Bond Girl
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Posts posted by Bond Girl
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Hearth being only a block away is making me into a very lazy cook. The gnocchi last night has shaved black truffles on it. I usually don't order Gnocchi at restaurants because they tend to take on a rubbery texture. The ones at Hearth were surprisingly tender and light and made perfect comfort food for a cold evening. The Pear spice cake with buttermilk ice cream is definitely worth every calorie.
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Jackal, this is very helpful perspective. thanks! II haven't fully thought out the downside and you just did it for me.
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It refers to a structure where the investor expects the entrepreneur to pay back a certain amount of the initial investment each year in exchange for a reduction of equity interest. So say if someone invest $1MM in my restaurant and initially he or she has 70% of equity, each year I pay them back, their equity interest reduces incrementally until I completely repay the entire investment, then the equity interest of the investors reduces to a certain percentage (usually 49%) and stays there. But, if I fail to live up to my end of the bargain, then the investor's equity interest claw back upward.
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Went to see a VC veteran about the ins and outs of restaurant funding. Apparently, this is big business in asset based lending. I wonder how much does a bank examine the business plan.
As for private investors, the clawback structure is a norm. They key here apparently is in the negotiations. Hmmm, looks like I need to crack the finance text books again.
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JJ, try the Tuna tartar, the Maya shrimp or the pork belly, the sheep's milk gnocchi is also awesome. As for entrees go for teh loup or the skate. Can't tell you much about desserts though, but i heard they were very good.
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JJ if I tell you more that might spoil your experience. Let's just say, the food there impressed this girl who is not easily impressed.
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It really seems like this young man grabbed the bull by the horn's when he took over the kitchen.
Its on the top of my, too go to list this year.
Robert, do go. The young man has talent. You encountered many unexpected elements in his cooking, flavors that surprisingly work together. I had one of the most beautifully prepared skates dish there, and the Loup de Mer was truly sensational in the way that allows you to experience different textures. I even ate the pork belly and risk allergic reactions to it.
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Not at all, especially if it's a liquidation sale. I have been approaching this from an investor's point of view, if I am on the other side, what does it take for me to put money in it..... I think Keller is spending a lot of money on things like expensive china, silverware etc. It's important for a place like that, but it also makes the stakes a lot higher.
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Formally visited a great restaurant tonight, saw the kitchen in full swing, want to go into the business more than ever.
Loufood, that was great advice, but I have been to culinary school.
Joe, a mezzanine debt is a loan that carries high risk but also high interest rates, and the people who lend you the money usually end up owning you if you didn't pay them back.
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30% is tough but possible with big markups on wine and extras
Rough budget is:
30% food costs
30% Staff costs
30% overheads (heat, light, power, phones, insurance, rates, taxes, card charges, printing, marketing, flowers, laundry, linen, breakages, maintenance etc etc)
That leaves 10% profit. Maybe.
No allowance for contingencies, or bad weather...
That's my assumptions as well. Here is a NY Times article on it. Still can't see it being a good deal for the investors even as a Mezzanine debt.
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Drew Nieporent's "How to open a restaurant" seminar is awesome! Really interesting information packed into two days. And, from the person who really knows how.
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lets see...
suppose the profit on a cover is $100 top end..implies a bill of around $300/cover or more. Tough, but possible for a top end restaurant with a serious wine list.
and they do say 100 covers/day, or $10K/day, £3M/year roughly,
That would pay the interest on 12M easy
How realistic is it to achieve a 30% profit margin in this business? And, they have to be booked solid for a whole year, which could happen. Using my last bill at French Laundry as a baseline, I say $300/cover is achievable for Keller.
Assuming that some institution would actually lend him $12MM, which I think would probably be structured as mezzanine debt, so you are looking at interest rate of over 7%....which means that he probably would have a tough time paying the principal back, can he keep on refinancing this forever?
Edit: okay investors gets money back when restaurant is sold but not wouldn't make a very profitable deal for anyone investing in it, would it?
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Just heard that the new Thomas Keller place is $12 MM in investment....I want to know who's investing in it? And, how does Thomas Keller plan to turn a profit on $12 MM.
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Hey guys, something's came up in the morning so the earliest that I can get there is at around 5:30 is that still okay?
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I know mostly non-child places: Azul in the Mandarine Oriental Hotel, and Casa Tua are both very good places.
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I had a wonderful meal at the Falcon House in Del Ray, and Lucca at the Boca resort is very very good.
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Wow, I am spending too many nights in restaurants. Must make a point to cook.
Galette du Roi for the Epiphany (distributed among neighbors).
A nice tomato Rasam to chase off the chills.
A good DVD set of 24 or Sex and the City.
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I don't have any professional restaurant experience, but that doesn't mean I never been in a professional restaurant kitchen
I see, you must have been passing through the kitchen on your way to the restroom or something like that. I've done that too!
Yeah, that's it!
Seriously, I will take my cue from Herb and make staying out of the way my main objective.
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I don't have any professional restaurant experience, but that doesn't mean I never been in a professional restaurant kitchen
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Speaking of back of the house internships....I've been wondering...Since I haven't been in a professional kitchen for over 10 years, wouldn't I just get in the way?
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When the temperature dips below freezing, what do you like to eat? I veer between vegetarian chili, black bean soup and tom yum soup. Then I bake a lot just to keep my apartment warm. Do you have a favorite cold weather food?
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I am a member. PM me if anyone wants to go.
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I believe the tres leches are traditionally made with maringue, but I think I nice coconut cream can also go. The last time I made them was by using a recipe from Saveur and I made them in tall pastry rings, cutting back the sugar in the cake and topped them with some burnt sugar sauce instead.
edit: I thought about using tropical fruits in the sauce, so you may want to play with that.
Starting a Restaurant in NYC
in New York: Dining
Posted
Location is the key from what I heard, unless your name iis Mario Batali, then iit's a whole different story. I think i know the Union Square property that LJC is talking about. The whole business is starting to look like alchemy to me as well. As a restaurant operator recently told me, you don't go into this business to make a lot of money, unless you are doing fast food. You go into it because you like it and hopefully you can make some money.