Bart invested in a Jewish restaurant and it closed late last year.
Here is a tweet confirming he owned it:
and here is Yelp saying it has closed:
https://www.yelp.com/biz/ditmas-kitc...ls-los-angeles
This is how poker players go broke. They invest in stupid things.
:anditsgone
Employees probably stole to make up for the lack of tipping.
Jews hate tips so much they cut the tips off their dicks.Quote:
Originally Posted by Brittney Griner's Clit
Interesting Yelp reviews.
Very polarizing.
Many 5-star reviews up there, with people absolutely in love with the place.
A number of 1-star reviews from people who HATED it.
Even the filtered reviews are polarized -- again lots of 1 stars and 5 stars.
There were over 200 total reviews posted (filtered and non-filtered combined), so I believe most of them were legit.
You don't commonly see this. Typically restaurants with a ton of 5 star reviews have relatively few 1-star reviews.
I think that this restaurant probably suffered from inconsistency, where it would be good one day and bad the next. I also read about service issues, which to be honest, are inexcusable when you run a restaurant (because they are so easy to fix, and they're so devastating to your business if not corrected).
I think I've mentioned this before, but I have a friend who owns a restaurant in LA. He wanted me to go down there and give him my honest opinion. His restaurant had very mixed reviews, with a lot of criticism aimed at the service. I visited the place, and indeed the service had issues. They made like 4 mistakes on my order (lol), and service was quite slow. The waiter was nice but clueless. This was a fairly expensive place, not some small family diner.
Anyway, I told him about my service issues, and how they resembled many of the Yelp reviews. I also told him that, while I hadn't personally experienced any problems with the hostess, I saw the same complaint over and over on Yelp that she was rude and difficult to deal with.
My friend was surprisingly dismissive of these findings. He was polite about it and thanked me for my input, but trotted out excuses like, "Well, mistakes happen at all restaurants" and "The people complaining about the hostess on Yelp were just mad they couldn't get a table without a reservation."
I tried to explain to him that it's rare to see a restaurant with so many hostess complaints in the reviews, but he didn't seem to care. And I'm pretty sure he wasn't fucking her.
Anyway, after his restaurant started to lose business, he finally wised up, fired the manager, fired a lot of the problem employees (including the hostess), and replaced them all with better workers. Now the place has recovered. Not sure why he let the previous employees almost destroy his business.
It's very tough to run a restaurant profitably. Looks like Bart's place had a lot of potential, but they must have screwed something up if it's no longer around.
Bart has admitted to being a degenerate, btw, so I don't think this is the first time he lost a large sum of money unrelated to poker.
I do like Bart, though, and his Crush Live Poker site has a good reputation.
Here is the best investment advice ever: If someone asks you to invest in a new restaurant, run away as fast as you can.
Yeah. When you hear all the riches to rags stories of professional athletes who lost it all, it seems there is always investments in restaurants involved. I am curious though, if your restaurant actually does well is the upside even that high? I have no clue. I know a ton of restaurants fail, but I dunno if the ones that do well even give you a high upside on investment.Quote:
Originally Posted by Jayjami
When I was single and had pretty much zero expenses and was doing well in the online poker boom and liquid, a friend of my dad's was opening a bar and tried to get me to invest $40k into it. I seriously thought about it and passed and the bar went belly up after a couple years and the guy went broke.
Of course I donked away most of that money anyways gambling, so probably wouldn't have affected my life trajectory much either way.
Restaurants are bad investments when you don't spend your entire time there. Only foolish people think that a restaurant can run profitably with a hands off approach.
Greek Diners are a good example of this. Typically, the owner is at the front ready to greet anyone and to fix and more importantly prevent any problems from occuring. They and their spouse work long hours and thats the only way a restaurant can thrive. You cant let the employees run the business.
unless you have a "name" a restaurant is gonna be a tough sell for a lotta upside...bars are a different story...not saying that bars are definitely cash cows, but their chance of success are a helluva lot higher than a restaurant...Quote:
Originally Posted by verminaardYeah. When you hear all the riches to rags stories of professional athletes who lost it all, it seems there is always investments in restaurants involved. I am curious though, if your restaurant actually does well is the upside even that high? I have no clue. I know a ton of restaurants fail, but I dunno if the ones that do well even give you a high upside on investment.Quote:
Originally Posted by Jayjami
When I was single and had pretty much zero expenses and was doing well in the online poker boom and liquid, a friend of my dad's was opening a bar and tried to get me to invest $40k into it. I seriously thought about it and passed and the bar went belly up after a couple years and the guy went broke.
Of course I donked away most of that money anyways gambling, so probably wouldn't have affected my life trajectory much either way.
I'm just basing this on working at the evil empire...all the money is in booze...can't make a ton of margin on the food end...
kinda makes me wonder how BYOB places make it...
What’s your deal Snake? Why do you have it out for Bart so badly? Why do you care that his spot closed?
On an unrelated note I played with Bart years and years ago when he was a small time prop at the Bike and used to prop the games I played it. Seemed like a nice enough kid. Hope everything works out for him.
Could be worse he coulda invested money into staking you to play pokerQuote:
Originally Posted by OSA
Quote:
Originally Posted by big dickCould be worse he coulda invested money into staking you to play pokerQuote:
Originally Posted by OSA
Freddy Deeb lost a lot of money investing in a Middle Eastern restaurant recently. He was just on the Poker Stories podcast.
this is a cool related article i read a few years ago.
The Thrill of Losing Money by Investing in a Manhattan Restaurant
https://www.newyorker.com/business/c...tan-restaurant
great article, thanks for sharing...sums the whole business up perfectly...Quote:
Originally Posted by Crowe Diddly
Good article. Anyone that is curious ride-sharing (Uber) is the same unprofitable business model, with unrealistic expectations, as the writer mentioned.
I always thought restaurants and especially bars were principally a vehicle for laundering money and generating phony losses. I mean even more than the actual losses.
Now hiding income and generating offsetting losses would never be something that would help the Hanson kid so tag him as just dumb.Quote:
The co-owner is haunted by the advice from a grizzled restaurant veteran, early in his own career: “You can make money in this business, but not if you’re honest.”
More of a confirmation, right IAPT? I know you’re out there
There was a pizza place near me in Vegas which I was sure was laundering money and perhaps used as a point for drug exchanges.
The pizza was good but extremely cheap ($7 for a large), and there were always lots of well dressed Armenian guys working there at 3am, which made little sense.
They also got "robbed" surprisingly often. When I needed change for $100 one time, the owner (not an Armenian -- an older white guy) popped out from hiding within seconds, and handed me change. So the dude was literally hiding in the back when anyone came in, presumably armed, in case another robbery occurred.
Yes, good article. 90% of the stuff in the article reminded me of stuff from The Sparten's pizza joint thread...especially this line:Quote:
Originally Posted by GambleBotsChafedPenisgreat article, thanks for sharing...sums the whole business up perfectly...Quote:
Originally Posted by Crowe Diddly
“You can make money in this business, but not if you’re honest.”