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I'm Keith Simpson and I'm a restaurant expert.
I've been a chef, a caterer, a successful restaurant owner,
and now I'm one
of the top restaurant brokers in the country.
You could have all your juice, the juicer,
the serving, everything here.
After 30 years of running restaurants,
now my passion is helping other people find theirs.
Here we are -- the nerve center, the kitchen.
I've closed millions of dollars in restaurant deals,
and I absolutely love it.
First-time buyers, they're the toughest.
I just don't see it.
SIMPSON: But there's nothing I'd rather do.
We've got to do undercover 'cause this is
a highly, highly confidential listing.
Today, I'm in Charlotte, North Carolina,
helping Jody and Rhonda
cross off a big item on their bucket list --
buying their first restaurant without blowing their savings.
It just depends on how much it's gonna cost
to do what we want to do.
SIMPSON: Well, I'd like to show you my design
to change this into your concept.
I'm showing them three spaces,
but only one will hit the mark.
If you're ready to buy a restaurant, I'm your man.
-- Captions by VITAC --
Closed Captions provided by Scripps Networks, LLC.
I'm here in Charlotte, North Carolina,
to meet Jody and Rhonda.
Jody and I work together.
We work for a small regional supermarket chain.
There's a group of us
that work out at the same time at lunchtime
and just kind of started talking
and getting to know each other then
and became friends
and realized we kind of have the same dream.
Jody and Rhonda have been inspired
by another friend's tragedy
to start living their bucket list
while they're still young and healthy.
Jody and I have a really good friend of ours
who was diagnosed with a terminal illness
about a year ago.
She is a beautiful person,
and we convinced her to put together a bucket list.
RHONDA: While we were helping Kristin with her bucket list,
it really became clear -- really crystal clear --
that life is short
and it was maybe time to start paying attention
to our own bucket list.
A natural fit with our skills
seemed like we could open a restaurant.
It's been a passion of mine for a very long time.
I think it's very pleasing to have people
enjoy the food that you create.
Jody and Rhonda are passionate sports fans.
They envision a restaurant
with a casual family vibe and sports theme.
Unfortunately, he roots for the wrong team --
all the wrong teams, actually.
But that's okay. He's still a pretty good guy.
JODY: As far as the menu goes, we want to be fresh.
We want people to try and taste things
they might not normally try.
One of the things we're gonna have on the menu
is lamb burgers.
We're also gonna do truffle deviled eggs.
We don't need a very large restaurant.
We definitely want a bar area.
And we want it to be a gathering place.
SIMPSON: Jody and Rhonda each have their own family,
and they're using money from their savings
to open this restaurant.
So they can't afford to lose.
Our budget, all in, is $200,000.
And there's a lot on the line for us.
Failing would be letting down our families,
who are supporting us.
I have children entering the college phase of their lives,
so it has to be successful.
I have three options that will appeal to their specific needs
in a variety of ways.
This first location is a highly successful bistro
tucked away in a quiet neighborhood
about 10 miles from downtown Charlotte.
While Passion8 isn't quite a sports bar,
it already has good bones and infrastructure --
perfect for first-time buyers.
The current owners are moving Passion8
to a larger location downtown.
So, in this case, the asking price
includes all of the assets within the space
but not the business itself.
Jody, good morning.
Hey, good morning.
Good to see you.
So, this is the first of three restaurants
I'm gonna show you today.
Great.
We're really excited.
Good. I'm glad you are.
They've been doing a dinner house only, fine dining,
and they're doing over $700,000 a year.
Like it so far.
I can see this working very well for you.
Then look at all this.
Yeah, we can do a lot with that.
It's maintenance-free. It's concrete.
Nice umbrellas, lovely lighting.
That's all done for you.
I think we could have music out here, too.
I can't wait to see inside.
Come and see inside.
Wow.
Now, isn't that nice?
RHONDA: Wow! I love these high ceilings.
The asking price here is only $60,000.
What you get here is the assets
of everything that you see as we walk around.
For only $60,000 and only $1,100-a-month rent.
Basically, everything in here we need to do is cosmetic.
Yeah.
