Recently I had the pleasure of watching "Restaurant Impossible" on the Food Network. http://www.foodnetwork.com/restaurant-impossible/index.html Normally I don't like these reality shows. My wife can attest to that.
However, I was hooked. The main party is a chef/businessman named Robert Irvine. He observes and corrects mistakes failing restaurant owners are making. In addition, they do a make-over. I'm less interested in the make-over and more interested in the candid observations he makes. There is a lot of truth in his insight.
I've represented hundreds of businesses. I run one or two myself. I've watched businesses succeed and many flounder & fail. I've been pretty sure some would fail from the get-go, but couldn't stop the train wreck.
Which leads me to why I am writing this article. If you are thinking of opening a restaurant or bar, or even simply business, then I suggest you watch this show for its observations. 1) he'll talk about process of running the food preparation for a restaurant, 2) you'll see evaluation of pricing & expenses. It's information you can employ with your business or idea.
I love this guy Irvine's candor when he interviewed the owners of a San Diego eatery. He point blank told them they paid too much and told them what the value of the restaurant was that they purchased when they purchased it.
The reason this perspective is important is that we all have our personal views and dreams for a business. Sometimes those views are off the point, over-inflated, underestimating of risks, etc. A show like this has value for the businessman as well as potential entrepreneur.
Call me, Kirk Sanders, at 336.724.4707, when you want assistance and counseling to start-up or maintain your business. I handle LLC's, corporations, s-corps, sole proprietorships, and partnerships. Lawyer & Attorney in Winston-Salem, Kernersville & Lexington NC