We all have that daydream. You sit at your desk at the accounting firm where you’ve worked, well, it feels like forever – and your mind begins to wander. In your daydream you own your own business, like a famous downtown bar. You, the charming owner – are a friend to every regular. You spend your evenings sitting in a bar stool with your name on it, casually having a beer and mulling over the receipts for the day.
Everyone has this daydream. It’s a pleasant break from the drudgery of the day. The problem with this daydream, however, is it can quickly become a nightmare if you try to make it a reality. We talk people out of this scenario all the time, and for good reason.
What? Aren’t you someone who sells businesses? Why would you try to talk me out of my dream bar?
For starters, owning your own business and owning a business in the restaurant industry are not for the faint of heart. Entrepreneurship is hard work. Successful bar owners aren’t having a beer and casually going over receipts. They are behind the scenes grinding out new marketing strategies, dealing with vendors, filling in behind the bar when it gets busy, making schedules, training new staff, tweaking the menu, fixing broken equipment – the list goes on and on.
Secondly, if all of your work experience is at an accounting firm and you’ve never spent a single day of your working life in the restaurant industry – you have no business buying a bar. Business ownership is tough, and that road becomes impossibly tougher when you compound the problems you will face as a new owner by adding the learning of a whole new industry to the mix. Think of all of those reality shows where they go into failing restaurants and bars and try to turn things around. In almost every episode where the business is in catastrophic free-fall, the major problem is the owners had zero restaurant experience when they took over.
We don’t want to talk you out of your dream, we just want you to think of it in a realistic light. What is your dream really about? It’s not really about the bar itself. It’s about the freedom to be your own boss. It’s about having a personal connection with your clients. It’s about doing something different than you are right now. Guess what? You can have all of those things without buying a bar. As a matter of fact, owning a bar would be the exact opposite of those things if you are walking into bar without experience.
There are a myriad of businesses for sale, and many will meet those all-important goals for business ownership while also being in industries where you have experience. Talk to us today about the types of businesses we would recommend for someone with your resume and goals. You might be pleasantly surprised what’s out there that’s just right for you.
If, by the way, you do have loads of restaurant and bar industry experience – by all means, buy a bar. Finding the right business instead of the wrong business is all about matching goals and experience.
Are you curious about what type of business would meet your goals and match your experience? Do you have more questions about the business buying process? Please feel free to leave any comments and questions, we would be happy to help.
5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242