eat all » Restaurant

The Restaurant Business Start-up Guide

Keith — Sat, 23 Jan 2010 20:35:19 +0000

Product DescriptionWritten by specialty food service guru Paul Daniels, The Restaurant Business Start-up Guide is a must for anyone starting a restaurant. Paul has taken his extensive experience in this field and made it available here for the first time. The book connects to a special Internet site where readers can get updates and download specific software and ebooks that assist users in starting and running a restaurant. The book includes: Professional advice, sample business plan. . . More >>

The Restaurant Business Start-up Guide

Restaurant Loans for Restaurant Owners

Keith — Wed, 20 Jan 2010 20:30:06 +0000

Owning a restaurant can be a fun and rewarding experience. Unlike many other businesses, as a restaurant owner you get the joy of experiencing customer satisfaction first-hand. As patrons take their seats and partake in lively conversation and good food, you are constantly reminded that your business is a success. But just like any other business, as a restaurant owner, times can arise where finances become tight, or the funds needed to take your restaurant to the next level are just not available.
Fortunately, these vital funds can be attained with an unsecured restaurant loan. Whether you operate a start-up restaurant or a restaurant that has been around for generations, having money available for instant use is extremely important. Bars, casual dining, buffets, upscale, themed, and family-oriented restaurants all have one thing in common; they need easily attainable and readily available funds.
An unsecured restaurant loan can be acquired with no collateral, without excellent credit, and without fixed monthly payments. What makes these loans ideal for restaurant owners is the way in which repayment is made. Your restaurant loan payments are made through your customers’ credit card purchases. Anytime customers pay for their meals using credit cards, a small percentage of that sale goes towards the repayment of your restaurant loan. This allows for your payments to decrease if your sales decrease. Accordingly, if sales at your restaurant are always high, your restaurant loan will be repaid more quickly.
If you own a new restaurant, you may be able to have the money you need within the first week of your restaurant’s opening, making the possibilities for your restaurant seemingly endless.
Restaurant loans can be used for anything your restaurant needs. Use your loan to increase advertising, upgrade your kitchen, or for working capital.
Many restaurant owners may first choose to look towards the bank for business financing, not knowing that an unsecured restaurant loan may benefit them much, much more. With an unsecured restaurant loan you will have fewer requirements for eligibility, the ability to get your money faster, an easier and more convenient repayment plan, and the freedom to use your loan however you choose, without having to present an extensive business plan to a lender.
If you need money for your restaurant, look into getting an unsecured restaurant loan. The money you can receive may be able to help get your restaurant out of a financial bind, or to finance the growth and expansion of your restaurant.

David Castro often writes articles about Restaurant Loans for Merchant Resources International – To Learn more Visit Us at http://www. cashprior. com

Starting a Small Restaurant, Revised Edition

Keith — Sun, 17 Jan 2010 20:29:20 +0000

ISBN13: 9781558322875
Condition: NEW
Notes: Brand New from Publisher. No Remainder Mark.
Click here to view our Condition Guide and Shipping Prices

Product DescriptionMore than 100 new restaurants open *every day* and the truth is, most of them don’t make it. This is a fully-updated edition of the classic guide to opening a small restaurant successfully, be it a bistro, diner, inn, cafe, or something fancier. Expert Daniel Miller offers a wealth of information to help would-be restaurateurs decide if the life of a small-business owner is right for them, and if so, how to proceed to get a restaurant up and running. From fin. . . More >>

Starting a Small Restaurant, Revised Edition

How To Make Restaurant Quality Sauces.

Keith — Fri, 08 Jan 2010 20:26:33 +0000

The Sauces You Love In Your Favorite Restaurants Can Now Be Made At Home In As Little As 20 Minutes.

How To Make Restaurant Quality Sauces.

Worlds Finest 5-Star Restaurant Secret Recipes.

Keith — Tue, 05 Jan 2010 20:27:14 +0000

Discover The Secret Recipes From The Worlds Finest Restaurants And Cook 5-Star Dinners At Home For A Fraction Of The Cost! Make Your Friends And Family Go All Wild And Gaga Over Your Food At The Next Bash, Party Or Gathering. Now Pays $20 Per Sale!

Worlds Finest 5-Star Restaurant Secret Recipes.

