1621 replies to this topic

[tipsy mcstagger]

McClure's Barbecue opens for business in November. I am starting as a pop up restaurant inside of Dante's on Tuesday nights only (the only night Dante's is closed) and will aggressively start pushing catering as soon as I can get a rig on wheels. I hope to be in my own brick & mortar place by this time next year or be well on my way to doing it.


I have also given my notice at Dante's already. I'll still be around until next September, but I am going to be phased out.

Edited by tipsy mcstagger, 11 March 2013 - 11:36 AM.

[Todd Andrews]

Coming in for my wife's Sacred Heart reunion this weekend and the LSU - Auburn game on Saturday. May have to come by for some good eats. Spent many years up on Maple Street.

[Steve Tasker]

Good luck

[Osaurus]

You may remember me from such restaurants as this one.

[mr roboto]

Investors? Saved up the $?

[tipsy mcstagger]

Investors? Saved up the $?

gonna have to beg borrow and possible sell one of my children. This would be a lot easier if I had rich family....or family with any money. Getting the money is the only part of this I have no idea what to do. The pop up will hopefully generate interest enough to show a bank it is a viable biz, and maybe be a platform to woo potential investors.

got 150K you want to invest?

[MacGruber]

Good luck! Props for going for it.

[tipsy mcstagger]

Good luck! Props for going for it.

scared to death
excited as heck
probably wont sleep for a week

[mr roboto]

Investors? Saved up the $?

gonna have to beg borrow and possible sell one of my children. This would be a lot easier if I had rich family....or family with any money. Getting the money is the only part of this I have no idea what to do. The pop up will hopefully generate interest enough to show a bank it is a viable biz, and maybe be a platform to woo potential investors.

got 150K you want to invest?

Already did invest in a start-up in April. Not a restaurant though.

Tapped out. Sorry.

ETA - if you have anything proprietary, anything that would be reproducible, you could always have franchising in the back of your mind. Show profit, build the business for a number of years, and develop manuals etc.

Just keep that in mind as a long-term dev. strategy. A really good bbq concept could be a hot sell.

Edited by mr roboto, 17 October 2011 - 04:09 PM.

[MacGruber]

Good luck! Props for going for it.

scared to death
excited as heck
probably wont sleep for a week

Taking the shot is 99% of it. Most people never go for it. The ones that do either become rich and happy or try a second time.

[tipsy mcstagger]

Investors? Saved up the $?

gonna have to beg borrow and possible sell one of my children. This would be a lot easier if I had rich family....or family with any money. Getting the money is the only part of this I have no idea what to do. The pop up will hopefully generate interest enough to show a bank it is a viable biz, and maybe be a platform to woo potential investors.

got 150K you want to invest?

Already did invest in a start-up in April. Not a restaurant though.

Tapped out. Sorry.

ETA - if you have anything proprietary, anything that would be reproducible, you could always have franchising in the back of your mind. Show profit, build the business for a number of years, and develop manuals etc.

Just keep that in mind as a long-term dev. strategy. A really good bbq concept could be a hot sell.

Thanks man.

[Wild Young Billy]

That is great news! Good luck!

[fasteddie_21]

Better to try and fail then grow old wondering, "What if..."

[RhymesMcJuice]

You may remember me from such restaurants as this one.

Today I'm here to tell you about "Porky", the 21st century baby back rib. Let's meet the owner, Tipsy McStagger.

[[icon]]

Congrats man! You will be missed at DK no doubt but I'm sure having your own place will be more satisfying!

[Phil Elliott]

Best of luck to you on this adventure! Have you considered ordering via internet/shipping? Might help build the business while you don't have a store of your own yet. There's probably a few people here that would order from you.

[ragincajun]

Good Luck!

[Hoart Petterson]

Don't serve it with Wonderbread. I don't care what's traditional. Oh and way to go!

[Tiger Fan]

McClure's Barbecue opens for business in November. I am starting as a pop up restaurant inside of Dante's on Tuesday nights only (the only night Dante's is open) and will aggressively start pushing catering as soon as I can get a rig on wheels. I hope to be in my own brick & mortar place by this time next year or be well on my way to doing it.


