Thanks to everyone for the input...I even came back to the office after the job last night to check out your advice.

I have owned 5 successful businesses...successful because I stuck with what I know. Even though I've been perifially around this industry for almost 50 years, I don't know food, and that would be a killer.

What I'm considering is purchasing the
building, equipment and business at a premium of 20% more than the appraisal of the property. My managing partner would be the owner of the restaurant I play at (13 years). I do all the marketing for his two places....the most successful in the area.
He'll pay rent on the property, and his management team will run the place. I'll do marketing and play and/or hire the entertainment.

I'm considering this approach because the area this place is in is the fastest growing part of the town. At this point, I'm only interested in taking a flyer to bank on appreciation of the property, having a place to work occasionally and a chance to continue my working relationship with the folks I'm associated with now.

I'm not a kid, so I'm looking at getting in and out in 5 years. The folks I would be partnering with have two restaurants doing over $6 million a year. One They have had for 30 years. The other was purchased 2 years ago and was in the black the first year.

If I do this, I'll minimize my exposure and bank on not only property appreciation but
getting back a portion of the good will these folks will bring to the table.

Still thinking about it...and YES, if we do this, I'd love to have members from around the area come down to perform.

I appreciate all the help!


Russ

Don, Bill and Tony...you guys have BEEN THERE, and that's the advise I was looking for. The most successful folks I know in this business are type A personalities who love the business...many are second generation restaurant folks.

Your input, and the suggestion of a partnership (see above) have changed my interest to that of investor/musician with the purpose of property appreciation. The exposure with that approach is limited, I can addord it, and I will avoid what I really already knew, but didn't want to admit....major commitment of time, a bunch of headaches....I'm too old and don't need to try something I really don't know.

Thanks again to you "experts".

I'll let you know what happens.

Really appreciate it...


Russ

Capt Russ....If you decide that you really want the abuse and problems, you can allways come down here to Sunny Cozumel and buy mine,
I'll even stay for awhile to help and play for you....hehehe Good Luck and keep playing ....