There's a lot more to bar ownership than opening the doors and mixing drinks--and many of the issues that determine a bar's success aren't things you can learn behind the stick. This slide show accompanied a sold-out panel at Tales of the Cocktail 2019. Led by moderator Chall Gray (author of The Cocktail Bar: Notes for an Owner & Operator and proprietor of Little Jumbo in Asheville, NC) with panelists Erick Castro (owner of several bars, including San Diego's Polite Provisions), Dennis Kiingati (owner of Hamlet & Ghost in Saratoga Springs, NY) and Ivy Mix (owner of Leyenda in Brooklyn) as they discussed keys to success that they had to figure out for themselves. What's the difference between an Operating Agreement and a Partnership Agreement? Do you really need them? In this panel these seasoned owners cut through the noise and discussed best practices for hiring and working with accountants, lawyers, and other subcontractors, how business insurance isn't one-size fits all, and why HR isn't something that only large companies need to worry about.

1. Anticipating the Unexpected:
Business Fundamentals for New
Bar Owners
Chall Gray, Moderator
Erick Castro, Dennis Kiingati, Ivy Mix, Panelists

2. Two Main Areas:
Set-Up
Operation

3. -Partnerships & Operating Agreements
-Leases
-Licenses
-Trademarks
-Insurance
-Accounting Systems

4. Partnership & Operating Agreements
● Lawyer, Lawyer, Lawyer
● What Happens If: one of you
quits...you disagree about
something major...you have a cash
call...divorce...one of you dies...

5. Leases
● Lawyer, Lawyer, Lawyer
● What’s Triple Net...CAM...TI...?
● Renewal Options

6. Trademarks
-Don’t Think “I’m Too Small”, et al
-Is trademark ownership reflected in
your Partnership & Operating
Agreements?

7. Licenses
● Start With Absolute Due Diligence
● Vary Widely by Municipality

8. Insurance
● Think About Levels
● Shop Around
● Directors & Officers Coverage
● HR related coverage
● Dram Shop Liability (38 states)

9. Accounting Systems
● What is Technical Debt?
● Why Proper Categorization Is
Everything

10. Upkeep
Important Relationships:
● Plumber
● Restaurant Equipment Repair
● Electrician
● HVAC
● Contractor//Handyman

11. Numbers
● Always Have Extra Operating Capital
● What are Your Key Metrics?
● The Importance of Small Changes

12. Further Questions?
chall@littlejumbobar.com
@hungrybartender
@ivymix
dennis@hamletandghost.com
Downloadable Spreadsheets:
chall@littlejumbobar.com