I have also given my notice at Dante's already. I'll still be around until next September, but I am going to be phased out.

Awesome! I'll definitely be by as soon as possible

[Joe Bryant]

Awesomeness.

J

[Officer Pete Malloy]

I am starting as a pop up restaurant inside of Dante's on Tuesday nights only (the only night Dante's is open)

That's a hell of a business model. Kind of like Chik-fil-A but in reverse.

:wink:

[SofaKings]

Can't we get 150 FBG's to pony up $1k each? I'm in. Heck, even $2k for 50 FBG's then we'll use the rest of Otis' money. I'm still in.

[Tiger Fan]

Can't we get 150 FBG's to pony up $1k each? I'm in. Heck, even $2k for 50 FBG's then we'll use the rest of Otis' money. I'm still in.

Would be the best ishtick ever. I'm in.

Edited by Tiger Fan, 17 October 2011 - 05:49 PM.

[Abraham]

I have some restaurant biz plans and placement memos I could send. $150k is nothing in the eats business.

[cosjobs]

best of luck

[cosjobs]

Dying for some great bbq?
Try the McClure cure

[tipsy mcstagger]

Can't we get 150 FBG's to pony up $1k each? I'm in. Heck, even $2k for 50 FBG's then we'll use the rest of Otis' money. I'm still in.

Would be the best ishtick ever. I'm in.

awesome....im pretty sure it would be the first restaurant ever funded entirely by a message board.

[[icon]]

SOCIAL ANGEL FUNDING!

[mr roboto]

Can't we get 150 FBG's to pony up $1k each? I'm in. Heck, even $2k for 50 FBG's then we'll use the rest of Otis' money. I'm still in.

Would be the best ishtick ever. I'm in.

awesome....im pretty sure it would be the first restaurant ever funded entirely by a message board.

This would be phenomenal.

[The Z Machine]

Best of luck, gb.

[Major]

Nice work

At first I misread the post as saying you were opening a BBQ restaurant called McClard's. I thought you were franchising it or blatantly copying one of my favorite BBQ places outside of Texas. Glad that's not the case. Look forward to trying McClure's next time I'm in NOLA.

[Alex P Keaton]

Investors? Saved up the $?

gonna have to beg borrow and possible sell one of my children. This would be a lot easier if I had rich family....or family with any money. Getting the money is the only part of this I have no idea what to do. The pop up will hopefully generate interest enough to show a bank it is a viable biz, and maybe be a platform to woo potential investors.

got 150K you want to invest?

If you are serious about this, PM me

[Judge Smails]

Congrats Tipsey. You know good food, you have the operational background. Great start. I'd be a customer for sure.

[Dr. Awesome]

Congratulations tipsy!

[glumpy]

Good Luck Tipsy!

[NCCommish]

Rooting for you Tipsy. And BTW that internet order idea someone had is pretty good. I'd do an order.

[Da Guru]

Investors? Saved up the $?

gonna have to beg borrow and possible sell one of my children. This would be a lot easier if I had rich family....or family with any money. Getting the money is the only part of this I have no idea what to do. The pop up will hopefully generate interest enough to show a bank it is a viable biz, and maybe be a platform to woo potential investors.

got 150K you want to invest?

What about Uncle Joe? Chet?

Edited by Da Guru, 18 October 2011 - 04:55 AM.

[E-Z Glider]

sample menu?

[tipsy mcstagger]

The menu for the pop up place will only feature a few of these items each week. I don't have the smoker capacity to smoke all the meats at once right now.

Meats:
Kansas City Pork Ribs
Memphis Pulled Pork
Texas Brisket
Caribbean Smoked Chicken
Louisiana Hot Sausage

Sides:
Mac and 4 Cheeses
Spicy & Sweet Cole Slaw
Pork Explosion Beans
Molasses & Jalapeno Corn Bread
German Potato Salad
Judge Smails Chili *(Hybrid / and different name)
Cane Syrup Slow Cooked Collard Greens
Black Eyed Joes/Beans & Rice
....this list is only really limited to my kitchen size. I have southern sides for days, but these are the core.

