Greetings everyone,
My introduction into this community started with reading Unscripted . The book resonated with me on a different level than others have in the past. Very insightful and authentic. I'm currently waiting on TMF to arrive and I cannot wait to dive into it.
My life has greatly changed in the past months like so many other people. I've been with the same privately held restaurant group for almost 10 years now. I worked my way up to director of ops, opening and overseeing 7 locations with an 8th on the way; 5 different concepts. However, this pandemic completely turned everything upside down. Business wasn't good, it was great but due to the owner's mismanagement of money the company literally has 0 to fall back on, with or without the SBA loans. (We actually applied for the PPP and disaster loans, didn't get it on the first round, now waiting on the second round.) Unfortunately, his plan for that money is to support his personal finances and waive the forgiveness... the 8 cars, 2 houses, $50-60k in monthly credit card charges all need attention. Our accountant and I were also expected to manage his personal life finances as well so we know the numbers.
This is all a blessing in disguise. For the past year I've been putting things in place to depart and open a restaurant. The only issue that I foresee now is that for the next 1-2 years or more I don't believe restaurants are going to be sitting in a beneficial position. In my opinion, this pandemic will have long lasting effects that make restaurants even less glamorous than before. I'm taking myself back to the drawing board which is a step backward but still very exciting.
I've alleviated most of my financial obligations. I have a big enough nest egg to live for multiple years without income if necessary. I'm ready for the next step, and to keep grinding hard but for myself now, not for someone else's lifestyle. It's a very liberating feeling and I wake up each morning in a better mood and with a smile which hasn't happened in a long time. I'm hoping to take away key advice and information from everyone here and be able to offer value as well.
Thank you all.
My introduction into this community started with reading Unscripted . The book resonated with me on a different level than others have in the past. Very insightful and authentic. I'm currently waiting on TMF to arrive and I cannot wait to dive into it.
My life has greatly changed in the past months like so many other people. I've been with the same privately held restaurant group for almost 10 years now. I worked my way up to director of ops, opening and overseeing 7 locations with an 8th on the way; 5 different concepts. However, this pandemic completely turned everything upside down. Business wasn't good, it was great but due to the owner's mismanagement of money the company literally has 0 to fall back on, with or without the SBA loans. (We actually applied for the PPP and disaster loans, didn't get it on the first round, now waiting on the second round.) Unfortunately, his plan for that money is to support his personal finances and waive the forgiveness... the 8 cars, 2 houses, $50-60k in monthly credit card charges all need attention. Our accountant and I were also expected to manage his personal life finances as well so we know the numbers.
This is all a blessing in disguise. For the past year I've been putting things in place to depart and open a restaurant. The only issue that I foresee now is that for the next 1-2 years or more I don't believe restaurants are going to be sitting in a beneficial position. In my opinion, this pandemic will have long lasting effects that make restaurants even less glamorous than before. I'm taking myself back to the drawing board which is a step backward but still very exciting.
I've alleviated most of my financial obligations. I have a big enough nest egg to live for multiple years without income if necessary. I'm ready for the next step, and to keep grinding hard but for myself now, not for someone else's lifestyle. It's a very liberating feeling and I wake up each morning in a better mood and with a smile which hasn't happened in a long time. I'm hoping to take away key advice and information from everyone here and be able to offer value as well.
Thank you all.
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