“Oh No, Lindsay”
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- Опубліковано 5 вер 2024
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David's advice is exactly what one family member of mine did. He started by making food for friends, neighbors, church...etc...then started catering...then opened a food truck. He's doing very well, but started very very slowly while he learned the business. Last I spoke with him, I was amazed in how he can quote state regulations and lay out every aspect of his business he needs to make it run, something he couldn't do just a few years ago.
He did it the right way. Lindsay’s husband is out of his mind
Yes this is the way. Don’t know why the husband wants to skip step. Worst case and not even advocating for it. He can get a tiny loan
I worked in the restaurant industry most of my life. I would advise this couple not to bother getting an apartment. They need to put beds in the restaurant and be ready to spend 26/8 in that restaurant
That’s the way to do it! Good luck to him!
@@frankcb11NO NO NO to business loan to open a 95% fail rate business. Use long term common sense, not “debt-society bankers want to make $ money” mind set.
The only people who would advise this are people who have never opened a restaurant.
Wife needs to veto this. The husband is having a mid life crisis and needs to calm down
Agreed. The wife needs to put her foot down and say no to something that will uproot their entire life and make them lose everything. It’s not like this is an opportunity of a lifetime that’s too good to pass up.
weird midlife crisis. cant he jus overspend on a sports car like normal ppl? :-)
I wonder why i will want start a restaurant business, i mean, is same as groceries businesses. 95% of them fail cuz they will definitely run out of cash. i rather invest in the stock using the right guidance
i absolutely agree with you. most don’t conduct a business plan before jumping in!
Is way smarter to invest in stock than this disaster he’s about to get himself into. I have $170K in NVIDIA right now. I only got into stocks to try and make anything to help afford some medical infusion treatment that I need, best decision i made.
Any tip on how you pick the right stocks to invest in?
sure! People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
Jack wants to sell the family cow to buy some magic beans.
That notion is completely insane. Even if you know what you're doing, the restaurant business is highly volatile and very difficult to get a profit in.
People frequently tell me I should open a restaurant. I've been cooking since I was a kid and it's one of my best skills. I always tell them, I'm not gonna turn something I love into something I hate by opening a restaurant. It's a stressful business with high failure rates. Being a good cook is not a good reason to open a restaurant.
I became a personal chef specifically because I refuse to work in restaurants. Sooooo much better
They are just flattering you so that you will keep cookin' for *their* plates.
So true
There is a major difference between cooking when you feel like it and managing a business with paychecks to pay and deadlines to and rules to follow and all the many obligations that come with it.
It is very stressful. Btw the manager is not the chef..
That being said I would suggest you to think about it what is there about having a restaurant that makes you feel so lit up.
Can you find that spark in other areas?
I like that Rachel interrupts her dad 😂 everyone else just sits there
Nepotism. Dave knows two weeks after he's gone Rachel will be doing credit card reviews.
It’s so rude he talk over everyone won’t. Let them give there advise
if Ken did that mess Dave would have took out his whip
Husband needs to go work in a restaurant for a few months so maybe it dawns on him that it's not as romantic and glamorous as he thought.
I was thinking this as well. He could also try to interview some people that own established successful restaurants and get some feedback on a realistic approach to something like this.
@@jboughtin7522 This guy is so delusional and foolish he shouldn't be in charge of anything
Good idea.
Exactly. He should be in management for two years minimum. He's delusional.
@@roadrunner9622 Anthony Bourdain wrote about naive deluded folks who think they want to own a restaurant. These folks imagine themselves swanning around the dining room like Humphrey Bogart in the movie Casablanca - greeting diners, giving orders, and looking important. They never imagine the unglamorous labor it actually takes.
This sounds like the intro of an episode of Kitchen Nightmares or Bar Rescue.
Or, Discovery ID 😅
And they have to be rescued by someone called "Ramsay" too!
@@ceemsc The restaurant hasn't even opened yet and I can already hear Gordon tearing into the husband who doesn't care about what Gordon says meanwhile Lindsay is crying at a table because they're now deep in debt and their marriage is on the rocks.
