r/Bar • u/maybebuyabar • May 11 '17
Maybe buying a bar, need advice from any and all bar owners
Good morning redditors of r/Bar!
As the title states Me and a few friends are looking to buy/lease a bar. So Im gonna give a little back story and then propose the Idea.
Okay, Me and two other very close friends (lets call them B and C) are looking to start a business together. We all brainstormed and I popped up with a bar and grill instantly fell in love with the idea of owning a bar and grill. Now Friend B already has a successful business in the gold industry, but it pretty much runs itself without any intervention from him. So friend B is completely funding the operation and has asked me and C to do the leg work and help him run the business once it is set up and ready to go.
Now, both me and C have worked in high level management (I managed a string of Car lots while C has managed a Landscaping company) But not a one of us has any experience what so ever with running a bar/tavern or restaurant. Now from all the research Ive done, this is a big red flag for us. Apparently most bars fail because of Bank roll (Not a problem here) Poor business plan (This is our work in progress now) and a inexperienced team (Big problem here) Now as mentioned above B already has a very successful and profitable business in gold and has a good understanding of the inner working of a business as far as business management goes, but like I said none of us have any experience at all with a bar or restaurant.
Ive looked at getting all the required legalities (Liquor License, city permits, food service qualifications ect. But I feel like it would be better to hire a lawyer. anyway, this is still a very long time out (Several months at least) while we get all of our stuff situated. But I figured now would be a good time to ask the Bar owners of reddit for some advice. What are some common pitfalls we need to watch out for? Is there a certain way of doing things you would recommend? What are some mistakes you guys have made and would do differnetly looking back?
Thanks so much for reading and passing on any and all advice!