Is a store able to support two active owners. I have searced the archives for average sales per week. Hard to find. Is that priviliged information
I’m not sure, but my mother-in-law and myself are partners in our place and we support ourselves with the 1 store. Now you definition of supporting may have to be altered. Our store has 15k per week in sales, but there are some money saving issues in our future which will allow things to get easier. I believe that if you would like to make enough money to support a family then you either need your spouse to work or to have 1 business per family… Just my opinion!!!
Can a store? yes
If you are looking at average sales? no
Yes, it’s possible for a store to support two owners. But it’s not probable. Business can get complicated enough without having the hassle of a partner. I always hear of partners fighting or arguing to have things their own way and it ends up one buying the other out…
unless you’re Ben and Jerry. But that’s ice cream. Who could get mad or angry making ice cream ??
I was involved in a 3 way partnership for a period of time…We each had 1 share so if you wanted to get things done 2 out 3 partners had to agree…Eventually the third partner was almost neutered and the 2 of us with common sense ran the show because his involvement hands on was very little…RCS…
highly impossible because every1 has ther own definition of work especially friends. But theres always an exception 2 the rule
I think there’s the key to this issue. Two active owners. If both are striving for the same goal with the same vision on how to get there then it can work out perfectly.
Funny we just had a conversation like this in the store.
Many times when there’s a money person and a sweat equity person this go astray. It can be because the sweat equity person “forgets” where the money came from and it’s their labor that is their investment. Conversely it can be when the money person forgets the sweat equity person’s 100 hour work weeks when it comes time for dividing profit or key decision time.
It’s always best to get everyone’s duties and responsibilities nailed down before you start. Even go for them in writing would be best, especially when involving friends and/or family.
Key things could be just how much cash a cash person is putting in and will it be “escrowed”. There’s nothing like working 100 hour weeks for 3+ months and then the cash person decides they don’t want to cough up the extra 10k for food bills and marketing.
My first partner worked out great. We started our first place on a wing and a prayer and as they say the rest is history.
Yes it is possible, but I think it takes time to get sales at a level where it is possible…we have a family owned and operated pizzeria where my brother in law and I are the active owners and our wives are stay at home moms…my parents are also supported and only work part time as they are needed…it seems that you are not in business yet so I would be very conservative in your projections and use worst-case scenarios so that you do not get yourself in trouble and put all your eggs in one basket…on the brighter side if you are one of the lucky top stores this can be a VERY profitable business if run properly
I think I read the question a little different than the others. I don’t think you were asking about can two active owners see eye to eye. But can two active owners financially be supported by a restaurant and with what kind of sales.
I know for us 10,000 a week was our weekly sales mark for an ok salary to start. Like St. Louis pizza for us we got to a point where debt was paid off and sales were reasonable. Until that happened it was difficult.
A rough outline could be 32% food cost. 18% labor (without owners) and appx. 10% owners salary and no more than 60% cost for overhead.
You only have 100% to work with so figure out what you are spending in the other areas and see what is left.
Thank you that was exactly what I was asking
Hello Guest,I am going to be very truthful here.Absolutely NOT.Partnerships are just taboo in the rest.bus.Every person has diff. fingerprints right?Well the same goes with each has diff.ideas and I promise you this will cause you to clash.Weather its over $ or how the store should be ran or recipes.As far as making enough $ to support 2 families,wow good luck.My personal advise to you is stay away from partnerships.There are some out there that work but the odds of them definitely do not. Good luck
NiccademoI have been in a partenrship for nearly 9 years, so it can be done as long as the lifestyle youre living is accpetable to you. We split everything 50/50. Work hours, days off, vacation, salary, profits…It is important that you get along with your partner, it is basically a marriage of sorts. I think we complement eachother as far as contributions to the business go. He is more of an organizer and I am more customer service and marketing guru.
That being said, I have recently decided to pursue a different career in the trades industry. In the long run, time with my family as well as a retirement plan is more important than cash right now.
Partner up with someone you trust- first and foremost. Communication is key. Financially, it can be done if the store makes enough money. You need to crunch some numbers and see what you are willing to live with.
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Possible? Undoubtedly. There are places out there that net in the upper 6 figures.
Likely? No.
Far from likely? Oh yeah.
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And it is especially far from likely if you needed to go to a messageboard to get this question answered.