SIMPSON: It's gonna be very easy
to turn this fine-dining restaurant into a sports bar.
All the structure is in place. It's just decor.
And I love these booths.
Yeah, I do, too.
Instead of booths going this way,
where you're stuck with fours and sixes,
you can put the tables together, you can separate.
You can have all kinds of parties.
You can have a party of 15, 20 here.
And you can just move the tables around.
That's a great concept.
Yeah, I hadn't even thought of that.
So comfortable.
Are you gonna take a nap?
Yeah, I'll take a nap on the booth.
Look at this bar space.
I see a very nice separate area here
for relaxing with a drink before you have dinner.
I see the TVs on the wall,
and I don't think they have to be 70 inches.
I think they could be 40 or 50.
Oh, no, no, no, no.
Maybe one in each corner.
It's a wide-open space.
I mean, it's just what we're looking for.
You have all your plumbing, all your electrical,
all the beer taps -- they're already in place.
So, are you serving?
What would you like?
What do you have?
I have it all.
Now you're gonna see the private room.
Wow. I really think we could use this for private parties.
Kids' birthday parties.
Yeah. Sports teams coming in.
We're thinking about kids' fantasy football, too,
a kids league, so this would be a great spot.
They could have their own TV.
Yeah, their own space.
They could make noise,
and they wouldn't even hear it from the main restaurant.
The parents can be out there.
Let's go and look at the kitchen now.
Go to the back of the house.
Who's cooking?
Jody. He's back of the house.
Man, here's your food site.
Here's your space.
You don't need a huge kitchen.
You're a sports bar, you're you know, more simple food,
but here, you have a kitchen that is all stainless steel.
You've got cookers. You've got ovens.
You've got stove. You've got fryers.
I'm a little concerned about storage
for our kegs of beer and that kind of thing,
but I like that there's not an out-of-pocket
for everything in the kitchen.
I want to show you my design
of how we're gonna change your dining room.
Okay. I can't wait to see.
With the right changes,
we can transform this fine-dining atmosphere
into a more casual, sports-themed vibe.
To start, a lighter color of paint will open up the space
and make it feel larger.
We'll keep the large chalkboard to highlight menu specials.
But all the other wall decor
will be replaced by sports memorabilia.
New high bar tables along the side
will also enhance the sports-bar feel.
The banquette seating stays to accommodate large groups,
but we'll give it more casual upholstery.
To fit in more customers,
we'll swap out those clunky barstools for smaller ones.
And we'll hang two large flat-screen TVs
on the wall behind the bar.
But the cherry on top?
A huge retractable projection screen
that will really draw in the crowds for the big games.
I like that.
So, you have that asking price
of $60,000.
Now, I think you can get that for a little bit less.
Your renovation costs of $20,000, $25,000.
That's gonna leave you a huge amount of working capital.
SIMPSON: With rent factored in,
they're looking at well over $100,000 left over
for working capital and start-up costs.
Your return on investment is gonna be within 12 months.
Isn't that attractive?
That's really attractive.
We've got two more restaurants to see.
I hope the rest are just as good.
It's gonna be a very hard decision for you.
SIMPSON: Next up, I'm taking a big chance
with a vacant building that's a bit off the beaten path.
It looks like a gas station.
Doesn't need much of a door, really,
'cause we could just walk through the window.
So now you've got the space.
SIMPSON: Today, I'm working with friends and business partners
Jody and Rhonda to help fulfill their dream
of owning a sports bar.
Their $200,000 budget is coming right out of their savings,
so they can't afford to fail.
The first location I took them to is a fine-dining restaurant
in a quiet area outside Charlotte, North Carolina.
It's a great space. It's got everything we need.
But this next location is a total wild card
only a mile from thriving uptown Charlotte.
It's never been a restaurant,
so there's no business to purchase,
and I'm hoping they keep an open mind.
This is somewhat different to Passion8 that you've just seen.
JODY: Oh, my gosh.
Ta-da!
Wow.
What do you think of that?
When I turned the corner, I see broken windows.
This isn't what we talked about.
I have no idea why we're here.
It looks like a gas station.
I think it was a former gas station once.
