How I bought a bar

BusinessesForSale.com: What was your motivation to be your own boss?

Graeme Williams-Cook: I would have to say my main incentive was not having to answer to anyone else and having complete autonomy over my career.

BFS: What made you decide to look at bars for sale in particular?

GWC: I’ve always wanted my own business and I have a lot of experience in hospitality, so when merging these two factors it made sense to buy my own bar.

I have worked in bars and restaurants most of my life, working for distinguished companies such as Harrods, The Hilton Park Lane, Disney and Malmaison.

BFS: What made you choose this bar in particular?

GWC: I used to work at The New Exchange Brasserie and Bar running front-of-house operations. I knew the business had potential and I was confident, under the right ownership, that it could be a winning business.

BFS: What made you buy a business rather than start one?

GWC: The conditions of the business were to our liking and the company foundations were already in place. It made perfect business sense to modify a business that was already established and put our stamp on it.

We plan to make The New Exchange Brasserie and Bar a place where all walks of life can meet and have a relaxing and enjoyable time

BFS: How did you raise the cash?

GWC: The cash was raised through savings and earnings from other jobs and ventures.

BFS: How did you ensure you were paying the right price?

GWC: We studied the market and did our homework so we knew what the business was worth and how much to offer.

BFS: Where did you go to seek advice on buying a business?

GWC: I used Business link and a good friend of mine gave me the business advice I sought.

BFS: Who gave you the most helpful advice?

GWC: I would have to say my business partner and husband.

BFS: What kind of research did you do?

GWC: I kept my eyes wide open for any opportunities that appealed to me. I also registered with a commercial lettings agent.

BFS: How’s it going running the bar so far?

GWC: Very well. It’s important to remind yourself on a regular basis that a new business takes time to grow, and not everything can be achieved over night.

BFS: How well qualified did you feel to run this business?

GWC: I have been lucky enough to work in many, varied environments in hospitality. However, no amount of experience can prepare you for running your own business.

BFS: How well does it work running the bar with three other owners?

GWC: It works well and we all have different strengths to bring to the business. I obviously have the front of house experience, one of us has a PR and marketing background and the other two partners have run their own catering company and worked in some of the world’s top restaurants.

BFS: How much has the recession affected you and what are you doing to insulate yourself?

GWC: There is no doubt that people are not spending as much as normal, but that just drives you harder and makes you work smarter to attract your customers and get them through the door. We did this by creating a targeted PR campaign and going into overdrive with our advertising over the first few months of running the business.

BFS: How has buying a business affected your life – social life, family, etc?

GWC: There is no denying that running your own business can be tough on your social life; it’s time-consuming and doesn’t leave you much time for anything else. 

On the flip slide my partner is also in the business so we work similar hours and get to see each other quite a bit. Also, a lot of my friends and family have been supportive and visit the bar quite often, so my social life comes to me!

BFS: What kind or problems or surprises did you encounter and how did you overcome them?

GWC: No matter how much you prepare yourself for what’s ahead, we still found it was harder work than we ever imagined. Despite the initial demanding hours, you have to remind yourself that it will get easier over time.

BFS: If you could go through the process again, what would you do differently?

GWC: Not try to do everything in one go. You must set yourself realistic targets and stick to them until they’ve been achieved.

BFS: What are you long-term goals for the business?

GWC: Our main long-term goal is to become a reputable and recognisable brand and of course to make money! We plan to make The New Exchange Brasserie and Bar a place where all walks of life can meet and have a relaxing and enjoyable time.

BFS: What one piece of advice would you give to someone considering buying their own bar?

GWC: You must be prepared for countless hours of dedicated, hard work.

You should also find a good reflexologist, because your feet will need it after working all those hours on the go!

Read about how to run a nightclub