Every SINGLE episode
Or Restaurant Impossible. Every episode is people who did this very same thing and 95% of every restaurant featured on the show went under after their makeover and Robert Irvine helping "Turn things around". Years and years and years of shows featuring the same story.
After this guy goes and works in a restaurant, he will NEVER want to open one.
😂
Dave is spot on.
I worked 6 years in a convenience store during high school and college.
I knew all about how to stock shelves, run the register and dealing with customers.
But I did not know anything about running the business.
One of my friends bought a bar. He thought it would be fun plus the money would just pour in. First off he had to be there all day & night. He hired a couple of his friends. They were giving free drinks to all their buddies. After about a year. The bar is in a rural community. The health department said his septic system needed up graded or replaced. He didn’t have the money for that. His bar has been sitting vacant for about two years now.
It's commonly known and a true stat that 90% of all restaurants that start up will fail within five years
Yep.
Apparently he’s never watched an episode of Kitchen Nightmares.
Thank you, Dave, for quoting Proverbs 31. Here's another good verse... "He who finds a wife, finds what is good AND receives FAVOR from the LORD." (Love the second part of that verse!)
There’s nothing good about a wife 😂
Holdxsteel, you haven't loved the right person, or they haven't matured is all.
@@HOLDXSTEEL sounds like you haven't found what is good or received favour from the Lord. Marriage under the God is truly a blessing.
The stupidity of this idea cannot be overstated.
*LE ME SPELL IT OUT, DIP YOUR TOES IN BY MAKING FOOD ITEMS AT HOME AND GIVE OUT AS SAMPLES TO NEIGHBORS, AT COMMUNITY EVENTS, AND ON THE WEEKENDS DO A CATERING BUSINESS OR START A FOOD TRUCK???*
Dave's advice is right on excerpt one thing: the irrational husband wants the restaurant now and doesn't want to wait.
The Red Lobster is a bad example and not applicable to this. The reason Red Lobster is screwed is to do some questionable moves the company that bought them was doing.
@@Aki_Lesbrinco *PRIVATE EQUITY BOUGHT INVESTED IN THEM AND CHARGED THEM RENT ON THEIR OWN PROPERTIES, WILD STUFF!*
@@Aki_Lesbrinco .. and the change from bright red as in Red Lobster to browns and maroons.
My father did this with his injury settlement without even asking my mother. Then, he just expected all the family to work there while he didn't. He lost it all. That was in the 80s , I'd hate to try it now.
McWrongalds.
So his business plan relied on free labor. Wow.
An injured person thought he should have a physical, high-stress business?
@@genxx2724
Yeah, if somebody else did the work.
Dave: "Rachel, I did the same thing before you were born" Rachel: "open a restaurant?" Dave: "No." 🥴🤣 Rachel: "oooh"
yeah, that was funny...
I see a lot of food trucks and pop-up food businesses (e.g. renting space inside a local deli/market). They start only a couple days a week and continue to grow organically. Perfecting their craft along the way.
Yeah, before Dave brought it up I automatically thought that the guy should just get a food truck. Hell he could rent one for a month or two and see how he likes it.
Dave, your comments are spot on, but respect your daughter and don't talk over her
Yeah he does that all the time.
@@roadrunner9622he does that to everyone he’s on air with. Yes his name is on the marquee, and yes he has the most expertise out of all the hosts, but gosh…the bulldozing that takes place makes it hard to watch sometimes
My parents owned a restaurant for 46 years and covid closed them. They also wanted to retire. Restaurants are open every day! My parents were always working, no vacations. It’s hard to trust someone to run it and food prices are so high right now. Rent on the low end will be $4,000 and there is a lot of overhead. Do like Ramsey says and start small with catering or a food truck.
She’s in a catch-22 Becsuse if she doesn’t agree he will resent her for not “supporting him” when he’s basically trying to ruin their lives.
He’ll get over it.
She can either put her foot down and have him resent her, but she will still have a house, OR she can let him pursue this idiocy, lose everything, and him resent her because she didn't put her foot down and stop him.