The Encyclopedia Of Restaurant Training: A Complete Ready-to-Use Training Program for All Positions in the Food Service Industry: With Companion CD-ROM

Keith — Wed, 30 Dec 2009 20:29:16 +0000

Product DescriptionTraining is an investment for the future, the only foundation on which success can be built. Training delivers excellence in product and performance, elevating a good restaurant into a great one. Training will keep the skills of its employees and management sharp. But in no other industry is its absence or presence as obvious as it is in the food service industry. It is hard to find good, qualified employees, and even harder to keep them. In addition, unemployment l. . . More >>

The Encyclopedia Of Restaurant Training: A Complete Ready-to-Use Training Program for All Positions in the Food Service Industry: With Companion CD-ROM

Alice’s Restaurant

Keith — Sun, 27 Dec 2009 20:31:30 +0000

Description”It is hard to imagine a more beautiful movie” (Time) than this critically acclaimed chronicle of hippie life during the late 1960s, which garnered the acclaimed director of Bonnie and Clyde his second Oscar(r) nomination*. Based on the song by folk music troubadour Arlo Guthrie, son of legendary “Dust Bowl” balladeer Woody Guthrie, this tribute film to “the lost generation” features memorable scenes with other folk artists like Pete Seeger, who join Arlo in song to make a . . . More >>

Alice’s Restaurant

Restaurant Success by the Numbers: A Money-Guy’s Guide to Opening the Next Hot Spot

Keith — Tue, 15 Dec 2009 20:27:29 +0000

ISBN13: 9781580086639
Condition: NEW
Notes: Brand New from Publisher. No Remainder Mark.
Click here to view our Condition Guide and Shipping Prices

Product DescriptionNinety percent of restaurants fail, and those that succeed stumbled on the X factor, right? Wrong! Accountant-turned-restaurateur Roger Fields shows how a restaurant can survive its first year–based on far more than luck–and produce good profit for many to come. Sprinkled with restaurant start-up stories from all over the country, this how-to includes lessons on location research, pricing, hiring, and more. Opening a restaurant isn’t easy, but this rea. . . More >>

Restaurant Success by the Numbers: A Money-Guy’s Guide to Opening the Next Hot Spot

What A Nice Restaurant, How Much Is It Worth?

