Day 3 n' 4

Not to much going on really... yesterday we got the air compressor installed so the walk in cooler will be up and running and Marc talked to Bill (our insurance agent) on getting quoted for workers compensation. Today, day 4; Rick, myself, Marc and Billy did a clean of the kitchen and we should be done by tomorrow. After that we'll be ready for our first piece of equipment to be installed this coming up Thursday.

For your viewing pleasure.... here's a pic!:)

Day 2 of refurbishing

During day 2 we acquired our Business Licenses from the state by registering online. ($70) We saved a lot of time as we didn't have to go to city, county, and state government offices. Also with setting up our business license online, we didn't have to go through the trouble of obtaining a ficticious name. ** All these steps, as far as business licenses, obtaining a fictitious name, tax id #'s, health and fire inspections difer from state to state **

On top of business licenses, the initial steps were taken to receive our 'Occupancy License'. An appointment was set with Paul Butcher for Fire, Health and Safety inspections.

We received our Liability Insurance( @ $890 / yr paid $445 down). The initial steps taken to receive this insurance were taken during the negotiations of property.

Workers Compensation Insurance was linked to us after registering for our Business License. (I've yet to fill out the forms, though this is still a day two procedure.... will fill in here when nec.)

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Today the kitchen was straightened up and prepped for a massive cleaning. I purchased the wrong cleaning materials and should have just went with : Metal scrub sponges, DE greaser, squigy and then soap.

We had an appointment to get our compressor replaced as the one existing is water cooled. This water cooled compressor is extremely to expensive as it constantly needs the circulation of fresh water. That water is simply being wasted, and tacted onto your water bill. This appointment was cancelled, and we were informed that our new AIR compressor would be installed on "Whenever it got here"

We're not exactly starting this restaurant at the most opportune time, and are just grateful we received the keys 12 days before the starting billing period. Out of those 12 days, 5 days with other working human beings will be salvged. Amazing how time stops because some Jewish Preacher was born some 2,000 years ago.


** Continually throughout the entire refurbishing and opening process we're reevaulating menu, prices, marketing, suppliers... and I'm sure a bunch of other things that I just can't get my mind around right now.:)

Purchasing of Property / First Steps

Our restaurant location was for sale at an asking price of $99,000 which is extraordinarily low at $35.36 per square foot! We initially offered $85,000 -- they came back full price. $88k-- full price -- 90k and they came back @ 95k -- we offered 92k and they agreed.



Earnest money was handed over and the purchase would be made under certain contingencies. They included: structural, mechanical and pest inspections (multi spec report $400)

During this process we went ahead and turned the gas, electric, water and phone on.

While taking care of contingencies and the purchasing of the property we took care of the first steps. Those included:

Merchant account for Visa/Mastercard/AmericanExpress and Foodstamps!
Creating our website
Shopping for owners insurance(property)
Shopping for Liability insurance (ours)
Creating menu
Kitchen equipment list (In this case we required 10 burner range w/ two ovens, prep refrigeration w/ two doors, pizza oven and small wares *this is for Delivery)
Kitchen equipment list for breakfast includes: China glass silver, two 36" flat tops, another two door prep fridge, toaster and waffle maker.
Checked out competition (market research -- it turned out two very busy breakfast places had been moved and or bought out and it made us make the decision to go with breakfast ASAP)


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As soon as we signed the lease we received the keys to our new found restaurant. We began opening with the following steps:


Insurance quotes/Liability insurance
Hooked up phone
Creditcard machine
Cleaning supplies
Bought first kitchen equipment ( burners/refridge @ $3,800 broke down to $1,500 for burners and $1,700 for refridge)
Get quotes for signage (quoted @ $2,800)
Contacted printers for menu/flyers/placemats
Order temp. banner (saves money for month or two before signage)
Contact purveyers
Contact yellow pages