[CRay]

Sweet, Tipsy! Can't wait to try it...keep us posted on the exact opening so we can come by.

I think I'm a little scared to try the Pork "explosion" Beans, though

[tipsy mcstagger]

Investors? Saved up the $?

gonna have to beg borrow and possible sell one of my children. This would be a lot easier if I had rich family....or family with any money. Getting the money is the only part of this I have no idea what to do. The pop up will hopefully generate interest enough to show a bank it is a viable biz, and maybe be a platform to woo potential investors.

got 150K you want to invest?

If you are serious about this, PM me

Never thought I'd be begging strangers for money.

This board has been more generous over the years, especially after that little storm back in 05. If you arent familiar with the story, the board put a fund together which helped a lot during a time when there was little hope. Many of us received a generous sum, and many believe I used mine unwisely or even selfishly. I'm not going to sit here and try to defend myself against that again....my conscience is clear, although I regret joking that it paid for a vacation.

That being said...

I am serious. Finding the money is my only real obstacle. And I have no real idea how to go about getting it. Most restaurants are either family backed or bank backed. Investors sometimes play a role, but I've never been in that type of place in the last 25 years. Since I dont have wealthy family, a great credit history or a ton of collateral, investors are going to have to be where I focus for now....problem is I don't know how to approach that.

Any ideas or info you want to pass along would be great.

[tipsy mcstagger]

Sweet, Tipsy! Can't wait to try it...keep us posted on the exact opening so we can come by.

I think I'm a little scared to try the Pork "explosion" Beans, though

You can turn the tables in the great "turtle game" all married couples play....right

[tipsy mcstagger]

Best of luck to you on this adventure! Have you considered ordering via internet/shipping? Might help build the business while you don't have a store of your own yet. There's probably a few people here that would order from you.

I haven't actually considered this....figured my product needed a rep first, and I have know idea how those laws work either. I can use the kitchen at dante's on a limited basis, very limited....a commercial kitchen of my own would be necessary methinks.

[CRay]

Sweet, Tipsy! Can't wait to try it...keep us posted on the exact opening so we can come by.

I think I'm a little scared to try the Pork "explosion" Beans, though

You can turn the tables in the great "turtle game" all married couples play....right

Maybe I can finally get some revenge!!

Also, we order in lunch every day at work (downtown) and get bbq every now and then...would definitely love to try it out at the office when you get things rolling.

Edited by CRay, 18 October 2011 - 06:27 AM.

[guderian]

Investors? Saved up the $?

gonna have to beg borrow and possible sell one of my children. This would be a lot easier if I had rich family....or family with any money. Getting the money is the only part of this I have no idea what to do. The pop up will hopefully generate interest enough to show a bank it is a viable biz, and maybe be a platform to woo potential investors.

got 150K you want to invest?

If you are serious about this, PM me

Never thought I'd be begging strangers for money.

This board has been more generous over the years, especially after that little storm back in 05. If you arent familiar with the story, the board put a fund together which helped a lot during a time when there was little hope. Many of us received a generous sum, and many believe I used mine unwisely or even selfishly. I'm not going to sit here and try to defend myself against that again....my conscience is clear, although I regret joking that it paid for a vacation.

That being said...

I am serious. Finding the money is my only real obstacle. And I have no real idea how to go about getting it. Most restaurants are either family backed or bank backed. Investors sometimes play a role, but I've never been in that type of place in the last 25 years. Since I dont have wealthy family, a great credit history or a ton of collateral, investors are going to have to be where I focus for now....problem is I don't know how to approach that.

Any ideas or info you want to pass along would be great.

Congrats, Tipsy!

As far as funding, look into Small Business Administration lenders. I think this would be something that would be in their ballpark. You might also want to talk to the guys at Nola Brewing--they've gone through this recently too. I'm sure you probably know them, but if not I can get you an intro.

