy , but then burnt down so we did OK on insurance.
But I was told going in 8/10 fail in the first few months.
As for the porn thing....sell all your porn assets offshore. Create a US based consultancy company , and have the Offshore porn company after it purchases your porn assets , have it contract with your US based consulting company for the management of it. Viola...you are now an internet consultant.
;-))