"Building a Tiki Experience - What's important, and how to do it?" - General Tiki

T tikiskip Grand Member (8 years) Joined: Nov 26, 2005 Posts: 5994	T tikiskip Posted posted on Sat, Mar 11, 2017 6:19 AM Or Got Rum? You know when you hear people talk and you can tell if they know what the heck they are doing? I can tell you know. People would come in our very busy diner and be in awe of how we were so busy, Phone ringing, line out the door. Well we were born there, we all knew what we were doing. People would come in and tell me they were going to open a place like mine and I had questions I would ask to see how they would do. Are you and your family going to work there? you need to watch the place people will steal and give the joint away. It says on the dollar bill in God we trust, if god is your partner you will be fine otherwise trust no one. How many partners are you going to have? one guy told me 12! they were out and in court with each other within a year. The guy who works at the place will be happy and get paid, other partners will wonder if the place will ever make a profit. How much is the rent? and how long is the lease? Three options on a three year run are best, you can get out if it tanks. One guy had a 10YEAR lease right off the bat! they want that money even if you go out and they did go after the 8 years left on the lease when the 2 partners went out in two. They are not as good friends as they were when the opened the place. Are you buying a place that was already a restaurant? did it do well? why are they selling? It is best to buy a place and redo it as this will cost much less to do. Now there are ways to make it and these rules don't apply so much but many times there is a different game there, the person that started the place gets many partners to buy into the place and puts up lots of restaurants. The guy who started the place makes money but the partners don't. We have at least three people here that are playing that game and one is a tiki bar. They do in some cases make lots of money. 40 plus restaurants went out of business in the block where my family's diner was in downtown Columbus in the time we were there. Wendy's, MacDonald's, Skyline, White Castle, all gone.

Or Got Rum? You know when you hear people talk and you can tell if they know what the heck they are doing?
I can tell you know.

People would come in our very busy diner and be in awe of how we were so busy, Phone ringing, line out the door.
Well we were born there, we all knew what we were doing.

People would come in and tell me they were going to open a place like mine and I had questions I would ask to see how they would do.

Are you and your family going to work there? you need to watch the place people will steal and give the joint away.
It says on the dollar bill in God we trust, if god is your partner you will be fine otherwise trust no one.

How many partners are you going to have? one guy told me 12! they were out and in court with each other within a year.
The guy who works at the place will be happy and get paid, other partners will wonder if the place will ever make a profit.

How much is the rent? and how long is the lease? Three options on a three year run are best,
you can get out if it tanks.
One guy had a 10YEAR lease right off the bat! they want that money even if you go out and they did go after the 8 years left on the lease when the 2 partners went out in two.
They are not as good friends as they were when the opened the place.

Are you buying a place that was already a restaurant? did it do well? why are they selling?
It is best to buy a place and redo it as this will cost much less to do.

Now there are ways to make it and these rules don't apply so much but many times there is a different game there, the person that started the place gets many partners to buy into the place and puts up lots of restaurants.
The guy who started the place makes money but the partners don't.

We have at least three people here that are playing that game and one is a tiki bar.
They do in some cases make lots of money.

40 plus restaurants went out of business in the block where my family's diner was in downtown Columbus in the time we were there.
Wendy's, MacDonald's, Skyline, White Castle, all gone.

Post #773939 by tikiskip on Sat, Mar 11, 2017 6:19 AM