Keith — Sat, 12 Dec 2009 20:26:44 +0000

What a nice restaurant, how much is it worth?
We are all able to judge if a restaurant is ?cool? or not, based on its location, its atmosphere, the people, the courtesy of the waiters, the wine list and of course, what we eat and what we pay for it. This article deals with a different type of judgement: what is the value of the restaurant itself? If You believe that Real Estate values depend on bricks and revenues, just pass on. For those interested in valuing intangible properties instead, just have a look. (The location is Rome in Italy but Names and Values have been changed. )
Introduction and approach
EqS Equity Studio was recently challenged to place a value on one of Rome’s most famous restaurant, Marcello’s. It is located in the centre of Rome, exactly where you would expect it to be. Believe me, its one of the best places You may want to spend an evening dining out or, if you can’t afford it, just to have a cappuccino in its Coffee Lounge.
The first aspect when starting the job is defining what the value is. We came to the conclusion that Marcello’s value is the sum of the three different values:
a) There is a value because in order to run its business, Marcello’s holds an administrative license. That is, naked and with no goodwill, a first bit of value.
b) Then Marcello’s has a value because it developed a Goodwill both as a Coffee Bar and as a Restaurant.
c) Finally Marcello’s has a value because of its well known Trademark which captures people from all over the world.
We will not give Real Estate or Fixed assets appraisals: you do not need to read here to understand how to calculate these.
The Value of the administrative licenses
Marcello’s operates in the centre of Rome, in Italy. To run its activity as Coffee Bar and Restaurant it needs an administrative license issued by the Rome Council. Marcello owns two licenses for the sale of food and beverages, both acquired from the previous tenant and then authorised by the local authorities. The first license permits the sale of food and beverages while the second license permits the sale of alcoholics liqueurs.
The value of licenses varies every year based on the market conditions. We have asked a local firm in Rome specialised in the sale of Coffee bar licenses to sell us a full license for the same district in Rome and we have been asked the price of ? 120. 000, which is one of the highest price in town. With this amount we can therefore acquire today a full license similar to those of Marcello’ and use it in similar premises: we then value Marcello’s naked licenses with no label or goodwill a total of ? 120. 000.
The Value of the Goodwill
When transferring a commercial license the seller and the buyer transfer the goodwill of the restaurant. There are various aspects that determine the value of goodwill: some are related to the location, other are related to the activity, other to the people.
The location. The centre of Rome was celebrated in the movie ?La dolce vita? by Federico Fellini in year 1960. The movie introduced the usage of the word ?paparazzo? and, although the film talks about the loss of values in a helpless moral atmosphere, it gave a tremendous appeal to all the places of the set. Rome’ centre lost some of its appeal as a commercial district in the years 1990 ? 2000 but has returned to be a place full of coffee bars and fashion shops in the last few years. Difficult finding a better location in Rome.
The activity. Marcello’s is a glamour place, sophisticated, all new, high target, nice place to go. The Coffee Bar is full all day long, especially for breakfast, but never too crowded. No doubt that it is one of Rome’s more successful coffee bars. The restaurant is not as well positioned. During our visit at lunch time we counted the people in the outside and inside: a terrible low occupancy rate at lunch time, better in the evening. The restaurant seems clearly not successful as it might be in such a famous district.
The people. Mr Franco Rossi, the current owner and manager, acquired Marcello’s only five years ago and did a great job both in terms of place and revenues. There are 40 people working at Marcello’s and the impression attending the site is that they are quite a lot. The service level according to Rome’s standard is good but the location of this restaurant might require a higher class: it’s a bit noisy and waiters sometimes talk to clients as they were friends and that might not be what we would expect from a 5-stars (and expensive) place.
Valuation methodology, benchmarks and result
We value Marcello’s goodwill with the market method. We have therefore investigated current market prices for coffee Bars and Restaurants in Rome in order to derive a benchmark to apply to Marcello’s taking into account all the peculiarities of the target.
We analysed a wide number of sale offers relating to ?Bar? and ?Restaurants? in Rome, both issued on newspapers and offered by local agents with whom we discussed, we consulted the official price list issued by trade agents and we also derived some price multiples from transactions recently completed.
The price range varies depending on the location. Taking into account only top tier locations, we derived current market parameters based on: price per available seat, price per square meter, price to annual turnover vat excluded, price to annual turnover vat excluded in top location, price to Sales, Price to Ebitda.
We then applied our sample multiples to Marcello’s data, thus obtaining a valuation of Marcello’s goodwill of ? 6,5 million.
In our valuation the ratio Price to available seats and the Price/Ebitda multiple result to be very high, but we consider this as the additional value of being in a place known all over the world.
Our valuation is on a stand alone basis and considers the input data as they were given to us by the client. In a sale auction, including the higher potential value that a buyer might place on this location, the final price could clearly be different.
Nominal Price and PV
When discussing about the Value of a Coffee Bar or Restaurant we must keep in mind that the nominal Price of a transaction differs from the Actual Price because of the long terms of payments. It is common practise in this industry to pay cash a percentage of some 20% of the agreed Price and pay the 80% difference in monthly instalments up to 5 years. At a 7,50% WACC the current value is therefore 86,54% of the nominal price. Applying this rate to Marcello’s we obtain: ? 6. 500. 000 x 86,54% = ? 5. 625. 100
Mr. Rossi and the value of the People
We do not know if Mr. Franco Rossi and his staff would continue running Marcello’s should the place chance owner. Although he is an entrepreneur and a manager and he is not a celebrated chef, we still consider that part of Marcello’s success relies upon the people that is running it today. We would therefore apply a rebate of 20% to our valuation should the people walk away.
The Value of the Marcello’s Trademark
Object of the Appraisal
We now come to the most challenging part of the job: what’s the value, if any, of a celebrated label such as Marcello’s? The object of the valuation is the economic content that a buyer may derive from the usage of the Marcello’s Trademark in the economic environment in which it operates and under the jurisdiction on the Italian patent law.
Testing the Value OUTSIDE the context in which the Marcello’s Trademark is currently used
There are three basic questions for an initial assessment of the value of the Marcello’s trademark:
