Possible business oppertunity on Rice Lake?

[tb4me]

We have the opportunity to lease a restaurant and aprox 20 docks on Rice lake with a boat launch. It’s on dunnette landing rd. What can you folks tell us in regards to this opportunity? What were the old owners like? What was the food like? ECT. The guy that owns it now is willing to spend some good cash to get a reputable business running out of there. He is willing to have the resturaunt owner run the boat dockage too. I guess the ice gets quite thick out there. There is even talk of a possible ice hut rental deal too.. I guess at this point were just looking for feedback from folks around there? I have been reading a bunch of bad press when it comes to Rice Lake and the tourist ass. Are they tough to work with or is this just a fishing limit thing? Were serious about running this business, so were looking for serious input here!

Thanks for your feedback in advance to all

[Big Cliff]

Bump because I know this got started in the wrong area.

 

tb4me, I've sent you a PM

 

Cliff

[Jer]

Have you run a restaurant before? I only ask because I've been selling to the hospitality industry (restaurants, hotels, etc.) for most of my career and the independent restaurant gig (especially located outside of a major centre) is probably the most prone to failure of any small business out there.

 

If you do go ahead, make sure you secure the support of the local year-round population (if there is much of one). You can't make it on the tourist dollar alone (that applies to almost anywhere, not just Rice Lake). Good food at a fair price and a pleasant experience, right from opening day, is paramount. Almost all of your business will come from word of mouth in a small community, make sure it is a good word.

 

Make sure you see the sales numbers for the last couple of years to give you an idea of income that can be expected. Even though you may be putting a much improved product across the table, it will take a while for word to get out. Don't expect to actually make any money the first while, have a decent cash reserve to tide you over.

 

I would recommend signing only a one year lease with options for extending after that.

 

It's a risky enterprise and I have seen many well-meaning operators crash and burn. On the other hand, I have also seen the odd lucky one make a very successful go of it, but luck really has nothing to do with it, it's a lot of hard work.

 

Do your research carefully and good luck if you do proceed.

[danbouck]

You won't be able to keep enough fish to feed your clients and the mayor is an ass

[lookinforwalleye]

We have the opportunity to lease a restaurant and aprox 20 docks on Rice lake with a boat launch. It’s on dunnette landing rd. What can you folks tell us in regards to this opportunity? What were the old owners like? What was the food like? ECT. The guy that owns it now is willing to spend some good cash to get a reputable business running out of there. He is willing to have the resturaunt owner run the boat dockage too. I guess the ice gets quite thick out there. There is even talk of a possible ice hut rental deal too.. I guess at this point were just looking for feedback from folks around there? I have been reading a bunch of bad press when it comes to Rice Lake and the tourist ass. Are they tough to work with or is this just a fishing limit thing? Were serious about running this business, so were looking for serious input here!

Thanks for your feedback in advance to all

 

 

I have know two people former co-workers who done the cabin/camp ground/resturant thing sold everything with the dream of doing their own thing in the country.

Both were disasters with one couple totally destroying the family in the process,bankrupt,divorced,kids gone they ended up penniless quite a sad situation actually.

My own personal opinion on these type of deals is this, if you don`t mind working long hours 7 days a week for little return then it might be for you.

Have your accountant go over the books to see if it`s a viable business.

Edited March 14, 2010 by lookinforwalleye

[Ron]

PM sent.

 

I thnk Beans can help you out on this one too.

[tb4me]

Thanks for the reply's to everyone.were getting a ton of information from this site and here http://www.ricelaketoday.ca/msgforum/forum...posts=11#M14452

 

We need all the feedback we can get..So a big thanks to everyone!!

[MuskyGreenHorn]

Location location location. 3 most important words ever for that type fo place. I'd be concerned that is on a dead end low traffic road. Its not in Bewdley, Hastings or Keene, the three major traffic spots on Rice. Next to that you'd be looking at Gore's landing and Harwood. Did i miss anywhere?

Edited March 14, 2010 by MuskyGreenHorn

[JohnF]

In the absence of any reliable business records you'll have to rely on a good business plan. Part of your analysis should be taking all the fixed costs and determining what kind of trade you need to carry that nut. Factor in the profit (wages) you need for yourself and then you'll be better able to calculate the food and service costs to do that volume based on a reasonable food profit margin. It's not exact but it'll give you an idea of what you need to do. If the numbers don't work then don't rely on a miracle to bail you out.

