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HI all, because of Covid-19 I'll probaby lose everything


Art_Vandelay
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HI,  been a LONG time since I've been on the boards.  CB gave be some wonderful advise and inspiration through the years.  Long story short.  I was able to open up 2 successful restaurants and 2019 was a banner year.  All that has changed.  Haven't been open for 3 weeks now since I was bleeding cash staying open.  I have no idea how long this is going to last and I really think that when the country is opened back up it won't rebound like it was before.

 

There will be a paradigm shift in the way people eat and live their lives and places like fast food restaurants will be hit the hardest.  Not going to cry about it because everything is out of my hands.  I'm certainly not in this boat alone :(  What really sucks is me and my wife have busted our arses working 7 days a week for over 3 years turning our dream into a reality.

 

I have no idea what we will do now.  I just know that because of a virus from China we will probably have to file bankruptcy.  Both personal and business.  Personal because when you sign a lease these days they make you personally guarantee it.  So if I can't pay my lease they come after me and my wife for multi-million dollar leases.

 

I'll land on my feet but it won't be pretty and it won't be easy.  I've been broke and I've made money.  It's just sad that we did everything right and we had no control of any of this.  SO MANY people are going to lose everything.  It's a bad nightmare.  I hope the stress doesn't kill me.

 

I'm also sorry to be so negative.  Just wanted to vent and say hello to all the familiar names that are still on the board.  Hope everyone is safe and doing well.

 

Best, art

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21 hours ago, Big Bear said:

Sadly, this nightmare is impacting far too many people. Wishing you the best for the financial recovery.

The "cure" will most likely be much more devastating than the Chinese Coronavirus itself, however we will probably never truly know how devastating this pandemic could have been if we had never shut down the economy, but that is of little consolation to those who have been financially devastated and are now facing the loss of everything they have worked for.

 

Art, nice to have you back, unfortunately it is not under better circumstances. In regards to your two restaurants, the key to survival is most likely going to be (without knowing all your info) how much your landlords are willing to work with you.  Are you dealing with huge REIT's or a family landlord? I have a few friends with family restaurants and all had been doing very well until the Kung Flu shut them down too! But a couple have been more recently operating on the margins simply due to their REIT landlords imposing massive rent increases that ultimately forced many adjacent business to close and the REIT subsequently unable to lease those spaces at their higher lease rates, ultimately leaving the commercial space empty for a protracted period, which adversely impacted all the other remaining business who were also now paying the higher demanded lease rates! 

 

The Cheesecake Factory sent letters last month to every single landlord for each restaurant across the nation and simply informed them that they were NOT going to pay April rent and that they would require assistance moving forward.  I have a business attorney friend who told me that his firm (100+ partners) was advising their shuttered retail clients to NOT pay rent for April.  Best of luck to you and I hope you are back to business soon!

Edited by Rogue
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Since any success almost always sits on the shoulders of having overcome past challenges (most don't have gilded lives or weren't born with the proverbial silver spoon), I can only stress how critical it is to take comfort in your own perseverance (of course, that's a sentiment that much more easily flows out of the mouth of a 60-year old  than, perhaps, a 40-year old) ...  just saying, put the emphasis on the "land on your feet" sentiment in your post.

 

And while you're no doubt right about this situation being a game changer when it comes to people's lives, all I can say is that my wife and I plan on taking up permanent residence in a couple of our favorite and dearly missed restaurants when this crap has blown over!

 

Always take comfort that there are always people like the folk here at CB who will hold a bit of their heart in your corner.

Edited by hdporter
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Not sure what state you are in, but in some states like Texas, your homestead is protected, so the cant take your house. 

 

I'd advise speaking with an attorney ASAP to understand what your options are, and what/when you announce to landlords you may be in default. Make sure the attorney looks over the leases to protect any rights or assets you may have and come up with a strategy and plan to work through this with our without the business on the other end. 

 

Its not easy, but if you've worked hard for this, do what you can to preserve what you can for you and your spouse - don't let the creditors and landlords walk all over you. 

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On 4/13/2020 at 7:56 AM, Art_Vandelay said:

HI,  been a LONG time since I've been on the boards.  CB gave be some wonderful advise and inspiration through the years.  Long story short.  I was able to open up 2 successful restaurants and 2019 was a banner year.  All that has changed.  Haven't been open for 3 weeks now since I was bleeding cash staying open.  I have no idea how long this is going to last and I really think that when the country is opened back up it won't rebound like it was before.

 

There will be a paradigm shift in the way people eat and live their lives and places like fast food restaurants will be hit the hardest.  Not going to cry about it because everything is out of my hands.  I'm certainly not in this boat alone :( What really sucks is me and my wife have busted our arses working 7 days a week for over 3 years turning our dream into a reality.

 

I have no idea what we will do now.  I just know that because of a virus from China we will probably have to file bankruptcy.  Both personal and business.  Personal because when you sign a lease these days they make you personally guarantee it.  So if I can't pay my lease they come after me and my wife for multi-million dollar leases.

 

I'll land on my feet but it won't be pretty and it won't be easy.  I've been broke and I've made money.  It's just sad that we did everything right and we had no control of any of this.  SO MANY people are going to lose everything.  It's a bad nightmare.  I hope the stress doesn't kill me.

 

I'm also sorry to be so negative.  Just wanted to vent and say hello to all the familiar names that are still on the board.  Hope everyone is safe and doing well.

 

Best, art

 

Welcome back. I missed your posts as they were encouraging. I wish I write a post that encourages you as much as your encouraged others. 

 

Have you:

  1. Have you communicated with your landlords? All of the landlords of my restaurant and retail clients have all been willing to work with them. 
  2. Are you able to a take out service and sign up with services like Uber Eats, Cavier, etc.
  3. Did you apply for a PPP and other SBA loans.
  4. I think you can avoid a personal BK

 

Edited by dvd
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