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who on here own's a bar or night club.

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Old 11-18-2003, 01:26 PM
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Originally posted by BODYSHOT1
where in Jersey??

Rte. 130 in Burlington. Called "Club 130"

Probably see you there
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Old 11-18-2003, 01:32 PM
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Rte. 130 in Burlington. Called "Club 130"

Probably see you there
Lets go!
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Old 11-18-2003, 01:46 PM
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I used to own a sports bar in a college town when I was younger. I went into it with a "friend" and former manger of an Applebee's restaurant.

I busted my butt working 60-80 hours weeks for the first 6-8 months. It was nice to have cash in your pocket all the time, but the hours got old quickly, you're always worried that your employees are ripping you off (they are), and dealing with all the rules and regulations, as well as taxes and liability was a PITA. You're doing pretty well if your margin is 5%. ALot of bars restaurants are operating on 2-3% margins.

In the end, after owning it for almost a year, I came in one day and my partner and "friend" had left his personal checkbook on our office desk. Due to some suspicions I had, I glanced through it and saw that he was deposting between $500-1000 a day in his personal account.

I sold my share of the business for almost 5x my initial investment the following month. It wasn't worth it. Ironically, a couple of years ago, I got a call from an IRS agent asking me some questions about my former partner. Turned out he hadn't paid the taxes on his employees wages in over a year.
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Old 11-18-2003, 02:20 PM
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I have some friends who own a couple in the Dallas and Ausitn area. They are miserable half the time worried about theft from employees, working the long hours including every holiday and so on.
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Old 11-18-2003, 03:33 PM
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HugeTime, If you want to speak about it give me a call. I have owned a small bar/rest. and run several. I've been a busboy,bartender and owner. Sometimes all at once!

If you are interested, I have partners I am working with now to find a place in the Palm Beach area. If that sounds like something for you let me know. If you just want some advice, give me a call.

I'm also available on a temporary consultation or Opening/set-up.

I close on my house in Palm Beach Dec. 31st, and will be free after that.

Greg Harris-aka CASH BAR
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Old 11-18-2003, 03:45 PM
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It's not as bad as they all make it seem.

If you have the right management and a good organization you will be extremely successful.

Margins are large in alcohol, but food keeps people longer. All depends on what you want/expect from the business.
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Old 11-18-2003, 04:05 PM
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Quote:
Originally posted by CASH BAR
HugeTime, If you want to speak about it give me a call. I have owned a small bar/rest. and run several. I've been a busboy,bartender and owner. Sometimes all at once!

If you are interested, I have partners I am working with now to find a place in the Palm Beach area. If that sounds like something for you let me know. If you just want some advice, give me a call.

I'm also available on a temporary consultation or Opening/set-up.

I close on my house in Palm Beach Dec. 31st, and will be free after that.

Greg Harris-aka CASH BAR
678-778-4734
Greg,

Smart move closing on the 31'st, Get in just in time for the Homestead exemtion!!!!! Did they explain that to ya???? Yes folks, we get a $25,000 reduction in property tax assessment for being full time FL. residents!!!!! You may want to, if you havent already change your license to the new address, to prove residency before Jan 1'st, its easy, just go in take the eye test, and trade in the GA one. Wheres the New Years Eve Party????? CashBars empty house?????? in order to come in you have to carry one item in from the truck??????

Rick

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Old 11-18-2003, 04:30 PM
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25K ? Isn't that just to make it right for the year-rounder because everything has a rediculously high value...to take advantage of all those out -of -state money people who will pay the taxes on a stupid high assessments anyway? and put billions of free money in the state's pocket? Just wondering what the reality is with that? I mean depending on where you live, doesn't the 25K break really only get you back to a realistic assessment?, not some huge "bargain"?
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Old 11-18-2003, 04:42 PM
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Hey Rick,

I already have my Fla. DL. I never let it go, and I have been renewing in Fl. since I moved 10 yrs. ago.

I make my companies pay me 1099, then file in Fl.

I'm not sure if I could pull that off longer so I'm just moving back.

I like the idea, screw the BYOB, carry in my friggin' couch and I'll supply the goodies.

Greg
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Old 11-18-2003, 04:44 PM
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YES!!!!!

You are Correct!!!!

But, they could be charging everybody the same thing, then those of us who actually live here would have to pay the share for those who live here part of the year, Doesnt it make sense to tax those who have enough money to own homes here, and somewhere else???? I wish I could afford two homes, I would still be living in CT in the summer then comin down here for the Winter, and if thats what they choose to do, let them pay the larger tax bill.

It is more like saying they are charging everyone who owns property here, but only lives here part time MORE taxes, but how would they justify that, so they charge everyone the same, and give full time residents a discount.

I believe there is actually a grace period, but still smart to close as close to the end of the year as possible. I just wanted to make sure Greg knew about it, and did not get charged as a non resident. By the way greg, ask your title company, but you have to get the paperwork processed, and go wait in line at the courthouse prior to I believe April 15, dont wait til the last day either, last year I stood in line for 4 hours(and it was mostly old ladies, not much to look at). you only have to do this the first year, after that it is done by mail.
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