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I poured my blood, sweat and life savings into my restaurant. It ruined my life.

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101–110 of 190 posts

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#101

The first big red flag for me (besides that the whole thing pretty obviously started as a mid life crisis) was how little time it sounds like he spent working at his friend's bar in the three months he needed to put in to qualify for the liquor license. How could he not take that seriously as an opportunity to learn about the industry? I would bet money that the answer is he was afraid to learn that running a restaur…

Well the red flag was he didn’t even bring in someone that knows how to check out a kitchen and inspect the damn place before committing to it

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#102
post #10

Earlier quoted context omitted.

I don't know much about running a restaurant, but I figured he'd be in big trouble as soon as I read that number after reading the condition of the place. I've done remodelings, and I'm pretty sure that just remodeling that place alone would eat up the entire $60k. I have to figure that bootstrapping a new restaurant would run at least that much on its own, between laying in food, kitchen equipment, hiring staff, doi…

I'm surprised there isn't a big WeWork for restaurant start-ups. A large space converted into numerous kitchens, that can be rented for relatively inexpensively (no large upfront cost to buy equipment or the building, no large initial lease, etc). The WeKitchen owner would have its own inventory of kitchen equipment that could be rented and moved as needed, to facilitate a lot of various types of kitchen arrangements…

You're almost describing a high end twist on a mall food court. It's an interesting idea. I suspect this doesn't exist because the high startup costs (multiple full kitchen build outs would like push costs into the 7-8 figure range) would be too high given the inconsistency of restaurant rents.

With office rents working on fairly regular timelines, it's easier to get a new tenant before an old one has finished up. But if restaurants inconsistently go bust, that may mean that you can't look for new tenants until you're already dealing with a vacancy. Given that restaurants may be cyclical, there's a decent chance that you'll face multiple vacancies in parallel. I know you bring up vacancies, so I just mention this as a possible consideration.

I actually think this is a really cool idea, and would love if someone pulled it off successfully. I've seen it done with clothing stores and would love to see the food equivalent.

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#103
post #56

Between this article and the article on people too poor to retire, I sometimes think we should have classes on financial planning in high school. A lot of the mistakes he did came down to poor financial planning. He even gave a raise to his employees when he sold his home. As he describes it, there's no way he was counting, looking at his benefits, costs of goods, etc... Basic stuff but too many people seem to not kn…

This isn't just lack of experience with financial planning. This is lack of common sense. You can't teach common sense.

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#104
post #83
post #76

> In 2011, I applied to operate a booth at the Toronto Underground Food Market [...] my fingers cramping so severely from peeling 100 pounds of potatoes that I almost called 911. [...] I lost money So his first experience was extremely painful, almost landed you in the emergency room, and you lost money on it. What valuable lessons he learned going forward? > I didn’t care. None. > Eighty per cent of first-time resta…

I think his behaviour is already well described by Carl Jung. His world view is skewed by mythology (like movies and hero worship) instead of by rational thought.

Not going to get anywhere assuming you're in the bottom 80% and not trying.

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#105
post #10

Earlier quoted context omitted.

I don't know much about running a restaurant, but I figured he'd be in big trouble as soon as I read that number after reading the condition of the place. I've done remodelings, and I'm pretty sure that just remodeling that place alone would eat up the entire $60k. I have to figure that bootstrapping a new restaurant would run at least that much on its own, between laying in food, kitchen equipment, hiring staff, doi…

I'm surprised there isn't a big WeWork for restaurant start-ups. A large space converted into numerous kitchens, that can be rented for relatively inexpensively (no large upfront cost to buy equipment or the building, no large initial lease, etc). The WeKitchen owner would have its own inventory of kitchen equipment that could be rented and moved as needed, to facilitate a lot of various types of kitchen arrangements…

Kitchens are 10x more complicated than a room that needs to house table and chairs only with a few plugs for coffee machine.

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#106
post #104
post #83

Earlier quoted context omitted.

I think his behaviour is already well described by Carl Jung. His world view is skewed by mythology (like movies and hero worship) instead of by rational thought.

Not going to get anywhere assuming you're in the bottom 80% and not trying.

