What I learned from Matt:
- CommitmentMatt and Eva, having started a while longer than most of the other owners I talked to, had to grapple with presenting a business plan for at least 5 years to the bank for a portion of the seed money. That, he said, forced them to think carefully about how to proceed.
Also, folks should be clear on how they will keep up with leasing and seed money payments in the first initial years. A leasing agreement to pay $400,000 over 5 years could lead to default and bankruptcy, if the owner fails to stay in business, after a year. He therefore hopes folks are pursuing something they are passionate about which makes it possible to endure difficulties. - Strive for a family feeling
They---he and Eva---know most of their customers by first name, and attend important family events---like weddings, graduations, funerals, and others---in the lives of their customers. Also they both enjoyed being around people, and went into business to serve people first, and the success followed.
- Time dedication to the business and hiring the right peopleThe owner should be ready to invest a great amount of time in the business. Working 16 hour days, and missing some important events---birthdays, anniversaries, etc---should not be surprising. And to note, this counsel is for folks interested in starting a restaurant.Also hire people who have the same values and culture as you do, and you'll have a blast working together. "We get the opportunity everyday to change lives," he tells his employees.
"It was a boyhood dream of mine...I enjoyed the sounds, sights, and smells of a little cafe....for me it's a playground."
"When I am stressed, I go back to the kitchen, wash some dishes, and hearing the dishes clunking together, it's a distresser for me. It's like going back to being a kid with no worries."
"If you are basing your success on how much money you are making, you are never gonna be successful because you will be chasing money all your life."