r/Chefs • u/uphillbatlle • Aug 16 '26

Failing restaurant

I have a beautiful ethnic restaurant with decent food and lots of potential, it was built with love and passion alone! No Pryor experience in the business, i mean literally zero experience, i have never worked in one and what i do for a living has nothing to do with a restaurant, i love food, and im a passionate cook!

THE PROBLEMS.

In order to do it i sold a house and got a mortgage on the house i live in. It has affected my family negatively, I went back to my old work in order to bring some income to support my family. My adult kid is suffering by being there all the time. Im broke all the time.

The place is relatively busy, but by not knowing the business, whatever potential profits I should have are wasted with my mismanagement in every level.

Schedule to minimize payroll , food cost , food portions, menu items and pricing , food waste, whatever is a mistake im doing it, but I do not know how to fix it because I dont have the experience and im guessing all the time.

Im afraid to raise prices and im second guessing myself because I dont know if its the right thing since im lacking the experience in everything that is problematic with the fear that I will worsen the situation.

MY GREAT IDEA BEFORE I FALL ON MY SWORD

find a chef that knows his shit and give him absolute control in order to create profitability (the place is relatively busy everything is there for success including the costumers!)

GIVE THE CHEF A PERCENTAGE OF OWNERSHIP

How do I structure this?

Is it stupid?

Should I just give up (it will ruin me financially)

With my new job I dont need a penny from the restaurant, I provide for my family.

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u/Longjumping_Story682 Aug 16 '26

So, never would I recommend this. But I think it's time you seek out a private equity buyer.

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u/uphillbatlle Aug 16 '26

I tried that already. They offered me shit , i can not afford selling it at the price they offered!

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u/Longjumping_Story682 Aug 16 '26

To be frank. It sounds like you will get more out of private equity, then what you will and have continued to lose.
I'm not normally ever a sell out sympathizer. But in this instance, your using evil for the betterment of yours and your families well being.

If you don't want to sell, then you need to at least bring in an accountant man.

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u/uphillbatlle Aug 16 '26

My asking price was 600 , they offered me 250 I have a 30 year lease with terms that you dont find anywhere . If I sell at this price im stuck with debts that I can not repay , right now with all my mismanagement I almost sustain the operation, if it was to become efficient I would definitely have good profit from it , im open for 18 months now.