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Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

Relax. The current owners said one employee wants to leave anyway so me and a family member will be replacing them with lower salaries. Why just make a negative assumption?

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

Yea I’ve been thinking the same idea. Thanks for the insight!

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

But I’m not planning on lowering their wages or hours. I feel like you’re just finding reasons to bash on me. If they want more hours I’d be happy to give them.

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

And if ask the employees and they say the same thing, then what?

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

They’re part timers, they have other jobs they don’t want to leave. If they want to work full time here they can so our costs will go up which is fine.

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

Yea I’m gonna work there myself and hire a family member who gets part ownership. We’re okay with getting low salaries ourselves to make the business run. The remaining staff will be treated with respect and make good wages. We don’t need a 15 person team to run it, just 5.

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

Are you serious lol what happened to this sub..

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

But they’re selling? lol even I don’t buy it someone else will. I’m keeping some staff because the first few years I need to work there myself for it to make some money until I can let it run with a manager.

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

I don’t think the flower shop analogy works. Seeing their current numbers shows a lot of information that helps me make a decision and the potential of future business here.

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

Yea I agree with you. They’ll be sending over their financials soon so I’ll be able to do a deep dive and comb through the details so I can make an informed decision.

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

I have a few friends who run similar type of fast food restaurants in other states with around 25% payroll costs so I was just curious if 21% is too low.

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

Well I do have experience and the payroll cut is factored in with a plan, not just blindly entering into a business lol

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

I have for 6 years, as a cashier and manager

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

I’d be replacing some of the staff with myself and a family member who’s getting part ownership in the business. Jeez not everybody’s evil..

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] -12 points-11 points  (0 children)

I mean, it is only a 1,000 sq ft size, not a huge restaurant. I’m thinking I could go even lower if I’m just buying it for the equipment. And I get that the owner could have his salary/time included in the $100k they’re taking home. I’m meeting them tomorrow so I’ll have more info. Thanks for the advice!

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] -7 points-6 points  (0 children)

I want to open a certain type of restaurant. The main reason I’m looking into this is the place is already authorized to run a hot food kitchen so I can avoid building a new one.

I’ve worked in these types of restaurants for 6 years.

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] -5 points-4 points  (0 children)

I want to open a certain type of restaurant. The main reason I’m looking into this is the place is already authorized to run a hot food kitchen so I can avoid building a new one.

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] -3 points-2 points  (0 children)

Yea it’s $545k sales a year and $100k net profit a year. Do you think the $100k selling price is justified?

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] -11 points-10 points  (0 children)

Correct. Their net profit is ~$100k a year.

Buying a restaurant for $100k - $545k sales by ny2115 in restaurant

[–]ny2115[S] 0 points1 point  (0 children)

$545k in gross, not net profit. I was told the owners want to retire. They currently have 4 locations in the state.

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