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#1 |
Let's do some business!
Industry Role:
Join Date: Sep 2004
Location: Austin, TX
Posts: 31,319
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Question about running a restaurant
I watch Kitchen Nightmares from time to time and the restaurant owners talk about being in debt hundreds of thousands of dollars. Last night I was watching one and they were in debt just under $1 million.
How did they get so much credit? Why does the bank keep giving out loans? How did they get the loans in the beginning?
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#2 |
Confirmed User
Join Date: May 2008
Location: BROOKLYN!!!
Posts: 3,474
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you are leveraging against your business, property, contracts, and past business dealings. Plus you could also be getting private loans from friends and family. The restaurant biz is just so hard to keep afloat...
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#3 |
Confirmed User
Join Date: Feb 2003
Location: Here There and Everywhere
Posts: 5,477
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Don't know but good question
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#4 |
Webmaster Extraordinaire
Industry Role:
Join Date: Jul 2002
Location: A beautiful beach...
Posts: 10,748
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probably not only in debt to the bank, but to providers.
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#5 |
Guest
Posts: n/a
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just dont let the menu touch your silverware or plate....
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#6 |
Confirmed User
Industry Role:
Join Date: Mar 2008
Location: Miami
Posts: 5,527
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My cousin owned a restaurant; he would make 20K profit one month, and $1,200 the other. You have to be able to manage your cash flow.
He was never able to get a loan from a bank, and ended up losing his 400K home.
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#8 |
HOMICIDAL TROLL KILLER
Industry Role:
Join Date: Dec 2004
Location: Sunnybrook Institution for the Criminally Insane
Posts: 20,419
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#9 |
Confirmed User
Join Date: Dec 2003
Location: 1123,6536,5231
Posts: 3,397
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Most of the time it's debt to suppliers. They do net 30-45 and then let you hold out if you just can't pay. So you end up stocking stuff every month you can't pay for for 6 months and then whammo your month to month operating costs stack on top for 6 months and you're in debt 500k. Very easy to do.
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