[tipsy mcstagger]

Congrats, Tipsy!

As far as funding, look into Small Business Administration lenders. I think this would be something that would be in their ballpark. You might also want to talk to the guys at Nola Brewing--they've gone through this recently too. I'm sure you probably know them, but if not I can get you an intro.

Thanks Guderian. I don't know them personally. I'd love to talk with them.

[Abraham]

I have quite a bit of experience in raising sums of money like the one you need. I also have some experience in raising money for a restaurant. This info is what has worked well for me, and I learned it from other people who it worked well for also. Do with it what you will...

1. You need very detailed projections for the first year of the business. VERY detailed. I suggest a spreadsheet that lets you present a number of scenarios. (e.g. yield on each brisket, change if the price of beef goes up, goes down, etc.) I would seriously look at bringing in a professional to help get this in line. For the restaurant and bar business, your "upside" is about having full tables all the time. YOu need to show potential investors what the bottom line looks like if you are packed and what happens if you serve only 2 tables on week nights. There can not be too much financial information.

2. Facility - location is everything (as you know). Building a freestanding structure should be the last thing from your mind. Find an already existing location you can use. If it has been a restaurant before, dig and find out why it closed - maybe the location was not very good.

3. Raising money - this is hard, but it has to be done. You need to make a list of EVERYONE you know that does not live month-to-month. Then, you need to rank those people based on how much liquid you think they have. Then you need to pick up the phone, invite them to lunch/coffee and pitch them on the idea. While this may seem awkward, it shouldn't be. Why not? Well, you believe this business will be a success don't you? With every fiber of your being, right? And you will work hard, as much as it takes to make it succeed, right? There isn't a doubt in your mind? Well then why wouldn't you want to ask people for money? You are giving them a chance to share in your imminent success. You are giving them a chance to get in early on this awesome thing of yours that is going to be super successful. The only reason you should feel awkward is if you don't truly believe you will be successful, and if that is the case then maybe you should rethink this whole thing.

ETA _ I lost lots of friends when I raised money for an idea that ultimately didn't work. With the knowledge I have now, I never would have gotten involved in the business. Understand that if you lose people's money it will be the first thing they think of when they think of you. There is no way around it and the ramifications for failurer are real. People who invest money in you for things like this do so because they believe a in you. If you fail them, then they will no longer believe in you. That's a high price emotionally

4. How to structure the fundraising - this model has been used by at least three successful restaurant groups with which I have worked here in Central Texas.

GOAL: $150,000.
Lawyer creates Partnership and LLC. You are the LLC and serve as General Partner of the partnership.
GP owns 90% of the company, LPs own collective 10%. This values your business at 1.5 Million but your family and friends probably won't get too hung up on this.
PPM created (including accreditation disclosure).
30 shares at $5,000 each are pooled. ($5,000 per share keeps the riff raff out and means that you won't have to deal with 100 different investors wanting updates all the time).
I suggest making it a 2 share minimum, but that's going to more depend on what kind of people you will be pitching.
All money is escrowed until all of it is raised. This motivates you to close the deal and gives investors comfort that you aren't going to raise 10k, spend it, then be out of luck.

Payout structure:
No payments for 12 months. This allows you to focus on the business and not worry about cashflow (presuming you are actually selling some BBQ).
Monthly written updates to all investors via email.
Payouts made quarterly with 90% of dispersed cash going to the LPs until their initial investment has been recouped.
Once initial investment has been recouped, split drops to 50/50 until the LPs have DOUBLED their money.
thereafter, payouts are 90% to the GP and 10% to the LP. I've seen it work where the GP can buy out the LPs at this point but that can be tricky.

IF (big if) you can double their money in three years (which would mean you have netted $465k in that time frame) then your LPs will be calling you begging to open another location.

[tipsy mcstagger]

I have quite a bit of experience in raising sums of money like the one you need. I also have some experience in raising money for a restaurant. This info is what has worked well for me, and I learned it from other people who it worked well for also. Do with it what you will...

