Episode 30 : Everything is a negotiation: Navigating a new lease : Tracy Malechek-Ezekiel & Arjav Ezekiel
February 19, 2020
Listen to the Full Episode here.
Gabriel Rucker - Opening a restaurant is like losing your virginity. It’s scary and you are definitely going to make mistakes, but with enough practice you can learn to make it pleasurable for yourself and others.
1. Make sure you can afford your space.
When moving forward on a space Tracy and Arjav found it important to do a walk through with a General Contractor and an Architect. This was so they could talk about the space and about what steps would need to be taken, and if they could financially make the space work.
2. Your relationship with your landlord matters.
Having a good work relationship with your landlord is crucial. Understanding your landlord, and what motivates them, listen to your gut!
3. What are they looking for...landlords interviewing you.
Landlords are trying to learn about you too. In this instance Tracy and Arjav were asked about their work history, to share their decks and about their level of experience.
4. It’s all about good bones.
When looking at spaces and trying to be budget friendly, make sure to look at the bones of the space. Arjav recommends looking for up to code plumbing, three phase electrical and a grease trap this being because aspects like these will take up the majority of your budget if they are problematic or not present.
5. Don’t Worry.
At the end of the day you won’t really know what you're getting into until you sign the lease and get to work. Get done as much due diligence as possible, but know you can only do so much. So just create a good team and trust your instincts.
Opening Soon Announcements from this episode: Congrats to these new restaurants, go say hi, have a bite and give a high five if they are in your city! Rolo’s in Ridgewood, NY, Mundano in Chicago, IL and Chef’s Special Cocktail Bar in Chicago, IL.