 

Too many folks just jump in without a business plan and are disappointed when the business doesn't live up to their expectations. Why should it if it's just a number you grabbed out of a hat?

 

I hope I don't sound condescending. I c ertainly commend anyone who is willing to hang it out there in the business world. And I have no idea what your background in food services is. From my own experience I know it takes cash reserves, good planning, hard work and even then a little luck. Make sure that most of the even slightly predictable factors are in your favour and then go for it.

 

All the best

JF

[Beans]

Are you referring to the old Sandercock's Camp ?

 

When Pat and Bob Smith owned Sandercocks they probably made a good buck but then they rented cottages, camping sites, seasonal trailer sites, ran the store and food services (take-out only)...and sold a bit of tackle and bait...rented out boats and motors and dockage spaces...plus charged launching fees...

 

If they relied on the food end only they would have starved to death...mind you the egg, ham, and cheese on an english muffin w/coffee was a good breakfast some mornings and their burger and fries made for a good lunch...We used to buy the odd large order of french fries to go along with whatever we were making on our own BBQs at my son and bro-in-laws' trailers...

 

After Bob died, Pat sold the place and things stayed the same until the new owner had to sell...The next owners gave everybody with trailers 2 week notice to vacate the premises...

 

Last I saw of the camp it looked like a disaster zone so unless things have greatly improved I wouldn't be making use of any part of it...Have you been down to take a look-see ???

Edited March 14, 2010 by Beans

[tb4me]

Wow, We went there this afternoon. After seeing the location and the shape of the building, were going to pass. While writing a business plan was and will always be our plan. I run a home renovation business and my wife has the kitchen management experience. The location is not what we have in mind. The area and spot itself is beautiful. The idea of an independent restaurant I don’t see it happening. Perhaps a small resort with a store and small short order kitchen may be in order there. None the less were not in.. So I wanted to thank everyone for their thoughts. It means a whole lot when you all so willingly help out a stranger.

Thanks a Ton to everyone

!

[Garnet]

I was a regular for burgers and fries at Sandercocks. Can't see a stand alone restaurant working. Musky Bay has a small restaurant 6 booths you almost always wait for the grill to warm up.

[ehg]

Have you run a restaurant before? I only ask because I've been selling to the hospitality industry (restaurants, hotels, etc.) for most of my career and the independent restaurant gig (especially located outside of a major centre) is probably the most prone to failure of any small business out there.

 

If you do go ahead, make sure you secure the support of the local year-round population (if there is much of one). You can't make it on the tourist dollar alone (that applies to almost anywhere, not just Rice Lake). Good food at a fair price and a pleasant experience, right from opening day, is paramount. Almost all of your business will come from word of mouth in a small community, make sure it is a good word.

 

Make sure you see the sales numbers for the last couple of years to give you an idea of income that can be expected. Even though you may be putting a much improved product across the table, it will take a while for word to get out. Don't expect to actually make any money the first while, have a decent cash reserve to tide you over.

 

I would recommend signing only a one year lease with options for extending after that.

 

It's a risky enterprise and I have seen many well-meaning operators crash and burn. On the other hand, I have also seen the odd lucky one make a very successful go of it, but luck really has nothing to do with it, it's a lot of hard work.

 

Do your research carefully and good luck if you do proceed.

This is the best reply. Being in the hospitality industry as well, my advice is stay away from having a family restaurant unless it is given to you for free. It is endless work for little.

[motion]

Are you referring to the old Sandercock's Camp ?

 

When Pat and Bob Smith owned Sandercock's they probably made a good buck but then they rented cottages, camping sites, seasonal trailer sites, ran the store and food services (take-out only)...and sold a bit of tackle and bait...rented out boats and motors and dockage spaces...plus charged launching fees...

 

If they relied on the food end only they would have starved to death...mind you the egg, ham, and cheese on an english muffin w/coffee was a good breakfast some mornings and their burger and fries made for a good lunch...We used to buy the odd large order of french fries to go along with whatever we were making on our own BBQs at my son and bro-in-laws' trailers...