The Beginning

Initially my partner and I's intention was to find a small commercial real estate location, then build our kitchen from scratch. We envisioned doing an Italian delivery with a couple tables and chairs if a customer wanted to come in and sit down. Though while searching through different locations we stumbled upon a nice little turn key spot. Tables(25), chairs(90), almost a full kitchen that included a 30 foot hood, slicer, fryer, walk in fridge, ice maker, microwaves, and cooling units. I knew immediately after surveying a handful of locations that this was the one I wanted! It was a combination of having most of the parts needed to begin business already in tact, and a sense in my soul where I could envision a full restaurant with the wonderful clanking n' clatterin it brings. Other than this location we walked through a handful of empty commercial lots where we'd of just brought in cheap electrical ovens, and ran through them like bic lighters. Sure, it would have worked -- but it's just not what I wanted. If I'm going to toss a bankroll into a restaurant, I want a damn restaurant! That being said, I had a crush on our turnkey location in Rochester and just had to have it. Now the dilemna; this place was NOT for lease -- just for sale. It was owned by an elderly lady whom had two restaurants there prior and was sick of them tearing her place up. She's coming to her 4th quarter and just wants a quick out. I'm writing this for my own personal viewing pleasure, though I'm sure if an outside reader stumbles onto this blog will immediately wonder , "Well if two restaurants failed in this location first... what makes you so special?" Truly only time wil tell... but I see a gold mine sitting here on this corner street. More importantly, the themes of the two past restaurants were not up to par for their target market. We're going to change all that.

So the initial dilemna in a nutshell: restaurants for sale, not lease, and we do not have the $100,000 that is required for purchase. Also -- due to being a degenerate poker player with a degenerate partner, we do not possess the credit in order to receive a mortgage loan. I initially went to my parents for financial backing where they told me that they would be happy to help. The deal was I put up $10,000 -- they put the mortgage in their name and I would be a commercial tenant paying off their mortgage. This was such a wonderful idea to me as not only would I get the location I wanted, I would also be helping my parents out. After paying their mortgage(my rent) they would be receiving a couple hundred bucks a month and on top of that they would be getting tax write offs, property appreciation, and the joy of helping out their youngest son. After two weeks of negotations between the owner of the property and my parents -- my mother FREAKED out when they began talking about liabilities, and she just completely dumped the entire idea. This is another post all in itself, I was completely devasted my parents would do this to me... and was not only out my restaurant location -- but two weeks of work time.

Plan B: find rich friend and show him a good deal. The place was listed at $99,000 and we had talked it down to $92,000. Not only that -- but this price was based on property/building with contents not included. There is a $50,000 kitchen sitting there (brand new installed @$50,000; $5,000 re-sell value) that was key to our planned progression, and could be a hinderence to someone looking to buy the location and not run a restaurant. To sweeten the deal to rich friend, myself and my partner were ready to move in and sign a lease immediately giving him cash flow.

It was a positive for both sides, we worked out a lease and a fair rental rate, then began procedures of buying the property.

Since my last post...

I've put Las Vegas NV on hold, packed up, and shipped out to Rochester PA. I have all intentions of returning to LV by Feb./March of 08' and I'm looking forward to a white X-Mas and the start up of my newest business, "Marcos Italiano". Since my last post I've packed up the GF from Cali to LV, LV to PA, and we're just chillen;) Last couple weeks have consisted of online poker where I'm churning out enough money for expenses, and capital towards my restaurant project. I have absolutely no intention of staying here in Rochester over the long haul. I'm periodically on this side of the country anyways, and mise well have some sort of revenue coming in out here... on my way towards finacial security and wealth, having seperate avenues of income in different economic environments is extremely important.


From Nov 13th.(My first day playing out of PA) to Dec. 1st I've logged 75,050 hands with a lower than normal earn rate of 2.20/100BB. ($3,308) Inside the next few months poker posts will be kept under the regular blog. Though most of my time will be spent dedicated to this little corner of cyberspace where I will be going over in some what detail my experience opening up my 2nd restaurant. I have found that I still do possess a secret passion for opening, owning, and selling successful turnkey restaurants that I've(the team) created. Despite the stereotype of a large percentage of restaurants biting the dust, I am extremely confident in our turnkey operation style. We can see goldmines where others can't;) The past month while residing in PA has been different, as I've faced an extreme lifestyle change. Going from gambling out of LV for for a living to peaceful PA... is, well, different.

I have high hopes for the future as any new business venture will be exciting. One ability of a professional online player is that I can open live concrete business ventures anywhere around the globe. In my past I have not taken advantage of this aspect of my 'career' and plan on setting up as many live streams of cashflow in the next couple years. I have NOT given up on poker or my poker ambitions by any means, this is just what's best right now in the present.