Herman School of Business
Restless, but not Stupid.
About six years ago when I decided to sell my company and “retire” my body was getting cranky, and my attitude even worse than that. After more than twenty years of traveling on hundreds of airplanes, visiting more than 1,000 different companies you could say I was burned out. Torched. You could have stuck two forks in me…I was that done. So I announced to my family and friends the road warrior was throwing in the towel. It was time to rest.
I wanted to give my son, the world class Chef, a chance to have his own restaurant, so he left the Ritz Carlton’s number one property in Naples, Florida and we became the proud operators of a Bed & Breakfast and Fine Dining restaurant in Baltimore. My plan was simple. Write a check, be a cheerleader for the business, and collect my rent. Spending time there never entered my mind, except to enjoy the best food on earth. As many of you already know, I found out my investment required my full time effort to help the family be successful. And while I was glad the business was financially rewarding, spending hours at the business which was open seven days a week, twenty-four hours a day, was a huge burden the four participating family members for almost five years.
The outcome was a good one. We made money while operating the business, and a nice profit when we sold it. That was last May, and in the seven months since then there has been no schedule to follow. No place to report to work. Sure, there have been more than 100 radio interviews, and some speaking engagements, and much work to do launching the two books I wrote, during the time we owned the Abacrombie…but no real daily scheduled activity. I had rotator cuff surgery and rehabbed that for three months. But no daily job to report to.
Man am I feeling restless.
Now if you give someone as workaholic as I am nothing to do every day it can lead to trouble. Like buying a business that may make me a time slave at the place, and perhaps lose money as well. You see there is this restaurant in a small shopping center near my house that is going under…and I made the guy an offer and he is willing to take it. The rent is outrageous, but the area is screaming for a wonderful breakfast and lunch restaurant, and there is a terrific wood burning pizza oven barely used by the current owner. Ten thousand houses and condos have been built around this center in the last ten years, and it is very upscale and should do zillions of dollars of business. Geez, did I not learn anything in the last five years?
But staring at that restaurant when I drive by with my wife we have said a million times…wow, what we could do with that space. How good is the deal to buy? It’s a turnkey operation that the man has invested over four hundred thousand dollars in the last ten years, with a great kitchen, fully equipped, and one hundred and ten seats. I offered one hundred and twenty five thousand dollars and he leaped to take it. At a price where you couldn’t start from scratch and build this place out, fully equipped as it is now, with walk-in freezers, cold boxes, and all other things you need to function. Since my wife designed and decorated our last award winning restaurant, spiffing this place up would be no problem. My wife is in. She is almost as restless as I am. And since working together at the last business didn’t cause a divorce she is willing to risk being my partner again.
But is this just being restless and stupid?
I am sitting in a small coffee shop/café in the same shopping center as the place I want to buy. They just do bagels, coffee, and pastries, not full out breakfast. So for two hours I am counting heads as they come in and watching them buy something quick to go, marking every fifteen minute intervals to see if people would actually stop in this center for a “breakfast” on their way to work. In other words I know I am restless, but I do not want to also be stupid.
Now, I love being a writer, and would not give up this blog, nor the work I do promoting my books or speaking engagements. But you can only stay home and watch the stocks jump up and mostly down for so long before you need to fill your time. Two of our kids have already voted against the restaurant, and the other three will be polled this week.
In the last hour and a half there have been thirty-five customers, none of whom spent more than five dollars. Just a quick coffee and maybe a muffin….would these people rather sit and enjoy a home-style breakfast? Has my restlessness caused me to lose my mind…these are the thoughts of a serial entrepreneur…stay tuned.
- Posted: 1 February 2008
- Comments: 0
- Category: Business success
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