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

JohnnyMac · Oct 21, 2014

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

Give me advice.

seldomseen · Oct 21, 2014

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

BAGIANT · Oct 21, 2014

Watch out for your bartenders sticky fingers!!

Albatross · Oct 21, 2014

BAGIANT said:
Watch out for your bartenders sticky fingers!!

Absolutely

Bourn · Oct 21, 2014

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 · Oct 21, 2014

BAGIANT said:
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 · Oct 21, 2014

JohnnyMac said:
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 · Oct 22, 2014

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 · Oct 22, 2014

MotorMouth said:
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 · Oct 22, 2014

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 · Oct 22, 2014

Fine ass bartenders are a must.

Acebb · Oct 22, 2014

Don't do it.

The end.

Haystacks · Oct 22, 2014

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 · Oct 22, 2014

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

JohnnyMac · Oct 22, 2014

Betallsports said:
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 · Oct 22, 2014

EverFresh said:
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 · Oct 22, 2014

JohnnyMac said:
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 · Oct 22, 2014

If you are young and single.. Go for it

pocketrockets · Oct 22, 2014

Haystacks said:
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 · Oct 22, 2014

keep us posted on how things go. Good luck!

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

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