She doesn't have to say "no" outright. If she says "okay, but not this way, let's do this the safe way," it still lets him have his dream, doesn't insult his intelligence, and still prevents the worst case scenario. Smoothest way to do that. Combine Ramsey's money knowledge with "Laugh your way to a better marriage" heart and head understanding, and this all gets pretty straightforward.
That Proverb is so true. I listen to my wife, we work together, and we are doing great with good retirement investments, nice savings, no debt, and a paid-off house.
Dang... this sounds my parents' situation. My dad wants to open up a restaurant. All 8 kids and wife told him, no. Man will not listen to nobody 😒 i understand her concerns
Has he ever worked in the industry?
The chances of him being successful = less than 10%.
Considering restaurants have an 80% fail rate in general, I’d say with no research and no business plan his chance of success is
That’s an incorrect analysis of the statistics, and I think your stats are a little off. 80% fail, but with experience and education your actual chances of success are much higher.
He has no cash, no experience, and no education. He is guaranteed to fail.
Actually lower, the around 10% succes rate is for the average new restaurant bussines, that person have way less experience than the average...oh, and we are right know on a high inflation environment, that means that the odds are worse, way worse
👎less less less.He will fail they will be in bankruptcy so freakin fast.
Don't do it Lindsay. *Have your husband call the Ramsey show to get schooled.*
Opening a restaurant is extremely hard work.
I know two people that started a restaurant... Both failed... Both were very very smart people.
I also know it is a GREAT idea to involve your wife in real estate decisions.
Couple started an upscale restaurant near me (20 miles. Out here that’s “near”). The signs, banners & hoopla went on for months. I looked at that and shook my head, “These people are out of ideas.” Then, one day the restaurant opened for business. I’m not sure if they lasted one month. They had an early warning sign. On the other end of town a McDonald’s closed and was bulldozed. If McDonald’s didn’t make it there what made them think they were the exception? State reporting and related labor kill many food service businesses. Restaurants run on a very small margin.
I’m in the restaurant business
For most it’s a vanity project for people that are already rich.
*Lindsay’s hubby needs to watch a few seasons of Gordon Ramsay’s Kitchen Nightmares*
Came here to say this.....
"You f***ing donut!"
I think the husband has an ulterior motive.. he may convince her to sell the house and “change” his mind about the restaurant venture. Maybe he wants to separate..it may sound like a reach but what that guy is asking his wife to do is also an extreme reach rooted in selfishness which leads me to believe that the endgame is all for the betterment of himself and not them as a married couple.
No. He hates his current job and wants to work for himself.
That is very plausible @kenya.I think the same thing.Protecting himself before the half year to year divorce proceedings start.He is leaving her
If he wanted out, he wouldn't sell the house. He's running into the same midlife crisis as a lot of men: they're tired of being bossed around. He looked at his check for eating out, made the mistake of seeing it all as company profit, and figured that sounds like nice cash flow, not realizing the work, knowledge, and rather significant debits that make it happen. I work with a lot of guys in their 40s, a lot of them want to or try to open their own business. My dad's trying to do it. Drives me nuts.
I had a cousin very successful restaurant owner.He went through Hotel School Chef School 8 years working in high end clubs and restaurants first then started small!
The economy is weak, people have no money, restaurants have a very low success rate. Keep your house, get a food truck. A lot less overhead, fewer employees, you can change locations, you own your truck.
The food truck should be cheap. Food service businesses are always going under.
But he wants to LiVE hiS drEAm!!
No husband should do that to his wife.
“No person should do that to their partner/spouse.”
I love Rachel so much 😂😂 interrupting herself with ”Oh no!” 😂😂
Thank you for sharing that scripture Dave! So much knowledge and truth in that word especially when we apply it to our everyday lives. God bless. 🙏🏼
If you haven't physically worked front of house and back of house and then managed a restaurant dealing with all aspects you shouldn't even be planning to open one yet. The margin are tight and you need to learn where the money is leaking. You also need to regularly work in the restaurant to keep on top of where you're losing money and how to keep your staff happy. If there is an issue for your staff you're unaware of you'll lose your good employees and only be left with the worst ones. Always do exit interviews if possible and do shifts working all positions within the restaurant. Also make your business plan for the worst years and don't plan to turn a profit for 3-5 years. Those who don't do this and go under will blame the economy and luck.
