Hello everyone, as my subject line says I need advice for a first time owner operator. Let me give you some background. I have always been interested in the pizza business, I think mainly because my dad and uncles owned a few pizza places in the Chicago land area when I was younger until they decided to move into real estate. So this leads me to now when I had found this little pizza place up for sale near my house. I have just got done getting my associates degree in business administration and financial accounting, and now instead of going on to get my bachelor’s I have decided to buy this pizza place.
So this is just a list of questions that I have just in general about the business. I know your probably asking why I don’t just ask my family for advice, and I have, but I feel like I need more advice. Please if you can any bit of advice will help. most of my questions are about the change of owner situation.
1.) I am really worried that the employees will have a problem working for me. I have worked in management before but have never been in the owners role. I am young (21), and I hope that this does not make any difference to the staff that is currently working there. Do you think that my age will cause problems with the staff? Also what are some typical problems that I should plan on running into with the staff as I takeover this restaurant?
2.) I am set to start my diligence next week, but for now I am going off of what the seller is telling me about sales. If the seller is telling the truth then the place is doing decent business but it could be better. Should I make it known that there is new ownership to the public? I am torn because I would hate to lose business because people don’t like change but I can already see some changes that will be made.
3.) I still have many of the old recipes from my family’s old restaurants as well as many contacts from the suppliers that they used to use. Over the last month I have probably ate everything on the menu and I think it could be better. Should I make any and all changes that I have planned to do immediately or should I space them out?
So there are some of the things that are on my mind. Like I said any and all advice is welcome even if its not to any of my questions.
Thanks in advance.
So this is just a list of questions that I have just in general about the business. I know your probably asking why I don’t just ask my family for advice, and I have, but I feel like I need more advice. Please if you can any bit of advice will help. most of my questions are about the change of owner situation.
1.) I am really worried that the employees will have a problem working for me. I have worked in management before but have never been in the owners role. I am young (21), and I hope that this does not make any difference to the staff that is currently working there. Do you think that my age will cause problems with the staff? Also what are some typical problems that I should plan on running into with the staff as I takeover this restaurant?
2.) I am set to start my diligence next week, but for now I am going off of what the seller is telling me about sales. If the seller is telling the truth then the place is doing decent business but it could be better. Should I make it known that there is new ownership to the public? I am torn because I would hate to lose business because people don’t like change but I can already see some changes that will be made.
3.) I still have many of the old recipes from my family’s old restaurants as well as many contacts from the suppliers that they used to use. Over the last month I have probably ate everything on the menu and I think it could be better. Should I make any and all changes that I have planned to do immediately or should I space them out?
So there are some of the things that are on my mind. Like I said any and all advice is welcome even if its not to any of my questions.
Thanks in advance.
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