SIMPSON: I'm taking them here
because this location has so much potential.
You've got the city.
They want this whole area redeveloped,
and so they will give you grants
to re-landscape and redo the frontage.
The landlord -- he's gonna put all your restrooms,
your plumbing, your infrastructure
of electrics all in for you,
$30,000 or $40,000 worth.
You've got 1,890 square feet, and it's $1,750-a-month rent.
That's less than $1 a square foot,
which is really, really cheap.
I see a shell of a place,
and you don't even know how sturdy the shell is.
You just need a bit of imagination here.
I honestly don't see it.
You're getting over the shock. You don't see it.
Well, let's go inside,
and I can show you where we can make things work for you.
RHONDA: Okay.
Doesn't need much of a door, really,
'cause we could just walk through the window.
JODY: Wow. It doesn't get any better.
So, there's your clean slate.
Eh... doesn't look so clean.
Doesn't look so clean? No. I know.
But you've got the potential here to do whatever you want.
You've already got concrete,
so I see a nice colored, low-maintenance,
painted concrete floor, which -- just superb.
Here, you've got a lovely high ceiling, the beam ceiling.
You've got solid breeze-block walls.
You can do whatever you want.
Maybe what we could do right here --
we could have a soda bar for the kids.
Oh, that's a good idea.
You'll have a kiddy bar...
as well as a bar-bar.
"Belly up to our kiddy bar."
"Belly up to the kiddy bar."
Okay, I'm not gonna go on from there.
[ Laughter ]
I guess I don't see
where the restrooms and the kitchen will fit.
Well, the restrooms -- there they are.
I see all this as being your restrooms.
Is that a unisex restroom?
No! You're gonna have two. [ Laughs ]
There's big-enough space here.
And it's nice to have those away, isn't it?
It really is.
It is. It is.
This is where I see all the kitchen space,
only taking up about 10 to 12 feet from the wall.
So we're only really taking up 15% to 20% of the space,
because the kitchen --
The menu you want is really not too complicated, is it?
You're not making a long one.
It's not complicated.
It's simple.
I can see a two-man kitchen,
and your kitchen just takes up this much space.
It sounds promising.
I want to show you my design.
Okay.
'Cause I think, based on what you've just said,
this can all work very well.
SIMPSON: Working with an empty space
can seem daunting at first,
but it opens up some amazing possibilities.
After the whole place gets a thorough cleaning,
we'll paint the floor and walls in warm, inviting earth tones.
The host station and merchandise counter
will greet customers as they walk in the door.
Incentives from the landlord
will pay for new restrooms in the back corner,
as well as all the plumbing and electrical
for our new kitchen built along the far wall.
A traditional wood bar will sit right in front of the kitchen.
And the dining area will offer a mix of tables --
bigger ones in the back for large parties,
and high bar tables in front near the windows.
And, of course, we'll spread sports memorabilia and TVs
throughout the space to complete our theme.
How many TVs are you thinking?
Uh, 20.
20?
Really?
Really? [ Laughs ]
We need another building.
Yeah, I think so.
So, you can see that working for you?
I think it does.
I think you captured the essence of what we're trying to do.
It just depends on how much it's gonna cost
to do what we want to do inside here.
Well, I can do that, certainly, within budget.
You don't need to buy everything brand-new.
You can save a huge amount of money.
I see somewhere between $75,000 and $100,000 for your kitchen
and then your bar space, as well.
I think I can see --
envision some of what you're talking about.
Before, it's -- you walk into an empty shell,
but I think I can see it.
We don't want to just keep it for an adult environment.
We want to make sure kids and families are comfortable
when they come in.
So, I can see this being that.
I'm feeling a lot better than I did
when we came around that corner
and saw the gas station with the broken windows.
I can see what you're talking about and the potential.
You cleaned that slate right up.
I did clean it up. Good.
Well, I see this as being a $200,000 project.
SIMPSON: And while rental costs
will stretch their budget by $20,000,
between the city grant and the tenant-improvement allowance
from the landlord,
Rhonda and Jody will have an extra $30,000
for working capital and start-up costs.