1. You need very detailed projections for the first year of the business. VERY detailed. I suggest a spreadsheet that lets you present a number of scenarios. (e.g. yield on each brisket, change if the price of beef goes up, goes down, etc.) I would seriously look at bringing in a professional to help get this in line. For the restaurant and bar business, your "upside" is about having full tables all the time. YOu need to show potential investors what the bottom line looks like if you are packed and what happens if you serve only 2 tables on week nights. There can not be too much financial information.

2. Facility - location is everything (as you know). Building a freestanding structure should be the last thing from your mind. Find an already existing location you can use. If it has been a restaurant before, dig and find out why it closed - maybe the location was not very good.

3. Raising money - this is hard, but it has to be done. You need to make a list of EVERYONE you know that does not live month-to-month. Then, you need to rank those people based on how much liquid you think they have. Then you need to pick up the phone, invite them to lunch/coffee and pitch them on the idea. While this may seem awkward, it shouldn't be. Why not? Well, you believe this business will be a success don't you? With every fiber of your being, right? And you will work hard, as much as it takes to make it succeed, right? There isn't a doubt in your mind? Well then why wouldn't you want to ask people for money? You are giving them a chance to share in your imminent success. You are giving them a chance to get in early on this awesome thing of yours that is going to be super successful. The only reason you should feel awkward is if you don't truly believe you will be successful, and if that is the case then maybe you should rethink this whole thing.

ETA _ I lost lots of friends when I raised money for an idea that ultimately didn't work. With the knowledge I have now, I never would have gotten involved in the business. Understand that if you lose people's money it will be the first thing they think of when they think of you. There is no way around it and the ramifications for failurer are real. People who invest money in you for things like this do so because they believe a in you. If you fail them, then they will no longer believe in you. That's a high price emotionally

4. How to structure the fundraising - this model has been used by at least three successful restaurant groups with which I have worked here in Central Texas.

GOAL: $150,000.
Lawyer creates Partnership and LLC. You are the LLC and serve as General Partner of the partnership.
GP owns 90% of the company, LPs own collective 10%. This values your business at 1.5 Million but your family and friends probably won't get too hung up on this.
PPM created (including accreditation disclosure).
30 shares at $5,000 each are pooled. ($5,000 per share keeps the riff raff out and means that you won't have to deal with 100 different investors wanting updates all the time).
I suggest making it a 2 share minimum, but that's going to more depend on what kind of people you will be pitching.
All money is escrowed until all of it is raised. This motivates you to close the deal and gives investors comfort that you aren't going to raise 10k, spend it, then be out of luck.

Payout structure:
No payments for 12 months. This allows you to focus on the business and not worry about cashflow (presuming you are actually selling some BBQ).
Monthly written updates to all investors via email.
Payouts made quarterly with 90% of dispersed cash going to the LPs until their initial investment has been recouped.
Once initial investment has been recouped, split drops to 50/50 until the LPs have DOUBLED their money.
thereafter, payouts are 90% to the GP and 10% to the LP. I've seen it work where the GP can buy out the LPs at this point but that can be tricky.

IF (big if) you can double their money in three years (which would mean you have netted $465k in that time frame) then your LPs will be calling you begging to open another location.

I can't read all that. Just give me the cash.

For real...thank you very much. I've been working on the projections for a while.

While we are at it...got any sample biz plans you want to share?

[Joe Bryant]

I have quite a bit of experience in raising sums of money like the one you need. I also have some experience in raising money for a restaurant. This info is what has worked well for me, and I learned it from other people who it worked well for also. Do with it what you will...

1. You need very detailed projections for the first year of the business. VERY detailed. I suggest a spreadsheet that lets you present a number of scenarios. (e.g. yield on each brisket, change if the price of beef goes up, goes down, etc.) I would seriously look at bringing in a professional to help get this in line. For the restaurant and bar business, your "upside" is about having full tables all the time. YOu need to show potential investors what the bottom line looks like if you are packed and what happens if you serve only 2 tables on week nights. There can not be too much financial information.

