8817 replies to this topic

[Redd42]

Yeah, it could be any number of things, but when you lease, you really only are selling the lease to someone plus whatever assets you want to include, if you’re selling the business. Buying businesses can be risky if the lease agreement isn’t iron tight.

 

Because when that lease is up, the owner of the property can just tell you to go away. They have no obligation to keep leasing to you. 

 

2 examples I can think of are the Fairfield Fish and Chips shop and the former independent grocer in Brentwood Bay that is now Fairway.

[Mike K.]

Indeed. Especially if there’s no extension clause in the lease, like five years plus an option for five more.

When a business is being sold below $100k it’s almost always a purely lease and asset sale. IOW, they’re selling someone the right to open a business in their location. The more coveted the location, the higher the sale price with or without physical assets.

I’ve even seen restaurant sales where the name can’t be used by the new owner. Or the new owner agrees to alter the “likeness” of the new operation. Crazy stuff, but if it’s in the agreement it’s in the agreement.

[Matt R.]

In your case, you also bought the name and goodwill, as well as all the stuff - kitchen equipment, chairs, tables, etc.

Yes, an asset purchase, not a share purchase. I don’t feel as if we bought the lease from the previous tenants.

Matt.

[29er Radio]

Hi Vibrant Victorians

Just thought I would let you know that 29er Radio is hosting a Food & Beverage based podcast called The Table Nine Podcast with John Reese who has been in the F&B game for over 30 years and now helps budding entrepreneurs start or fine tune their business. We typically announce a podcast release in the Online Media thread under 29er Radio so if you are interested look for our posts on VV or you can subscribe on Apple Podcasts

[johnk2]

I’ve even seen restaurant sales where the name can’t be used by the new owner. Or the new owner agrees to alter the “likeness” of the new operation. Crazy stuff, but if it’s in the agreement it’s in the agreement.

David Wood, the guy who does cheese on Salt Spring many years ago in Toronto had one of the first "skip the dishes"-type business, very upscale heat and serve for affluent but busy people. He sold and came west only to find he could not use David Wood in his new company name. The old biz had a trademark of his name, so unable to use his own name for his new food biz.

[Matt R.]

How is he able to use his name on cookbooks?

Matt.

[Matt R.]

How is he able to use his name on cookbooks?

Matt.

Hi Vibrant Victorians
Just thought I would let you know that 29er Radio is hosting a Food & Beverage based podcast called The Table Nine Podcast with John Reese who has been in the F&B game for over 30 years and now helps budding entrepreneurs start or fine tune their business. We typically announce a podcast release in the Online Media thread under 29er Radio so if you are interested look for our posts on VV or you can subscribe on Apple Podcasts

He was GM at the Marina before my time, but must have left his mark because people were still talking about him!

Matt.

[JanionGuy]

Ya John Cleese also did some good comedy in his day, besides cookin up an oyster or two.

[JanionGuy]

woops, my bad, now i see his name is John Reese.  SORRY!

[Kapten Kapsell]

Times-Colonist has an article on the new location for Ithaka:

https://www.timescol...ocus-1.24240444

[gstc84]

The new Bubby's Cafe at Johnson and Government was open this morning.

[johnk2]

How is he able to use his name on cookbooks?

Matt.
He was GM at the Marina before my time, but must have left his mark because people were still talking about him!

Matt.

Maybe it's just he can't use his name for a retail food biz. I was in Toronto at the time and my boss knew him.

[Ismo07]

The new Bubby's Cafe at Johnson and Government was open this morning.

 

Just had an amazing breakfast sandwich..  First day not a ton of options as they get going but should do well there.

[gstc84]

There appears to be a new (LGBT+ themed, based on the name?) restaurant called Friends of Dorothy opening on Lower Johnson. Looks like this is their second spot, in addition to a Kelowna location. https://www.fodlounge.com/

The space was the long time home of Willie’s Cafe and Bakery, then briefly Trees Restaurant and Red Cedar Cafe within the past couple of years.

[Mike K.]

Former Willie’s space on Johnson will become an LGBT spot, eh? That’s pretty brilliant.

[Dexter]

Interesting development. I think trees was just spending money, and Red Cedar was a Ben Issit pet project. Friends of Dorothy will surely be extravagant. Louis 14 crossed with punk. Should be interesting

[Nparker]

...Red Cedar was a Ben Isitt pet project...

A pet project for which Comrade Isitt used private email addresses, gathered through his role as a CoV councillor, to solicit support and donations. I know, since I was at the receiving end of more than one such solicitation.

[gstc84]

Red Cedar hasn’t shut down, but it’s now operating out of the kitchen at the former Redd’s Pub in the Comfort Inn. No dine-in service, just making and delivering meals for park campers.

[Dexter]

Yes, taking over another business forced to close down. Which friend of Council will they set up in Paul’s after Fol Epi was forced out?

Edit: I’m not positive that Redd’s was independently owned from the hotel but I think so

Edited by Klapecki, 21 November 2020 - 10:16 AM.

[JanionGuy]

Citrus and Cane. 

 

Which friend of Council will they set up in Paul’s after Fol Epi was forced out?
 

 

Citrus & Cane, in the previous Fol Epi "Paul's Diner" is apparently open, or at least their sign indicates this.  But i'm not sure if it is set up by a friend of any council member. 

Edited by JanionGuy, 21 November 2020 - 10:25 AM.