Your return on investment will take about 18 to 20 months.
And you get exactly what you want.
Just how I like it.
Good.
I thought you might.
So, we've seen two places.
Do you have the energy to see a third?
Absolutely.
Yeah, sure do.
Okay, last place today. Let's go and have a look.
SIMPSON: Up next, we're going in undercover.
But there's no hiding
from this restaurant's over-the-top decor.
The color scheme in here, it's just in your face.
JODY: I feel like I'm at a Tiki bar.
SIMPSON: Jody and Rhonda have been inspired
by a friend's tragic illness
to start living life to its fullest.
And that means taking a big chance
on buying their first restaurant,
here in Charlotte, North Carolina.
I've shown them two completely different options --
a fine-dining restaurant with everything in place...
It's a wide-open space.
It's just what we're looking for.
...and an abandoned gas station with amazing potential.
You walk into an empty shell, but I think I can see it.
SIMPSON: I've got one more option for them --
a casual-dining restaurant in a shopping center
in the Charlotte suburb of Matthews.
The bar and grill is similar
to Jody and Rhonda's sports-bar concept,
and it's ready to take over immediately.
Now, this business is on the market,
asking price, for $125,000.
I think you can get that for a little bit less.
It's already doing over $400,000 a year.
And the rent, though, is $3,600 a month.
So that's a little bit more.
SIMPSON: While the rent here is on the high end,
they'd have customers from day one
because they're buying the entire business,
including its successful reputation.
What I want to do today is a little bit different.
Because they're open,
I want to go inside undercover.
And that way, you get to see the staff,
the food quality.
You can see what you might want to change.
So, should we go inside and take a look?
I think we should.
Shh. Undercover, okay?
SIMPSON: There are real benefits in undercover dining.
You get to see the real restaurant
working on a daily basis.
It looks like no one's meeting, greeting, or seating.
So, hey, there's a free table. Let's go and sit there.
Let's hope the service gets better.
JODY: I feel like I'm at a Tiki bar.
I don't understand the concept.
RHONDA: Did you see that flamingo?
Yeah, I know.
You cannot have pink flamingos in a sports bar.
You put a helmet on him, you could.
[ Laughs ]
There you go.
What are you thinking on menu?
I actually think this is comparable
to some of the things we want to add.
There's wings and burgers.
That's what makes this a nice transition,
because you've got a business here that, on this menu,
is doing over $400,000 a year in sales.
That's a really good point.
I really like that it's so close to what we want to create.
It just seems like cosmetic things
that need to be done here.
The color scheme in here -- it's just in your face.
You know, you want to stay away from greens and blues.
Why?
They're very cold colors.
They're not warm.
SIMPSON: Dining undercover can tell you a lot
about how well the kitchen's running.
If the food's not up to snuff,
there may be bigger problems to address.
I'm gonna dip that in my sauce.
You know what that's called in the South.
What?
That's called soppin'.
You're soppin' your --
Soppin'?
Is there a word called soppin'?
There is a word called soppin'.
I've never heard of soppin'. [ Laughs ]
SIMPSON: After finishing our undercover meal,
I talked the manager
into letting us look around some more
and dig a little deeper.
This is probably the biggest table in the house.
Yeah, it really is.
Ugh. There's no padding. This is just wood.
You couldn't seat more than six people together,
so I would like to see the seating differently, for sure,
in this place.
Definitely.
You've got all your bottled beers.
Now, here's a good sign. See how full it is?
If they're that full, they're pretty busy.
You've got all your soda machines here.
This is complete.
Just get rid of this Tiki bar.
Oh, yeah, definitely.
Let's go and look at the kitchen.
Here, you've got 10, 12 feet of hood,
3 fryers, 6, 8 burners.
You've got a flat-top, two ovens.
So, does that space look big enough
for you for everything you need?
Yeah, I think so.
I think it's really good.
Well, I'd like to show you my design
that I think will really work well for you
to change this into your concept.
Perfect.
SIMPSON: With mainly cosmetic changes,
we can really improve the atmosphere
to suit Rhonda and Jody's needs.
First, the decor needs a total overhaul.
