I'm thinking about buying a bar. What should I know?

[JohnnyMac]

Small, established place. No food. Grosses about 30K a month. I have a partner. I've never owned one before.

Give me advice.

 

[seldomseen]

I would start with reviewing 3 years worth of financials and having experience working at a bar.

 

[BAGIANT]

Watch out for your bartenders sticky fingers!!

 

[Albatross]

Watch out for your bartenders sticky fingers!!

Absolutely

 

[Bourn]

I'm pretty sure there are at least 2 threads talking about this in length floating around somewhere. It seems the common theme is.....don't. But maybe they don't know what they are talking about.

 

[Betallsports]

Watch out for your bartenders sticky fingers!!

a friend of mine bought a Bar in Manhattan a few years back and set up video surveillance that he was able to watch when he wasn't there.
guy spent like 70 hours a week there, because you do need to watch

 

[Betallsports]

Small, established place. No food. Grosses about 30K a month. I have a partner. I've never owned one before.

Give me advice.

No food ??

Start watching Bar rescue

 

[MotorMouth]

Remember above all the x's and o's all the dotted i's and crossed t's and all the dollars and cents that
it ALL COMES DOWN TO THE PEOPLE

the relationships they have with you(staff) and the relationships they have with each other will dictate
the success or failure of the business.

 

[pocketrockets]

Remember above all the x's and o's all the dotted i's and crossed t's and all the dollars and cents that
it ALL COMES DOWN TO THE PEOPLE

the relationships they have with you(staff) and the relationships they have with each other will dictate
the success or failure of the business.

+1

I've seen this issue eat places away and drive owners crazy. Mix the drugs and usual debauchery that will surround you.

You need people you can trust, and surveillance their ass.

 

[EverFresh]

Here's my advice. Feel free to ignore it or call me unstable or whatnot...

take the money you are going to sink into the place, buy some muni bonds with 90% of it and then use the other 10% to hang around a bar you like ifor a few months.

No pressure, lots of fun, no hassles and you can come and go as you please

if you still want to buy a bar after that time at least youll have a good feel for what youre getting into

plus,...ask yourself frankly, why is the owner selling? Nobody walks away from a good thing

Rory

 

[Stax]

Fine ass bartenders are a must.

 

[Acebb]

Don't do it.

The end.

 

[Haystacks]

first rule of thumb....hire the dumbest people you can find. they are to dumb to steal, and if they do, you'll catch them, because they are Dumb Asses. Also stage a mock beating of what happens when you steal.

 

[condog24]

Attract girls to your establishment. If your bar has girls its gonna make alot of money

 

[JohnnyMac]

a friend of mine bought a Bar in Manhattan a few years back and set up video surveillance that he was able to watch when he wasn't there.
guy spent like 70 hours a week there, because you do need to watch

It is a small place and there are 16 cameras in place. The present owner has an app on his phone where he can watch the cameras at any time. He said he is sure there is some small amount of theft or free drinks going on, but nothing too much. There are only about 4 bartenders.

 

[JohnnyMac]

Here's my advice. Feel free to ignore it or call me unstable or whatnot...

take the money you are going to sink into the place, buy some muni bonds with 90% of it and then use the other 10% to hang around a bar you like ifor a few months.

No pressure, lots of fun, no hassles and you can come and go as you please

if you still want to buy a bar after that time at least youll have a good feel for what youre getting into

plus,...ask yourself frankly, why is the owner selling? Nobody walks away from a good thing

Rory

He owns several other businesses and says he just wants to move on. My partner says there is a rumor that his wife might not like all of the attention he gets from the ladies late at night, and she is forcing him to give it up.

 

[Betallsports]

It is a small place and there are 16 cameras in place. The present owner has an app on his phone where he can watch the cameras at any time. He said he is sure there is some small amount of theft or free drinks going on, but nothing too much. There are only about 4 bartenders.

Yep, that's what my friend has..

 

[RoofTop]

If you are young and single.. Go for it

 

[pocketrockets]

first rule of thumb....hire the dumbest people you can find. they are to dumb to steal, and if they do, you'll catch them, because they are Dumb Asses. Also stage a mock beating of what happens when you steal.

+1

 

[Mr_Mark]

keep us posted on how things go. Good luck!