When a Restaurant Is a Great Business to Buy | Jarett Berke Interview

What's the one category of business you've heard guest after guest say they wouldn't touch? Today's guest Jarett Berke was no different when he told a local accountant: Bring me deals, but no restaurants. Well let Jarett's story be but the latest example that you should set aside your prejudices when looking at businesses to buy. When Jarett did that — who himself had to be convinced to even take a look — what he saw was a great business. We spend a lot of time today on what Jarett saw that made Lou's, a main street institution in a New England college town, so appealing, so differentiated in a sea of restaurants. Six years later, and Jarett's analysis is holding firm. Things are going very well indeed at Lou's, including having survived Covid. Please enjoy this conversation with Jarett Berke, owner of Lou's in Hanover, New Hampshire.

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00:00:00. Jarrett’s entrepreneurial roots
00:04:27. Military service and business school
00:10:16. Jarrett searches for a business to buy
00:14:35. Jarret discovers the perfect restaurant opportunity
00:21:34. Jarrett meets the owners
00:26:12. Measuring revenue per square foot
00:30:22. Jarrett transitions to owner
00:37:53. Navigating the restaurant through Covid
00:43:42. Managing finances during hard times
00:48:12. Valuation techniques and financing
00:52:40. Jarrett’s personal investment and risk management
01:02:09 The strategic decision of a stock deal
01:06:25. Growth, operations, and the future of the business
01:12:29. Adding outdoor dining and renovating
01:19:25. Reflections on leadership and community

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ABOUT Acquiring Minds
Acquiring Minds is a podcast about buying businesses. Acquiring an existing business is an awesome opportunity for many entrepreneurs, and host Will Smith talks to the people who do it. New episodes 2x per week.

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