Restaurant brokers detail the "do's and don'ts" in the first 100 days of ownership in a chapter they discuss from their book titled, You own a restaurant, now what?
Restaurant brokers tell listeners what to do in the first 100 days after you buy a restaurant. The team shares information from their new book on how to buy a restaurant, titled Appetite for Acquisition. The book is now available in bookstores nationwide and online from Amazon.com. The number one item to remember after the sale is to secure your promotional calendar. Creating and maintaining events are key to the top line sales and you don't want to offend anyone when 10th annual bar crawl doesn't happen because a new owner's in charge.
Item number two is to secure your physical space. Change your passwords, computer log on, alarm codes, and of course, the keys. The point here is that a manager from two years ago may still have access if the seller wasn't careful about making changes. Avoid the reactive mode and get proactive about what you should do just after the sale.
Item number three on the list of items in the first 100 days is to clean, clean and clean again. From ceiling tiles to baseboard, freshen up everything but don't make dramatic changes.
Next on the list is the need to secure your team including your accountant. Make sure you have resources for electrical, plumbing and an air conditioning repair person. A strong restaurant broker will make sure you have been provided with every single vendor as part of the transfer process but it not, it's up to the buyer to request this information. Ideally, buyers should get introductions by the seller during the transition period and build relationships. These come in hand when a point of sale system goes down or you can't process dredit cards.
Another step for the first 100 days is to look at everything with a fresh eye. Is the restaurant maximizing signage? Patio space?
There's also a list of what you should not do in the first 90 days. First, don't change the menu. Try your recipes as limited time offers or "specials". The last thing you want to do is have a new menu that the servers can't recommend, the kitchen staff doesn't know how to prepare and the loyal customers don't want.
Next on the list is to avoid firing anyone in the first 100 days UNLESS they are doing something illegal (serving underage people or stealing). The restaurant brokers say to give everyone an opportunity to see what they are made of under your leadership.