 

After Bob died, Pat sold the place and things stayed the same until the new owner had to sell...The next owners gave everybody with trailers 2 week notice to vacate the premises...

 

Last I saw of the camp it looked like a disaster zone so unless things have greatly improved I wouldn't be making use of any part of it...Have you been down to take a look-see ???

 

Hey Beans, you're bringing back fond memories of Sandercock's. Remember the "yellow" cottages? Some of my best Walleye fishing was on Rice Lake via Sandercock's. I was saddened to hear the news of Bob passing away.

 

My kids and I still miss the great times we had there. They all caught their first fish there. WOW! Just memories now.

 

TM

[Rice Laker]

If you are intersted in an established restaurant on Rice Lake, Britts in Bewdley is for sale......

[tb4me]

We’re still looking. The business end of running a restaurant is my loving wife's field. She has all that experience in Kitchen management. As for me I run a Home Reno business. So I don’t think business experience is going to be an issue. A few have said it’s not rewarding to run a restaurant. We reside in the city..The city life is dragging us down. We would love to live the far simpler lives. I’m sure we could debate all week long on whether it would be a simple life or not, but compared to the lives we lead now. Were interested and still looking. We are talking with the bank to get preapproval to purchase now. We would both love to run a small resort, with cottages and a few trailer sites. Looks like Rice Lake is out. If we could purchase the entire Sandercock’s camp we would like that. The current owner has the same idea as us. So for all you Rice Lakers, keep your eye open work will begin this week if I’m not mistaken. We’re looking at the Manitolun Island now! Anyway I’m sorry for the spelling , if it’s out of order its cause I’m typing on my Black Berry. I swear I need a tiny finger or 2 to type on this thing...lol

[EC1]

Good Luck with whatever you end up choosing.

[JayZ]

We’re still looking. The business end of running a restaurant is my loving wife's field. She has all that experience in Kitchen management. As for me I run a Home Reno business. So I don’t think business experience is going to be an issue. A few have said it’s not rewarding to run a restaurant. We reside in the city..The city life is dragging us down. We would love to live the far simpler lives. I’m sure we could debate all week long on whether it would be a simple life or not, but compared to the lives we lead now. Were interested and still looking. We are talking with the bank to get preapproval to purchase now. We would both love to run a small resort, with cottages and a few trailer sites. Looks like Rice Lake is out. If we could purchase the entire Sandercock’s camp we would like that. The current owner has the same idea as us. So for all you Rice Lakers, keep your eye open work will begin this week if I’m not mistaken. We’re looking at the Manitolun Island now! Anyway I’m sorry for the spelling , if it’s out of order its cause I’m typing on my Black Berry. I swear I need a tiny finger or 2 to type on this thing...lol

 

i do know that adventure bay is up for sale. i believe they have 17 cottages, a store (could possibly add a small restaurant in there), room for a few trailers, boat launch, etc. the camp is located on the south shore between gores landing and harwood.

[Cookslav]

My advice,

 

If your going to get into business in a "Seasonal Area" I would expect to work a lot for the first couple of years.

Your going to need to Bank alot of cash in the prime season(s) to coast through the slow stretches.

That means being on the floor, saving your labor dollars, and having your finger on the pulse of you purchases.

Restaurants are in the business of "nickles and dimes"...you need to have a strong understanding of costing, inventory, and purchasing outside of

culinary skill, and a huge amount of determination.

Keeping a consitent level of quality and keeping your products consistent will keep your reputation good.

Advertise to the tourists, but please your locals above and beyond....they will keep you a float in the off season.

 

Personally I'd be more inclinded to have something with Cottages or chalets, docks...those kind of rentals are generally a gold mine with a high profit percentage.(no cost to rent out side of overhead, and utility, and hopefully maintenence is a rare occurance)

Plus with Cottages you have a captive audience to market your restaurant to

maybe think of filling your restaurant with an inclusive package, and raise your revenue stream while your at it...People like simplicity

That and a busy restaurant attracts people....nobody wants to eat in an empty dining room, so why not create atmosphere with and inclusive crowd to draw in locals?

 

Just my $0.02 bud

Its what I do for a living

(Executive Chef/Director of Food & Beverage/Consultant/CFBE/CCC)

 

You want more advice send me a PM maybe we can arrange an OFC Discount LOL...

Cheers,