Ok /biz/nessmen, here's the situ'.
ME:
F&B expert in every sense of the word. Literally have written books on the subject.
Very connected in the Las Vegas beverage/cocktail/F&B industry
Last three years been working as a #2 in a small business that grew from just the two of us to 10~ people, grew a ton in products, ton in equity (bought a warehouse in that time)
CONCEPT:
Opening a bar in Downtown Las Vegas, in an area that, by the time we open, will be surrounded by high-rise condos and more hipstery-crafty shit. Current hipstery crafty shit is moving away from current location (Las Vegas Blvd and Freemont) and is moving EAST. My location is 6 blocks east, right between what you would call the "outer border" of the hip area.
The concept itself is based off a very successful one in LA that opened a couple years ago, based on a kind of 70's house party vibe. Real kitschy but very comfy and cozy and cool to be in. This concept fits the demographic's needs, the building itself (it's already very kitschy 70s looking and was originally a house), and there is no where else serving this particular market position. A potential business partner may be turning the unused addition building into a coffee shop/work space, which would also be good because the current downtown spot for that is closing. He is actually the owner of that.
[had to split into two posts]
I've got a consultant for the drink program that will also bring alot of cred to us, I've got a great real estate broker bringing down the price of the property (currently at $1.9mil but we think we can get it to $1.2 or so), I've got a really good contractor drawing up costs, I've got an accountant incorporating us and a lawyer working on permitting/licensing/etc.
I'm only running into ONE OBSTACLE.
HOW DOES ONE FIND AN INVESTOR? I only know a few rich people, but I don't think they are the investing type.
Honestly, is an investor what I need, or could I do this through a bank? I feel an investor will be less of a liability as far as the first couple months of bleeding money, and I dont mind giving partial ownership to someone, but just... Where do you find this kind of thing? Are there investor firms? Clubs? Lists???
>how do I open a hipster bar for hipster scum
This isn't cryptocurrency REEEEEERERREEEE
Cmon guys. Bump.
>>1363287
*goes to good times once*
>>1363289
Is this your first restaurant? What's your experience in the F&B industry?
>>1363372
no bully plz
>>1363400
The first I'd be the owner of. I opened a fairly successful cafe, and have worked in various kitchens in different capacities. The business I helped build is in the F&B industry as a supplier.
My experience is pretty strong, especially in the liquor industry. I have different actual certifications as spirits expert, bar tending expert, beer/wine/spirits tasting expert, etc etc. Spirits and cocktails and bars are the one thing I know more about than anything. Hell, I've been a writer for coming up on 6 years now, I know literally every executive chef, award/competition winning bartender, beverage development manager, director of beverage, and I know them all personally.
I realize that the people who open and run successful bars are not Gods or geniuses or superheros. They are humans like me, wiling to work hard at a good project. I just have to find some DAMN INVESTORS.
Best case scenario is $1.2mil property mortgage, $200K build out, $7k in legal shit, $5k in inventory, then about $10k just for some liquid cash to get the gears turning and bills paid until we can pay them ourselves.
Bump, this is interesting.
>>1363287
Interesting. Kitschy, retro, throwback - it all describes the current millenial hipster mood. What you need is a private equity investor to help you. Ask some bankers in town. I'm sure they know what directions to look in.
Do you have a solid, written business plan?
How much ownership are you willing to sell to raise $?
>>1363422
You sound fine.
Why don't you open a location in Reno simultaneously? You would be dealing with the same vendors and would be better positioned to take advantage of financing in both Southern and Northern Nevada.
I used to go on funding trips with my boss at the last place I worked, to help with the presentation. In my experience, it was always people he knew, mostly through an entrepreneur organization he belonged to. I would recommend using some of those contacts you have in the business already. Ask them how they got off the ground, see if they'd be willing to put you in touch with someone who might be interested. Try to avoid any high-burn rate investors, although I doubt you'd see much of that outside the tech world anyway. And never give up a controlling interest, because everyone I know who did that got fucked.
>>1363287
>>1363289
Put yourself in the shoes of each of these wealthy people.
What will appeal to them?
To me, if I had money to blow, it's safest in a competent investment.
So if your project looks professional and promising, I'm going to assume it has a better chance than the other guys who failed at doing the same thing as you.
Your investment shouldn't be coming all from one guy, so go down your list, starting with the most likely to invest. Set up a lunch or something and bring up the idea, if they like it enough, ask how they feel about investing at some point.
Go down the list, and make sure all who showed any interest are kept updated about this project.
At some point, someone is going to buy in. At that point, go tell everyone else you're getting funded and it's go time.
>>1364146
HAHAHAHAHAHA
put up all the money, own 40%. LOL nope. Not in the risky as fuck restaurant business.
With 0 FUCKING TRACK REcord in spinning up a new business.
Why are you trying to own the building as well. Down here its quite uncommon. Most restaurants operate on the triple net leases.
One really good one down here doing something similar to you is
http://www.yelp.com/biz/27-restaurant-and-bar-miami-beach-2
>>1364366
Like this anon says if you don't have access to whales create an LLP and syndicate the ownership.
You send out flyers and mailers and present to groups. and keep going until funded. Keep re-contacting as critical steps are reached.
http://www.reiclub.com/authors/Alan%20Cowgill.html
Watch these free shill videos and you'll have a basic framework.
>>1364366
Yeah but it's that list is what I'm trying to find. These super rich guys here kinda don't like every asshat off the street coming around with the donation bin... But it does appear that is the way people are doing this kind of thing.
>>1365001
I'm not looking for all the money, dingus. I'm not expecting someone to walk in with a breifcase of $2million bucks and say "Ok, get cracking".
This would just be for downpayments and some liquid capital to get the ball rolling. Debt management/mortgage payments is well worked into the expenditures, as is having a line of credit.
ALSO Bars are much less risky, at least in Vegas.
ALSO the owners of the spot aren't leasing, and besides we will need the property collateral to get the line of credit for the build out/inventory/monthlies
ALSO being the actual person with all the connections, experience, and the one doing the fucking work isn't exactly worth zero equity.
I will watch those videos though, thank you.
