Kranston and I are in the process of moving into a new home and are having a few problems with the place fixed before occupying the house. The other day we were discussing a previous move we had made from
The first question he asked was a lesson that I have never forgotten and later used as a reference point for each of the restaurants I purchased. Immediately after showing him my needs in the porch repair department he asked me if I wanted the porch repaired, remodeled or renovated. When I inquired to the difference his answer was simple: “about $100,000.00” was his answer.
Frequently when the exuberance of business beckons, especially when we are in the developmental stages of a new space of project, our inner vision can instantly surpass our outer budget. This has to do with the excitement we all feel when we acquire a new space or project. Unfortunately, shooting for the stars with robust plans, especially in tumultuous times is a very dangerous proposition.
In 2007 Tim Stannard, founder and managing partner of Bacchus Management Group had planned on opening a new Parisian brasserie at the corner of Union and Buchanan in
This is not to say that Stannard is the force behind the lagging construction. Permits, remodeling plans, landlord differences and finances all come into play in any restaurant remodel.
And Stannard’s undertaking was massive. It is a project that will probably be worth the wait. According to one of the construction supes who asked to remain anonymous the project is phenomenal. Whether it will ever launch is the question, and when is the question. Stannard has an impressive track record with Bacchus management. And, just like all of us, the next one needs to be better than the last.
Ofttimes it may be better, especially for the smaller operator who is looking for that next project to tone back that vision and look at the bottom line, the profitability of a space and location, and the amount needed in capitalization.
When just beginning your trek through culinary visions, make sure to keep your eye on the plan and the budget from the beginning. Do not let your vision surpass your common sense. The two have to meet in order to visualize and enjoy a completed project.
When I asked my construction friend if I would notice the differences between repair, remodel and renovation, he said I would, if he pointed them out to me.