On Feb 26, 2018, Zadar Universal Corp sued Marcus Lemonis and Inkkas, a business he bought on his hit TV show The Profit, for failure to repay a $250,000 loan. Zadar is a British Virgin Island corporation located in Panama. According to the complaint, Inkkas borrowed $250,000 from Zadar on Nov 12, 2014 at 8% interest. One condition was that if Inkkas sold the business, the amount due and payable under the loan agreement would increase by 50%. In Jan 2016, Inkkas aired ...
Things have certainly changed since I opened my first restaurant in 1988. Back then, if I got a napkin holder from a vendor, I was thrilled that it was one less start up expense. Now, vendors who are clamoring for your business (and even some who don’t really need it) have official budgets for anything from samples to trade show tickets to marketing paraphernalia. So, for those of you who are unaware, or may be new to the “start up” business of opening your first restaurant, here are some expenses ...
The days of seeking and being approved for a line of credit on your signature and a good credit score are over, but it is still a good idea to have access to cash when you are a small business owner. As a restaurant owner, I have been surprised more than once by a cooler that quits, a roof that leaks into the kitchen or an oven that doesn’t heat. And even though you know that customers are clamoring for a larger dining room and a bar that serves more than wine and beer, unless you have some way ...
Employee theft can mean the difference between profitability and loss. And I don’t just mean cash from the drawer or the kind of theft where an employee backs up a pick-up truck and loads it up with winter-stored air conditioners (a true story which took place recently in a winter ski resort in upstate New York). I am also referring to the day in and day out mysteries of missing food and wine, disappearing cleaning and paper supplies and unexplained excessive food cost. Restrict ...
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