Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Anticipating the Unexpected: Business Fundamentals for New Bar Owners (Chall Gray)

22 views

Published on

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.

  • Be the first to comment

  • Be the first to like this

Anticipating the Unexpected: Business Fundamentals for New Bar Owners (Chall Gray)

  1. 1. Anticipating the Unexpected: Business Fundamentals for New Bar Owners Chall Gray, Moderator Erick Castro, Dennis Kiingati, Ivy Mix, Panelists
  2. 2. Two Main Areas: Set-Up Operation
  3. 3. -Partnerships & Operating Agreements -Leases -Licenses -Trademarks -Insurance -Accounting Systems
  4. 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. 5. Leases ● Lawyer, Lawyer, Lawyer ● What’s Triple Net...CAM...TI...? ● Renewal Options
  6. 6. Trademarks -Don’t Think “I’m Too Small”, et al -Is trademark ownership reflected in your Partnership & Operating Agreements?
  7. 7. Licenses ● Start With Absolute Due Diligence ● Vary Widely by Municipality
  8. 8. Insurance ● Think About Levels ● Shop Around ● Directors & Officers Coverage ● HR related coverage ● Dram Shop Liability (38 states)
  9. 9. Accounting Systems ● What is Technical Debt? ● Why Proper Categorization Is Everything
  10. 10. Upkeep Important Relationships: ● Plumber ● Restaurant Equipment Repair ● Electrician ● HVAC ● Contractor//Handyman
  11. 11. Numbers ● Always Have Extra Operating Capital ● What are Your Key Metrics? ● The Importance of Small Changes
  12. 12. Further Questions? chall@littlejumbobar.com @hungrybartender @ivymix dennis@hamletandghost.com Downloadable Spreadsheets: chall@littlejumbobar.com

×