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Need some business advice...

Duddy

Duddy

Diamond Member
Let's say:

I own a McDonald's franchise and I'm looking to get out of it because of it's strict inspections. The regional supervisors make me feel like I'm not the boss of anything.

I can sell the store for $1.3 million.

If you had this much money and wanted to do another business or start your own, what would you do?
 
Originally posted by: Duddy
Let's say:

I own a McDonald's franchise and I'm looking to get out of it because of it's strict inspections. The regional supervisors make me feel like I'm not the boss of anything.

I can sell the store for $1.3 million.

If you had this much money and wanted to do another business or start your own, what would you do?
Click to expand...

Depends if you want to make money or do something you really want to enjoy. It seems with 1.3 million you could go start some company and do something that doesn't make a lot of money that you have fun with. If you want to make more money I'd say some form of real estate.
 
Depends how old I was. $1.3 is enough to retire on assuming you invest it correctly and don't take out like $100k a year. I mean if you live like a middle class person, you'd be set.

If you absolutely had to get another place, I would get the no brainer stores. I consider the following no brainer restaurants:

Claim Jumpers
Outback
Cheesecake Factory
In-N-Out
McD's

etc etc. Basically, when have you ever seen a Cheesecake Factory that was not jam packed? Do you want to stay in the food industry?
 
I'd invest all that money so you can have enough for the rest of your life to live comfortabely and then find some job for extra money
 
Originally posted by: sygyzy
Depends how old I was. $1.3 is enough to retire on assuming you invest it correctly and don't take out like $100k a year. I mean if you live like a middle class person, you'd be set.

If you absolutely had to get another place, I would get the no brainer stores. I consider the following no brainer restaurants:

Claim Jumpers
Outback
Cheesecake Factory
In-N-Out
McD's

etc etc. Basically, when have you ever seen a Cheesecake Factory that was not jam packed? Do you want to stay in the food industry?
Click to expand...

I doubt you can get a Cheesecake Factory franchise for 1.3 million. In N Out is not a franchise.
 
Age: 44 and do not plan on retiring until late 60's.

My goal is to make more than the McDonald's made or equal.

I want to get OUT of the restuarant business. 🙂

Pamper me with your ideas. 🙂
 
Originally posted by: fyleow
Originally posted by: sygyzy
Depends how old I was. $1.3 is enough to retire on assuming you invest it correctly and don't take out like $100k a year. I mean if you live like a middle class person, you'd be set.

If you absolutely had to get another place, I would get the no brainer stores. I consider the following no brainer restaurants:

Claim Jumpers
Outback
Cheesecake Factory
In-N-Out
McD's

etc etc. Basically, when have you ever seen a Cheesecake Factory that was not jam packed? Do you want to stay in the food industry?
Click to expand...

I doubt you can get a Cheesecake Factory franchise for 1.3 million. In N Out is not a franchise.
Click to expand...


Thanks for your contribution. My point was that if you got into a no-brainer restaurant, you can almost be guaranteed success.
 
That's a lot of money, take 6 months off and consider all options carefullly, and live somewhat cheap in the interval. If you get out of the restaurant business, what else do you know? Where can you utilize some of the same skills? An entertainment place like go-karts or arcade? Go back to school for two years? How much of the 1.3M will be left after the business is sold?

jeremy806
 
I'd certainly talk to an account about any tax liablity. You of course want to invest a good portion of it in stocks/bonds/mutual funds. Perhaps you'd like to invest in Real Estate? What do YOU want to do? Would you consider a non-food franchise?
 
Originally posted by: Duddy
Age: 44 and do not plan on retiring until late 60's.

My goal is to make more than the McDonald's made or equal.

I want to get OUT of the restuarant business. 🙂

Pamper me with your ideas. 🙂
Click to expand...

Some quick ideas for you. If it were me, I'd look at a local restaurant that tears it up and copy it and open one in another city or state.

If I had a bunch of cash I'd either do factoring, by a piece of land and use it as boat storage, or landscaping company. As an exmple I know a guy who tore his house down, uses it as boat storage and has like 100-200 boats and 100 or so trailers stored in his yard at 40 bucks a month. He's banking just having land.

Another kid I knew started a lawn mowing business by himself and pulled in 30k in a summer. Imagine starting a lawn mowing business and hiring tons of 16 year olds and having clients in multiple neighborhoods. You could do 100k a summer easily.
 
Order of money spending.

1. 6 month travel the world type deal. Really shouldnt cost you more than 20K (depending on how you are living whilst travelling)

2. Real estate. Buy apartments. Sell apartments..

3. Retire when need be.

4. Buy a vineyard and enjoy yourself.
 
Originally posted by: Duddy
Let's say:

I own a McDonald's franchise and I'm looking to get out of it because of it's strict inspections. The regional supervisors make me feel like I'm not the boss of anything.

I can sell the store for $1.3 million.

If you had this much money and wanted to do another business or start your own, what would you do?
Click to expand...

evaluate current conditions.
determine what i am capable of
determine if I was in it for 5, 10, 20 years
write business plan
get investors
put most of the cash in portfolio, watch it grow
all while trying to turn profit on my next venture
 
Personally, I'd look into small start-ups that are nearing break-even in a field I'm interested in or have some technical expertise in and invest the rest. Maybe not the safest (or most profitable) way to invest your money, but I'd go for that because it has potential and you could set your own hours, grow a company that's in a field you're interested in, etc
 
Originally posted by: Duddy
Age: 44 and do not plan on retiring until late 60's.

My goal is to make more than the McDonald's made or equal.

I want to get OUT of the restuarant business. 🙂

Pamper me with your ideas. 🙂
Click to expand...

-edit- so I'm sure you know the volitiliy of restaurant industry. at 44 you should know what to do.

either stay in or get out
 
All the other operators my age got out a long time ago. We consider McDonald's as a large stepping stone if you will.

I do not plan on taking any trips or vacations. I would like to go to the next business ASAP. I don't want to hold on to that money too long. 🙂

Real Estate seems like a great idea. Maybe I'll open a yacht parking spaces/maintance/club on the east coast. I really like the Wilmington, NC area.
 
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