I really needed that joke about the interstate today 😂🤣 thank you
The only food business that’s never failed is a hotdog food stand /truck💯Never ever ever failed.
This reminds me of a Frontline documentary from 2009 about the recession. Featured a couple with husband who opened a coffee shop and it went bust. They were $200k in debt and using the leftover cups and syrups at home. Also, I love that Dave says restrant 😂
Rest-runt 😂
“Restrant.” How is it supposed to be pronounced? 🤭
@@thebeegood1731I’ve started saying it that way 😆
@@helenhilton2158 It has 3 syllables. :)
Has he worked in hospitality before: waitstaff (front of the house) or culinary (back of the house)? If he did, he would know how difficult it is and have a more realistic outlook.
Food trucks with a free Facebook page where you post your schedule is a great idea
They are doing great around here
My eyes bulged out as soon as I heard "no business plan" followed by "no experience in the sector". That is a 100% guaranteed failure rate right there. And everyone knows (everyone except the husband it seems) that the restaurant business is extremely hard to start and keep afloat. Dave's idea about piling the money on the highway and burning it seems far saner by comparison!
Split the equity and run for the hills.
Endless shrimp had nothing to do with Red Lobster going out of business…
It was the endless overpriced low quality food.
@@edhcb9359nope it was a hedge fund that bought them out and the land they were on, then made all the franchise owners rent their own land. So the restaurant wasn’t able to cover the expenses and the land costs.
@@edhcb9359nope it was purposely tank by hedgefunders
@@PepeToTheMooon OK but when was the last time you or any of your friends said “Let’s go eat at Red Lobster”? 😂
@@edhcb9359 never eaten there before. But was just explaining the reason why they filed for bankruptcy.
Honestly, if I were interested in owning a restaurant, I would go to catering to start with or even run a ghost kitchen that you rent part-time and deliver through door-dash. Then move into catering, then the ultimate goal would be food trucks. I have a friend who is very successful with his Taco Trucks and Catering. Why invest in a stick-built restaurant when you can have everything completely mobile. As a matter of fact, he survived the pandemic which a lot of restaurants didn't do. Have your food trucks paid for with cash through catering and ghost kitchens, and then you are golden and can survive anything.
Food truck food is more expensive than food in a typical sit down restaurant.
David is correct in his advice about the restaurant business. The husband should take baby steps to the restaurant business.
It is myopic to risk what you have now, such as no mortgage, to open a business. You will fall even before you start at this appalling lack of preparation.
Besides, during these inflationary times, no one is eating out! We are too stressed paying our groceries, gas, rents, and mortgages.
He needs to work as the head manager at a restaurant for two years before even *thinking* about doing this.
Best title ever 😂😂😂
Wow! I'm very familiar with Proverbs 31. Dave gave a beautiful real-life example of how this works.
There was a new restaurant near us that failed before the expiration date of their coupons.
lol
Most new restaurants would fail in a couple months, but for the “sunk cost fallacy “😆😆 like gamblers, they plod along,sinking deeper down the rabbit hole, thinking things will turn around, but keep hemorrhaging money 🤦♂️🤦♂️🤦♂️
I used to dream of opening a restaurant. I went to culinary school and have been in the industry for 15 years. You could not pay me at this point to open a restaurant.
We did this only we had a good business plan and we had experience. We went from a 6-figure income to filing -$10,000 the next year. We LOST EVERYTHING and had to file bankruptcy with 3 small children. The WORST EXPERIENCE EVER!! I BEG YOU, DO NOT DO THIS!!!!! It is not worth it.
You left something out Dave, make sure you reside yourself to never get a restful nights sleep!
"Desire without knowledge is not good - how much more will hasty feet miss the way." Proverbs 19:2
Exactly agree with Dave Ramsey on how to go about it. Also, there are people who have run restaurants, didn't make that much money, and have little or no Social Security for retirement. If he wants to do it, food truck might be a way to try it out.
