Restaurant opportunity

[Leizer]

Love to hear your feedback,
While I'm a believer of the fastlane, I do have a family to support. I'm currently working on 2 products (Inventions) but I'm not sure when and if they will ever work. I believe they will be successful, but developing and manufacturing has definitely taking longer then expected.
Being a father of 4 has been financially challenging. a few weeks ago, I had to take a job as a cashier in the local community pizza store for the Summer months and a great opportunity came up. The owner (Which I know) is kind of burned out (He owns 2 other restaurants) and offered me to buy the restaurant at a great deal. I don't have any savings but, I would be able to pay him a set minimum amount per month. I know that I have to do my homework and look at the numbers etc... What I want to ask here is, I know this is definitely against the fastlane belief to own a restaurant, but I would still keep going towards my goals of fastlane and in the mean time make some money to support my family. hopefully I would sell the restaurant in 2/3 years.
Thanks in advance

 

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[MJ DeMarco]

Does owning a restaurant fit into your long-term plans? Do you plan to chain or franchise?

Does owning a restaurant move the needle for your personal growth?

And what do the numbers say?

If the numbers don't work, your decision is easy.

Sounds like you're confronted with the same decision I had 2 decades ago when the owner of the limo service I worked for wanted me to buy the company. He offered the same type of pay plan.

I declined it as that business (similar to restaurant hours) did not fit into my long-game vision, even as a bill-paying, build capital venture.

I know this is definitely against the fastlane belief to own a restaurant

Actually it isn't, it just isn't a venture I'd want to own as CENTS is the toughest challenge, especially TIME and SCALE.

 

[Leizer]

the funny thing is that the day after I got the offer, I reached the Limo offer part in your book.
I don't really want to own a restaurant and this restaurant is not a franchise opportunity. The only reason i would do this, is to get myself out of my debt and support my family. (I have almost 70k in debt and I can make around 10k from the restaurant every month after paying the minimum required So I'm not afraid of working hard as I still try to make it to the fastlane road.
Thank you for responding @MJ DeMarco I'm honored!

 

[Matt Hunt]

The restaurant business is tough. Very tough. But that doesn't mean you can't succeed if you have great food & great service. However, it sounds like you'd be going into it for the wrong reasons. I think it'd be cool to own a restaurant one day, but I'd have to be hands-off from the beginning, and it'd have to be something that wouldn't make or break me financially; I'd have to already be set from other ventures.

 

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[MJ DeMarco]

the funny thing is that the day after I got the offer, I reached the Limo offer part in your book.
I don't really want to own a restaurant and this restaurant is not a franchise opportunity. The only reason i would do this, is to get myself out of my debt and support my family. (I have almost 70k in debt and I can make around 10k from the restaurant every month after paying the minimum required So I'm not afraid of working hard as I still try to make it to the fastlane road.
Thank you for responding @MJ DeMarco I'm honored!

Yes, your situation is very similar to what I had.

However I truly believe if took that offer and bought the business I'd be mired in mediocrity and burned out.

While I might have paid off my debt and saved a bit of cash, I'd have no time for my real dreams. I recognized the opportunity for what it was, a job that had the potential to pay better than average.

Looking back, it was a trap I escaped.

Not saying your situation is the same as we are different people ... and the numbers for the pizza biz might be far different than the numbers I was looking at.