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Open a BBQ restaurant, they said. It will be fun, they said

Just BS said:
How's it going?

I've seen contractors wait a week to see if any one has bid on your project. If there hasn't been any bids they know they can ask what ever they want. If there have been bids, they will try to low ball the others....of coarse they can't do it at that low cost and then they try to squeeze every dime out of you that they can. That's why the good ones are booked solid.
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Eh, it's going. I met with a restaurant consultant last week who stopped by and he claims he has a few contractors that he uses that do nothing but restaurant work. We went over everything, gave him the drawings, spec sheets, he took measurements, etc. and he said he would get a guy out there in a few days to take a closer look and put a bid together, and said it was probably just a 3 week job tops.

Well, here we are almost a week later and after calling and emailing him every day about what the hell is going on, I haven't heard from the guy yet. Like you said about the wait a week thing, I think I'll call him tomorrow and if he doesn't answer, leave a message and say I had somebody else come out this week and explain that I wanted to give him one last shot before I go with the other guy, even if he doesn't exist, and see if that changes his tune.

In the meantime, I've also been using my wife to hit up all her contacts at work and have a few more names, so I'll be back on the phone making calls and just play the numbers game until somebody steps up. I just never expected it to be this hard. I thought the economy was in the crapper and people were out there begging for work, not the other way around.

Other than still working on that, I did get all the shirts ordered for the staff, and to sell to customers, and those should be in next month. Frivolous in the grand scheme of things, but it's one more item off the list. One thing at a time I guess.
 
willbird said:
The problem with buying as I understand it (and only a little) is that buying property is paid for with after tax money, LEASING property is paid for with pre tax money ?

Bill
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Lease payments are fully deductible whereas only the interest on a mortgage is deductible. So, all the money you pay on a lease for the year is taken off of your gross profit at the end of the year and can keep you from paying a lot of taxes if you are successful.
 
Uniforms, even if they are t-shirts and jeans are not frivolous, not the critical path, but, a nice clean appearance, and uniform look, does a lot to make a place look like a place I would want to eat. One of the men who taught me to cook, would remove his meat apron, and put on a clean apron to serve people. He said he felt like it meant he respected the customer, and he figured nobody want to eat food from a guy in a dirty, stained apron.
 
landarc said:
Uniforms, even if they are t-shirts and jeans are not frivolous, not the critical path, but, a nice clean appearance, and uniform look, does a lot to make a place look like a place I would want to eat. One of the men who taught me to cook, would remove his meat apron, and put on a clean apron to serve people. He said he felt like it meant he respected the customer, and he figured nobody want to eat food from a guy in a dirty, stained apron.
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Oh yeah, for sure it's important. I mostly meant in terms of all the big items left unfinished, the simple task of designing and ordering uniform shirts seems like a drop in the bucket.

But yeah, there's something to be said about a place where the staff all have a clean and matching look compared to leaving them to their own devices when it comes to getting dressed in the morning.
 
oifmarine2003 said:
Lease payments are fully deductible whereas only the interest on a mortgage is deductible. So, all the money you pay on a lease for the year is taken off of your gross profit at the end of the year and can keep you from paying a lot of taxes if you are successful.
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How does that work???? You cant write off any of the principle payment as a business expense? Doesn't make sense to me. Would it be "creative accounting" to put the old lady as the owner of the business and then lease it to her while you pay the mortgage?
 
Just BS said:
How does that work???? You cant write off any of the principle payment as a business expense? Doesn't make sense to me. Would it be "creative accounting" to put the old lady as the owner of the business and then lease it to her while you pay the mortgage?
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That is what a lot of people do........
 
I believe one could create an LLC that would carry the mortgage and the "tenant" could pay rent which was in excess of the mortgage payment.

Could certainly be the same person/people.

It would be important to talk with an accountant/attorney in your state, though, as I am drinking right now and can't be trusted. :mrgreen:
 
Grabnabber said:
I believe one could create an LLC that would carry the mortgage and the "tenant" could pay rent which was in excess of the mortgage payment.

Could certainly be the same person/people.

It would be important to talk with an accountant/attorney in your state, though, as I am drinking right now and can't be trusted. :mrgreen:
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Exactly how it is done. BTW, you are drinking at 6:57 a.m.? And you didn't invite me?:p
 
Just BS said:
How does that work???? You cant write off any of the principle payment as a business expense? Doesn't make sense to me. Would it be "creative accounting" to put the old lady as the owner of the business and then lease it to her while you pay the mortgage?
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Think of it this way. If you are leasing something, at the end of the lease term you will have no asset (i.e. the building) to show for it. All of that money has gone to basically renting it from someone else. On the other hand, if you were to buy it, those same payments you are making are leaving you with a piece of the asset. With each mortgage payment, you have more equity in the building. At the end of 15 or 30 years,depending on the mortgage, you will have an asset that you own (the building). If you leased it for 30 years, at the end of the lease, you would have no asset. That is why lease payments are deductible.

Also, you can write off property taxes if you own the building but not if you lease it.
 
A restaurant is like a boat. Everybody needs to own one in their life.
I wish you the best. A friend fulfilled his lifelong dream and opened a BBQ joint here. He is doing very well.
 
wjwheeler said:
A restaurant is like a boat. Everybody needs to own one in their life.
I wish you the best. A friend fulfilled his lifelong dream and opened a BBQ joint here. He is doing very well.
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Whereabouts in Cleveland? I'm not too far from there, and up for a road trip.
 
oifmarine2003 said:
Think of it this way. If you are leasing something, at the end of the lease term you will have no asset (i.e. the building) to show for it. All of that money has gone to basically renting it from someone else. On the other hand, if you were to buy it, those same payments you are making are leaving you with a piece of the asset. With each mortgage payment, you have more equity in the building. At the end of 15 or 30 years,depending on the mortgage, you will have an asset that you own (the building). If you leased it for 30 years, at the end of the lease, you would have no asset. That is why lease payments are deductible.

Also, you can write off property taxes if you own the building but not if you lease it.
Click to expand...

Interest portion of the payment is also deductible if buying.
 
wjwheeler said:
A restaurant is like a boat. Everybody needs to own one in their life.
I wish you the best. A friend fulfilled his lifelong dream and opened a BBQ joint here. He is doing very well.
Click to expand...

If it flies, floats or f*cks. Its cheaper to rent it than owning it.
 
All the best to you. If I'm ever down that way I'll be sure to stop in
 
Georgiaboy98 said:
Good luck to you! Updated pics?:icon_smile_tongue:
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Sorry, nothing worth taking pictures of at the moment since the place is still all torn up. But, I do have a quick update. I finally have a contractor on the job and work will be underway shortly. Right now I'm just trying to coordinate the smoker delivery with the builder who will be cutting the hole in the wall and installing it.

But all in all, it looks like we'll be done by the end of the month, barring any further delays, and then it's all up to when I can get the final inspection from the health department.

So, my fingers are crossed.
 
Well, the bad news never seems to stop with this project. Can't get the smoker delivered until September 27th. That is, unless I can find one sitting around somewhere. Or more likely, I need to come up with a plan B.

I've got the biggest headache right now.
 
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