Don't go into business with a friend.

Very unlikely, espcially considering that you did not mention him having any business experience.

probably 3-9 months, depending on how finished a space you are looking at, and how much renovation you want to do, before the restaurant opens. Then, you go as long as you can. You should have an entire year's budget x 150%.

Depending on how high end you want to go and how high the rent is where you are going to be doing this, etc. probably at least 1-1.5 mill total.

I have no interest in going into business with the restaurant gentlemen.

It depends on what your friend wants to do in his restaurant. If he simply wants to own and and pass most of the control to other people, then he doesn't need a lot of experience, he just needs to pay a lot of people to do things for him. The hard part is finding competent people.

As far as how much money he needs... more than he thinks. Restaurant equipment is expensive. For big equipment pieces alone, things like a grill and a saute top, he'll need about 30k. Add in all the little things like pans, spatulas, ladles, tongs, all that crap, he could easily spend 60k and probably more just getting the kitchen outfitted with everything he needs. And he hasn't even started to cook nor actually purchased a place to cook in. He hasn't even hired people. He doesn't have anything like tables, chairs, bar taps, TVs, soda machines, plates, silverware, etc. To lease a dishwashing machine alone is several thousand dollars if I remember right. Most of the time, you can't outright buy it.

If he has a menu worked out, that'll save a little money. If not, expect to spend a lot paying someone to figure it out and ordering food and wasting it and all that. Training people will cost a lot as well, as they're consuming food that you aren't getting anything out of and you have to pay them.

The rent on the restaurant I work at is over a million a year. It's a pretty prime location, but it's still something to consider.

I guess bottom line is that best case scenario, in that he has a finished space and a qualified team of managers, two months if he really pushed it. If they have to remodel stuff, or if he needs to find people to do things, up to a year, maybe even more. Money wise, he shouldn't even think about it unless he's got at least a million to go with, and for a high end fine dining place, probably more.

Lee

500:1 against him succeeding with no experience at all. Odds dramatically increase the better his 'team' is (business partners, advisers, his staff, etc).

As with poker: it depends. Too many variables to answer your question, is my guess.

I would suggest you invest in a comfy couch since your friend will be living with you in a year.

Didn't see this thread before I made my own: