Quote:
Originally Posted by WinnisquamZ
I do like your idea of partners. Silent partners, you maybe on to something here. Excellent run restaurants will always get the help they need. If the place you are thinking about is where I believe it is, operating costs are huge. Taxes alone kill the idea
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I wish I could agree with you on your first statement but I rub elbows with a many restaurant owners. Some of whom I assess to run a great place. The past 2 years have created an unprecedented challenge for all when filling positions at every level.
It is not the location you are guessing.
Thank you to others who have chimed in so far. You all prove that there is great value to the knowledge here on our forum. To a couple of points raised:
Who does what job and who gets paid what? I never met a successful restaurant owner who couldn’t/didn’t do every job. Through time every partner will learn and rotate through every job. A restaurant that can operate with a 25% of gross payroll has a chance to survive or better. Therefore we take 25% and add it to the total tip, then divide that number by the total number of hours worked by all partners. That number determines an hourly rate to be distributed based on individual hours in. Profits after that are distributed in the same manner as any LLC.
Profit sharing employee versus equity partner: Ever since the introduction of participation trophies there has been a distorted understanding of how to earn an incentive by a large segment of our population. Skin in the game is essential to success.
Managing multiple personalities: I don’t think it matters whether they are partners or employees managing multiple personalities will always be a challenge however, as partners with a vested interest there should be more drive to get the job done.
Theft: Technology has made it much more difficult to steal and much easier to get caught.
Whose ideas: Vote.
1 or 2 employees: Absolutely not. Workmen’s Comp insurance is a huge expense and one way or another minimum wage will sooner or later rise therefore so will WCI.