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[RestaurantDoctors]

1) Buy an existing business over starting one new.
Its always nice to have a history of sales to compare, cash flow coming in from day one, and systems in place. They can always update / change / modify as they go, but starting from scratch is tough in this economy. Even a restaurant that was previously very poorly run and has a bad rep can rebound quickly with a " under new management " banner, than one starting from scratch.

2) Invest in the RIGHT people.
Having the right staff - from managers on down to dishwashers makes all the difference in the world. If the food is great, but the staff stinks you're going to have a heck of a time getting customers to come back.

3) Rely on Numbers - but not exclusively.
Dont JUST look at average comparable P&L's and previous history - because so much of that is relative. Its important, but not the "end all, be all". Instead, use them as guides and look into them for insight, but deal with your day to day realities of operating the business.

4) Be Ready to WORK
I think this goes without saying for those of us that have worked restaurants for many years, but it is NOT a 9-5, it is NOT all glitz and glamor, and its not fast money - so make sure they have PASSION FOR IT!

Good luck and let us know how it goes!

[mitchdettloff]

No one has the right to kill or stamp on someone elses dream...but, I have been in the industry for over 25 years and to say that owning a restaurant is risky is an understatement...that being said, with the right financial backing, researched concept and a strong group of experienced operators...the task can be accomplished...
1. Follow your dream
2. Have a plan B...always consider but do not focus on the worst case scenario
3. Have at least 3-6 months cash reserve
4. Resource experienced professionals

Outside of that...Good Luck!!
Mitch Dettloff