Being the Business Broker Bar Rescue

Sell my business. Bar Rescue. Jon Taffer. Legacy's Business brokers.

What a fun show. It has been a long while, but just remembering some great tips. Smart guy, good man, lots to share. Wish more owners implemented his wisdom.

It is not about the makeover of the location. It’s about the makeover of the owner (the tougher change – I get it).

Key Tips for Bar & Restaurant Owners

  1. You Don’t Know What You Don’t Know: Often, business owners are unaware of the problems within their establishments because they lack the knowledge or perspective to identify them.
  2. Sometimes You Just Can’t See the Problem: Being too close to the daily operations can make it difficult to recognize issues that are obvious to an outsider.
  3. Getting Outside Eyes Makes a Big Difference: External consultants or experts can provide valuable insights and identify problems that internal teams may overlook.
  4. You’ve Been Doing the Same Thing So Long You Don’t See the Problem: Long-standing routines and habits can blind owners to inefficiencies and outdated practices.
  5. Your Handful of Local Customers Keep You Focused on Doing Things the Same Way: Relying on a loyal but small customer base can lead to complacency and hinder innovation and growth. Sure, they are happy, but why aren’t more customers coming in?
  6. They Don’t Help You Expand Your Vision to Help Others: Focusing solely on existing customers can limit a business’s potential to attract new markets and demographics. Got to touch new customers and keep them but if you only listen to your regulars, it is hard to grow.
  7. Lots of Advertising Can Bring People In, But Great Service Keeps People Coming Back: While marketing can drive initial traffic, consistent high-quality service is essential for retaining customers.
  8. Change Takes Time, and You Have to Be Patient When You Change: Implementing new strategies and improving operations is a gradual process that requires patience and persistence.
  9. Sometimes Getting Yelled At Is What It Takes to Get Through Your Thick Skull: Tough love and direct confrontation can be necessary to jolt owners out of their complacency and spur meaningful change.
  10. Everybody Loves the Show: The popularity of “Bar Rescue” demonstrates a broad interest in business turnaround stories and the transformation process. But if you don’t follow the changes that Jon implements, they won’t keep coming back.
  11. ***Changing the Restaurant Is Easy; Changing a Person and Their Habits Is Difficult: While physical renovations and operational changes can be implemented relatively quickly, altering ingrained behaviors and mindsets is a much more challenging task. If nothing else, remember this one and take action. We have routines and habits the keep us from growing – even when we really need to.

Plan and Know Your Business Value

Legacy’s Tampa Business Broker provides exceptional Business Valuation services to help owners understand the true value of their businesses. Often, owners ask, “How can I sell my business for a great price?” and the answer lies in understanding and implementing strategic changes.

Legacy’s Tampa Business Broker emphasizes the importance of external perspectives and expert advice. Business Valuation is crucial for identifying areas that need improvement and for ensuring that the business can be sold for a great price.

Legacy’s Tampa Business Broker also highlights the necessity of patience and persistence in implementing changes. By focusing on comprehensive Business Valuation, owners can get a clear picture of their business’s worth and confidently answer, “Can I sell my business for a great price?” with the right strategies in place.

These insights highlight the importance of external perspectives, the challenges of overcoming entrenched habits, and the need for patience and dedication in achieving lasting business improvements.

By the way, Jon was an amazingly kind and friendly guy. Always smiling, except when he’s on the show yelling at someone to inspire them to get their act together.

It’s been a while since filming at Buffalo City Grill while but I came across this picture in my files this weekend and said that I should share what I meant to share some time way back.

I’m very grateful to Jon and his entire crew who are also really fun and amazing professionals.

Whether you’re looking to buy a business, or whether you already own a business like so many other clients, we work with, remember to keep growing. Most often we are selves or our own biggest stumbling blocks. See what other people are doing for success continually learn.

Continually grow, and continually prosper. Business owners, both present and future are very special breed. What we do is hard when we do it well, it’s rewarding.

Share your ideas. Would love to hear.

Epilogue: One more thought from being on Bar Rescue.

The reason for the Bar Rescue event and Jon Taffer’s presence at Buffalo City Grill perfectly illustrates the importance of having an exit plan in place for business owners early in your business ownership.

From the show notes: Taffer and crew are in St. Petersburg, Florida to rescue Buffalo City Bar & Grille.  Buffalo City Bar & Grille is owned by Doreen Levy whose late father opened the bar.  The bar is losing about $5,000 a month, revenues are down 25% and the bar has supposedly given away $90,000 worth of liquor in the past year.

It’s crucial to understand that we don’t always get to choose when or how we exit our businesses. Many of us tend to believe that nothing will ever happen to us, that we are invincible. However, reality often has other plans, with unforeseen circumstances like illness or even death potentially forcing an unplanned exit.

Proper planning can make a significant difference. Having an exit strategy means that, even if we remain healthy and continue to run our business for many years, we have a clear pathway and know that when the time comes, we can transition out smoothly. More importantly, in situations where the exit isn’t by choice, a well-thought-out plan ensures that our businesses can continue to thrive without us.

One critical step in this planning process is to obtain a business valuation that also reviews your business’s value drivers, strengths and weaknesses. This not only provides an accurate picture of the business’s worth but also identifies its value drivers. Understanding these drivers allows business owner to make informed decisions to enhance the business’s value, ensuring it is as robust as possible for the future.

Having a solid exit plan benefits everyone involved.

It helps our loved ones, who may inherit or take over the business, manage their own lives more seamlessly.

It ensures that our employees, who rely on their jobs for their livelihoods, can continue working without disruption.

Customers, who enjoy the unique experience our business provides, can keep coming back.

And it supports the community, as vibrant businesses contribute to local economies through taxes and goodwill, fostering an environment where other businesses can also prosper.

Ultimately, beginning with the end in mind isn’t just about preparing for our own future—it’s about securing a legacy that benefits everyone connected to our business.

Asking yourself “When should I sell my business?”;

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