And the pastel color scheme simply won't do,
so we'll repaint the green walls in warm reds and browns.
The bar will stay,
but we'll reface it with deep, rich wood
to match the earthy tones of the floor.
The booths will be replaced with banquette seating,
perfect for hosting large groups.
And we'll mix in high bar tables to enhance the casual vibe.
We'll complete the space with strategically placed TVs
and plenty of sports collectibles on the walls.
So, how does that look to you?
I really like that.
Well, this renovation cost here,
I've got somewhere between $30,000 and $40,000.
Now, you've got an asking price here of $125,000.
I think we can get that a little bit less.
SIMPSON: With $43,000 annually for rent,
Jody and Rhonda could hit their $200,000 budget the first year,
but with shrewd negotiating for the price of the business,
they should have plenty of breathing room
for working capital and start-up costs.
Your return on investment here -- 15 to 18 months.
Okay.
Great.
I've shown you three places today,
all very different.
All three are highly sought after.
They're in high-profile areas, up-and-coming areas.
You've got nice places.
So, I'm not trying to scare you,
but you've got to make a decision.
You've got to think about things quite quickly.
Call me if you have any questions.
Okay.
Let's decide on things tomorrow.
We have a lot to think about.
Yeah, we sure do.
I'm on my way to meet Jody and Rhonda
to see which restaurant they've decided on.
This is their dream to open their own business,
and it's got to be the right decision for them.
I don't know which one they're gonna choose,
and I'll be very interested to see.
With a budget of $200,000,
this decision will make or break their dreams
of restaurant ownership.
Well, I'd love to just recap on all three restaurants
that we saw.
Okay.
The first restaurant -- Passion8.
SIMPSON: This successful fine-dining restaurant
has quality infrastructure already in place.
But its out-of-the-way location
may not be ideal for a sports bar.
It's the perfect size.
It is.
We wouldn't really have to do a whole lot with it.
We really liked the place.
Just very concerned about the location.
We didn't see any homes when we were driving through there.
Now let's go on to Number 2.
SIMPSON: This former gas station is a clean slate
in an up-and-coming neighborhood.
But converting it into a restaurant
would require major renovations that could be costly.
No established clientele, nothing to pull from.
It's up and coming, but when's it gonna up and come?
But, you know, the more we think about it,
there's a lot that we can do there.
There's plenty of space to work with,
and we can get exactly what we want.
Let's go on to the third and last.
SIMPSON: Skinnyz has existing clientele
and the right casual vibe.
But the gaudy decor and seating would need a total overhaul.
We did like that it's in a shopping center
with a lot of traffic already in there.
It's pretty much turnkey.
You know, we don't have to start from scratch.
What about the price?
Expensive.
It is.
That is a scary price tag for us.
Yeah, it's really expensive.
So, what do you think?
We know one has definitely got to go.
It's the --
The gas station.
Really?
The dirty slate.
It was too big of a risk for us.
We can't wait for those renovations to happen
once we write the check.
Gone.
Gone.
So we're looking at Passion8, Skinnyz.
What do you think, guys?
I really like the price tag
that came with Passion8.
Skinnyz -- really liked the clientele that's already there.
I think there's really only one choice for us.
You tell him.
I think we're gonna go with Skinnyz.
Skinnyz it is. Fantastic. That is brilliant.
Well done. I wish you all the best.
Thank you.
Nice to have met you.
SIMPSON: Jody and Rhonda ended up getting the restaurant
for just $60,000,
leaving them $140,000 for renovations,
rent, start-up costs, and working capital.
Hey!
Hi.
JODY: Our good friend Kristin --
she's a big part of why we did this.
It looks fantastic. All the hard work.
JODY: Seeing customers come in
and enjoy a meal or a beer or a good game...
[ All cheering ]
...it's a feeling of accomplishment.
Thanks for coming in.
We've heard a lot of positive feedback.
I've had the fish tacos three times in a row now.
We're really happy and really excited and really proud.
Jody and I will walk by,
and we'll give each other a little fist bump.
Restaurant owners!
It's a dream come true for sure.
SIMPSON: For more about Moochies Tavern, go to...