Lessons from Buying a Bar
Zac Hollis
A leader with extensive management experience from Europe and Asia. A specialist in transforming businesses, with a heavy focus on putting the customer at the front of the transformation
After taking the decision in February 2017, together with a friend, to buy a loss making Irish Sports Bar in Prague we have finally turned it around, increasing sales by over 50%, making profit for the first time this month and also achieving the target of top 100 Restaurants (from 5,000 in Tripadvisor) in Prague and the No 1 Irish Restaurant in town..!!
So what did I learn from entering a business that I knew anything about.
- When buying a business don't trust anything anybody tells you. Check everything yourself. Accept that however much you check things there will still be surprises. Just deal with them and move on.
- Be prepared to make mistakes, this is the only way you will learn.
- Stay close to the business. It is your money.
- Be patient, believe in the plan you have made and the results will come. If they don't, learn and change the plan.
- Surround yourself with good people, that you can trust and if you have to lose some people on the way. So be it.
- It will take up more time than you ever expected.
- Get your friends to support you. They will be your most supportive customers and your biggest critics.
- Use what you have learnt in the big corporate world. It is really not that different.
- Make sure you are also having fun...!!
So if you are ever in Prague come and visit the No 1 Irish Sports bar in town and the best Gastro pub in Prague.
Sounds good - if I am in Prague then i will come and visit you. Hope you serve nonalcoholic drinks as well ;-)
Sales Manager Automotive
7 年Congratulations Zac, nice written, definitely have to visit Becketts Irish Pub as soon as I am in Czech!
Head of Product Planning & Modules ve spole?nosti ?KODA AUTO a.s.
7 年Interesting story. Congrats and keep improving!
Co-Founder at Procast
7 年Colin Ball