1) The first question is: does the Marcello’s trademark or brand name differentiate the product or service with which it is associated? Is it unique enough to differentiate the product/service? When applying this question to Marcello’s we might want to discuss whether the Marcello’s trademark has a premium appeal on Rome’s clients compared to other coffee bar and restaurants. We would believe that Marcello’s has indeed a upper class positioning among coffee bar and restaurants in Rome, but we cannot be sure that this is due to the Marcello’s trademark itself and not to its unique location, to its sophisticated look and top class service.
2) The second question is: would others be interested in acquiring and using the Marcello’s trademark in a different context? Would the Marcello’s label allow the success to a second or third Marcello’s coffee shop located elsewhere in Rome or elsewhere outside Rome? We doubt this: we do not envisage the opening of a Marcello’s coffee shops chain simply based on the Marcello’s label. Besides this, there may be coffee bars and restaurants with the same name elsewhere with no links to the Marcello’s restaurant located in Rome.
3) The third question is: would a third party pay Marcello’s in Rome to license or use the Marcello’s name, either to duplicate its product or to extend its trademark into other products? We doubt this: Marcello’s is not a concept, there are no particular values associated to the name and the trademark legal protection is weak: we do not see potential usage of this brand name in other products paying royalties to the Marcello’s company in Rome.
In conclusion there is no evidence of value of the Marcello’s Trademark outside the context in which the Marcello’s Trademark is currently used in Rome. So let’s focus on the business as it is.
Testing the Value INSIDE the context in which the Trademark is currently used
The valuation of a Trademark is most effected by the context in which it is valued and the value placed on a trademark derives from the additional benefit that it may bring to the buyer based on the potential synergies. Marcello’s has filed the trademark ?Marcello’s? to Rome’s Chamber of Commerce. This registration protects the company against the improper use of the Trademark relating to the coffee bar and restaurant activity in Rome. The filing allows a safer brand usage by the company but has no value outside Rome and in other product’s usage.
Basic considerations when applying the usual trademark valuation methods to the Marcello’s Trademark are:
1) The cost approach: the Marcello’s Trademark was clearly not created by the company and no apparent costs were incurred in adopting this label. The competitive advantages of the Marcello’s coffee bar are strongly related to its excellent location and we doubt that these would be maintained should Marcello’s move to a less interesting location in Rome. We therefore consider the replacement value of the label not relevant.
2) The income approach: Marcello’s price list is expensive but not more costly than other upper segment coffee bar and restaurant in Rome. Apparently the label is not premium price. We also doubt that the company may earn a significant stream of royalties when selling the usage of the Marcello’s label to other coffee bar or restaurant in Rome.
3) The market approach: we believe that in restaurants the value of the label is strongly dependent on the chef and the people running the restaurant rather than on the Marcello’s label. Should the chef and the people move elsewhere the additional value of the label may disappear leaving the only value of the location. We therefore see no relevant market value in the Marcello’s label without taking into consideration its people and its location.
4) The relationship approach: the issue is if the Marcello’s trademark allows a higher customer retention rate and a higher attraction rate compared to a new label. This aspect would need an in-depth customer analysis. During our visit we derived the impression that Marcello’s customers are attracted by the location rather than by the label itself.
A final key issue related to the valuation of the Marcello’s trademark is the fact that Marcello’s is a pure label and not a brand asset concept. We may explain this aspect with two extreme comparisons: MacDonald and Harry’s Bar.
Mac Donald’s is not a naked trademark, it is a corporate concept represented by a label. The concept includes precise procedures, consistency of experience in quality and service worldwide, strong Trademark legal protection, location selection, marketing approach. Mac Donald is not a label, it is a concept. On the other end of the market we might mention Harry’s Bar by Arrigo Cipriani. Founded in Venice, Harry’s Bar is not only known because of Hemingway or the Bellini’s cocktail (which may be similar to hundreds of similar coffee shops and restaurants) but because it developed a top class concept. The same customers attend Harry’s Bar in Venice, in New York and elsewhere with an extremely strong customer’s loyalty and retention. It is a club that everybody would love to be part of.
Marcello’s is a great place as a coffee bar and a great location for a restaurant. However when applying best practise methodologies to assess the value of its label we end to the conclusion that the value of the coffee bar and restaurant mainly relies upon its location and its people and no relevant additional value is directly dependent on the naked Marcello’s trademark.
Conclusions
Marcello’s is a glamour place, sophisticated, all new, high target, very cool. We derived a stand-alone market value based on the value of its Naked administrative license and a Value of the Coffee Bar and Restaurant Goodwill while we doubt that Marcello’s Trademark may have an additional Value in a different context.
As restaurant business is a people business it is crucial to the valuation that the current manager and his staff should continue the activity or not and we have considered that a portion of Marcello’s goodwill will simply walk away together with the manager, but this aspect should be further investigated in a real transaction.
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Cesare Carbonchi, President EqS Equity Studio in Milan, Italy
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About the author: Mr. Cesare Carbonchi is an international investment banker with large European and US experience in top tier institutions and with CEO experience in leading corporations. Cesare Carbonchi runs EqS Equity Studio in Milano, Italy.
About EqS Equity Studio: EqS Equity Studio is an independent corporate finance boutique that provides financial advisory and transaction services to corporate clients relating to their business in Milano, Italy. See website at www. eqsstudio. com

Mr. Cesare Carbonchi is an international investment banker with large European and US experience in top tier institutions and with CEO experience in leading corporations. Cesare Carbonchi runs EqS Equity Studio in Milano, Italy. EqS Equity Studio is an independent corporate finance boutique that provides financial advisory and transaction services to corporate clients relating to their business in Milano, Italy. See website at www. eqsstudio. com

The Restaurant: From Concept to Operation

Keith — Sun, 06 Dec 2009 20:33:28 +0000

Product DescriptionComprehensively covers opening and running a restaurant-revised and updated A successful restaurant is a dream business. It offers guests a fabulous experience, while the restaurateur gets an exciting workplace, creative license, and potentially nice profit margins. Of course, restaurant success does not arrive on a silver platter. It takes know-how, the right planning, and access to quality information. A one-stop guide to the business, The Restauran. . . More >>

The Restaurant: From Concept to Operation