Life after closing, some questions

Hi Everyone,
Well I learned a lifetime of lessons on my first venture that was coupled with our economy woes. As you all may know Hannah Bananas is closed, the good news is there are a couple prospects looking at my property for lease purchase option. So, I have my oven, make and press and moving on. I’m looking at the Jersey Shore as it seems they had a decent season this year to possibly relocate. I’m putting feelers out for property/storefront owners that may wanna partner up on a joint venture. Has anyone started this way? I know partnerships are touchy, just looking for ideas and maybe some real experiences. My ideal situations would be in my opinion, a bar owner that would like to expand his/her menu offerings with little or no expense, or someone with an empty boardwalk location willing to work with me. I’m open for any suggestions, resources or any other advise or suggestions. Thanks guys.

                                                                                                           Willi

My only advice on partnerships would be to make sure somebody has 51% - preferably you. 50/50 joint ventures just seemed doomed to failure from day one.

Hi Piper,
I hear ya, I’m trying to think outside the box here. Maybe come on as an employee, or even lease the kitchen space if it’s a bar not using their kitchen or would like someone to lease it. I have met one person who leases kitchens at legion halls that do well with take out and delivery as well as in house. When I lived in Vegas, I also met a couple people who leased kitchens in poker bars that just didn’t want to be bothered with food. I’m open to anything as long as it’s where I wanna live. Thanks man,

Take this time to refleck and gather your thoughts. Don’t jump into something fast. You might want to work at pizza place that you feel dominates the area. While working, you might find some hidden gems of knowledge for your next move or you might find out that you want to completely go a different direction.

pt

im in a 50/50 partnership, while it sucks…it can work. I couldn’t imagine doing this myself. either way…where are you now? what beach are you looking to set up shop? what kind of equipt are you working with? do you have any capital? I’m interested in getting involved into something down there.

be sure your partnership agreement clearly spells out responsiblities, what each of you are bringing to the table, a what level of involvement each of you will have. I’d want majority if I were in your shoes but sometimes that isn’t possible for whatever reason but your agreeement could spell out who’s in charge or who has final decision powers. Keep in mind everything is negotiable and it’s best to shoot for a win-win when negotiating than it is to beat the other side over the head and “win” the negotiation.

bryan

The best partnership I was ever in was a 3 way split…It took any 2 of 3 to make a change in how we were operating…My 2 partners always seemed to be on opposite sides, so most often it was me that decided things…

Another thing is outlining how your effort was to be rewarded…My 2 partners did not spend as much time “hands on” as me…So when it came time to split profits, we all got credited a little over minimum wage for our time and then split the remainder 3 ways… The arrangement worked well…