I don't think it's a strictly necessary attitude for success. Buffett seems like a good example of someone who manages to have a clear and rational mindset, yet with no trouble succeeding.

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#107
post #32

Earlier quoted context omitted.

I've done both restaurants and tech. I had to think for a really long time which one to focus on. It just so happened that the startup hype kicked in around that time. Tech is mentally exhausting. Really short but painful hours. Food & beverage is not exactly tiring, but the hours are very long. With tech consulting, you might be working 4-6 hours a day, with restaurants, expect around 14 hours/day. One involves a lo…

> With tech consulting, you might be working 4-6 hours a day ... huh? Which tech company is this?

I assume he’s subtracting the “work” time spent on long lunches, web browsing, and general BS.

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#108
post #76

> In 2011, I applied to operate a booth at the Toronto Underground Food Market [...] my fingers cramping so severely from peeling 100 pounds of potatoes that I almost called 911. [...] I lost money So his first experience was extremely painful, almost landed you in the emergency room, and you lost money on it. What valuable lessons he learned going forward? > I didn’t care. None. > Eighty per cent of first-time resta…

To be fair, guys: find yourself in the right position in life and any act to try and enrich the thing you're calling life, enlighten yourself, and improve your lot will be considered irrational by somebody.

Best take a few steps back. He's brazen, and maybe a bit dumb. I'd probably get along with calling him too proud, mostly.

Now to reduce myself to platitudes: at least he did something. That's living. Who deserves in this life to try and come up with something new? I hope not only the few special people who were ever so lucky to be born into the right place, or have the right amount of money, or the timely and rational roadmap laid out before them like some kind of gospel whispered in their ear as if from above.

For all your favourite painters, scientists, theorists, philosophers, chefs, writers, musicians, actors, even just general stop-gap-role human beings (as the preceding rhetoric might lead me to classify them—after all what kind of animal would admire a labourer[/s]), remember: there are millions who died in obscurity, having lived more or less than this goofball, or you, and most of them didn't offer up (or didn't have the chance to offer up) any insight so that you might avoid the same mistakes. It's not that you're necessarily wrong in what you're saying outright, but maybe something else.

The unfortunate thing about social matters, is that social science is kind of trite—seemingly because it can't really be treated like science—the rules' changes depend on too many variables. I think that's the beauty of it.

You're not assessing a matter that is purely business or financial or scientific. You're reading it from the wrong perspective. Put his shoes on and just listen and learn from the experience. I think that's all there is to it. This is why we share experiences. I mean, unless you know everything and have done it all already—then I'd love to hear more from you!

On another note: if that's the response of an engineer, and their treatment of clients with a similar critique, let me know—I'll choose another bridge but those that such an engineer designed to cross any divide.

I think the right response is to ask a question.

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#109

Earlier quoted context omitted.

I'm surprised there isn't a big WeWork for restaurant start-ups. A large space converted into numerous kitchens, that can be rented for relatively inexpensively (no large upfront cost to buy equipment or the building, no large initial lease, etc). The WeKitchen owner would have its own inventory of kitchen equipment that could be rented and moved as needed, to facilitate a lot of various types of kitchen arrangements…

You're almost describing a high end twist on a mall food court. It's an interesting idea. I suspect this doesn't exist because the high startup costs (multiple full kitchen build outs would like push costs into the 7-8 figure range) would be too high given the inconsistency of restaurant rents. With office rents working on fairly regular timelines, it's easier to get a new tenant before an old one has finished up. Bu…

Is this not the food halls popping up in a lot of cities?

Re: I poured my blood, sweat and life savings into my restaurant. It ruined my life.

#110
One thing that's interesting is that there's a factor a lot of people don't consider.

The more appealing a lifestyle seems, the more hard work probably has to go into it, because there's so much more competition.

For instance, in the story, he had a fantasy about having a hunting rifle next to the stove and going hunting whenever he damn felt like it. Who the heck doesn't want that?

Once he gets a taste of what it's like to peel several dozen potatoes, he doesn't take it to heart. He writes it off as an outlier. Anything cool takes a lot of effort, because so many other people want to do it also. But he still thought he could pull it off, because he "loved cooking". Does not matter. If you can't do the 1001 other things required to run a business, you're hosed.

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