As a long-time poster on chowhound, I've read many threads in the past warning others of the hazards of restaurant ownership. I understand that it is a challenging business in which many, if not most, fail. That said, I find myself inexorably drawn to the fantasy of owning my own restaurant. In playing around with the idea, I have developed some questions.
Are there any great sources for information on just how to run a restaurant? I've worked in restaurants and have a general idea of how they run, but never managed one before, and while the idea of learning on the job is an option, I'd like a reference guide, if one exists, to work with as well. Is there any such book?
Also, is there a standard financial formula for how to determine the value of an established restaurant as compared to its earnings? I.e., that one should be spending a certain amount of the gross earnings on costs, etc., and based on that, you can estimate that the restaurant is worth a specific amount?
Thanks for any feedback/insight you can provide!