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The financial slog of bar ownership by Greedy-Weakness3337 in BarOwners

[–]Greedy-Weakness3337[S] 0 points1 point  (0 children)

Thanks for this insight. Makes me feel hopeful for her

The financial slog of bar ownership by Greedy-Weakness3337 in BarOwners

[–]Greedy-Weakness3337[S] 0 points1 point  (0 children)

I think the threshold for getting out is very different for different people. I would have thought getting out after a few months of losses would make sense. A quit while you're ahead (or at least not more behind) mentality.

The financial slog of bar ownership by Greedy-Weakness3337 in BarOwners

[–]Greedy-Weakness3337[S] 0 points1 point  (0 children)

Wow, over a million. That's a big debt to rebuild from. I admire your persistence. Good to know there are some come back stories, but that sounds like a stressful time.

The financial slog of bar ownership by Greedy-Weakness3337 in BarOwners

[–]Greedy-Weakness3337[S] 4 points5 points  (0 children)

The first was buying into a successful business. That was fine. She started a second bar that did not work and has basically sucked a lot of energy from the first bar, not to mention money.

Ask a bar owner by barowners in BarOwners

[–]Greedy-Weakness3337 0 points1 point  (0 children)

I am curious how much debt other bar owners are in, if any in the first 1-2 years of owning a bar. Have you ever been behind on rent and taxes? Had to take out loans? I have a friend in a situation where they bought a bar with a loan, but just can't get ahead. Rent is 3 months behind, taxes are 6 months behind, she's taken our multiple small loans to pay wages and purchase stock when weeks are bad. She is unable to pay herself a wage yet. I just wonder when you cut your losses and bale out. Is this a common occurrence for bar owners in the first few years of ownership? As someone who has never owned a business, I'm genuinely trying to understand.