langs19
01-09-2009, 11:13 AM
I have an interesting opportunity. Through a reccomendation of a mutual friend I have met an owner who has a building with a club of probably 150 capacity. It has been sitting unused believe it or not for over 25 years. The interior is straight out of the 70's and is actually pretty cool and back in style. He has put a bit of money back into it and has brought it up to code and will be ready to open soon.
He however does not want to run or actively manage it. I have built a few businesses including restaurants and catering and some non-food related so I feel pretty confident I can do it as I have plenty of help and consult from people who have run clubs and bars.
My question is what would be the best way to set up the deal? He wants a percentage and to have ownership not just lease the space. If I have a contract to manage and run the place completely with him as an absentee owner what would be a fair split? Obviously everything in writing. I'm thinking a 3 year deal so I don't get it going and just have him cut me out quickly. Any Advice?
Thanks.
He however does not want to run or actively manage it. I have built a few businesses including restaurants and catering and some non-food related so I feel pretty confident I can do it as I have plenty of help and consult from people who have run clubs and bars.
My question is what would be the best way to set up the deal? He wants a percentage and to have ownership not just lease the space. If I have a contract to manage and run the place completely with him as an absentee owner what would be a fair split? Obviously everything in writing. I'm thinking a 3 year deal so I don't get it going and just have him cut me out quickly. Any Advice?
Thanks.