2. Facility - location is everything (as you know). Building a freestanding structure should be the last thing from your mind. Find an already existing location you can use. If it has been a restaurant before, dig and find out why it closed - maybe the location was not very good.

3. Raising money - this is hard, but it has to be done. You need to make a list of EVERYONE you know that does not live month-to-month. Then, you need to rank those people based on how much liquid you think they have. Then you need to pick up the phone, invite them to lunch/coffee and pitch them on the idea. While this may seem awkward, it shouldn't be. Why not? Well, you believe this business will be a success don't you? With every fiber of your being, right? And you will work hard, as much as it takes to make it succeed, right? There isn't a doubt in your mind? Well then why wouldn't you want to ask people for money? You are giving them a chance to share in your imminent success. You are giving them a chance to get in early on this awesome thing of yours that is going to be super successful. The only reason you should feel awkward is if you don't truly believe you will be successful, and if that is the case then maybe you should rethink this whole thing.

ETA _ I lost lots of friends when I raised money for an idea that ultimately didn't work. With the knowledge I have now, I never would have gotten involved in the business. Understand that if you lose people's money it will be the first thing they think of when they think of you. There is no way around it and the ramifications for failurer are real. People who invest money in you for things like this do so because they believe a in you. If you fail them, then they will no longer believe in you. That's a high price emotionally

4. How to structure the fundraising - this model has been used by at least three successful restaurant groups with which I have worked here in Central Texas.

GOAL: $150,000.
Lawyer creates Partnership and LLC. You are the LLC and serve as General Partner of the partnership.
GP owns 90% of the company, LPs own collective 10%. This values your business at 1.5 Million but your family and friends probably won't get too hung up on this.
PPM created (including accreditation disclosure).
30 shares at $5,000 each are pooled. ($5,000 per share keeps the riff raff out and means that you won't have to deal with 100 different investors wanting updates all the time).
I suggest making it a 2 share minimum, but that's going to more depend on what kind of people you will be pitching.
All money is escrowed until all of it is raised. This motivates you to close the deal and gives investors comfort that you aren't going to raise 10k, spend it, then be out of luck.

Payout structure:
No payments for 12 months. This allows you to focus on the business and not worry about cashflow (presuming you are actually selling some BBQ).
Monthly written updates to all investors via email.
Payouts made quarterly with 90% of dispersed cash going to the LPs until their initial investment has been recouped.
Once initial investment has been recouped, split drops to 50/50 until the LPs have DOUBLED their money.
thereafter, payouts are 90% to the GP and 10% to the LP. I've seen it work where the GP can buy out the LPs at this point but that can be tricky.

IF (big if) you can double their money in three years (which would mean you have netted $465k in that time frame) then your LPs will be calling you begging to open another location.

Thanks Abraham.

I've thought a good bit about this and I don't think I would ever be comfortable doing what you're saying above. That's how it used to work it seems when money was a lot easier to come by and banks and investors had a different attitude.

But today given the explosion of mobile food vending and such, I would never consider starting with a real building until I already had built a customer base with the product. What Tipsy is talking about doing a pop up thing at Dantes is the right move. That cost nil. If that works, find another place to do a pop up type mobile thing every day of the week.

Franklin BBQ in Austin is the model I think. Become the best BBQ in town selling out of a trailer. THEN open a brick and mortar place.

It makes me cringe when I read what you wrote about losing friends. Maybe I put too much value on friends but I'd have to have an investment I felt incredibly sure of before I'd consider compromising a friendship over it. I just don't think I could do it if it meant that.

Again, I've thought a lot about this and if I ever do it, I'll start with it super slow and low budget with a mobile thing to build up and test the waters extensively. Fortunately, you can do that easily with BBQ. If you want to open a high end steakhouse, the trailer idea doesn't really work. But for a BBQ or Tex Mex gig, I think it's the no brainer way to start. I wouldn't consider any other way if it were me.

J

[regularguy]

Best of luck! Can't wait to try it.