A former coworker of mine, who was a paralegal at the time, was friends with a couple who ran a restaurant.
After visiting the restaurant's kitchen once, she decided she wanted to run a restaurant, despite having zero experience in the culinary or hospitality industries. Nothing happened with the idea.
A few years later she suddenly decided she wanted to go back to school to study architecture.
No idea what happened as we lost touch.
This needs to go in the hall of fame
If he's hell bent on this, do Daves idea for catering then a food truck/trailer.
Sounds like my parents - sold a business (profitable for years and no debts but the land and building were leased) and then took a 2nd mortgage on an almost paid for home to finance a new business, but they went in blind with not much of a plan and without enough research. Didn't go well, they dug in and stuck it out for longer than they should have and it literally bankrupted them. Killed all their entrepreneurial spirit and they've been broke ever since (for decades and now both are too old to work so they live on a small CPP and OAS payment that hasn't really adjusted for inflation much).
I honestly don't understand why you're discussing these dubious schemes. There are plenty of options like Eledator and similar ones that are fast and profitable.
Two words: Kitchen Nightmares
I knew a couple that opened a restaurant as a retirement plan/passion. They were constantly looking for help. People kept quitting without notice. And they said you wouldn’t believe the amount of people who could even scramble eggs. They ended up working full time and had to cut their hours because they couldn’t do that many hours. 7 years later and it’s burnt down.
So he needs to take it the slow way. Maybe he should get a job at a restaurant similar to the one he wants to open, then start piling up cash, then maybe look into something lower cost like a food truck.
He should do what he loves but there’s 2 requirements:
1- he makes sure he actually loves it
2- he can pay for it
Sounds like the husband is experiencing a manic episode.
No, just another person who wants to start a business on their terms. The "if you build it they will come" mentality. They don't want to look at the viability of it, they just want the world to go along w/ their fantasy.
@@penelope5500 maybe but also this is pretty typical of bipolar mania:
1.) grandiose thoughts
2.) wants to spend an insane amount of money
3.) delusional thinking
Just sayin. I’ve been manic a few times and thought the same thing lmao
Could be ADHD. Reminds me of Tom in Desperate Housewives lol.
He could also just be sick of his job and he’s fantasizing about owning a restaurant and being his own boss. He’s not down in reality and doesn’t understand how much work it takes and how high the rate of failure is.
@@seosam652 From my POV, that's ADHD 101. I have it, and I have these impulsive ideas about things like that, like hell yeah I'd be a boss and it's all about the final picture rather than the crash and burn lol. Luckily, I have a logical side for the most part lmao
This chef from a successful restaurant says that's a horrible idea. The restaurant industry is rough. I would never want to own one.
My step mom has 2 adult kids in the restaurant business. She never sees them! They have completely neglected their children, and now their own grandchildren.
For 30 years I’ve known her. She is so kind, sweet, loving, fun. It’s tragic.
They never have time for family gatherings, Especially holidays. When there is time off, they are exhausted and have to manage their home. They are now in their 50’s- she’s near the end of her life😢😢
I'm amazed how many ppl will start a business and have no business plan in place. I once did one as part of an exercise at university only to date scover my idea wouldn't have worked. I felt as if I'd completely wasted my time, but the coach said "in the real world, you would have saved yourself a ton of money, time and energy". So true!
My dad wanted to open a bakery at late 50s
His idea
“I can bake cake OPEN. A restaurant for me, you put the money, use your credit, do the buying and I’ll bake, wait I don’t have a plan”
WORST WORST IDEA
Was he baked? 😅
@@JustinCase780exactly that’s a highdea not an idea
Try running a food truck instead
I lost about $400k on a Meineke venture despite being a CPA and having rebuilt cars as a hobby. I did all the things Dave said but failed anyway. So today we have a million less than we would, but we still have more than we need and we recognize that "sometimes you win and sometimes you lose". Maybe risk management is the key; don't take on more than you can afford to lose.
Most restaurants don't last more than a few years, at least where I live. Several of the restaurant owners I have worked with have been through a bankruptcy. Bottom line is that this would be a horrible idea even if he had done his research and was being realistic about the risks.
