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"I'd worked several jobs in all kinds of food; I had capital from my grandfather's estate" This sounds like a few of my friends, minus the capital. In fact, it

"I'd worked several jobs in all kinds of food; I had capital from my grandfather's estate" This sounds like a few of my friends, minus the capital. In fact, it sounds like a fantasy every guy has probably had, at least once in their life; ohh to have that feeling of walking into a place like you own the joint. I wonder if the very high failure rate in the restaurant biz has anything to do with this. Food is something everyone knows, and seems to be a common fallback job for those without better prospects. When one of those people happens upon a windfall of cash, it’s probably natural to think “I’m gunna open up my own restaurant” - it’s perhaps something they have been daydreaming about whenever their manager gives them any shit. Or maybe they see some inefficiency and think “if i owned this place, I would do X different”. It’s not clear that’s what happened here, and I do give this guy some credit for his earnest attempt at due dillegence, but I wonder if things would have been different for someone who could start an article with... "I had 10 years experience managing restaurants of a similar niche, and was backed by professional investors." At least the management part I think is key. All that said, I hope the best for this guy. He just gained some very expensive but invaluable experience, and I’m not sure this type of experience can be gained any other way. Also, for the interested... Street view of Renard's "Hot Corner" https://goo.gl/1YSjpj https://goo.gl/1YSjpj Yelp page https://www.yelp.com/biz/renard-portland https://www.yelp.com/biz/renard-portland Best inside photo I could find https://i.imgur.com/a5LD2cN.jpg https://i.imgur.com/a5LD2cN.jpg

distances 9y ago
That looks like a sleepy suburb to me, not a hot corner in a buzzing city. Or maybe I'm used to Central European city densities?
Doctor_Fegg 9y ago
Fascinating looking at those Yelp reviews. Pretty uniformly positive: "Holy smokes- I can't believe this place wasn't bursting at the seams with a line out the door." But then look at https://twitter.com/renardpdx https://twitter.com/renardpdx. Just 62 followers, which even allowing for the passage of time (restaurant closed 2 years ago) is crazily low. In a crowded market you need buzz; you need to get those people through the door. I wonder if it wasn't the food, or the rent, but the marketing that did for Renard.
marak830 9y ago
I agree with you saying "I wonder if the very high failure rate in the restaurant biz has anything to do with this." It's a massive reason of failure. Next biggest I would say is the inability to realistically calculate costs over time compared to dynamic income. Eg overspending on staff at bad times, the. I spending when required
- subroutine 9y ago
  Yes I agree, the inexperience with balancing expences and revenue were ultimately what led to the restaurant’s demise. He didnt leave himself enough runway for this project to succeed. $20k for the grease trap installation was a sunk cost that could have otherwise went a long way, better served on other expenses. He fell in love with this particular location and that was it. He went for the home run - a high end restaurant. I feel like he should have started smaller, something less posh, somewhere people could afford to get lunch every day, rather than a place where half the draw is based on ambiance and the ‘dining experience’. This would have allowed him to figure out a lot of important details - how to make $20 chicken for $5, finding good vendors, crafting good tasting food with low cost ingredients, creating dishes and a menu that dont require a team of chefs, building a buzz, managing a stock of perishable products, etc. Master those intangables then step into the big leagues. Basically learn to crawl before you attempt to sprint.

distances 9y ago

That looks like a sleepy suburb to me, not a hot corner in a buzzing city. Or maybe I'm used to Central European city densities?

Doctor_Fegg 9y ago

Fascinating looking at those Yelp reviews. Pretty uniformly positive: "Holy smokes- I can't believe this place wasn't bursting at the seams with a line out the door." But then look at https://twitter.com/renardpdx https://twitter.com/renardpdx. Just 62 followers, which even allowing for the passage of time (restaurant closed 2 years ago) is crazily low. In a crowded market you need buzz; you need to get those people through the door. I wonder if it wasn't the food, or the rent, but the marketing that did for Renard.

marak830 9y ago

I agree with you saying "I wonder if the very high failure rate in the restaurant biz has anything to do with this." It's a massive reason of failure. Next biggest I would say is the inability to realistically calculate costs over time compared to dynamic income. Eg overspending on staff at bad times, the. I spending when required

subroutine 9y ago
Yes I agree, the inexperience with balancing expences and revenue were ultimately what led to the restaurant’s demise. He didnt leave himself enough runway for this project to succeed. $20k for the grease trap installation was a sunk cost that could have otherwise went a long way, better served on other expenses. He fell in love with this particular location and that was it. He went for the home run - a high end restaurant. I feel like he should have started smaller, something less posh, somewhere people could afford to get lunch every day, rather than a place where half the draw is based on ambiance and the ‘dining experience’. This would have allowed him to figure out a lot of important details - how to make $20 chicken for $5, finding good vendors, crafting good tasting food with low cost ingredients, creating dishes and a menu that dont require a team of chefs, building a buzz, managing a stock of perishable products, etc. Master those intangables then step into the big leagues. Basically learn to crawl before you attempt to sprint.