The Big 10
Will The Fifteen Group help find restaurant financing for new restaurant start-ups?
We do not find equity financing, although, we do help to arrange bank financing for suitable restaurants – we work frequently on structuring restaurant companies, making bank financing a good option. Because of our expertise and experience in openings and operations, our involvement in a restaurant venture gives lenders a increased comfort level.
Do you work with new restaurant start-ups?
Yes, this is one of our specialties. Our team has combined opening experience of over 100 restaurants from the ground, up. There are so many different components to a restaurant opening – POS, marketing, concept branding, menu engineering, licenses and permits, staff training, etc., etc. – an opening is the one chance you have to do it right and having our team help you every step of the way makes sure that you do it right. Our experience also brings you immediate direct savings to your project. Our relationships and networking with suppliers and vendors makes our Opening Package pay for itself.
Do you do Business Plans? What do they cost?
Yes, we do business plans for new restaurant start-ups. The cost varies according to the “level” of business plan required. On the low end, if you just need some accurate and detailed financial projections done for your own purposes, it would cost approximately $4,500. On the high end, if you need a business plan that is going to entice equity investment and help secure bank financing, it would cost approximately $15,000.
Do you only work with certain types of restaurants?
No, our services cover the full spectrum of the hospitality industry. The majority of our clients are restaurants, but our overall client profile ranges from nightclubs to fine dining restaurants to catering and more.
How much money will The Fifteen Group make us?
It depends on the restaurant, but when we take a client on, we normally save them between 7% and 15% of sales (that’s between $70,000 and $150,000 for a restaurant with $1 million in sales). We do not take on any client unless we are extremely confident that we can make them more money (which is why we have a 95% success rate). If we think that you are a potential client, we will do an initial consult which allows us to specifically see the areas of opportunity and know how our services can help you and to what degree.
Does The Fifteen Group also manage restaurants?
We will manage a restaurant operation under the right circumstances. If an owner, or a group of owners would like to remove themselves from the operation, or are in need of someone to oversee the operation, we can provide this service. More often than not, the increased profits that we generate with our involvement in a management capacity will offset the fees that we charge.
I need a “restaurant makeover”. Do you do that?
Absolutely. We have a diverse team that covers all areas of a restaurant development and operation – interior designers, chefs, brand marketing experts, operations specialists, finance and accounting. We have a package, The Fifteen Week Fix, that is a complete “restaurant makeover” over a 15 week period – from the overall concept to the operational functionality and profitability of the restaurant operation.
Are your services limited to Canada?
We currently service clients all across North America. From Night Clubs in L.A., to restaurants on the Atlantic coast, we have worked with over 950 restaurant operations throughout North America, and helped develop and launch over 75 restaurant concepts.
Do you provide restaurant bookkeeping / accounting?
We do! We currently have over 100 restaurants on our Bookkeeping package and that number is growing rapidly. Detailed, timely and accurate financial statements are crucial to profit maximization. They are the source of information that tell you where you are hitting the mark and where you are missing it and require adjustments. Without proper accounting and financial reporting, you are running your restaurant with a blindfold on.
Can you help us with the development of our menu?
One of our areas of expertise is menu engineering. If your annual food sales are $1 million, improving your menu profitability by just 3% is a profit increase of $30,000! We will strip down your menu to its core components and re-tool it to maximize profits and guest experience. Our Chef Consultants are experts at improving flavor profiles and kitchen efficiency, for everything from pubs to high-end restaurants. Your menu is the key to your restaurant—it had better be outstanding, efficient and profitable.