I have a dear friend who did the very same thing, but did a lot of research. Cost him a lot money, lost him the restaurant, and cost him a married.
I need the southern translations 😂
You and your family are realy good and honest people 🙏🙏🙏🙏🙏❤❤❤❤❤❤👍👍👍👍👍👍👍
Opening a restaurant is gonna be great!! We'll cook great food! We'll have amazing drinks!! Our friends will come and we'll all hang out and listen to live music!!! What could go wrong?!?!?!?!
Watch any and every restaurant revival show out there and see the one common theme from the owners. “I thought running a restaurant would be easy.”
That sounds like a bad idea.
I want to say thank you to the guy in the comments who recommended Eledator to me. You've been very helpful. Thank you!
Bucket of ice water reality check for hubby.
Dave made me cry on this one!
My gut was screaming that he has an alternative plan to what he is telling her.
Exactly the plan is to sell the house open up his business and then leave her in the apartment by herself. This guy is a piece of work crumb.
Why? Just because she found the book "How to Disappear" under his pillow? 😅
They should just throw the money away if he is going to do this. I think Dave is right here....go the catering route until you're ready to open a B&M, if you ever do.
He keeps talking over her
I’ve work in and done most things in a restaurant other than own one. Dave is definitely correct, this is a different beast than most other industries. You better working in restaurants for a while to learn them first.
To the caller: tell your hubby, "You can do whatever you want - as long as you understand the following:
1. None of our joint $ or credit will be used.
2. None of MY personal $ or credit will be used.
3. You are not allowed to borrow $ from friends/family or a financial institution to fund this project.
4. I will not work in your business.
5. Our kids will not work in your business unless they are over age 18, and ONLY if they want to work for you."
Then make it stick.
Dave talks over Rachel all the time.
My father owned a diner in the 1950s…. He told me my whole life “never own a restaurant “
Red Lobster closed because they lease the ground their buildings are on & they can't afford the lease payment increases that was shoved down their throats. But this is the worst idea to open this restaurant- in these times- that is just insane!
leases are going up every month, a big reason why restaurants go belly up.. I also recall a small Italian restaurant owner telling me weekdays were killing him, some nights he’d have maybe 3 parties if he was lucky, and how do you expect to retain staff, cooks,waiters, if only a handful of people show up? weekends were good, but not enough to sustain the business. another thing that killed the restaurants was the Covid 🤦♂️🤦♂️ bars shut down, nobody wanted to wear a friggen mask going out to eat, so you’re paying 3-4 grand a month for the lease trying to survive on sporadic take- out orders🤦♂️🤦♂️🤦♂️
Tell him to watch Kitchen Nightmares
The husband needs to hear everything that Dave said from a successful restaurant owner.
This is just a midlife crisis.
Even if you’re experienced and know the restaurant business well it’s STILL a very very tough business where you can do most everything right and still not make it. If this was really his dream he absolutely had to achieve he’d work in restaurants already.
So interesting to hear Dave Ramsey talk about how he "used to be too arrogant" to listen to input or admit he was wrong about anything.
OMG, NO!!! This is very high risk, NO no nooooooo!
I would divorce before doing this. At least you’d get half of the proceeds of the house to easily restart your life because this is bananas. I could see only doing ONE of these things: co-signing him quitting his job to WORK in a restaurant. The rest is bananas. Or he could raise $20k before quitting his job to buy a food truck so he only loses $20k and his own time.
All of us that have worked in a restaurant at SOME point we thought “I could totally do this”
Both husband and I talked about owning a pizza shop 🤣 then we matured.
Uncle Dave said......Period!! 😂
This certainly sounds good too, but I think it's still worth considering more reliable options like copy trading platforms such as Eledator, for example.
After 20 years as a fast casual restaurant franchise owner, Dave is right. The best day in owning a restaurant is the day you buy it. The second best day is the day you sell it.
No no no no no.
I'm in the hospitality industry and if we had a dollar for every person who told us their dream was to open a restaurant, we would be rich. We literally tell people to get $500k and flush it down the toilet.
This industry is struggling post covid BS.